v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels as described below:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Inputs that are derived principally from or corroborated by observable market data
Level 3: Inputs that are unobservable and significant to the overall fair value measurement
Our assets subject to fair value measurement on a recurring basis are summarized below:
in millionsJune 30
2025		December 31
2024		June 30
2024
Level 1 Fair Value
Rabbi Trust
Mutual funds$39.4 $31.1 $31.5 
Total$39.4 $31.1 $31.5 
Level 2 Fair Value
Rabbi Trust
Money market mutual fund$1.9 $0.3 $0.8 
Total$1.9 $0.3 $0.8 
We have two Rabbi Trusts for the purpose of providing a level of security for the employee nonqualified retirement and deferred compensation plans and for the directors' nonqualified deferred compensation plans. The fair values of these investments are estimated using a market approach. The Level 1 investments include mutual funds for which quoted prices in active markets are available. Level 2 investments are stated at estimated fair value based on the underlying investments in the fund (high-quality, short-term, U.S. dollar-denominated money market instruments).
Net gains of the Rabbi Trusts’ investments were $1.5 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively. The portions of the net gains related to investments still held by the Rabbi Trusts at June 30, 2025 and 2024 were a loss of $1.9 million and a gain of $0.9 million, respectively.