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RETIREMENT PLANS AND POSTRETIREMENT BENEFITS
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
RETIREMENT PLANS AND POSTRETIREMENT BENEFITS RETIREMENT PLANS AND POSTRETIREMENT BENEFITS
Company-Sponsored Defined Benefit Pension Plan
In January 2024, we acquired Pendragon PLC’s Fleet Management and UK Motor Divisions in the United Kingdom, which included the assumption of its company-sponsored defined benefit plan applicable to a portion of the salaried present and past employees, closed to future accrual. At the time of acquisition, these balances increased our defined benefit obligations $465.7 million and increased our fair value of plan assets $466.4 million.

Net Periodic (Benefit) Cost
Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return.
($ in millions)March 31, 2024
Interest cost$5.6 
Expected return on plan assets(6.2)
Net periodic benefit
$(0.6)

During the three months ended March 31, 2024, funding of pension plans was $12.7 million. For the remainder of 2024, we estimate approximately $3.3 million of cash contributions.