Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Fair value of stock options has been estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	2015	2014	2013
Risk free interest rate	1.4%	1.6%	0.9%
Expected life	4.6 years	4.6 years	4.6 years
Expected volatility	17.0%	21.0%	28.0%
Expected dividend yield	1.0%	1.0%	1.0%

Schedule of the impact of the adoption of new accounting standards described above on the Company's Consolidated Balance Sheet

The following table summarizes the impact of the adoption of the new accounting standards described above on the Company’s Consolidated Balance Sheet as of December 31, 2014:

	As Previously Reported		Impact of ASU 2015-03			Impact of ASU 2015-17			As Retrospectively Reclassified
Other current assets	$	185.2	$	—		$	(51.9	)	$	133.3
Intangibles and other long-term assets	315.5		(17.7		)	28.5			326.3
Total assets	7,027.0		(17.7		)	(23.4		)	6,985.9
Long-term debt, less current portion	2,672.3		(17.7		)	—			2,654.6
Accrued pension benefit obligations and other long-term liabilities	371.2		—			(23.4		)	347.8