They haven't found it yet. They have used the satellite data to calculate that it would have gone down in the current search area. They have not yet even identified the floating debris as being part of the plane.
It was pretty obvious from the start it had gone down in the sea, but its a big sea. One has to hope they at least find some wreckage so the bereaved have some sort of closure.
when the air france flight 447 crashed into the ocean they found the tail floating in the water relatively quickly, but took about 2 years to find the fuselage on the sea bed.
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