If text to be balanced is constrained to smaller width by floating elements, that smaller width appears to be ignored and the text is balanced assuming the full width of the container. So balancing does not work in the presence of floating elements constraining the text.
(FWIW, in my case, I'd be fine if the width available in the first line is used for all subsequent lines rather than adjusting width as floats are cleared and/or new ones are encountered, but that's just a special case.)
If text to be balanced is constrained to smaller width by floating elements, that smaller width appears to be ignored and the text is balanced assuming the full width of the container. So balancing does not work in the presence of floating elements constraining the text.
(FWIW, in my case, I'd be fine if the width available in the first line is used for all subsequent lines rather than adjusting width as floats are cleared and/or new ones are encountered, but that's just a special case.)