Intangible Assets

3 Months Ended

Mar. 31, 2015

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements and franchise agreements which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

Our identifiable intangible assets consist of the following:



(in millions)	Gross		Accumulated Amortization			Net
As of March 31, 2015:
Permits and leasehold agreements	$	1,121.8	$	(685.3	)	$	436.5
Franchise agreements	473.7		(325.7		)	148.0
Other intangible assets	39.9		(4.0		)	35.9
Total intangible assets	$	1,635.4	$	(1,015.0	)	$	620.4

As of December 31, 2014:
Permits and leasehold agreements	$	1,119.2	$	(677.2	)	$	442.0
Franchise agreements	474.7		(321.1		)	153.6
Other intangible assets	39.9		(2.3		)	37.6
Total intangible assets	$	1,633.8	$	(1,000.6	)	$	633.2

All of our identifiable intangible assets, except goodwill, are subject to amortization. Amortization expense was $27.8 million for the three months ended March 31, 2015, and $21.9 million for the three months ended March 31, 2014, which includes the amortization of direct lease acquisition costs of $7.5 million for the three months ended March 31, 2015, and $7.0 million for the three months ended March 31, 2014. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year.