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.

(US$ millions) 12/31/2014 12/31/2013 Net income $14,480 $12,905 Depreciation 3,471 2,743 Amortization 1,486 1,159 Deferred taxes (200) (461) Noncash items 2,735 2,281 Changes in working capital 391 (27) Cash from operating activities $22,363 $18,600 Capital expenditures $(10,917) $(7,335) Other investing cash flow items (10,144) (6,319) Cash from investing activities $(21,061) S(13,654) Interest and financing cash flow items $(1,444) $(284) Total cash dividends paid 0 Issuance (retirement) of stock 4 Issuance (retirement) of debt (19) (597) Cash from financing activities $(1,459) $(881) Foreign exchange effects $(441) $(2) Net change in cash $(598) $4,063 (Click on the icon 0 in order to copy its contents into a spreadsheet.) 12/31/2012 $10,767 1,919 984 (266) 2,302 859 $ 16,565 $(3,293) (9,752) S(13,045) $(98) 0 10 1,384 $1,296 $5 $4,821 12/31/2011 $9,793 1,371 441 328 2,040 670 $14,643 $(3,447) (15,630) S(19,077) $86 0 0 760 $846 $13 $(3,575) 0 0