$($US$ millions$)$

$12/31/2014$

$12/31/2013$

$12/31/2012$

$12/31/2011$

Net income

$$14,431$

$$12,855$

$$10,773$

$$9,772$

Depreciation

$3,544$

$2,709$

$1,997$

$1,414$

Amortization

$1,431$

$1,102$

$910$

$449$

Deferred taxes

$(151)$

$(416)$

$(221)$

$305$

Noncash items

$2,681$

$2,228$

$2,276$

$2,008$

Changes in working capital

$332$

$(27)$

$912$

$681$

Cash from operating activities

$$22,268$

$$18,451$

$$16,647$

$$14,629$

Capital expenditures

$$(10,906)$

$$(7,387)$

$$(3,268)$

$$(3,499)$

Other investing cash flow items

$(10,079)$

$(6,337)$

$(9,753)$

$(15,619)$

Cash from investing activities

$$(20,985)$

$$(13,724)$

$$(13,021)$

$$(19,118)$

Interest and financing cash flow items

$$(1,495)$

$$(289)$

$$(97)$

$$80$

Total cash dividends paid

$0$

$0$

$0$

$0$

Issuance$($retirement$)$ of stock

$5$

$0$

$10$

$0$

Issuance$($retirement$)$ of debt

$(21)$

$(514)$

$1,353$

$798$

Cash from financing activities

$$(1,511)$

$$(803)$

$$1,266$

$$878$

Foreign exchange effects

$$(451)$

$$(4)$

$$4$

$$14$

Net change in cash

$$(679)$

$$3,920$

$$4,896$

$$(3,597)$Answer the following questions using the information found in these$$ statements:

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.