Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization		Impairment		Net
As of September 30, 2025:
Permits and leasehold agreements	$	1,536.7	$	(971.1)	$	—	$	565.6
Franchise agreements(a)	904.2		(368.8)		(485.8)		49.6
Other intangible assets	18.1		(11.1)		—		7.0
Total intangible assets	$	2,459.0	$	(1,351.0)	$	(485.8)	$	622.2
As of December 31, 2024:
Permits and leasehold agreements	$	1,535.9	$	(935.7)	$	—	$	600.2
Franchise agreements(a)	888.8		(360.9)		(485.8)		42.1
Other intangible assets	19.5		(9.8)		—		9.7
Total intangible assets	$	2,444.2	$	(1,306.4)	$	(485.8)	$	652.0

(a)We reclassified all Prepaid MTA equipment deployment costs (see Note 17. Commitments and Contingencies) and recorded impairments in the first and second quarters of 2024, due to the long-term outlook of our Transit reporting unit.