a. Is Google generating positive cash flow from its operations? b. How much did Google invest in new capital expenditures over the period? c. Describe Google's sources of financing in the financial markets over the period? d. Based solely on the cash flow statements for 2011 through 2014, write a brief narrative that describes the major activities of Google's management team over the period. A (US$ millions) Net income B Depreciation Amortization Deferred taxes B D E 12/31/2014 12/31/2013 12/31/2012 12/31/2011 $14,432 $12,903 $10,785 $9,758 3524 2780 1994 1376 1472 1159 907 480 (125) (483) (235) 386 5 Noncash items 2687 2215 2272 2004 7 Changes in working capital 3 Cash from operating activities Capital expenditures 373 (36) 915 689 $22,363 $18,538 $16,638 $14,693 $(10,977) $(7,312) $(3,229) $(3,457) 0 Other investing cash flow items (10,088) (6,357) (9,760) (15,620) 1 Cash from investing activities $(21,065) $(13,669) $(12,989) $(19,077) 2 Interest and financing cash flow items $(1,425) $(290) $(108) $86 3 Total cash dividends paid 0 0 0 0 4 Issuance (retirement) of stock 1 0 0 0 5 Issuance (retirement) of debt (22) (569) 1322 758 6 Cash from financing activities 7 Foreign exchange effects 8 Net change in cash $(1,446) $(859) $1,214 $844 $(434) $(3) $5 $24 $(582) $4,007 $4,868 $(3,516)