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RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | 6 Months Ended
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Jun. 30, 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 by $465.7 million and increased our fair value of plan assets by $466.4 million. Net Periodic (Benefit) Cost Interest cost represents the increase in the projected benefit obligation, which is a discounted amount, due to the passage of time. The expected return on plan assets reflects the computed amount of current-year earnings from the investment of plan assets using an estimated long-term rate of return.
($ in millions) | Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024 |  |
Interest cost | $ | 5.6 |  |  | $ | 13.2 |  |  |
Expected return on plan assets | (6.2) |  |  | (14.4) |  |  |
Net periodic benefit | $ | (0.6) |  |  | $ | (1.2) |  |  |
During the six months ended June 30, 2024, funding of pension plans was $13.8 million. For the remainder of 2024, we estimate approximately $2.2 million of cash contributions.

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