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RETIREMENT PLANS AND POSTRETIREMENT BENEFITS
 6 Months Ended
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, 2024Six 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.