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BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. (Tables) | 12 Months Ended
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Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of impact of ASC 606 and other income statement reclassifications on condensed consolidated statements of income | The impact of ASC 606 and other income statement reclassifications, as previously described, on consolidated statements of income for 2017 and 2016 follows:
| 2017 |  | 2016
(in millions) | As previously reported |  | Change in Presentation |  | Impact of ASC 606 |  | Recast |  | As previously reported |  | Change in Presentation |  | Impact of ASC 606 |  | Recast
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees | $ | 4,287.7 |  |  | $ | — |  |  | $ | 8.1 |  |  | $ | 4,295.8 |  |  | $ | 3,728.7 |  |  | $ | — |  |  | $ | 6.3 |  |  | $ | 3,735.0 |
Administrative, distribution, and servicing fees(1) | 505.3 |  |  | — |  |  | 53.8 |  |  | 559.1 |  |  | 494.2 |  |  | — |  |  | 55.6 |  |  | 549.8 |
Net revenues | 4,793.0 |  |  | — |  |  | 61.9 |  |  | 4,854.9 |  |  | 4,222.9 |  |  | — |  |  | 61.9 |  |  | 4,284.8 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and related costs | 1,664.9 |  |  | — |  |  | — |  |  | 1,664.9 |  |  | 1,494.0 |  |  | — |  |  | — |  |  | 1,494.0 |
Distribution and servicing costs | 147.0 |  |  | 107.4 |  |  | 8.2 |  |  | 262.6 |  |  | 141.7 |  |  | 85.4 |  |  | 6.3 |  |  | 233.4 |
Advertising and promotion | 92.0 |  |  | — |  |  | .4 |  |  | 92.4 |  |  | 79.9 |  |  | — |  |  | .3 |  |  | 80.2 |
Product-related costs | — |  |  | 93.2 |  |  | 52.8 |  |  | 146.0 |  |  | — |  |  | 84.8 |  |  | 54.9 |  |  | 139.7 |
Technology, occupancy, and facility costs(2) | 338.5 |  |  | 12.0 |  |  | — |  |  | 350.5 |  |  | 306.2 |  |  | 13.7 |  |  | (.1 | ) |  | 319.8 |
General, administrative, and other | 491.8 |  |  | (212.6 | ) |  | .5 |  |  | 279.7 |  |  | 401.5 |  |  | (183.9 | ) |  | .5 |  |  | 218.1 |
Nonrecurring net charge (recoveries) related to Dell appraisal rights matter | (50.0 | ) |  | — |  |  | — |  |  | (50.0 | ) |  | 66.2 |  |  | — |  |  | — |  |  | 66.2 |
Total operating expenses | 2,684.2 |  |  | — |  |  | 61.9 |  |  | 2,746.1 |  |  | 2,489.5 |  |  | — |  |  | 61.9 |  |  | 2,551.4 |
Net operating income | $ | 2,108.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,108.8 |  |  | $ | 1,733.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,733.4 |
(1) The “As previously reported” column aggregates the administrative fees and distribution and servicing fees lines presented in the income statement in prior years. (2) The “As previously reported” column aggregates the depreciation and amortization of property and equipment and occupancy and facility costs lines presented in the income statement in prior years.
Assumptions used in option pricing model and grant date fair value of options | We used the following weighted-average inputs to the Black-Scholes option-pricing model to estimate the fair value of each option granted in 2016 to certain non-employee directors.
Grant-date fair value per option awarded | $ | 10.62 |
Assumptions used: |
Expected life in years | 6.8 |
Expected volatility | 20 | %
Dividend yield | 2.5 | %
Risk-free interest rate | 1.6 | %

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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