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Intangible Assets | 6 Months Ended
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Jun. 30, 2024
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 |  | Impairment |  | Net
As of June 30, 2024: |  |  |  |  |  |  |  |
Permits and leasehold agreements |  | $ | 1,540.3 |  |  | $ | (921.2) |  |  | $ | — |  |  | $ | 619.1 |
Franchise agreements(a) |  | 953.7 |  |  | (432.1) |  |  | (485.8) |  |  | 35.8 |
Other intangible assets |  | 19.4 |  |  | (8.1) |  |  | — |  |  | 11.3 |
Total intangible assets |  | $ | 2,513.4 |  |  | $ | (1,361.4) |  |  | $ | (485.8) |  |  | $ | 666.2 |
As of December 31, 2023: |  |  |  |  |  |  |  |
Permits and leasehold agreements |  | $ | 1,535.5 |  |  | $ | (893.8) |  |  | $ | — |  |  | $ | 641.7 |
Franchise agreements(a) |  | 934.8 |  |  | (426.4) |  |  | (467.9) |  |  | 40.5 |
Other intangible assets |  | 19.5 |  |  | (6.3) |  |  | — |  |  | 13.2 |
Total intangible assets |  | $ | 2,489.8 |  |  | $ | (1,326.5) |  |  | $ | (467.9) |  |  | $ | 695.4 |
(a)We reclassified all Prepaid MTA equipment deployment costs (see Note 16. Commitments and Contingencies) and recorded impairments in the second, third and fourth quarters of 2023, as well as the first and second quarters of 2024, due to the long-term outlook of our U.S. Transit and Other reporting unit. In the six months ended June 30, 2024, we acquired 4 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $5.2 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 14.6 years. All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $17.3 million in the three months ended June 30, 2024, $21.5 million in the three months ended June 30, 2023, $34.9 million in the six months ended June 30, 2024, and $43.3 million in the six months ended June 30, 2023. As a result of negative aggregate cash flows related to our New York Metropolitan Transportation Authority (the “MTA”) asset group, we performed quarterly impairment analyses on the MTA asset group and recorded impairment charges of $8.8 million in the three months ended June 30, 2024, and $17.9 million in the six months ended June 30, 2024, representing additional MTA equipment deployment cost spending during the periods. In the three and six months ended June 30, 2023, we recorded impairment charges of $511.4 million, primarily representing a $443.1 million impairment charge related to our MTA asset group.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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