I notice that $x^2 - y^2$ is the difference of squares, which can be factored as $(x+y)(x-y)$. I already know the values of $x+y$ and $x-y$, so I can substitute them into the expression. I get $(16)(2)$ as the value of $x^2 - y^2$. I multiply 16 and 2 and get 32 as the final answer. 
If $x + y = 16$ and $x-y = 2$, what is the value of $x^2 - y^2$?