Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Company's Financial Assets and (Liabilities) at Fair Value on Recurring Basis

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 September 30, 2023 and December 31, 2022:


	Basis of Fair Value Measurements
	September 30, 2023		December 31, 2022
	Level 1		Level 1
Trading securities - mutual funds held in nonqualified SERP(1)	$	9.1	$	7.5
Available-for-sale securities - equities(2)	24.6		—

(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 September 30, 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.

Fair Value of the Outstanding Indebtedness

The following table provides the fair value of the outstanding indebtedness described in Note 9, which is based on quoted market prices and current market rates for debt with similar credit risk and maturity, as well as the carrying value. These fair value measurements are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions to entities with a credit rating similar to the Company’s rating.


	September 30, 2023				December 31, 2022
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Total Borrowings, less deferred debt issuance costs	$	1,135.4	$	1,328.3	$	1,328.7	$	1,476.6