A firm reported after-tax operating income of $136 million, up from $120 million the year before, on a sales increase from $5,106 million to $5,751 million. Net operating assets increased from $2,321 million to $2,614 million. The firm’s average asset turnover during the prior three years had been 2.2.

Calculate free cash flow for the year and normalized operating income for the year. What do your calculations indicate about the quality of the $136 million in operating income?