1. Given the above financial statements for Woodlands,

a. What was Woodlands operating cash flow for 2015?

b. What was the free cash flow for Woodlands in 2015?

Woodlands Inc. 2015 Income Statement ($ in millions) $3,806 Total operating revenues Cost of goods sold Selling, general, and administrative expenses 2,315 546 311 Earnings before interest and taxes (EBIT) $634 Interest expense Pretax income $464 Taxes Net income Dividends $302 75 Woodlands Inc. Balance Sheet (S in millions) Assets Cash and Accounts Inventory 2015 2014 Liabilities and Stockholders' Equity 2015 2014 $ 686$ 613 1,3001,350 1,5001,500 745 745 579 352 503 $ 227 Accounts payable equivalents 418 522 Long-term debt 1,239 1,187 Common stock 2,290 2,264 Capital surplus Net property & Intangible assets 360 360 Retained eanings $4,560 4810 4,560 Total liabilities & stockholders' equity$4,810 Total assets