XML 25 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Intangible Assets
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets

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 June 30, 2019:
 
 
 
 
 
 
Permits and leasehold agreements
 
$
1,137.6

 
$
(716.2
)
 
$
421.4

Franchise agreements
 
483.8

 
(364.0
)
 
119.8

Other intangible assets
 
47.0

 
(37.0
)
 
10.0

Total intangible assets
 
$
1,668.4

 
$
(1,117.2
)
 
$
551.2

 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
Permits and leasehold agreements
 
$
1,107.4

 
$
(697.6
)
 
$
409.8

Franchise agreements
 
470.7

 
(357.1
)
 
113.6

Other intangible assets
 
46.9

 
(33.1
)
 
13.8

Total intangible assets
 
$
1,625.0

 
$
(1,087.8
)
 
$
537.2



All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $27.6 million in the three months ended June 30, 2019, and $25.0 million in the three months ended June 30, 2018, which includes the amortization of direct lease acquisition costs of $13.0 million in the three months ended June 30, 2019, and $11.1 million in the three months ended June 30, 2018. Amortization expense was $52.3 million in the six months ended June 30, 2019, and $47.5 million in the six months ended June 30, 2018, which includes the amortization of direct lease acquisition costs of $23.3 million in the six months ended June 30, 2019, and $19.8 million in the six months ended June 30, 2018. 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.