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Multiemployer Pension Plans | 12 Months Ended
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Dec. 31, 2023
Multiemployer Plan [Abstract] |
Multiemployer Pension Plans | MULTIEMPLOYER PENSION PLANS Five of our 252 stores participate in multiemployer pension plans. We contribute to these multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of our union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: a. Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. b. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be assumed by the remaining participating employers. c. If we choose to stop participating in a multiemployer plan, we may be required to pay the plan an amount based on the underfunded status of the plan, subject to certain limits, referred to as a withdrawal liability. Both of the multiemployer pension plans in which we participate are designated as being in “red zone” status, as defined by the Pension Protection Act (PPA) of 2006. Our participation in these plans for the year ended December 31, 2023, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (EIN) and the three-digit plan number. The most recent PPA zone status available in 2023 and 2022 is based on information that we received from the plans and is certified by each plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded. The last column lists the expiration date of the collective-bargaining agreements to which the plans are subject. A rehabilitation plan has been implemented for each plan. There have been no significant changes that affect the comparability of 2023, 2022, and 2021 contributions.
|  |  |  | Pension Protection Act Zone Status |  | Contributions of AutoNation ($ in millions) (1) |  |  |  | Expiration Date of Collective-Bargaining Agreement
Pension Fund |  | EIN/Pension Plan Number |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021 |  | Surcharge Imposed (2) |
Automotive Industries Pension Plan |  | 94-1133245 - 001 |  | Red |  | Red |  | $ | 1.2 |  |  | $ | 1.3 |  |  | $ | 1.2 |  |  | Yes |  | (3)
IAM National Pension Fund |  | 51-6031295- 002 |  | Red |  | Red |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  | Yes |  | (4)
Other funds |  |  |  |  |  |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  |  |  |
Total contributions |  |  |  |  |  |  |  | $ | 1.5 |  |  | $ | 1.6 |  |  | $ | 1.5 |  |  |  |  |
(1) Our stores were not listed in the Automotive Industries Pension Plan’s or IAM National Pension Fund’s Form 5500 as providing more than 5% of the total contributions for the plan years ended December 31, 2022 or 2021. (2) We paid surcharges to the Automotive Industries Pension Plan of $0.6 million, $0.6 million, and $0.5 million in 2023, 2022, and 2021 respectively. Surcharges to the IAM National Pension Fund were de minimis. (3) We are party to three collective-bargaining agreements that require contributions to the Automotive Industries Pension Plan with expiration dates of April 30, 2024, May 31, 2024, and December 31, 2025. (4) We are party to two collective-bargaining agreements that require contributions to the IAM National Pension Fund. Both agreements have an expiration date of August 31, 2025. In the event that we cease participating in these plans, we could be assessed withdrawal liabilities, which we estimate are approximately $14 million for the Automotive Industries Pension Plan and approximately $4 million for the IAM National Pension Fund.

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