Problem 2-32 Free Cash Flow (LG2-5)

The 2015 income statement for Egyptian Noise Blasters shows that depreciation expense is $88 million, NOPAT is $263 million. At the end of the year, the balance of gross fixed assets was $690 million. The change in net operating working capital during the year was $78 million. Egyptians free cash flow for the year was $220 million.

Calculate the beginning-of-year balance for gross fixed assets. (Enter your answer in millions of dollars.)