The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheets at March 31, 2023 and December 31, 2022:


	Basis of Fair Value Measurements
	Balance at March 31, 2023		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	8.1	$	8.1	$	—	$	—
Available-for-sale securities - equities(2)	3.2		3.2		—		—


	Basis of Fair Value Measurements
	Balance at December 31, 2022		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	7.5	$	7.5	$	—	$	—

(1) The Supplemental Executive Retirement Plan (“SERP”) investment assets are offset by a SERP liability which represents the Company’s obligation to distribute SERP funds to participants.

(2) At March 31, 2023, the securities are included in Other current assets on the Company’s Condensed Consolidated Balance Sheets and are available for overnight cash settlement, if necessary, to fund current operations.