Intangible Assets |
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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:
(a)Certain intangible assets were fully amortized and no longer being utilized prior to 2020. As a result, we have revised previously reported gross other intangible assets and the related accumulated amortization as of December 31, 2020. The revision, which has no impact on the Consolidated Statement of Financial Position, decreased previously reported gross other intangible assets and accumulated amortization by $21.7 million. In the nine months ended September 30, 2021, we acquired 62 digital billboards, resulting in amortizable intangible assets for permits and leasehold agreements of $40.0 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 17.7 years. All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $16.7 million in the three months ended September 30, 2021, $15.3 million in the three months ended September 30, 2020, $49.4 million in the nine months ended September 30, 2021, and $45.7 million in the nine months ended September 30, 2020.
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