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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets Goodwill and Other Intangible Assets

Goodwill

For the years ended December 31, 2019 and 2018, the changes in the book value of goodwill by segment were as follows:
(in millions)
 
U.S. Media
 
Other
 
Total
As of December 31, 2017
 
$
2,054.0

 
$
74.0

 
$
2,128.0

Currency translation adjustments
 
—

 
(5.4
)
 
(5.4
)
Impairment
 
—

 
(42.9
)
 
(42.9
)
As of December 31, 2018
 
2,054.0

 
25.7

 
2,079.7

Currency translation adjustments
 
—

 
3.4

 
3.4

As of December 31, 2019
 
$
2,054.0

 
$
29.1

 
$
2,083.1



In the fourth quarter of 2019, we performed a qualitative assessment of our reporting units for possible goodwill impairment. Upon assessment, no goodwill impairment was identified.

In the second quarter of 2018, our Canadian reporting unit did not meet revenue expectations and pacing reflected a decline as compared to the 2018 forecast due to the underperformance of our static poster assets and digital displays. As a result, we determined that there was a decline in the outlook for our Canadian reporting unit. This determination constituted a triggering event, requiring an interim goodwill impairment analysis of our Canadian reporting unit.

As a result of the impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million on the Consolidated Statements of Operations.

Other 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 December 31, 2019:
 
 
 
 
 
 
Permits and leasehold agreements
 
$
1,153.3

 
$
(735.7
)
 
$
417.6

Franchise agreements
 
497.4

 
(371.1
)
 
126.3

Other intangible assets
 
47.1

 
(40.1
)
 
7.0

Total intangible assets
 
$
1,697.8

 
$
(1,146.9
)
 
$
550.9

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

 
$
(697.6
)
 
$
409.8

Franchise agreements
 
470.7

 
(357.1
)
 
113.6

Other intangible assets(a)
 
46.9

 
(33.1
)
 
13.8

Total intangible assets
 
$
1,625.0

 
$
(1,087.8
)
 
$
537.2



(a)
Includes additions associated with the Transaction (as defined below, see Note 11. Equity and Note 14. Acquisitions to the Consolidated Financial Statements).

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $107.2 million in 2019, $99.1 million in 2018 and $100.1 million in 2017, which includes the amortization of direct lease acquisition costs of $48.2 million in 2019, $43.2 million in 2018 and $40.0 million in 2017. 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.

We expect our aggregate annual amortization expense for intangible assets, before considering the impact of future direct lease acquisition costs, for each of the years 2020 through 2024, to be as follows:
(in millions)
 
2020
 
2021
 
2022
 
2023
 
2024
Amortization expense
 
$
58.7

 
$
56.8

 
$
51.5

 
$
49.7

 
$
47.4