Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Feb. 01, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LAMR | ||
Entity Registrant Name | LAMAR ADVERTISING CO/NEW | ||
Entity Central Index Key | 1090425 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $4,250,861,661 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 80,933,071 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 14,610,365 | ||
LAMAR MEDIA CORP [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | LAMAR MEDIA CORP/DE | ||
Entity Central Index Key | 899045 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $0 | ||
LAMAR MEDIA CORP [Member] | Class Units [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 100 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $26,035 | $33,212 |
Receivables, net of allowance for doubtful accounts | 169,610 | 161,741 |
Prepaid expenses | 42,713 | 42,048 |
Deferred income tax assets | 729 | 10,378 |
Other current assets | 34,057 | 34,679 |
Total current assets | 273,144 | 282,058 |
Property, plant and equipment | 3,110,385 | 3,036,456 |
Less accumulated depreciation and amortization | -2,026,745 | -1,914,527 |
Net property, plant and equipment | 1,083,640 | 1,121,929 |
Goodwill | 1,512,768 | 1,503,553 |
Intangible assets, net | 366,985 | 419,385 |
Deferred financing costs, net of accumulated amortization | 32,725 | 30,290 |
Deferred income tax assets | 12,496 | |
Other assets | 37,060 | 44,403 |
Total assets | 3,318,818 | 3,401,618 |
Current liabilities: | ||
Trade accounts payable | 16,368 | 13,341 |
Current maturities of long-term debt | 15,625 | 55,935 |
Accrued expenses | 108,790 | 98,924 |
Deferred income | 84,558 | 77,153 |
Total current liabilities | 225,341 | 245,353 |
Long-term debt | 1,884,270 | 1,882,867 |
Deferred income tax liabilities | 119,150 | |
Asset retirement obligation | 204,327 | 200,831 |
Other liabilities | 23,414 | 20,471 |
Total liabilities | 2,337,352 | 2,468,672 |
Stockholder's equity: | ||
Additional paid-in-capital | 1,611,775 | 2,470,375 |
Accumulated comprehensive income | 2,454 | 3,867 |
Accumulated deficit | -632,859 | -647,577 |
Stockholders' equity | 981,466 | 932,946 |
Cost of shares held in treasury, 0 and 17,216,635 shares in 2014 and 2013, respectively | -893,831 | |
Total liabilities and stockholder's equity | 3,318,818 | 3,401,618 |
LAMAR MEDIA CORP [Member] | ||
Current assets: | ||
Cash and cash equivalents | 25,535 | 32,712 |
Receivables, net of allowance for doubtful accounts | 169,610 | 161,741 |
Prepaid expenses | 42,713 | 42,048 |
Deferred income tax assets | 729 | 10,378 |
Other current assets | 34,057 | 34,679 |
Total current assets | 272,644 | 281,558 |
Property, plant and equipment | 3,110,385 | 3,036,456 |
Less accumulated depreciation and amortization | -2,026,745 | -1,914,527 |
Net property, plant and equipment | 1,083,640 | 1,121,929 |
Goodwill | 1,502,616 | 1,493,401 |
Intangible assets, net | 366,518 | 418,919 |
Deferred financing costs, net of accumulated amortization | 30,771 | 28,336 |
Deferred income tax assets | 12,496 | |
Other assets | 31,775 | 39,118 |
Total assets | 3,300,460 | 3,383,261 |
Current liabilities: | ||
Trade accounts payable | 16,368 | 13,341 |
Current maturities of long-term debt | 15,625 | 55,935 |
Accrued expenses | 105,007 | 95,632 |
Deferred income | 84,558 | 77,153 |
Total current liabilities | 221,558 | 242,061 |
Long-term debt | 1,884,270 | 1,882,867 |
Deferred income tax liabilities | 152,541 | |
Asset retirement obligation | 204,327 | 200,831 |
Other liabilities | 23,414 | 20,471 |
Total liabilities | 2,333,569 | 2,498,771 |
Stockholder's equity: | ||
Common stock, value | 0 | 0 |
Additional paid-in-capital | 2,682,216 | 2,644,015 |
Accumulated comprehensive income | 2,454 | 3,867 |
Accumulated deficit | -1,717,779 | -1,763,392 |
Stockholders' equity | 966,891 | 884,490 |
Total liabilities and stockholder's equity | 3,300,460 | 3,383,261 |
Series AA Preferred Stock [Member] | ||
Stockholder's equity: | ||
Preferred stock, value | 0 | 0 |
Preferred Class A [Member] | ||
Stockholder's equity: | ||
Preferred stock, value | 0 | 0 |
Common Class A [Member] | ||
Stockholder's equity: | ||
Common stock, value | 81 | 97 |
Common Class B [Member] | ||
Stockholder's equity: | ||
Common stock, value | $15 | $15 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $7,957 | $7,615 |
Accumulated amortization | 14,764 | 25,180 |
Shares held in treasury | 0 | 17,216,635 |
LAMAR MEDIA CORP [Member] | ||
Allowance for doubtful accounts | 7,957 | 7,615 |
Accumulated amortization | $5,476 | $15,893 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 3,000 | 3,000 |
Common stock, shares issued | 100 | 100 |
Common stock, shares outstanding | 100 | 100 |
Series AA Preferred Stock [Member] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, cumulative dividends | $63.80 | $63.80 |
Preferred stock, shares authorized | 5,720 | 5,720 |
Preferred stock, shares issued | 5,720 | 5,720 |
Preferred stock, shares outstanding | 5,720 | 5,720 |
Preferred Class A [Member] | ||
Preferred stock, par value | $638 | $638 |
Preferred stock, cumulative dividends | $63.80 | $63.80 |
Preferred stock, shares authorized | 0 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 362,500,000 | 175,000,000 |
Common stock, shares issued | 80,933,071 | 97,426,144 |
Common stock, shares outstanding | 80,933,071 | 80,209,509 |
Common Class B [Member] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 37,500,000 | 37,500,000 |
Common stock, shares issued | 14,610,365 | 14,610,365 |
Common stock, shares outstanding | 14,610,365 | 14,610,365 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenues | $1,287,060 | $1,245,842 | $1,179,736 |
Operating expenses (income): | |||
Direct advertising expenses (exclusive of depreciation and amortization) | 453,269 | 436,844 | 418,538 |
General and administrative expenses (exclusive of depreciation and amortization) | 230,800 | 231,574 | 211,320 |
Corporate expenses (exclusive of depreciation and amortization) | 69,078 | 57,212 | 53,086 |
Depreciation and amortization | 258,435 | 300,579 | 296,083 |
Gain on disposition of assets | -3,192 | -3,804 | -13,817 |
Total Operating Expenses | 1,008,390 | 1,022,405 | 965,210 |
Operating income | 278,670 | 223,437 | 214,526 |
Other expense (income): | |||
Loss on extinguishment of debt | 26,023 | 14,345 | 41,632 |
Other-than-temporary impairment of investment | 4,069 | ||
Interest income | -102 | -165 | -331 |
Interest expense | 105,254 | 146,277 | 157,093 |
Non-operating (Income) Expenses | 135,244 | 160,457 | 198,394 |
Income (loss) before income tax expense | 143,426 | 62,980 | 16,132 |
Income tax (benefit) expense | -110,092 | 22,841 | 8,242 |
Net income | 253,518 | 40,139 | 7,890 |
Preferred stock dividends | 365 | 365 | 365 |
Net income applicable to common stock | 253,153 | 39,774 | 7,525 |
Earnings per share: | |||
Basic earnings per share | $2.66 | $0.42 | $0.08 |
Diluted earnings per share | $2.66 | $0.42 | $0.08 |
Cash dividends declared per share of common stock | $2.50 | ||
Weighted average common shares outstanding | 95,218,083 | 94,387,230 | 93,379,246 |
Incremental common shares from dilutive stock options | 66,043 | 358,285 | 287,395 |
Weighted average common shares assuming dilution | 95,284,126 | 94,745,515 | 93,666,641 |
Statements of Comprehensive Income | |||
Net income | 253,518 | 40,139 | 7,890 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | -1,413 | -2,111 | 652 |
Comprehensive income | 252,105 | 38,028 | 8,542 |
LAMAR MEDIA CORP [Member] | |||
Net revenues | 1,287,060 | 1,245,842 | 1,179,736 |
Operating expenses (income): | |||
Direct advertising expenses (exclusive of depreciation and amortization) | 453,269 | 436,844 | 418,538 |
General and administrative expenses (exclusive of depreciation and amortization) | 230,800 | 231,574 | 211,320 |
Corporate expenses (exclusive of depreciation and amortization) | 68,733 | 56,877 | 52,750 |
Depreciation and amortization | 258,435 | 300,579 | 296,083 |
Gain on disposition of assets | -3,192 | -3,804 | -13,817 |
Total Operating Expenses | 1,008,045 | 1,022,070 | 964,874 |
Operating income | 279,015 | 223,772 | 214,862 |
Other expense (income): | |||
Loss on extinguishment of debt | 26,023 | 14,345 | 41,632 |
Other-than-temporary impairment of investment | 4,069 | ||
Interest income | -102 | -165 | -331 |
Interest expense | 105,254 | 146,277 | 157,093 |
Non-operating (Income) Expenses | 135,244 | 160,457 | 198,394 |
Income (loss) before income tax expense | 143,771 | 63,315 | 16,468 |
Income tax (benefit) expense | -143,264 | 22,977 | 8,353 |
Net income | 287,035 | 40,338 | 8,115 |
Statements of Comprehensive Income | |||
Net income | 287,035 | 40,338 | 8,115 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | -1,413 | -2,111 | 652 |
Comprehensive income | $285,622 | $38,227 | $8,767 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | LAMAR MEDIA CORP [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Comprehensive Income [Member] | Accumulated Comprehensive Income [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] |
In Thousands | Series AA Preferred Stock [Member] | Preferred Class A [Member] | LAMAR MEDIA CORP [Member] | Common Class A [Member] | Common Class B [Member] | LAMAR MEDIA CORP [Member] | LAMAR MEDIA CORP [Member] | LAMAR MEDIA CORP [Member] | ||||||
Beginning Balance at Dec. 31, 2011 | $827,721 | $778,112 | $0 | $0 | $0 | $95 | $15 | ($888,518) | $2,405,679 | $2,579,318 | $5,326 | $5,326 | ($694,876) | ($1,806,532) |
Non-cash compensation | 14,466 | 14,466 | ||||||||||||
Contribution from parent | 26,839 | 26,839 | ||||||||||||
Exercise of stock options | 10,356 | 1 | 10,355 | |||||||||||
Issuance of shares of common stock through employee purchase plan | 3,499 | 3,499 | ||||||||||||
Tax shortfall related to options exercised | -1,481 | -1,481 | ||||||||||||
Purchase of treasury stock | -1,113 | -1,113 | ||||||||||||
Foreign currency translation | 652 | 652 | 652 | 652 | ||||||||||
Net income | 7,890 | 8,115 | 7,890 | 8,115 | ||||||||||
Dividend to parent | -1,113 | -1,113 | ||||||||||||
Dividends | -365 | -365 | ||||||||||||
Ending Balance at Dec. 31, 2012 | 861,625 | 812,605 | 0 | 0 | 0 | 96 | 15 | -889,631 | 2,432,518 | 2,606,157 | 5,978 | 5,978 | -687,351 | -1,799,530 |
Non-cash compensation | 18,179 | 18,179 | ||||||||||||
Contribution from parent | 37,858 | 37,858 | ||||||||||||
Exercise of stock options | 16,993 | 1 | 16,992 | |||||||||||
Issuance of shares of common stock through employee purchase plan | 3,900 | 3,900 | ||||||||||||
Tax shortfall related to options exercised | -1,214 | -1,214 | ||||||||||||
Purchase of treasury stock | -4,200 | -4,200 | ||||||||||||
Foreign currency translation | -2,111 | -2,111 | -2,111 | -2,111 | ||||||||||
Net income | 40,139 | 40,338 | 40,139 | 40,338 | ||||||||||
Dividend to parent | -4,200 | -4,200 | ||||||||||||
Dividends | -365 | -365 | ||||||||||||
Ending Balance at Dec. 31, 2013 | 932,946 | 884,490 | 0 | 0 | 0 | 97 | 15 | -893,831 | 2,470,375 | 2,644,015 | 3,867 | 3,867 | -647,577 | -1,763,392 |
Non-cash compensation | 17,600 | 17,600 | ||||||||||||
Contribution from parent | 38,201 | 38,201 | ||||||||||||
Exercise of stock options | 16,247 | 1 | 16,246 | |||||||||||
Issuance of shares of common stock through employee purchase plan | 4,368 | 4,368 | ||||||||||||
Tax shortfall related to options exercised | -13 | -13 | ||||||||||||
Purchase of treasury stock | -2,987 | -2,987 | ||||||||||||
Retirement of shares of treasury stock | -896,818 | -17 | 896,818 | -896,801 | ||||||||||
Foreign currency translation | -1,413 | -1,413 | -1,413 | -1,413 | ||||||||||
Net income | 253,518 | 287,035 | 253,518 | 287,035 | ||||||||||
Dividend to parent | -241,422 | -241,422 | ||||||||||||
Dividends-distributions to common shareholders | -238,435 | -238,435 | ||||||||||||
Dividends | -365 | -365 | ||||||||||||
Ending Balance at Dec. 31, 2014 | $981,466 | $966,891 | $0 | $0 | $0 | $81 | $15 | $1,611,775 | $2,682,216 | $2,454 | $2,454 | ($632,859) | ($1,717,779) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Exercise of stock options | 522,032 | 682,263 | 586,563 |
Purchase of treasury stock | 54,295 | 97,430 | 36,553 |
Retirement of treasury stock | 17,270,930 | ||
Common stock dividends/distributions | $2.50 | ||
Preferred stock dividend shares | $63.80 | $63.80 | $63.80 |
Treasury Stock [Member] | |||
Purchase of treasury stock | 54,295 | 97,430 | 36,553 |
Retirement of treasury stock | 17,270,930 | ||
Additional Paid-in Capital [Member] | |||
Exercise of stock options | 522,032 | 682,263 | 586,563 |
Accumulated Deficit [Member] | |||
Common stock dividends/distributions | $2.50 | ||
Preferred stock dividend shares | $63.80 | $63.80 | $63.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $253,518 | $40,139 | $7,890 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 258,435 | 300,579 | 296,083 |
Non-cash compensation | 24,120 | 24,936 | 14,466 |
Amortization included in interest expense | 4,777 | 14,667 | 17,741 |
Gain on disposition of assets and investments | -3,192 | -3,804 | -13,817 |
Other-than-temporary impairment of investment | 4,069 | ||
Loss on extinguishment of debt | 26,023 | 14,345 | 41,632 |
Deferred income tax (benefit) expense | -122,137 | 18,749 | 6,316 |
Provision for doubtful accounts | 5,947 | 6,034 | 5,484 |
(Increase) decrease in: | |||
Receivables | -13,553 | -6,663 | -13,783 |
Prepaid expenses | 524 | 788 | 1,903 |
Other assets | 662 | -4,970 | -2,876 |
Increase (decrease) in: | |||
Trade accounts payable | 1,076 | -89 | -127 |
Accrued expenses | 8,273 | -6,371 | 2,259 |
Other liabilities | 3,987 | -3,635 | 12,738 |
Cash flows provided by operating activities | 452,529 | 394,705 | 375,909 |
Cash flows from investing activities: | |||
Capital expenditures | -107,573 | -105,650 | -105,570 |
Acquisitions | -65,021 | -92,248 | -206,068 |
Decrease (increase) in notes receivable | 4,462 | -840 | 122 |
Proceeds from disposition of assets and investments | 4,135 | 6,869 | 8,117 |
Cash flows used in investing activities | -163,997 | -191,869 | -303,399 |
Cash flows from financing activities: | |||
Net proceeds from issuance of common stock | 20,615 | 20,893 | 13,855 |
Cash used for purchase of treasury shares | -2,987 | -4,200 | -1,113 |
Proceeds received from revolving credit facility | 325,000 | 184,000 | 15,000 |
Payments on revolving credit facility | -410,000 | -34,000 | -15,000 |
Principal payments on long term debt | -11,750 | -33,051 | -311,275 |
Proceeds received from senior credit facility | 300,000 | 100,000 | |
Debt issuance costs | -17,441 | -89 | -22,500 |
Proceeds received from note offering | 510,000 | 1,035,000 | |
Payment on senior subordinated notes | -415,752 | -360,383 | -861,019 |
Payment on senior credit facility | -352,106 | ||
Distributions to non-controlling interest | -1,094 | ||
Dividends/distributions | -238,800 | -365 | -365 |
Cash flows used in financing activities | -294,315 | -227,195 | -47,417 |
Effect of exchange rate changes in cash and cash equivalents | -1,394 | -1,340 | 315 |
Net (decrease) increase in cash and cash equivalents | -7,177 | -25,699 | 25,408 |
Cash and cash equivalents at beginning of period | 33,212 | 58,911 | 33,503 |
Cash and cash equivalents at end of period | 26,035 | 33,212 | 58,911 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 94,646 | 140,048 | 143,589 |
Cash paid for state and federal income taxes | 12,754 | 4,096 | 2,392 |
LAMAR MEDIA CORP [Member] | |||
Cash flows from operating activities: | |||
Net income | 287,035 | 40,338 | 8,115 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 258,435 | 300,579 | 296,083 |
Non-cash compensation | 24,120 | 24,936 | 14,466 |
Amortization included in interest expense | 4,777 | 14,667 | 17,741 |
Gain on disposition of assets and investments | -3,192 | -3,804 | -13,817 |
Other-than-temporary impairment of investment | 4,069 | ||
Loss on extinguishment of debt | 26,023 | 14,345 | 41,632 |
Deferred income tax (benefit) expense | -155,528 | 18,885 | 6,426 |
Provision for doubtful accounts | 5,947 | 6,034 | 5,484 |
(Increase) decrease in: | |||
Receivables | -13,553 | -6,663 | -13,233 |
Prepaid expenses | 524 | 788 | 1,903 |
Other assets | 662 | -4,970 | -2,876 |
Increase (decrease) in: | |||
Trade accounts payable | 1,076 | -89 | -127 |
Accrued expenses | 8,491 | -6,371 | 2,259 |
Other liabilities | -14,306 | -21,300 | 5,301 |
Cash flows provided by operating activities | 434,580 | 377,375 | 369,357 |
Cash flows from investing activities: | |||
Capital expenditures | -107,573 | -105,650 | -105,570 |
Acquisitions | -65,021 | -92,248 | -206,068 |
Decrease (increase) in notes receivable | 4,462 | -840 | 122 |
Proceeds from disposition of assets and investments | 4,135 | 6,869 | 8,117 |
Cash flows used in investing activities | -163,997 | -191,869 | -303,399 |
Cash flows from financing activities: | |||
Proceeds received from revolving credit facility | 325,000 | 184,000 | 15,000 |
Payments on revolving credit facility | -410,000 | -34,000 | -15,000 |
Principal payments on long term debt | -11,750 | -33,051 | -311,275 |
Proceeds received from senior credit facility | 300,000 | 100,000 | |
Debt issuance costs | -17,442 | -89 | -22,500 |
Proceeds received from note offering | 510,000 | 1,035,000 | |
Payment on senior subordinated notes | -415,752 | -360,383 | -861,019 |
Payment on senior credit facility | -352,106 | ||
Distributions to non-controlling interest | -1,094 | ||
Dividends to parent | -241,422 | -4,200 | -1,113 |
Contributions from parent | 38,201 | 37,858 | 19,668 |
Cash flows used in financing activities | -276,365 | -209,865 | -41,239 |
Effect of exchange rate changes in cash and cash equivalents | -1,395 | -1,340 | 315 |
Net (decrease) increase in cash and cash equivalents | -7,177 | -25,699 | 25,034 |
Cash and cash equivalents at beginning of period | 32,712 | 58,411 | 33,377 |
Cash and cash equivalents at end of period | 25,535 | 32,712 | 58,411 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 94,646 | 140,048 | 143,589 |
Cash paid for state and federal income taxes | $12,754 | $4,096 | $2,392 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Significant Accounting Policies | (1) Significant Accounting Policies | ||||||||||||
(a) Nature of Business | |||||||||||||
Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating over 144,000 billboard advertising displays in 44 states, Canada and Puerto Rico. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. | |||||||||||||
In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates over 41,000 transit advertising displays in 16 states, Canada and Puerto Rico. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising on bus shelters, benches and buses in the markets it serves. | |||||||||||||
REIT Conversion | |||||||||||||
As previously announced, since January 1, 2014, the Company has been organized and has operated in a manner that enables it to qualify, and intends to continue to operate in a manner that will allow it to continue to qualify, as a Real Estate Investment Trust, or REIT, for federal income tax purposes. As part of the Company’s REIT conversion, the Company completed a merger with its predecessor which was approved by the Company’s stockholders in November 2014. At the time of the merger, all outstanding shares of the Company’s Class A common stock held in treasury ceased to be outstanding and a corresponding adjustment was recorded to additional paid-in capital and common stock. | |||||||||||||
As a REIT, the Company generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. | |||||||||||||
(b) Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media Corp. (Lamar Media), and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. | |||||||||||||
An operating segment is a component of an enterprise: | |||||||||||||
• | that engages in business activities from which it may earn revenues and incur expenses; | ||||||||||||
• | whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and | ||||||||||||
• | for which discrete financial information is available. | ||||||||||||
We define the term ‘chief operating decision maker’ to be our executive management group, which consist of our Chief Executive Officer, President and Chief Financial Officer. Currently, all operations are reviewed on a consolidated basis for budget and business plan performance by our executive management group. Additionally, operational performance at the end of each reporting period is viewed in the aggregate by our management group. Any decisions related to changes in invested capital, personnel, operational improvement or training, or to allocate other company resources are made based on the combined results. | |||||||||||||
We operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters and benches and logo plates. | |||||||||||||
(c) Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost. Depreciation is calculated using accelerated and straight-line methods over the estimated useful lives of the assets. | |||||||||||||
(d) Goodwill and Intangible Assets | |||||||||||||
Goodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. Impairment testing involves various estimates and assumptions, which could vary, and an analysis of relevant market data and market capitalization. If industry and economic conditions deteriorate, the Company may be required to assess goodwill impairment before the next annual test, which could result in impairment charges. | |||||||||||||
The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has indentified two reporting units, Billboard operations and Logo operations, by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Company would be required to perform the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. The fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on December 31, 2014 and 2013; therefore, the Company was not required to recognize an impairment loss. | |||||||||||||
Intangible assets, consisting primarily of site locations, customer lists and contracts, and non-competition agreements are amortized using the straight-line method over the assets estimated useful lives, generally from 3 to 15 years. | |||||||||||||
(e) Impairment of Long-Lived Assets | |||||||||||||
Long-lived assets, such as property, plant and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset or asset group before interest expense. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. | |||||||||||||
(f) Acquisitions | |||||||||||||
For transactions that meet the definition of a business combination, the Company allocates the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future cash flows. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period and result in adjustments to the preliminary estimate recognized in the prior period financial statements. | |||||||||||||
(g) Deferred Income | |||||||||||||
Deferred income consists principally of advertising revenue invoiced in advance and gains resulting from the sale of certain assets to related parties. Deferred advertising revenue is recognized in income over the term of the contract. | |||||||||||||
(h) Revenue Recognition | |||||||||||||
The Company recognizes outdoor advertising revenue on an accrual basis ratably over the term of the contracts. Production revenue and the related expense for the advertising copy are recognized upon completion of the sale. | |||||||||||||
The Company engages in barter transactions where the Company trades advertising space for goods and services. The Company recognizes revenues and expenses from barter transactions at fair value, which is determined based on the Company’s own historical practice of receiving cash for similar advertising space from buyers unrelated to the party in the barter transaction. The amount of revenue and expense recognized for advertising barter transactions is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net revenues | $ | 7,839 | $ | 7,862 | $ | 6,798 | |||||||
Direct advertising expenses | $ | 2,928 | $ | 3,005 | $ | 2,900 | |||||||
General and administrative expenses | $ | 4,675 | $ | 4,417 | $ | 3,699 | |||||||
(i) Income Taxes | |||||||||||||
As a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
(j) Dividends/Distributions | |||||||||||||
During the year ended December 31, 2014, the Company included in its quarterly cash distributions to its common stockholders approximately $39,915 or $0.42 per share, of earnings and profits accumulated during the years it was taxed as a C corporation, in anticipation of commencing to operate as a REIT effective January 1, 2014. As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the year ended December 31, 2014, the Company declared and paid distributions of its REIT taxable income of an aggregate of $198,520 or $2.08 per share. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During the years ended December 31, 2014, 2013 and 2012, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock of $365 or $63.80 per share. | |||||||||||||
(k) Earnings Per Share | |||||||||||||
The calculation of basic earnings per share excludes any dilutive effect of stock options and convertible debt, while diluted earnings per share includes the dilutive effect of stock options and convertible debt. For the years ended December 31, 2014, 2013 and 2012 there were no dilutive shares excluded from the calculation. | |||||||||||||
(l) Stock Based Compensation | |||||||||||||
Compensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock-based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which is generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2014, 2013, and 2012 were $24,120, $24,936 and $14,466, respectively. The $24,120 expensed during the year ended December 31, 2014 consists of (i) $9,652 related to stock options, (ii) $14,210 related to stock grants, made under the Company’s performance-based stock incentive program in 2014 and (iii) $258 related to stock awards to directors. See Note 14 for information on the assumptions used to calculate the fair value of stock-based compensation. | |||||||||||||
(m) Cash and Cash Equivalents | |||||||||||||
The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. | |||||||||||||
(n) Foreign Currency Translation | |||||||||||||
Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of other comprehensive income in the Consolidated Statement of Operations and Comprehensive Income and as a component of accumulated other comprehensive income in the Consolidated Statement of Stockholders’ Equity. | |||||||||||||
(o) Asset Retirement Obligations | |||||||||||||
The Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its properties. | |||||||||||||
(p) Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
(q) Comprehensive Income | |||||||||||||
Total comprehensive income is presented in the Consolidated Statements of Operations and Comprehensive Income and the components of accumulated other comprehensive income are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive Income is composed of foreign currency translation effects. | |||||||||||||
(r) Fair Value Measurements | |||||||||||||
The Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||
(s) Subsequent Events | |||||||||||||
The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued. There were no subsequent events identified through the date on which these financial statements are issued. | |||||||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||
Significant Accounting Policies | (1) Significant Accounting Policies | ||||||||||||
(a) Nature of Business | |||||||||||||
Lamar Media Corp. is a wholly owned subsidiary of Lamar Advertising Company. Lamar Media Corp. is engaged in the outdoor advertising business operating approximately 144,000 outdoor advertising displays in 44 states. Lamar Media’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. | |||||||||||||
In addition, Lamar Media operates a logo sign business in 23 states throughout the United States as well as the province of Ontario, Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising on bus shelters, benches and buses in the markets it serves. | |||||||||||||
Certain footnotes are not provided for the accompanying financial statements as the information in notes 2, 4, 6, 9, 10, 13, 14, 15, 16, 17, 18, 19 and 20 and portions of notes 1 and 12 to the consolidated financial statements of Lamar Advertising Company included elsewhere in this filing are substantially equivalent to that required for the consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for the operating results of Lamar Media Corp. as it is a wholly owned subsidiary of Lamar Advertising Company. | |||||||||||||
(b) Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include Lamar Media Corp., its wholly owned subsidiaries, The Lamar Company, LLC, Lamar Central Outdoor, Inc., Lamar Oklahoma Holding Co., Inc., Lamar Advertising Southwest, Inc., Lamar DOA Tennessee Holdings, Inc., and Interstate Logos, LLC. and their majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | (2) Acquisitions | ||||||||
Year Ended December 31, 2014 | |||||||||
During the twelve months ended December 31, 2014, the Company completed several acquisitions of outdoor advertising assets for a total cash purchase price of $65,021. | |||||||||
Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on fair market value estimates at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions. | |||||||||
Total | |||||||||
Property, plant and equipment | $ | 10,542 | |||||||
Goodwill | 9,457 | ||||||||
Site locations | 36,982 | ||||||||
Non-competition agreements | 135 | ||||||||
Customer lists and contracts | 7,216 | ||||||||
Current assets | 895 | ||||||||
Current liabilities | (206 | ) | |||||||
$ | 65,021 | ||||||||
Total acquired intangible assets for the year ended December 31, 2014 were $53,790, of which $9,457 was assigned to goodwill. Although goodwill is not amortized for financial statement purposes, $9,457 is expected to be fully deductible for tax purposes. The remaining $44,333 of acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $7,216 (7 year weighted average useful life) and site locations of $36,982 (15 year weighted average useful life). The aggregate amortization expense related to the 2014 acquisitions for the year ended December 31, 2014 was approximately $1,452. | |||||||||
The following unaudited pro forma financial information for the Company gives effect to the 2014 and 2013 acquisitions as if they had occurred on January 1, 2013. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period. | |||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Net revenues | $ | 1,291,771 | $ | 1,262,506 | |||||
Net income applicable to common stock | $ | 256,785 | $ | 40,015 | |||||
Net income per common share — basic | $ | 2.7 | $ | 0.42 | |||||
Net income per common share — diluted | $ | 2.69 | $ | 0.42 | |||||
Year Ended December 31, 2013 | |||||||||
During the twelve months ended December 31, 2013, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $97,230, of which $92,248 was in cash and $4,982 in non-cash consideration consisting principally of exchanges of outdoor advertising assets. As a result of the acquisitions, a gain of $67 was recorded for transactions which involved the exchange of outdoor advertising assets during the year ended December 31, 2013. | |||||||||
Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on fair market value estimates at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions. | |||||||||
Total | |||||||||
Property, plant and equipment | $ | 18,196 | |||||||
Goodwill | 18,631 | ||||||||
Site locations | 50,333 | ||||||||
Non-competition agreements | 430 | ||||||||
Customer lists and contracts | 10,390 | ||||||||
Other assets | 1,408 | ||||||||
Current liabilities | (2,158 | ) | |||||||
$ | 97,230 | ||||||||
Total acquired intangible assets for the year ended December 31, 2013 were $79,784, of which $18,631 was assigned to goodwill. Although goodwill is not amortized for financial statement purposes, $18,582 is expected to be fully deductible for tax purposes. The remaining $61,153 of acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $10,390 (7 year weighted average useful life) and site locations of $50,333 (15 year weighted average useful life). The aggregate amortization expense related to the 2013 acquisitions for the year ended December 31, 2013 was approximately $2,158. | |||||||||
The following unaudited pro forma financial information for the Company gives effect to the 2013 and 2012 acquisitions as if they had occurred on January 1, 2012. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period. | |||||||||
2013 | 2012 | ||||||||
(unaudited) | |||||||||
Net revenues | $ | 1,255,376 | $ | 1,225,958 | |||||
Net income applicable to common stock | $ | 40,725 | $ | 12,098 | |||||
Net income per common share — basic | $ | 0.43 | $ | 0.13 | |||||
Net income per common share — diluted | $ | 0.43 | $ | 0.13 |
Noncash_Financing_and_Investin
Non-cash Financing and Investing Activities | 12 Months Ended |
Dec. 31, 2014 | |
Non-cash Financing and Investing Activities | (3) Non-cash Financing and Investing Activities |
For the years ended December 31, 2014 and December 31, 2013, the Company had $1,900 and $4,982 non-cash investing activities related to capital expenditures and acquisitions of outdoor advertising assets, respectively. During the year ended December 31, 2014, the Company had non-cash financing activity related to the retirement of 17,270,930 shares of treasury stock for $896,818 related to the Company’s conversion to a REIT. There were no significant non-cash financing activities during the year ended December 31, 2013. | |
LAMAR MEDIA CORP [Member] | |
Non-cash Financing and Investing Activities | (2) Non-cash Financing and Investing Activities |
For the years ended December 31, 2014 and 2013, the Company had non-cash investing activities of $1,900 and $4,982 related to capital expenditures and acquisitions of outdoor advertising assets. There were no significant non-cash financing activities during the years ended December 31, 2014 and December 31, 2013. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment | (4) Property, Plant and Equipment | ||||||||||
Major categories of property, plant and equipment at December 31, 2014 and 2013 are as follows: | |||||||||||
Estimated Life | 2014 | 2013 | |||||||||
(Years) | |||||||||||
Land | — | $ | 316,798 | $ | 312,883 | ||||||
Building and improvements | 10 — 39 | 132,360 | 125,724 | ||||||||
Advertising structures | 5 — 15 | 2,520,644 | 2,459,425 | ||||||||
Automotive and other equipment | 3 — 7 | 140,583 | 138,424 | ||||||||
$ | 3,110,385 | $ | 3,036,456 | ||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Goodwill and Other Intangible Assets | (5) Goodwill and Other Intangible Assets | ||||||||||||||||||
The following is a summary of intangible assets at December 31, 2014 and December 31, 2013: | |||||||||||||||||||
Estimated | 2014 | 2013 | |||||||||||||||||
Life | |||||||||||||||||||
(Years) | Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||
Customer lists and contracts | 7 — 10 | $ | 499,310 | $ | 470,170 | $ | 492,299 | $ | 463,188 | ||||||||||
Non-competition agreements | 3 — 15 | 64,062 | 63,192 | 63,933 | 62,914 | ||||||||||||||
Site locations | 15 | 1,531,161 | 1,194,709 | 1,495,635 | 1,106,947 | ||||||||||||||
Other | 5 — 15 | 14,008 | 13,485 | 14,008 | 13,441 | ||||||||||||||
$ | 2,108,541 | $ | 1,741,556 | $ | 2,065,875 | $ | 1,646,490 | ||||||||||||
Unamortizable Intangible Assets: | |||||||||||||||||||
Goodwill | $ | 1,766,304 | $ | 253,536 | $ | 1,757,089 | $ | 253,536 | |||||||||||
The changes in the gross carrying amount of goodwill for the year ended December 31, 2014 are as follows: | |||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,757,089 | |||||||||||||||||
Goodwill acquired during the year | 9,457 | ||||||||||||||||||
Purchase price adjustments and other | (242 | ) | |||||||||||||||||
Impairment losses | — | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,766,304 | |||||||||||||||||
Amortization expense for the years ended December 31, 2014, 2013 and 2012 was $96,139, $106,533 and $102,941, respectively. The following is a summary of the estimated amortization expense for future years: | |||||||||||||||||||
2015 | $ | 62,020 | |||||||||||||||||
2016 | 51,809 | ||||||||||||||||||
2017 | 46,562 | ||||||||||||||||||
2018 | 41,849 | ||||||||||||||||||
2019 | 36,547 | ||||||||||||||||||
Thereafter | 128,198 | ||||||||||||||||||
Total | $ | 366,985 | |||||||||||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||||||||
Goodwill and Other Intangible Assets | (3) Goodwill and Other Intangible Assets | ||||||||||||||||||
The following is a summary of intangible assets at December 31, 2014 and December 31, 2013: | |||||||||||||||||||
Estimated | 2014 | 2013 | |||||||||||||||||
Life | Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||
(Years) | Amount | Amortization | Amount | Amortization | |||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||
Customer lists and contracts | 7—10 | $ | 499,311 | $ | 470,170 | $ | 492,299 | $ | 463,188 | ||||||||||
Non-competition agreement | 3—15 | 64,062 | 63,192 | 63,933 | 62,914 | ||||||||||||||
Site locations | 15 | 1,531,161 | 1,194,709 | 1,495,635 | 1,106,945 | ||||||||||||||
Other | 5—15 | 13,463 | 13,408 | 13,463 | 13,364 | ||||||||||||||
$ | 2,107,997 | $ | 1,741,479 | $ | 2,065,330 | $ | 1,646,411 | ||||||||||||
Unamortizable Intangible Assets: | |||||||||||||||||||
Goodwill | $ | 1,755,283 | $ | 252,667 | $ | 1,746,068 | $ | 252,667 | |||||||||||
The changes in the gross carrying amount of goodwill for the year ended December 31, 2014 are as follows: | |||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,746,068 | |||||||||||||||||
Goodwill acquired during the year | 9,457 | ||||||||||||||||||
Purchase price adjustments and other | (242 | ) | |||||||||||||||||
Impairment losses | — | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,755,283 | |||||||||||||||||
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases | (6) Leases | ||||
The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built. The leases expire at various dates, and have varying options to renew and to cancel and may contain escalation provisions. The following is a summary of minimum annual rental payments required under those operating leases that have original or remaining lease terms in excess of one year as of December 31, 2014: | |||||
2015 | $ | 162,840 | |||
2016 | $ | 128,145 | |||
2017 | $ | 112,157 | |||
2018 | $ | 97,166 | |||
2019 | $ | 85,174 | |||
Thereafter | $ | 622,597 | |||
Rental expense related to the Company’s operating leases was $227,879, $222,638 and $209,110 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Expenses | (7) Accrued Expenses | ||||||||
The following is a summary of accrued expenses at December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Payroll | $ | 13,852 | $ | 11,311 | |||||
Interest | 29,281 | 23,451 | |||||||
Insurance benefits | 12,853 | 13,090 | |||||||
Accrued lease expense | 35,903 | 37,346 | |||||||
Other | 16,901 | 13,726 | |||||||
$ | 108,790 | $ | 98,924 | ||||||
LAMAR MEDIA CORP [Member] | |||||||||
Accrued Expenses | (4) Accrued Expenses | ||||||||
The following is a summary of accrued expenses at December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Payroll | $ | 13,852 | $ | 11,311 | |||||
Interest | 29,281 | 23,451 | |||||||
Accrued lease expense | 35,903 | 37,346 | |||||||
Other | 25,971 | 23,524 | |||||||
$ | 105,007 | $ | 95,632 | ||||||
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-term Debt | (8) Long-term Debt | ||||||||
Long-term debt consists of the following at December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Senior Credit Facility | $ | 353,750 | $ | 502,106 | |||||
7 7/8% Senior Subordinated Notes | — | 400,000 | |||||||
5 7/8% Senior Subordinated Notes | 500,000 | 500,000 | |||||||
5% Senior Subordinated Notes | 535,000 | 535,000 | |||||||
5 3/8% Senior Notes | 510,000 | — | |||||||
Other notes with various rates and terms | 1,145 | 1,696 | |||||||
1,899,895 | 1,938,802 | ||||||||
Less current maturities | (15,625 | ) | (55,935 | ) | |||||
Long-term debt excluding current maturities | $ | 1,884,270 | $ | 1,882,867 | |||||
Long-term debt matures as follows: | |||||||||
2015 | $ | 15,625 | |||||||
2016 | $ | 21,118 | |||||||
2017 | $ | 39,375 | |||||||
2018 | $ | 45,000 | |||||||
2019 | $ | 233,750 | |||||||
Later years | $ | 1,545,027 | |||||||
7 7/8% Senior Subordinated Notes | |||||||||
On April 22, 2010, Lamar Media issued $400,000 in aggregate principal amount of 7 7/8% Senior Subordinated Notes due 2018 (the “7 7/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $392,000. On April 21, 2014, Lamar Media redeemed in full all $400,000 in aggregate principal amount of the 7 7/8% Notes. A loss of $20,847 was recorded as a result of this transaction, of which $5,095 was non-cash. No 7 7/8% Notes remained outstanding as of December 31, 2014. | |||||||||
5 7/8% Senior Subordinated Notes | |||||||||
On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principal amount of 5 7/8% Senior Subordinated Notes, due 2022 (the “5 7/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000. | |||||||||
Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 7/8% Notes, at any time and from time to time, at a price equal to 105.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 1, 2015, provided that following the redemption, at least 65% of the 5 7/8% Notes that were originally issued remain outstanding. At any time prior to February 1, 2017, Lamar Media may redeem some or all of the 5 7/8% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after February 1, 2017, Lamar Media may redeem the 5 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 7/8% Notes at a price equal to 101% of the principal amount of the 5 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. | |||||||||
5% Senior Subordinated Notes | |||||||||
On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100. | |||||||||
Lamar Media may redeem up to 35% of the aggregate principal amount of the 5% Notes, at any time and from time to time, at a price equal to 105% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before November 1, 2015, provided that following the redemption, at least 65% of the 5% Notes that were originally issued remain outstanding. At any time prior to May 1, 2018, Lamar Media may redeem some or all of the 5% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May 1, 2018, Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5% Notes at a price equal to 101% of the principal amount of the 5% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. | |||||||||
5 3/8% Senior Notes | |||||||||
On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Senior Notes due 2024 (the “5 3/8% Senior Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300. | |||||||||
Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/8% Senior Notes, at any time and from time to time, at a price equal to 105 3/8% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2017, provided that following the redemption, at least 65% of the 5 3/8% Senior Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2019, Lamar Media may redeem some or all of the 5 3/8% Senior Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2019, Lamar Media may redeem the 5 3/8% Senior Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% Senior Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5 3/8% Senior Notes at a price equal to 101% of the principal amount of the 5 3/8% Senior Notes, plus accrued and unpaid interest, up to but not including the repurchase date. | |||||||||
Senior Credit Facility | |||||||||
On January 10, 2014, Lamar Media paid in full the outstanding balance of the term loans then outstanding under its senior credit facility. The Company incurred a non-cash loss of $5,176 related to this transaction. | |||||||||
On February 3, 2014, Lamar Media entered into a Second Restatement Agreement (the “Second Restatement Agreement”) with the Company, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A., as Administrative Agent and the Lenders named therein, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility on the terms set forth in the Second Amended and Restated Credit Agreement attached as Exhibit A to the Second Restatement Agreement (such Second and Amended and Restated Credit Agreement together with the Second Restatement Agreement being herein referred to as the “senior credit facility”). The senior credit facility consists of a $400,000 revolving credit facility and a $500,000 incremental facility. Lamar Media is the borrower under the senior credit facility. We may also from time to time designate wholly owned subsidiaries as subsidiary borrowers under the incremental loan facility. Incremental loans may be in the form of additional term loan tranches or increases in the revolving credit facility. Our lenders have no obligation to make additional loans to us, or any designated subsidiary borrower, under the incremental facility, but may enter into such commitments in their sole discretion. | |||||||||
On April 18, 2014, Lamar Media entered into Amendment No. 1 to the Second Amended and Restated Credit Agreement (the “Amendment”) with Lamar Advertising, certain of Lamar Media’s subsidiaries as Guarantors, JPMorgan Chase Bank, N.A. as Administrative Agent and the Lenders named therein under which the parties agreed to amend Lamar Media’s existing senior credit facility on the terms set forth in the Amendment. The Amendment created a new $300,000 Term A Loan facility (the “Term A Loans”) and certain other amendments to the senior credit agreement. The Term A Loans are not incremental loans and do not reduce the existing $500,000 Incremental Loan facility. Lamar Media borrowed all $300,000 in Term A Loans on April 18, 2014. The net loan proceeds, together with borrowings under the revolving portion of the senior credit facility and cash on hand, were used to fund the redemption of all $400,000 in aggregate principal amount of Lamar Media’s 7 7/8% Notes due 2018 on April 21, 2014. | |||||||||
The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows: | |||||||||
Principal Payment Date | Principal Amount | ||||||||
March 31, 2015-March 31, 2016 | $ | 3,750 | |||||||
June 30, 2016- March 31, 2017 | $ | 5,625 | |||||||
June 30, 2017-December 31, 2018 | $ | 11,250 | |||||||
Term A Loan Maturity Date | $ | 168,750 | |||||||
The Term A loans and revolving credit facility bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar loans”) or the Adjusted Base Rate (“Base Rate loans”), at Lamar Media’s option. Eurodollar loans bear interest at a rate per annum equal to the Adjusted LIBO rate plus 2.25% (or the Adjusted LIBO Rate plus 2.00% at any time the Total Debt Ratio is less than or equal to 4.25 to 1; or the Adjusted LIBO Rate plus 1.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). Base Rate Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 1.00% (or the Adjusted Base Rate plus 0.75% at any time the Total Debt Ratio is less than or equal to 3.00 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term A Loans and revolving credit facility. | |||||||||
As of December 31, 2014, there was $65,000 outstanding under the revolving credit facility. Availability under the revolving facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $6,846 letters of credit outstanding as of December 31, 2014 resulting in $328,154 of availability under its revolving facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 2, 2019, and bear interest, at Lamar Media’s option, at the Adjusted LIBO Rate or the Adjusted Base Rate plus applicable margins, such margins are set at an initial rate with the possibility of a step down based on Lamar Media’s ratio of debt to trailing four quarters EBITDA, as defined in the senior credit facility. | |||||||||
The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to: | |||||||||
• | dispose of assets; | ||||||||
• | incur or repay debt; | ||||||||
• | create liens; | ||||||||
• | make investments; and | ||||||||
• | pay dividends. | ||||||||
The senior credit facility contains provisions that would allow Lamar Media to conduct its affairs in a manner that would allow Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. | |||||||||
Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under Lamar Media’s senior credit facility the Company must maintain a specified senior debt ratio at all times and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments. | |||||||||
Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the applicable senior credit agreement provisions during the periods presented. | |||||||||
LAMAR MEDIA CORP [Member] | |||||||||
Long-term Debt | (5) Long-term Debt | ||||||||
Long-term debt consists of the following at December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Senior Credit Agreement | $ | 353,750 | $ | 502,106 | |||||
7 7/8% Senior Subordinated Notes | — | 400,000 | |||||||
5 7/8% Senior Subordinated Notes | 500,000 | 500,000 | |||||||
5% Senior Subordinated Notes | 535,000 | 535,000 | |||||||
5 3/8% Senior Notes | 510,000 | — | |||||||
Other notes with various rates and terms | 1,145 | 1,696 | |||||||
1,899,895 | 1,938,802 | ||||||||
Less current maturities | (15,625 | ) | (55,935 | ) | |||||
Long-term debt excluding current maturities | $ | 1,884,270 | $ | 1,882,867 | |||||
Long-term debt matures as follows: | |||||||||
2015 | $ | 15,625 | |||||||
2016 | $ | 21,118 | |||||||
2017 | $ | 39,375 | |||||||
2018 | $ | 45,000 | |||||||
2019 | $ | 233,750 | |||||||
Later years | $ | 1,545,027 |
Asset_Retirement_Obligation
Asset Retirement Obligation | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | |||||
Asset Retirement Obligation | (9) Asset Retirement Obligation | ||||
The Company’s asset retirement obligation includes the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations: | |||||
Balance at December 31, 2012 | $ | 189,659 | |||
Additions to asset retirement obligations | 3,741 | ||||
Accretion expense | 11,046 | ||||
Liabilities settled | (3,615 | ) | |||
Balance at December 31, 2013 | 200,831 | ||||
Additions to asset retirement obligations | 1,238 | ||||
Accretion expense | 5,262 | ||||
Liabilities settled | (3,004 | ) | |||
Balance at December 31, 2014 | $ | 204,327 | |||
Depreciation_and_Amortization
Depreciation and Amortization | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Depreciation and Amortization | (10) Depreciation and Amortization | ||||||||||||
The Company includes all categories of depreciation and amortization on a separate line in its Statements of Operations. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Operations are: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Direct expenses | $ | 241,471 | $ | 283,280 | $ | 277,662 | |||||||
General and administrative expenses | 4,534 | 4,684 | 4,137 | ||||||||||
Corporate expenses | 12,430 | 12,615 | 14,284 | ||||||||||
$ | 258,435 | $ | 300,579 | $ | 296,083 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Taxes | (11) Income Taxes | ||||||||||||
The Company has filed, for prior taxable years through its taxable year ended December 31, 2014, a consolidated U.S. federal tax return, which includes all of its wholly owned domestic subsidiaries. For its taxable year commencing January 1, 2014, the Company intends to file as a REIT, and its TRSs intend to file as C corporations. The Company also files tax returns in various states and countries. The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state. The following information pertains to the Company’s income taxes on a consolidated basis. | |||||||||||||
Income tax expense (benefit) consists of the following: | |||||||||||||
Current | Deferred | Total | |||||||||||
Year ended December 31, 2014: | |||||||||||||
U.S. federal | $ | 8,721 | $ | (119,014 | ) | $ | (110,293 | ) | |||||
State and local | 2,632 | (2,909 | ) | (277 | ) | ||||||||
Foreign | 692 | (214 | ) | 478 | |||||||||
$ | 12,045 | $ | (122,137 | ) | $ | (110,092 | ) | ||||||
Year ended December 31, 2013: | |||||||||||||
U.S. federal | $ | 930 | $ | 21,681 | $ | 22,611 | |||||||
State and local | 1,609 | 1,165 | 2,774 | ||||||||||
Foreign | 1,553 | (4,097 | ) | (2,544 | ) | ||||||||
$ | 4,092 | $ | 18,749 | $ | 22,841 | ||||||||
Year ended December 31, 2012: | |||||||||||||
U.S. federal | $ | — | $ | 6,743 | $ | 6,743 | |||||||
State and local | 823 | 826 | 1,649 | ||||||||||
Foreign | 1,103 | (1,253 | ) | (150 | ) | ||||||||
$ | 1,926 | $ | 6,316 | $ | 8,242 | ||||||||
The income tax provision for the year ended December 31, 2014 is net of the deferred tax benefit due to the REIT conversion of $120,081. As of December 31, 2014 and 2013, the Company had income taxes payable of $308 and $848, respectively, included in accrued expenses. The U.S. and foreign components of earnings before income taxes are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 144,298 | $ | 62,506 | $ | 17,279 | |||||||
Foreign | (872 | ) | 474 | (1,147 | ) | ||||||||
Total | $ | 143,426 | $ | 62,980 | $ | 16,132 | |||||||
A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 35 percent to income before taxes is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense at U.S. federal statutory rate | $ | 50,199 | $ | 22,043 | $ | 5,646 | |||||||
Tax adjustment related to REIT (a) | (44,891 | ) | — | — | |||||||||
State and local income taxes, net of federal income tax benefit | 1,017 | 3,585 | 1,541 | ||||||||||
Book expenses not deductible for tax purposes | 2,061 | 1,351 | 1,058 | ||||||||||
Stock-based compensation | (33 | ) | 65 | 270 | |||||||||
Valuation allowance | — | (1,097 | ) | (331 | ) | ||||||||
Rate change (b) | 91 | (2,565 | ) | 49 | |||||||||
Deferred tax adjustment due to REIT conversion | (120,081 | ) | — | — | |||||||||
Other differences, net | 1,545 | (541 | ) | 9 | |||||||||
Income tax expense | $ | (110,092 | ) | $ | 22,841 | $ | 8,242 | ||||||
(a) | Includes dividend paid deduction of $62,937. | ||||||||||||
(b) | In 2013, the “Tax Burden Adjustment and Redistribution Act” was signed into law. Under the enacted legislation, the Puerto Rico corporate income tax rate was increased to 39% from 30%. As a result, a non-cash benefit of $2,479 to income tax expense was recorded for the increase of the Puerto Rico net deferred tax asset. Also in 2013, British Columbia Bill 2 was signed into law. The enacted legislation increased the general corporate income tax rate to 11% from 10%. As a result, a non-cash benefit of $86 to income tax expense was recorded for the increase of the Canadian net deferred tax asset. | ||||||||||||
The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and (liabilities) are presented below: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 255 | $ | 2,972 | |||||||||
Accrued liabilities not deducted for tax purposes | 4,703 | 37,764 | |||||||||||
Asset retirement obligation | 79 | 70,166 | |||||||||||
Net operating loss carry forwards | 11,881 | 138,865 | |||||||||||
Tax credit carry forwards | 209 | 4,844 | |||||||||||
Charitable contributions carry forward | 9 | 9 | |||||||||||
Property, plant and equipment | 65 | — | |||||||||||
Investment in partnerships | 354 | — | |||||||||||
Gross deferred tax assets | 17,555 | 254,620 | |||||||||||
Less: valuation allowance | (9 | ) | (2,331 | ) | |||||||||
Net deferred tax assets | 17,546 | 252,289 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | — | (45,160 | ) | ||||||||||
Intangibles | (4,321 | ) | (314,382 | ) | |||||||||
Investment in partnerships | — | (1,519 | ) | ||||||||||
Gross deferred tax liabilities | (4,321 | ) | (361,061 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | 13,225 | $ | (108,772 | ) | ||||||||
Classification in the consolidated balance sheets: | |||||||||||||
Current deferred tax assets | $ | 729 | $ | 10,378 | |||||||||
Current deferred tax liabilities | — | — | |||||||||||
Noncurrent deferred tax assets | 12,496 | — | |||||||||||
Noncurrent deferred tax liabilities | — | (119,150 | ) | ||||||||||
Net deferred tax assets (liabilities) | $ | 13,225 | $ | (108,772 | ) | ||||||||
As of December 31, 2014, we have approximately $257,839 of U.S. net operating loss carry forwards to offset future taxable income. Of this amount, $6,063 is subject to an IRC §382 limitation. These carry forwards expire between 2020 through 2032. In addition, we have $4,822 of various credits available to offset future U.S. federal income tax. | |||||||||||||
As of December 31, 2014 we have approximately $449,691 of state net operating loss carry forwards before valuation allowances. These state net operating losses are available to reduce future taxable income and expire at various times and amounts. In addition, we have $241 of various credits available to offset future state income tax. The valuation allowance related to state net operating loss carry forwards as of December 31, 2014 and 2013 was $0 and $2,323, respectively. The net change in the total valuation allowance for each of the years ended December 31, 2014, 2013, and 2012 was a decrease of $2,322, $1,087 and $332, respectively. The decrease in 2014 was primarily due to the adjustment of deferred tax assets and related valuation allowance for assets and liabilities of REIT operations no longer subject to state income taxes at the REIT level, which had the effect of valuing these assets at an expected rate of 0%. | |||||||||||||
During 2014, we generated $1,454 of Puerto Rico net operating losses. As of December 31, 2014, we had approximately $28,354 of Puerto Rico net operating losses available to offset future taxable income. These carry forwards expire between 2016 and 2024. In addition, we have $209 of alternative minimum tax credits available to offset future Puerto Rico income tax. | |||||||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those jurisdictions during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income, and tax-planning strategies in making this assessment. In order to fully realize the deferred tax assets, the Company will need to generate future taxable income before the expiration of the carry forwards governed by the tax code. Based on the current level of pretax earnings, the Company will generate the minimum amount of future taxable income to support the realization of the deferred tax assets. Additionally, the Company has deferred tax liabilities that will reverse during the same period and jurisdiction and are of the same character as the temporary differences giving rise to the deferred tax assets. As a result, management believes that it is more likely than not that we will realize the benefits of these deferred tax assets, net of the existing valuation allowances at December 31, 2014. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. | |||||||||||||
We have not recognized a deferred tax liability of approximately $8,326 for the undistributed earnings of our Canadian operations that arose in 2014 and prior years as management considers these earnings to be indefinitely invested outside the U.S. As of December 31, 2014, the undistributed earnings of these subsidiaries were approximately $23,789. | |||||||||||||
Under ASC 740, we provide for uncertain tax positions, and the related interest, and adjust recognized tax benefits and accrued interest accordingly. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
Balance as of December 31, 2012 | $ | 75 | |||||||||||
Additions for tax positions related to current year | 1 | ||||||||||||
Additions for tax positions related to prior years | — | ||||||||||||
Reductions for tax positions related to prior years | — | ||||||||||||
Lapse of statute of limitations | (41 | ) | |||||||||||
Settlements | — | ||||||||||||
Balance as of December 31, 2013 | $ | 35 | |||||||||||
Additions for tax positions related to current year | — | ||||||||||||
Additions for tax positions related to prior years | — | ||||||||||||
Reductions for tax positions related to prior years | — | ||||||||||||
Lapse of statute of limitations | (35 | ) | |||||||||||
Settlements | — | ||||||||||||
Balance as of December 31, 2014 | $ | — | |||||||||||
As of December 31, 2014, we do not have any unrecognized tax benefits that, if recognized in future periods, would impact our effective tax rate. | |||||||||||||
We are subject to income taxes in the U.S. and nearly all states. In addition, the Company is subject to income taxes in Canada and the Commonwealth of Puerto Rico. We are no longer subject to U.S federal income tax examinations by tax authorities for years before 2010 since the IRS has completed review of our income tax returns through 2009, or for any U.S. state income tax audit prior to 2002. With respect to Canada and Puerto Rico, we are no longer subject to income tax audits for years before 2009 and 2008, respectively. | |||||||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||
Income Taxes | (6) Income Taxes | ||||||||||||
Income tax expense (benefit) consists of the following: | |||||||||||||
Current | Deferred | Total | |||||||||||
Year ended December 31, 2014: | |||||||||||||
U.S. federal | 8,993 | (151,191 | ) | (142,198 | ) | ||||||||
State and local | 2,579 | (4,124 | ) | (1,545 | ) | ||||||||
Foreign | 692 | (213 | ) | 479 | |||||||||
$ | 12,264 | $ | (155,528 | ) | $ | (143,264 | ) | ||||||
Year ended December 31, 2013: | |||||||||||||
U.S. federal | $ | 930 | $ | 21,798 | $ | 22,728 | |||||||
State and local | 1,609 | 1,184 | 2,793 | ||||||||||
Foreign | 1,553 | (4,097 | ) | (2,544 | ) | ||||||||
$ | 4,092 | $ | 18,885 | $ | 22,977 | ||||||||
Year ended December 31, 2012: | |||||||||||||
U.S. federal | $ | — | $ | 6,859 | $ | 6,859 | |||||||
State and local | 824 | 820 | 1,644 | ||||||||||
Foreign | 1,103 | (1,253 | ) | (150 | ) | ||||||||
$ | 1,927 | $ | 6,426 | $ | 8,353 | ||||||||
The income tax provision for the year ended December 31, 2014 is net of the deferred tax benefit due to REIT conversion of approximately $153.472. As of December 31, 2014 and December 31, 2013, the Company had income taxes payable of $308 and $630, respectively, included in accrued expenses. | |||||||||||||
The U.S. and foreign components of earnings before income taxes are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 144,643 | $ | 62,841 | $ | 17,615 | |||||||
Foreign | (872 | ) | 474 | (1,147 | ) | ||||||||
Total | $ | 143,771 | $ | 63,315 | $ | 16,468 | |||||||
A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 35 percent to income before taxes is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense at U.S. federal statutory rate | $ | 50,320 | $ | 22,160 | $ | 5,764 | |||||||
Tax adjustment related to REIT (a) | (45,012 | ) | — | — | |||||||||
State and local income taxes, net of federal income tax benefit | 1,017 | 3,601 | 1,557 | ||||||||||
Book expenses not deductible for tax purposes | 2,061 | 1,351 | 1,058 | ||||||||||
Stock-based compensation | (33 | ) | 65 | 270 | |||||||||
Valuation allowance | — | (1,094 | ) | (354 | ) | ||||||||
Rate Change (b) | 91 | (2,565 | ) | 49 | |||||||||
Deferred tax adjustment due to REIT conversion | (153,472 | ) | — | — | |||||||||
Other differences, net | 1,764 | (541 | ) | 9 | |||||||||
Income tax expense | $ | (143,264 | ) | $ | 22,977 | $ | 8,353 | ||||||
(a) | Includes dividend paid deduction of $63,058. | ||||||||||||
(b) | In 2013, the “Tax Burden Adjustment and Redistribution Act” was signed into law. Under the enacted legislation, the Puerto Rico corporate income tax rate was increased to 39% from 30%. As a result, a non-cash benefit of $2,479 to income tax expense was recorded for the increase of the Puerto Rico net deferred tax asset. Also in 2013, British Columbia Bill 2 was signed into law. The enacted legislation increased the general corporate income tax rate to 11% from 10%. As a result, a non-cash benefit of $86 to income tax expense was recorded for the increase of the Canadian net deferred tax asset. | ||||||||||||
The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and (liabilities) are presented below: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 255 | $ | 2,972 | |||||||||
Accrued liabilities not deducted for tax purposes | 4,703 | 37,764 | |||||||||||
Asset retirement obligation | 79 | 70,166 | |||||||||||
Net operating loss carry forwards | 11,881 | 89,496 | |||||||||||
Tax credit carry forwards | 209 | 19,615 | |||||||||||
Charitable contributions carry forward | 9 | 9 | |||||||||||
Property, plant and equipment | 65 | — | |||||||||||
Investment in partnership | 354 | — | |||||||||||
Gross deferred tax assets | 17,555 | 220,022 | |||||||||||
Less: valuation allowance | (9 | ) | (1,760 | ) | |||||||||
Net deferred tax assets | 17,546 | 218,262 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | — | (45,160 | ) | ||||||||||
Intangibles | (4,321 | ) | (313,746 | ) | |||||||||
Investment in partnerships | — | (1,519 | ) | ||||||||||
Gross deferred tax liabilities | (4,321 | ) | (360,425 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | 13,225 | $ | (142,163 | ) | ||||||||
Classification in the consolidated balance sheets: | |||||||||||||
Current deferred tax assets | $ | 729 | $ | 10,378 | |||||||||
Current deferred tax liabilities | — | — | |||||||||||
Noncurrent deferred tax assets | 12,496 | — | |||||||||||
Noncurrent deferred tax liabilities | — | (152,541 | ) | ||||||||||
Net deferred tax liabilities | $ | 13,225 | $ | (142,163 | ) | ||||||||
As of December 31, 2014, we have approximately $122,078 of U.S. net operating loss carry forwards to offset future taxable income. Of this amount, $6,063 is subject to an IRC §382 limitation. These carry forwards expire between 2020 and 2032. In addition, we have $19,593 of various credits available to offset future U.S. federal income tax. | |||||||||||||
As of December 31, 2014, we have approximately $411,970 state net operating loss carry forwards before valuation allowances. These state net operating losses are available to reduce future taxable income and expire at various times and amounts. In addition, we have $241 of various credits available to offset future state income tax. The valuation allowance for these deferred tax assets as of December 31, 2014 and December 31, 2013 was $0 and $1,751, respectively. The net change in the total valuation allowance for each of the years ended December 31, 2014, 2013, and 2012 was a decrease of $1,751, $1,085 and $356, respectively. The decrease in 2014 was primarily due to the adjustment of deferred tax assets and related to valuation allowance for assets and liabilities of REIT operations no longer subject to state income taxes at the REIT level, which had the effect of valuing these assets at an expected rate of 0%. | |||||||||||||
During 2014, we generated $1,454 of Puerto Rico net operating losses. As of December 31, 2014, we had approximately $28,354 of Puerto Rico net operating losses available to offset future taxable income. These carry forwards expire between 2016 and 2024. In addition, we have $209 of alternative minimum tax credits available to offset future Puerto Rico income tax. | |||||||||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those jurisdictions during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income, and tax-planning strategies in making this assessment. In order to fully realize the deferred tax assets, the Company will need to generate future taxable income before the expiration of the carry forwards governed by the tax code. Based on the current level of pretax earnings for financial reporting purposes, we will generate the minimum amount of future taxable income to support the realization of the deferred tax assets. Additionally, the Company has deferred tax liabilities that will reverse during the same period and jurisdiction and is of the same character as the temporary differences giving rise to the deferred tax assets. | |||||||||||||
As a result, management believes that it is more likely than not that we will realize the benefits of these deferred tax assets, net of the existing valuation allowances at December 31, 2014. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. | |||||||||||||
We have not recognized a deferred tax liability of approximately $8,326 for the undistributed earnings of our Canadian operations that arose in 2014 and prior years as management considers these earnings to be indefinitely invested outside the U.S. As of December 31, 2014, the undistributed earnings of these subsidiaries were approximately $23,789. | |||||||||||||
Under ASC 740, we provide for uncertain tax positions, and the related interest, and adjust recognized tax benefits and accrued interest accordingly. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
Balance as of December 31, 2012 | $ | 75 | |||||||||||
Additions for tax positions related to current year | 1 | ||||||||||||
Additions for tax positions related to prior years | — | ||||||||||||
Reductions for tax positions related to prior years | — | ||||||||||||
Lapse of statute of limitations | (41 | ) | |||||||||||
Settlements | — | ||||||||||||
Balance as of December 31, 2013 | $ | 35 | |||||||||||
Additions for tax positions related to current year | — | ||||||||||||
Additions for tax positions related to prior years | — | ||||||||||||
Reductions for tax positions related to prior years | — | ||||||||||||
Lapse of statute of limitations | (35 | ) | |||||||||||
Settlements | — | ||||||||||||
Balance as of December 31, 2014 | $ | — | |||||||||||
As of December 31, 2014, we do not have any unrecognized tax benefits that, if recognized in future periods, would impact our effective tax rate. | |||||||||||||
We are subject to income taxes in the U.S. and nearly all states. In addition, the Company is subject to income taxes in Canada and the Commonwealth of Puerto Rico. We are no longer subject to U.S federal income tax examinations by tax authorities for years before 2010 since the IRS has completed review of our income tax returns through 2009, or for any U.S. state income tax audit prior to 2002. With respect to Canada and Puerto Rico, we are no longer subject to income tax audits for years before 2009 and 2008, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions | (12) Related Party Transactions |
Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Advertising Company or its subsidiaries through common ownership and directorate control. | |
Prior to 1996, the Company entered into various related party transactions for the purchase and sale of advertising structures whereby any resulting gains were deferred at that date. As of December 31, 2014 and 2013, the deferred gains related to these transactions were $85, respectively, and are included in deferred income on the balance sheets. No gains related to these transactions have been realized in the Statements of Operations for the years ended December 31, 2014, 2013 and 2012. | |
In addition, the Company had receivables from employees of $246 and $126 at December 31, 2014 and 2013, respectively. These receivables are primarily relocation loans for employees. The Company does not have any receivables from its current executive officers. | |
In June 2011, the Company entered into a service contract with Joule Energy LA, LLC (“Joule”), of which Ross L. Reilly was a member and owned 26.66% interest. Mr. Reilly sold his entire interest in Joule during 2014. Joule provides services related to the Company’s installation of solar arrays in the State of Louisiana, which services were completed in 2014. In addition, from time to time beginning in 2012, Joule provides lighting installation services for certain of Lamar Advertising’s billboards in the state of Louisiana. As of December 31, 2014, the aggregate amount paid to Joule under the service contract was approximately $1,914. Ross L. Reilly is the son of Kevin P. Reilly, Jr., our Chairman of the Board of Directors and President. | |
LAMAR MEDIA CORP [Member] | |
Related Party Transactions | (7) Related Party Transactions |
Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Media Corp. or its subsidiaries through common ownership and directorate control. | |
As of December 31, 2014 and December 31, 2013, there was a payable to Lamar Advertising Company, its parent, in the amount of $6,955 and $7,665, respectively. | |
Effective December 31, 2014 and December 31, 2013, Lamar Advertising Company contributed $38,201 and $37,858 respectively, to Lamar Media which resulted in an increase in Lamar Media’s additional paid-in capital. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholders' Equity | (13) Stockholders’ Equity |
On July 16, 1999, the Board of Directors designated 5,720 shares of the 1,000,000 shares of previously undesignated preferred stock, par value $.001, as Series AA preferred stock. The Class A preferred stock, par value $638, was exchanged for the new Series AA preferred stock and no shares of Class A preferred stock are currently outstanding. The new Series AA preferred stock and the class A preferred stock rank senior to the Class A common stock and Class B common stock with respect to dividends and upon liquidation. Holders of Series AA preferred stock and Class A preferred stock are entitled to receive, on a pari passu basis, dividends at the rate of $15.95 per share per quarter when, as and if declared by the Board of Directors. The Series AA preferred stock and the Class A preferred stock are also entitled to receive, on a pari passu basis, $638 plus a further amount equal to any dividend accrued and unpaid to the date of distribution before any payments are made or assets distributed to the Class A common stock or Class B stock upon voluntary or involuntary liquidation, dissolution or winding up of the Company. The liquidation value of the outstanding Series AA preferred stock at December 31, 2014 was $3,649. The Series AA preferred stock and the Class A preferred stock are identical, except that the Series AA preferred stock is entitled to one vote per share and the Class A preferred stock is not entitled to vote. | |
All of the outstanding shares of common stock are fully paid and nonassessable. In the event of the liquidation or dissolution of the Company, following any required distribution to the holders of outstanding shares of preferred stock, the holders of common stock are entitled to share pro rata in any balance of the corporate assets available for distribution to them. The Company may pay dividends if, when and as declared by the Board of Directors from funds legally available therefore, subject to the restrictions set forth in the Company’s existing indentures and the senior credit facility. Subject to the preferential rights of the holders of any class of preferred stock, holders of shares of common stock are entitled to receive such dividends as may be declared by the Company’s Board of directors out of funds legally available for such purpose. No dividend may be declared or paid in cash or property on any share of either class of common stock unless simultaneously the same dividend is declared or paid on each share of the other class of common stock, provided that, in the event of stock dividends, holders of a specific class of common stock shall be entitled to receive only additional shares of such class. | |
The rights of the Class A and Class B common stock are equal in all respects, except holders of Class B common stock have ten votes per share on all matters in which the holders of common stock are entitled to vote and holders of Class A common stock have one vote per share on such matters. The Class B common stock will convert automatically into Class A common stock upon the sale or transfer to persons other than permitted transferees (as defined in the Company’s certificate of incorporation, as amended). | |
For the year ended December 31, 2014, the Company completed its REIT conversion and merger. In connection with the merger each share of the Company’s then outstanding 17,270,930 treasury shares valued at $896,818, ceased to exist and returned to unissued status through a $17 and $896,801 reduction of Class A common stock and additional paid-in capital, respectively. | |
On December 11, 2014, the Company announced that its Board of Directors has authorized the repurchase of up to $250,000 of the Company’s Class A common stock (the “repurchase program”). There were no repurchases under the repurchase program for the year ended December 31, 2014. |
Stock_Compensation_Plans
Stock Compensation Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Compensation Plans | (14) Stock Compensation Plans | ||||||||||||||||
Equity Incentive Plan. Lamar’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 15.5 million shares of common stock for issuance to directors and employees, including options granted and common stock reserved for issuance under its performance-based incentive program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three to five years which primarily includes 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the NASDAQ Global Select Market on the date of grant. | |||||||||||||||||
In February 2013, the plan was amended to eliminate the provision that limited the amount of Class A Common Stock, including shares retained from an award, that could be withheld to satisfy tax withholding obligations to the minimum tax obligations required by law (except with respect to option awards). In accordance with ASC 718, the Company is required to classify the awards affected by the amendment as liability-classified awards at fair value each period prior to their settlement. As of December 31, 2014 and 2013, the Company recorded a liability, in accrued expenses, of $13,283 and $6,757, respectively, related to its equity incentive awards affected by this amendment. | |||||||||||||||||
We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various highly subjective assumptions, including expected term and expected volatility. We have reviewed our historical pattern of option exercises and have determined that meaningful differences in option exercise activity existed among vesting schedules. Therefore, for all stock options granted after January 1, 2006, we have categorized these awards into two groups of vesting 1) 5-year cliff vest and 2) 4-year graded vest, for valuation purposes. We have determined there were no meaningful differences in employee activity under our ESPP due to the nature of the plan. | |||||||||||||||||
We estimate the expected term of options granted using an implied life derived from the results of a hypothetical mid-point settlement scenario, which incorporates our historical exercise, expiration and post-vesting employment termination patterns, while accommodating for partial life cycle effects. We believe these estimates will approximate future behavior. | |||||||||||||||||
We estimate the expected volatility of our Class A common stock at the grant date using a blend of 90% historical volatility of our Class A common stock and 10% implied volatility of publicly traded options with maturities greater than six months on our Class A common stock as of the option grant date. Our decision to use a blend of historical and implied volatility was based upon the volume of actively traded options on our common stock and our belief that historical volatility alone may not be completely representative of future stock price trends. | |||||||||||||||||
Our risk-free interest rate assumption is determined using the Federal Reserve nominal rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. We assumed an expected dividend yield of 2%. | |||||||||||||||||
We estimate option forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We record stock-based compensation expense only for those awards expected to vest using an estimated forfeiture rate based on our historical forfeiture data. | |||||||||||||||||
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used: | |||||||||||||||||
Grant Year | Dividend | Expected | Risk Free | Expected | |||||||||||||
Yield | Volatility | Interest Rate | Lives | ||||||||||||||
2014 | 2 | % | 48 | % | 1 | % | 6 | ||||||||||
2013 | 0 | % | 51 | % | 1 | % | 6 | ||||||||||
2012 | 0 | % | 52 | % | 2 | % | 5 | ||||||||||
Information regarding the 1996 Plan for the year ended December 31, 2014 is as follows: | |||||||||||||||||
Shares | Weighted | Weighted | |||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Contractual | ||||||||||||||||
Price | Life | ||||||||||||||||
Outstanding, beginning of year | 3,232,423 | $ | 32.89 | ||||||||||||||
Granted | 87,000 | 51.04 | |||||||||||||||
Exercised | (522,032 | ) | 31.12 | ||||||||||||||
Forfeited | (12,200 | ) | 43.89 | ||||||||||||||
Expired | (10,600 | ) | 28.13 | ||||||||||||||
Outstanding, end of year | 2,774,591 | $ | 33.76 | 6.66 | |||||||||||||
Exercisable at end of year | 1,622,891 | $ | 27.54 | 5.63 | |||||||||||||
At December 31, 2014 there was $17,017 of unrecognized compensation cost related to stock options granted which is expected to be recognized over a weighted-average period of 1.55 years. | |||||||||||||||||
Shares available for future stock option and restricted share grants to employees and directors under existing plans were 2,632,628 at December 31, 2014. The aggregate intrinsic value of options outstanding as of December 31, 2014 was $55,169, and the aggregate intrinsic value of options exercisable was $42,350. Total intrinsic value of options exercised was $10,806 for the year ended December 31, 2014. | |||||||||||||||||
Stock Purchase Plan. In 2009 our board of directors adopted a new employee stock purchase plan, the 2009 Employee Stock Purchase Plan or 2009 ESPP, which was approved by our shareholders on May 28, 2009. The 2009 ESPP reserved 588,154 shares of Class A common stock for issuance to our employees, which included 88,154 shares of Class A common stock that had been available for issuance under our 2000 Employee Stock Purchase Plan or 2000 ESPP. The 2000 ESPP was terminated following the issuance of all shares that were subject to the offer that commenced under the 2000 ESPP on January 1, 2009 and ended June 30, 2009. The terms of the 2009 ESPP are substantially the same as the 2000 ESPP. | |||||||||||||||||
The number of shares of Class A common stock available under the 2009 ESPP was automatically increased by 80,209 shares on January 1, 2014 pursuant to the automatic increase provisions of the 2009 ESPP. The following is a summary of 2009 ESPP share activity for the year ended December 31, 2014: | |||||||||||||||||
Shares | |||||||||||||||||
Available for future purchases, January 1, 2014 | 327,689 | ||||||||||||||||
Additional shares reserved under 2009 ESPP | 80,209 | ||||||||||||||||
Purchases | (100,450 | ) | |||||||||||||||
Available for future purchases, December 31, 2014 | 307,448 | ||||||||||||||||
Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers and employees under our 1996 Plan based on certain Company performance measures for fiscal 2014. The number of shares to be issued; if any, are dependent on the level of achievement of these performance measures as determined by the Company’s Compensation Committee based on our 2014 results and were issued in the first quarter of 2015. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. Based on the Company’s performance measures achieved through December 31, 2014, the Company has accrued $14,210 as compensation expense related to these agreements. |
Benefit_Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | (15) Benefit Plans |
The Company sponsors a partially self-insured group health insurance program. The Company is obligated to pay all claims under the program, which are in excess of premiums, up to program limits. The Company is also self-insured with respect to its income disability benefits and against casualty losses on advertising structures. Amounts for expected losses, including a provision for losses incurred but not reported, is included in accrued expenses in the accompanying consolidated financial statements. As of December 31, 2014, the Company maintained $6,624 in letters of credit with a bank to meet requirements of the Company’s worker’s compensation and general liability insurance carrier. | |
Savings and Profit Sharing Plan | |
The Company sponsors The Lamar Corporation Savings and Profit Sharing Plan covering eligible employees who have completed one year of service and are at least 21 years of age. The Company has the option to match 50% of employees’ contributions up to 5% of eligible compensation. Employees can contribute up to 100% of compensation. Full vesting on the Company’s matched contributions occurs after three years for contributions made after January 1, 2002. Annually, at the Company’s discretion, an additional profit sharing contribution may be made on behalf of each eligible employee. The Company matched contributions of $3,973, $3,581 and $3,184 for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Deferred Compensation Plan | |
The Company sponsors a Deferred Compensation Plan for the benefit of certain of its board-elected officers who meet specific age and years of service and other criteria. Officers that have attained the age of 30 and have a minimum of 10 years of service to the Company and satisfying additional eligibility guidelines are eligible for annual contributions to the Plan generally ranging from $3 to $8, depending on the employee’s length of service. The Company’s contributions to the Plan are maintained in a rabbi trust and, accordingly, the assets and liabilities of the Plan are reflected in the balance sheet of the Company in other assets and other liabilities. Upon termination, death or disability, participating employees are eligible to receive an amount equal to the fair market value of the assets in the employee’s deferred compensation account. For the years ended December 31, 2014, 2013 and 2012, the Company contributed $1,400, $1,323 and $1,260, respectively. | |
On December 8, 2005, the Company’s Board of Directors approved an amendment to the Lamar Deferred Compensation Plan in order to (1) to comply with the requirements of Section 409A of the Internal Revenue Code (“Section 409A”) applicable to deferred compensation and (2) to reflect changes in the administration of the Plan. The Company’s Board of Directors also approved the adoption of a grantor trust pursuant to which amounts may be set aside, but remain subject to claims of the Company’s creditors, for payments of liabilities under the new plan, including amounts contributed under the old plan. The plan was further amended in August 2007 to make certain amendments to reflect Section 409A regulations issued on April 10, 2007. An additional clarifying amendment was made to the plan in December 2013. |
Commitment_and_Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | (16) Commitment and Contingencies |
The Company is involved in various other claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. |
Summarized_Financial_Informati
Summarized Financial Information of Subsidiaries | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Summarized Financial Information of Subsidiaries | (17) Summarized Financial Information of Subsidiaries |
Separate financial statements of each of the Company’s direct or indirect wholly owned subsidiaries that have guaranteed Lamar Media’s obligations with respect to its publicly issued notes (collectively, the “Guarantors”) are not included herein because the Company has no independent assets or operations, the guarantees are full and unconditional and joint and several, and the only subsidiaries that are not guarantors are in the aggregate minor. | |
Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of its senior credit facility. As of December 31, 2014 and December 31, 2013, Lamar Media was permitted under the terms of its outstanding senior subordinated and senior notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $2,269,393 and $2,072,542, respectively. | |
As of December 31, 2014, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein, unless, after giving effect such distributions, (i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1. As of December 31, 2014, the total debt ratio was less than 6.0 to 1 and Lamar Media’s senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility. In addition, as of December 31, 2014 the senior credit facility allows Lamar Media to conduct its affairs in a manner that would allow Lamar Advertising to qualify and remain qualified for taxation as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for Lamar Advertising to qualify and remain qualified for taxation as a REIT, subject to certain restrictions. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | (18) Fair Value of Financial Instruments |
At December 31, 2014 and 2013, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investments and initial recognition of asset retirement obligations are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long term debt (including current maturities) was $1,933,254, which exceeded both the gross and carrying amount of $1,899,895 as of December 31, 2014. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy). |
Information_about_Geographic_A
Information about Geographic Areas | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | (19) Information about Geographic Areas |
Revenues from external customers attributable to foreign countries totaled $33,124 and $34,013 for the years ended December 31, 2014 and 2013, respectively. Net carrying value of long lived assets located in foreign countries totaled $7,324 and $8,838 as of December 31, 2014 and 2013, respectively. All other revenues from external customers and long lived assets relate to domestic operations. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
New Accounting Pronouncements | (20) New Accounting Pronouncements |
In January 2014, the FASB issued guidance on the accounting for service concession arrangements with public sector entities. This guidance specifies that an operating entity should not account for a service concession arrangement as a lease and the infrastructure used in a service concession arrangement should not be recognized as property, plant and equipment. This guidance applies when the public sector entity controls the services that the operating entity must provide within the infrastructure and also controls any residual interest in the infrastructure at the end of the term of the arrangement. We are currently evaluating the impact of this guidance, which is effective for reporting periods beginning after December 15, 2014, on our consolidated financial statements. | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data (Unaudited) | (21) Quarterly Financial Data (Unaudited) | ||||||||||||||||
The tables below represent the balances for the selected quarterly financial data of the Company for each reporting period in the years ended December 31, 2014 and 2013. | |||||||||||||||||
Year 2014 Quarters | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Net revenues | $ | 284,933 | $ | 330,433 | $ | 334,998 | $ | 336,696 | |||||||||
Net revenues less direct advertising expenses | $ | 173,425 | $ | 216,156 | $ | 222,610 | $ | 221,600 | |||||||||
Net (loss) income applicable to common stock | $ | (4,928 | ) | $ | 15,331 | $ | 34,959 | $ | 207,791 | ||||||||
Net (loss) income per common share basic | $ | (0.05 | ) | $ | 0.16 | $ | 0.37 | $ | 2.18 | ||||||||
Net (loss) income per common share — diluted | $ | (0.05 | ) | $ | 0.16 | $ | 0.37 | $ | 2.18 | ||||||||
Year 2013 Quarters | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Net revenues | $ | 276,605 | $ | 327,744 | $ | 321,141 | $ | 320,352 | |||||||||
Net revenues less direct advertising expenses | $ | 170,086 | $ | 217,021 | $ | 211,501 | $ | 210,390 | |||||||||
Net (loss) income applicable to common stock | $ | (10,354 | ) | $ | 23,031 | $ | 17,003 | $ | 10,094 | ||||||||
Net (loss) income per common share basic | $ | (0.11 | ) | $ | 0.24 | $ | 0.18 | $ | 0.11 | ||||||||
Net (loss) income per common share — diluted | $ | (0.11 | ) | $ | 0.24 | $ | 0.18 | $ | 0.11 | ||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | (8) Quarterly Financial Data (Unaudited) | ||||||||||||||||
The tables below represent the balances for the selected quarterly financial data of the Company for each reporting period in the years ended December 31, 2014 and 2013. | |||||||||||||||||
Year 2014 Quarters | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Net revenues | $ | 284,933 | $ | 330,433 | $ | 334,998 | $ | 336,696 | |||||||||
Net revenues less direct advertising expenses | $ | 173,425 | $ | 216,156 | $ | 222,610 | $ | 221,600 | |||||||||
Net (loss) income | $ | (4,778 | ) | $ | 15,480 | $ | 35,103 | $ | 241,230 | ||||||||
Year 2013 Quarters | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Net revenues | $ | 276,605 | $ | 327,744 | $ | 321,141 | $ | 320,352 | |||||||||
Net revenues less direct advertising expenses | $ | 170,086 | $ | 217,021 | $ | 211,501 | $ | 210,390 | |||||||||
Net (loss) income | $ | (10,212 | ) | $ | 23,178 | $ | 17,144 | $ | 10,228 | ||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II | ||||||||||||||||
LAMAR ADVERTISING COMPANY | |||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at | Charged to | Deductions | Balance at | ||||||||||||||
Beginning | Costs and | End of | |||||||||||||||
of Period | Expenses | Period | |||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | |||||||||||||||||
Allowance for doubtful accounts | $ | 7,615 | 5,947 | 5,605 | $ | 7,957 | |||||||||||
Deducted in balance sheet from intangible assets: | |||||||||||||||||
Amortization of intangible assets | $ | 1,900,026 | 96,139 | 1,073 | $ | 1,995,092 | |||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | |||||||||||||||||
Allowance for doubtful accounts | $ | 7,615 | 6,034 | 6,034 | $ | 7,615 | |||||||||||
Deducted in balance sheet from intangible assets: | |||||||||||||||||
Amortization of intangible assets | $ | 1,794,415 | 106,533 | 922 | $ | 1,900,026 | |||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | |||||||||||||||||
Allowance for doubtful accounts | $ | 7,500 | 5,484 | 5,369 | $ | 7,615 | |||||||||||
Deducted in balance sheet from intangible assets: | |||||||||||||||||
Amortization of intangible assets | $ | 1,705,402 | 102,941 | 13,928 | $ | 1,794,415 | |||||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II | ||||||||||||||||
LAMAR MEDIA CORP. | |||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at | Charged to | Deductions | Balance | ||||||||||||||
Beginning of | Costs and | at end | |||||||||||||||
Period | Expenses | of Period | |||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | |||||||||||||||||
Allowance for doubtful accounts | $ | 7,615 | 5,947 | 5,605 | $ | 7,957 | |||||||||||
Deducted in balance sheet from intangible assets: | |||||||||||||||||
Amortization of intangible assets | $ | 1,899,080 | 96,139 | 1,073 | $ | 1,994,146 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | |||||||||||||||||
Allowance for doubtful accounts | $ | 7,615 | 6,034 | 6,034 | $ | 7,615 | |||||||||||
Deducted in balance sheet from intangible assets: | |||||||||||||||||
Amortization of intangible assets | $ | 1,793,476 | 106,533 | 929 | $ | 1,899,080 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Deducted in balance sheet from trade accounts receivable: | |||||||||||||||||
Allowance for doubtful accounts | $ | 7,500 | 5,484 | 5,369 | $ | 7,615 | |||||||||||
Deducted in balance sheet from intangible assets: | |||||||||||||||||
Amortization of intangible assets | $ | 1,704,492 | 102,941 | 13,957 | $ | 1,793,476 |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III | ||||||||||||||||||||||
LAMAR ADVERTISING COMPANY | |||||||||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||||||||
Schedule of Real Estate and Accumulated Depreciation | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Description (1) | Encumbrances | Initial Cost(2) | Gross Carrying | Accumulated | Construction | Acquisition | Useful Lives | ||||||||||||||||
Amount (3) | Depreciation | Date | Date | ||||||||||||||||||||
317,597 Displays | — | — | $ | 2,520,644 | $ | (1,903,434 | ) | Various | Various | 5 to 20 | |||||||||||||
years | |||||||||||||||||||||||
-1 | no single asset exceeded 5% of the total gross carrying amount at December 31, 2014 | ||||||||||||||||||||||
-2 | This information is omitted, as it would be impracticable to compile such information on a site-by-site basis | ||||||||||||||||||||||
-3 | Includes sites under construction | ||||||||||||||||||||||
The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation. | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Gross real estate assets: | |||||||||||||||||||||||
Balance at the beginning of the year | $ | 2,459,425 | $ | 2,378,940 | |||||||||||||||||||
Additions for construction, acquisition, improvements to structures | 98,857 | 112,459 | |||||||||||||||||||||
Assets sold or written-off | (36,392 | ) | (31,328 | ) | |||||||||||||||||||
Foreign exchange | (1,246 | ) | (646 | ) | |||||||||||||||||||
Balance at the end of the year | $ | 2,520,644 | $ | 2,459,425 | |||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,799,325 | $ | 1,657,784 | |||||||||||||||||||
Depreciation | 135,679 | 161,172 | |||||||||||||||||||||
Assets sold or written-off | (30,994 | ) | (19,213 | ) | |||||||||||||||||||
Foreign exchange | (576 | ) | (418 | ) | |||||||||||||||||||
Balance at the end of the year | $ | 1,903,434 | $ | 1,799,325 | |||||||||||||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III | ||||||||||||||||||||||
LAMAR MEDIA CORP. | |||||||||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||||||||
Schedule of Real Estate and Accumulated Depreciation | |||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Description (1) | Encumbrances | Initial Cost(2) | Gross Carrying | Accumulated | Construction | Acquisition | Useful Lives | ||||||||||||||||
Amount (3) | Depreciation | Date | Date | ||||||||||||||||||||
317,597 Displays | — | — | $ | 2,520,644 | $ | (1,903,434 | ) | Various | Various | 5 to 20 | |||||||||||||
years | |||||||||||||||||||||||
-1 | no single asset exceeded 5% of the total gross carrying amount at December 31, 2014 | ||||||||||||||||||||||
-2 | This information is omitted, as it would be impracticable to compile such information on a site-by-site basis | ||||||||||||||||||||||
-3 | Includes sites under construction | ||||||||||||||||||||||
The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation. | |||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Gross real estate assets: | |||||||||||||||||||||||
Balance at the beginning of the year | $ | 2,459,425 | $ | 2,378,940 | |||||||||||||||||||
Additions for construction, acquisition, improvements to structures | 98,857 | 112,459 | |||||||||||||||||||||
Assets sold or written-off | (36,392 | ) | (31,328 | ) | |||||||||||||||||||
Foreign exchange | (1,246 | ) | (646 | ) | |||||||||||||||||||
Balance at the end of the year | $ | 2,520,644 | $ | 2,459,425 | |||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||
Balance at the beginning of the year | $ | 1,799,325 | $ | 1,657,784 | |||||||||||||||||||
Depreciation | 135,679 | 161,172 | |||||||||||||||||||||
Assets sold or written-off | (30,994 | ) | (19,213 | ) | |||||||||||||||||||
Foreign exchange | (576 | ) | (418 | ) | |||||||||||||||||||
Balance at the end of the year | $ | 1,903,434 | $ | 1,799,325 | |||||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Nature of Business | (a) Nature of Business | ||||||||||||
Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating over 144,000 billboard advertising displays in 44 states, Canada and Puerto Rico. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. | |||||||||||||
In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates over 41,000 transit advertising displays in 16 states, Canada and Puerto Rico. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising on bus shelters, benches and buses in the markets it serves. | |||||||||||||
REIT Conversion | |||||||||||||
As previously announced, since January 1, 2014, the Company has been organized and has operated in a manner that enables it to qualify, and intends to continue to operate in a manner that will allow it to continue to qualify, as a Real Estate Investment Trust, or REIT, for federal income tax purposes. As part of the Company’s REIT conversion, the Company completed a merger with its predecessor which was approved by the Company’s stockholders in November 2014. At the time of the merger, all outstanding shares of the Company’s Class A common stock held in treasury ceased to be outstanding and a corresponding adjustment was recorded to additional paid-in capital and common stock. | |||||||||||||
As a REIT, the Company generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. | |||||||||||||
Principles of Consolidation | (b) Principles of Consolidation | ||||||||||||
The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media Corp. (Lamar Media), and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. | |||||||||||||
An operating segment is a component of an enterprise: | |||||||||||||
• | that engages in business activities from which it may earn revenues and incur expenses; | ||||||||||||
• | whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and | ||||||||||||
• | for which discrete financial information is available. | ||||||||||||
We define the term ‘chief operating decision maker’ to be our executive management group, which consist of our Chief Executive Officer, President and Chief Financial Officer. Currently, all operations are reviewed on a consolidated basis for budget and business plan performance by our executive management group. Additionally, operational performance at the end of each reporting period is viewed in the aggregate by our management group. Any decisions related to changes in invested capital, personnel, operational improvement or training, or to allocate other company resources are made based on the combined results. | |||||||||||||
We operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters and benches and logo plates. | |||||||||||||
Property, Plant and Equipment | (c) Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are stated at cost. Depreciation is calculated using accelerated and straight-line methods over the estimated useful lives of the assets. | |||||||||||||
Goodwill and Intangible Assets | (d) Goodwill and Intangible Assets | ||||||||||||
Goodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. Impairment testing involves various estimates and assumptions, which could vary, and an analysis of relevant market data and market capitalization. If industry and economic conditions deteriorate, the Company may be required to assess goodwill impairment before the next annual test, which could result in impairment charges. | |||||||||||||
The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has indentified two reporting units, Billboard operations and Logo operations, by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Company would be required to perform the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. The fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on December 31, 2014 and 2013; therefore, the Company was not required to recognize an impairment loss. | |||||||||||||
Intangible assets, consisting primarily of site locations, customer lists and contracts, and non-competition agreements are amortized using the straight-line method over the assets estimated useful lives, generally from 3 to 15 years. | |||||||||||||
Impairment of Long-Lived Assets | (e) Impairment of Long-Lived Assets | ||||||||||||
Long-lived assets, such as property, plant and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset or asset group before interest expense. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. | |||||||||||||
Acquisitions | (f) Acquisitions | ||||||||||||
For transactions that meet the definition of a business combination, the Company allocates the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future cash flows. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period and result in adjustments to the preliminary estimate recognized in the prior period financial statements. | |||||||||||||
Deferred Income | (g) Deferred Income | ||||||||||||
Deferred income consists principally of advertising revenue invoiced in advance and gains resulting from the sale of certain assets to related parties. Deferred advertising revenue is recognized in income over the term of the contract. | |||||||||||||
Revenue Recognition | (h) Revenue Recognition | ||||||||||||
The Company recognizes outdoor advertising revenue on an accrual basis ratably over the term of the contracts. Production revenue and the related expense for the advertising copy are recognized upon completion of the sale. | |||||||||||||
The Company engages in barter transactions where the Company trades advertising space for goods and services. The Company recognizes revenues and expenses from barter transactions at fair value, which is determined based on the Company’s own historical practice of receiving cash for similar advertising space from buyers unrelated to the party in the barter transaction. The amount of revenue and expense recognized for advertising barter transactions is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net revenues | $ | 7,839 | $ | 7,862 | $ | 6,798 | |||||||
Direct advertising expenses | $ | 2,928 | $ | 3,005 | $ | 2,900 | |||||||
General and administrative expenses | $ | 4,675 | $ | 4,417 | $ | 3,699 | |||||||
Income Taxes | (i) Income Taxes | ||||||||||||
As a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
Dividends/Distributions | (j) Dividends/Distributions | ||||||||||||
During the year ended December 31, 2014, the Company included in its quarterly cash distributions to its common stockholders approximately $39,915 or $0.42 per share, of earnings and profits accumulated during the years it was taxed as a C corporation, in anticipation of commencing to operate as a REIT effective January 1, 2014. As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the year ended December 31, 2014, the Company declared and paid distributions of its REIT taxable income of an aggregate of $198,520 or $2.08 per share. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During the years ended December 31, 2014, 2013 and 2012, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock of $365 or $63.80 per share. | |||||||||||||
Earnings Per Share | (k) Earnings Per Share | ||||||||||||
The calculation of basic earnings per share excludes any dilutive effect of stock options and convertible debt, while diluted earnings per share includes the dilutive effect of stock options and convertible debt. For the years ended December 31, 2014, 2013 and 2012 there were no dilutive shares excluded from the calculation. | |||||||||||||
Share Based Compensation | (l) Stock Based Compensation | ||||||||||||
Compensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock-based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which is generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2014, 2013, and 2012 were $24,120, $24,936 and $14,466, respectively. The $24,120 expensed during the year ended December 31, 2014 consists of (i) $9,652 related to stock options, (ii) $14,210 related to stock grants, made under the Company’s performance-based stock incentive program in 2014 and (iii) $258 related to stock awards to directors. See Note 14 for information on the assumptions used to calculate the fair value of stock-based compensation. | |||||||||||||
Cash and Cash Equivalents | (m) Cash and Cash Equivalents | ||||||||||||
The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. | |||||||||||||
Foreign Currency Translation | (n) Foreign Currency Translation | ||||||||||||
Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of other comprehensive income in the Consolidated Statement of Operations and Comprehensive Income and as a component of accumulated other comprehensive income in the Consolidated Statement of Stockholders’ Equity. | |||||||||||||
Asset Retirement Obligations | (o) Asset Retirement Obligations | ||||||||||||
The Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its properties. | |||||||||||||
Use of Estimates | (p) Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Comprehensive Income | (q) Comprehensive Income | ||||||||||||
Total comprehensive income is presented in the Consolidated Statements of Operations and Comprehensive Income and the components of accumulated other comprehensive income are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive Income is composed of foreign currency translation effects. | |||||||||||||
Fair Value Measurements | (r) Fair Value Measurements | ||||||||||||
The Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||
Subsequent Events | (s) Subsequent Events | ||||||||||||
The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued. There were no subsequent events indentified through the date on which these financial statements are issued. | |||||||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||
Nature of Business | (a) Nature of Business | ||||||||||||
Lamar Media Corp. is a wholly owned subsidiary of Lamar Advertising Company. Lamar Media Corp. is engaged in the outdoor advertising business operating approximately 145,000 outdoor advertising displays in 44 states. Lamar Media’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. | |||||||||||||
In addition, Lamar Media operates a logo sign business in 23 states throughout the United States as well as the province of Ontario, Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising on bus shelters, benches and buses in the markets it serves. | |||||||||||||
Certain footnotes are not provided for the accompanying financial statements as the information in notes 2, 4, 6, 9, 10, 13, 14, 15, 16, 17 and 18 and portions of notes 1 and 12 to the consolidated financial statements of Lamar Advertising Company included elsewhere in this filing are substantially equivalent to that required for the consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for the operating results of Lamar Media Corp. as it is a wholly owned subsidiary of Lamar Advertising Company. | |||||||||||||
Principles of Consolidation | (b) Principles of Consolidation | ||||||||||||
The accompanying consolidated financial statements include Lamar Media Corp., its wholly owned subsidiaries, The Lamar Company, LLC, Lamar Central Outdoor, Inc., Lamar Oklahoma Holding Co., Inc., Lamar Advertising Southwest, Inc., Lamar DOA Tennessee Holdings, Inc., and Interstate Logos, LLC. and their majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Revenue and Expense Recognized for Advertising Barter Transactions | The amount of revenue and expense recognized for advertising barter transactions is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net revenues | $ | 7,839 | $ | 7,862 | $ | 6,798 | |||||||
Direct advertising expenses | $ | 2,928 | $ | 3,005 | $ | 2,900 | |||||||
General and administrative expenses | $ | 4,675 | $ | 4,417 | $ | 3,699 |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Summary of Allocation of Acquisition Costs | The following is a summary of the allocation of the acquisition costs in the above transactions. | ||||||||
Total | |||||||||
Property, plant and equipment | $ | 10,542 | |||||||
Goodwill | 9,457 | ||||||||
Site locations | 36,982 | ||||||||
Non-competition agreements | 135 | ||||||||
Customer lists and contracts | 7,216 | ||||||||
Current assets | 895 | ||||||||
Current liabilities | (206 | ) | |||||||
$ | 65,021 | ||||||||
The following is a summary of the allocation of the acquisition costs in the above transactions. | |||||||||
Total | |||||||||
Property, plant and equipment | $ | 18,196 | |||||||
Goodwill | 18,631 | ||||||||
Site locations | 50,333 | ||||||||
Non-competition agreements | 430 | ||||||||
Customer lists and contracts | 10,390 | ||||||||
Other assets | 1,408 | ||||||||
Current liabilities | (2,158 | ) | |||||||
$ | 97,230 | ||||||||
Summary of Unaudited Pro Forma Financial Information | The following unaudited pro forma financial information for the Company gives effect to the 2014 and 2013 acquisitions as if they had occurred on January 1, 2013. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period. | ||||||||
2014 | 2013 | ||||||||
(unaudited) | |||||||||
Net revenues | $ | 1,291,771 | $ | 1,262,506 | |||||
Net income applicable to common stock | $ | 256,785 | $ | 40,015 | |||||
Net income per common share — basic | $ | 2.7 | $ | 0.42 | |||||
Net income per common share — diluted | $ | 2.69 | $ | 0.42 | |||||
The following unaudited pro forma financial information for the Company gives effect to the 2013 and 2012 acquisitions as if they had occurred on January 1, 2012. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period. | |||||||||
2013 | 2012 | ||||||||
(unaudited) | |||||||||
Net revenues | $ | 1,255,376 | $ | 1,225,958 | |||||
Net income applicable to common stock | $ | 40,725 | $ | 12,098 | |||||
Net income per common share — basic | $ | 0.43 | $ | 0.13 | |||||
Net income per common share — diluted | $ | 0.43 | $ | 0.13 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Summary of Major Categories of Property, Plant and Equipment | Major categories of property, plant and equipment at December 31, 2014 and 2013 are as follows: | ||||||||||
Estimated Life | 2014 | 2013 | |||||||||
(Years) | |||||||||||
Land | — | $ | 316,798 | $ | 312,883 | ||||||
Building and improvements | 10 — 39 | 132,360 | 125,724 | ||||||||
Advertising structures | 5 — 15 | 2,520,644 | 2,459,425 | ||||||||
Automotive and other equipment | 3 — 7 | 140,583 | 138,424 | ||||||||
$ | 3,110,385 | $ | 3,036,456 | ||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Summary of Intangible Assets | The following is a summary of intangible assets at December 31, 2014 and December 31, 2013: | ||||||||||||||||||
Estimated | 2014 | 2013 | |||||||||||||||||
Life | |||||||||||||||||||
(Years) | Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||
Customer lists and contracts | 7 — 10 | $ | 499,310 | $ | 470,170 | $ | 492,299 | $ | 463,188 | ||||||||||
Non-competition agreements | 3 — 15 | 64,062 | 63,192 | 63,933 | 62,914 | ||||||||||||||
Site locations | 15 | 1,531,161 | 1,194,709 | 1,495,635 | 1,106,947 | ||||||||||||||
Other | 5 — 15 | 14,008 | 13,485 | 14,008 | 13,441 | ||||||||||||||
$ | 2,108,541 | $ | 1,741,556 | $ | 2,065,875 | $ | 1,646,490 | ||||||||||||
Unamortizable Intangible Assets: | |||||||||||||||||||
Goodwill | $ | 1,766,304 | $ | 253,536 | $ | 1,757,089 | $ | 253,536 | |||||||||||
Summary of Changes in Gross Carrying Amount of Goodwill | The changes in the gross carrying amount of goodwill for the year ended December 31, 2014 are as follows: | ||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,757,089 | |||||||||||||||||
Goodwill acquired during the year | 9,457 | ||||||||||||||||||
Purchase price adjustments and other | (242 | ) | |||||||||||||||||
Impairment losses | — | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,766,304 | |||||||||||||||||
Summary of Estimated Amortization Expense | The following is a summary of the estimated amortization expense for future years: | ||||||||||||||||||
2015 | $ | 62,020 | |||||||||||||||||
2016 | 51,809 | ||||||||||||||||||
2017 | 46,562 | ||||||||||||||||||
2018 | 41,849 | ||||||||||||||||||
2019 | 36,547 | ||||||||||||||||||
Thereafter | 128,198 | ||||||||||||||||||
Total | $ | 366,985 | |||||||||||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||||||||
Summary of Intangible Assets | The following is a summary of intangible assets at December 31, 2014 and December 31, 2013: | ||||||||||||||||||
Estimated | 2014 | 2013 | |||||||||||||||||
Life | Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||
(Years) | Amount | Amortization | Amount | Amortization | |||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||
Customer lists and contracts | 7—10 | $ | 499,311 | $ | 470,170 | $ | 492,299 | $ | 463,188 | ||||||||||
Non-competition agreement | 3—15 | 64,062 | 63,192 | 63,933 | 62,914 | ||||||||||||||
Site locations | 15 | 1,531,161 | 1,194,709 | 1,495,635 | 1,106,945 | ||||||||||||||
Other | 5—15 | 13,463 | 13,408 | 13,463 | 13,364 | ||||||||||||||
$ | 2,107,997 | $ | 1,741,479 | $ | 2,065,330 | $ | 1,646,411 | ||||||||||||
Unamortizable Intangible Assets: | |||||||||||||||||||
Goodwill | $ | 1,755,283 | $ | 252,667 | $ | 1,746,068 | $ | 252,667 | |||||||||||
Summary of Changes in Gross Carrying Amount of Goodwill | The changes in the gross carrying amount of goodwill for the year ended December 31, 2014 are as follows: | ||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,746,068 | |||||||||||||||||
Goodwill acquired during the year | 9,457 | ||||||||||||||||||
Purchase price adjustments and other | (242 | ) | |||||||||||||||||
Impairment losses | — | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,755,283 | |||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Summary of Minimum Annual Rental Payments | The following is a summary of minimum annual rental payments required under those operating leases that have original or remaining lease terms in excess of one year as of December 31, 2014: | ||||
2015 | $ | 162,840 | |||
2016 | $ | 128,145 | |||
2017 | $ | 112,157 | |||
2018 | $ | 97,166 | |||
2019 | $ | 85,174 | |||
Thereafter | $ | 622,597 |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Summary of Accrued Expenses | The following is a summary of accrued expenses at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Payroll | $ | 13,852 | $ | 11,311 | |||||
Interest | 29,281 | 23,451 | |||||||
Insurance benefits | 12,853 | 13,090 | |||||||
Accrued lease expense | 35,903 | 37,346 | |||||||
Other | 16,901 | 13,726 | |||||||
$ | 108,790 | $ | 98,924 | ||||||
LAMAR MEDIA CORP [Member] | |||||||||
Summary of Accrued Expenses | The following is a summary of accrued expenses at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Payroll | $ | 13,852 | $ | 11,311 | |||||
Interest | 29,281 | 23,451 | |||||||
Accrued lease expense | 35,903 | 37,346 | |||||||
Other | 25,971 | 23,524 | |||||||
$ | 105,007 | $ | 95,632 | ||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Long-Term Debt | Long-term debt consists of the following at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Senior Credit Facility | $ | 353,750 | $ | 502,106 | |||||
7 7/8% Senior Subordinated Notes | — | 400,000 | |||||||
5 7/8% Senior Subordinated Notes | 500,000 | 500,000 | |||||||
5% Senior Subordinated Notes | 535,000 | 535,000 | |||||||
5 3/8% Senior Notes | 510,000 | — | |||||||
Other notes with various rates and terms | 1,145 | 1,696 | |||||||
1,899,895 | 1,938,802 | ||||||||
Less current maturities | (15,625 | ) | (55,935 | ) | |||||
Long-term debt excluding current maturities | $ | 1,884,270 | $ | 1,882,867 | |||||
Summary of Long-Term Debt Matures | Long-term debt matures as follows: | ||||||||
2015 | $ | 15,625 | |||||||
2016 | $ | 21,118 | |||||||
2017 | $ | 39,375 | |||||||
2018 | $ | 45,000 | |||||||
2019 | $ | 233,750 | |||||||
Later years | $ | 1,545,027 | |||||||
Schedule of Maturities of Long Term Debt | The Term A Loans began amortizing on June 30, 2014 in quarterly installments on each September 30, December 31, March 31, and June 30 thereafter, as follows: | ||||||||
Principal Payment Date | Principal Amount | ||||||||
March 31, 2015-March 31, 2016 | $ | 3,750 | |||||||
June 30, 2016- March 31, 2017 | $ | 5,625 | |||||||
June 30, 2017-December 31, 2018 | $ | 11,250 | |||||||
Term A Loan Maturity Date | $ | 168,750 | |||||||
LAMAR MEDIA CORP [Member] | |||||||||
Long-Term Debt | Long-term debt consists of the following at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Senior Credit Agreement | $ | 353,750 | $ | 502,106 | |||||
7 7/8% Senior Subordinated Notes | — | 400,000 | |||||||
5 7/8% Senior Subordinated Notes | 500,000 | 500,000 | |||||||
5% Senior Subordinated Notes | 535,000 | 535,000 | |||||||
5 3/8% Senior Notes | 510,000 | — | |||||||
Other notes with various rates and terms | 1,145 | 1,696 | |||||||
1,899,895 | 1,938,802 | ||||||||
Less current maturities | (15,625 | ) | (55,935 | ) | |||||
Long-term debt excluding current maturities | $ | 1,884,270 | $ | 1,882,867 | |||||
Summary of Long-Term Debt Matures | Long-term debt matures as follows: | ||||||||
2015 | $ | 15,625 | |||||||
2016 | $ | 21,118 | |||||||
2017 | $ | 39,375 | |||||||
2018 | $ | 45,000 | |||||||
2019 | $ | 233,750 | |||||||
Later years | $ | 1,545,027 |
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | |||||
Information Related to Asset Retirement Obligations | The following table reflects information related to our asset retirement obligations: | ||||
Balance at December 31, 2012 | $ | 189,659 | |||
Additions to asset retirement obligations | 3,741 | ||||
Accretion expense | 11,046 | ||||
Liabilities settled | (3,615 | ) | |||
Balance at December 31, 2013 | 200,831 | ||||
Additions to asset retirement obligations | 1,238 | ||||
Accretion expense | 5,262 | ||||
Liabilities settled | (3,004 | ) | |||
Balance at December 31, 2014 | $ | 204,327 | |||
Depreciation_and_Amortization_
Depreciation and Amortization (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Operations | The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Operations are: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Direct expenses | $ | 241,471 | $ | 283,280 | $ | 277,662 | |||||||
General and administrative expenses | 4,534 | 4,684 | 4,137 | ||||||||||
Corporate expenses | 12,430 | 12,615 | 14,284 | ||||||||||
$ | 258,435 | $ | 300,579 | $ | 296,083 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: | ||||||||||||
Current | Deferred | Total | |||||||||||
Year ended December 31, 2014: | |||||||||||||
U.S. federal | $ | 8,721 | $ | (119,014 | ) | $ | (110,293 | ) | |||||
State and local | 2,632 | (2,909 | ) | (277 | ) | ||||||||
Foreign | 692 | (214 | ) | 478 | |||||||||
$ | 12,045 | $ | (122,137 | ) | $ | (110,092 | ) | ||||||
Year ended December 31, 2013: | |||||||||||||
U.S. federal | $ | 930 | $ | 21,681 | $ | 22,611 | |||||||
State and local | 1,609 | 1,165 | 2,774 | ||||||||||
Foreign | 1,553 | (4,097 | ) | (2,544 | ) | ||||||||
$ | 4,092 | $ | 18,749 | $ | 22,841 | ||||||||
Year ended December 31, 2012: | |||||||||||||
U.S. federal | $ | — | $ | 6,743 | $ | 6,743 | |||||||
State and local | 823 | 826 | 1,649 | ||||||||||
Foreign | 1,103 | (1,253 | ) | (150 | ) | ||||||||
$ | 1,926 | $ | 6,316 | $ | 8,242 | ||||||||
U.S. and Foreign Components of Earnings Before Income Taxes | The U.S. and foreign components of earnings before income taxes are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 144,298 | $ | 62,506 | $ | 17,279 | |||||||
Foreign | (872 | ) | 474 | (1,147 | ) | ||||||||
Total | $ | 143,426 | $ | 62,980 | $ | 16,132 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 35 percent to income before taxes is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense at U.S. federal statutory rate | $ | 50,199 | $ | 22,043 | $ | 5,646 | |||||||
Tax adjustment related to REIT (a) | (44,891 | ) | — | — | |||||||||
State and local income taxes, net of federal income tax benefit | 1,017 | 3,585 | 1,541 | ||||||||||
Book expenses not deductible for tax purposes | 2,061 | 1,351 | 1,058 | ||||||||||
Stock-based compensation | (33 | ) | 65 | 270 | |||||||||
Valuation allowance | — | (1,097 | ) | (331 | ) | ||||||||
Rate change (b) | 91 | (2,565 | ) | 49 | |||||||||
Deferred tax adjustment due to REIT conversion | (120,081 | ) | — | — | |||||||||
Other differences, net | 1,545 | (541 | ) | 9 | |||||||||
Income tax expense | $ | (110,092 | ) | $ | 22,841 | $ | 8,242 | ||||||
(a) | Includes dividend paid deduction of $62,937. | ||||||||||||
(b) | In 2013, the “Tax Burden Adjustment and Redistribution Act” was signed into law. Under the enacted legislation, the Puerto Rico corporate income tax rate was increased to 39% from 30%. As a result, a non-cash benefit of $2,479 to income tax expense was recorded for the increase of the Puerto Rico net deferred tax asset. Also in 2013, British Columbia Bill 2 was signed into law. The enacted legislation increased the general corporate income tax rate to 11% from 10%. As a result, a non-cash benefit of $86 to income tax expense was recorded for the increase of the Canadian net deferred tax asset. | ||||||||||||
Components of Deferred Taxes | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and (liabilities) are presented below: | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 255 | $ | 2,972 | |||||||||
Accrued liabilities not deducted for tax purposes | 4,703 | 37,764 | |||||||||||
Asset retirement obligation | 79 | 70,166 | |||||||||||
Net operating loss carry forwards | 11,881 | 138,865 | |||||||||||
Tax credit carry forwards | 209 | 4,844 | |||||||||||
Charitable contributions carry forward | 9 | 9 | |||||||||||
Property, plant and equipment | 65 | — | |||||||||||
Investment in partnerships | 354 | — | |||||||||||
Gross deferred tax assets | 17,555 | 254,620 | |||||||||||
Less: valuation allowance | (9 | ) | (2,331 | ) | |||||||||
Net deferred tax assets | 17,546 | 252,289 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | — | (45,160 | ) | ||||||||||
Intangibles | (4,321 | ) | (314,382 | ) | |||||||||
Investment in partnerships | — | (1,519 | ) | ||||||||||
Gross deferred tax liabilities | (4,321 | ) | (361,061 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | 13,225 | $ | (108,772 | ) | ||||||||
Classification in the consolidated balance sheets: | |||||||||||||
Current deferred tax assets | $ | 729 | $ | 10,378 | |||||||||
Current deferred tax liabilities | — | — | |||||||||||
Noncurrent deferred tax assets | 12,496 | — | |||||||||||
Noncurrent deferred tax liabilities | — | (119,150 | ) | ||||||||||
Net deferred tax assets (liabilities) | $ | 13,225 | $ | (108,772 | ) | ||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
Balance as of December 31, 2012 | $ | 75 | |||||||||||
Additions for tax positions related to current year | 1 | ||||||||||||
Additions for tax positions related to prior years | — | ||||||||||||
Reductions for tax positions related to prior years | — | ||||||||||||
Lapse of statute of limitations | (41 | ) | |||||||||||
Settlements | — | ||||||||||||
Balance as of December 31, 2013 | $ | 35 | |||||||||||
Additions for tax positions related to current year | — | ||||||||||||
Additions for tax positions related to prior years | — | ||||||||||||
Reductions for tax positions related to prior years | — | ||||||||||||
Lapse of statute of limitations | (35 | ) | |||||||||||
Settlements | — | ||||||||||||
Balance as of December 31, 2014 | $ | — | |||||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||
Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: | ||||||||||||
Current | Deferred | Total | |||||||||||
Year ended December 31, 2014: | |||||||||||||
U.S. federal | 8,993 | (151,191 | ) | (142,198 | ) | ||||||||
State and local | 2,579 | (4,124 | ) | (1,545 | ) | ||||||||
Foreign | 692 | (213 | ) | 479 | |||||||||
$ | 12,264 | $ | (155,528 | ) | $ | (143,264 | ) | ||||||
Year ended December 31, 2013: | |||||||||||||
U.S. federal | $ | 930 | $ | 21,798 | $ | 22,728 | |||||||
State and local | 1,609 | 1,184 | 2,793 | ||||||||||
Foreign | 1,553 | (4,097 | ) | (2,544 | ) | ||||||||
$ | 4,092 | $ | 18,885 | $ | 22,977 | ||||||||
Year ended December 31, 2012: | |||||||||||||
U.S. federal | $ | — | $ | 6,859 | $ | 6,859 | |||||||
State and local | 824 | 820 | 1,644 | ||||||||||
Foreign | 1,103 | (1,253 | ) | (150 | ) | ||||||||
$ | 1,927 | $ | 6,426 | $ | 8,353 | ||||||||
U.S. and Foreign Components of Earnings Before Income Taxes | The U.S. and foreign components of earnings before income taxes are as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | 144,643 | $ | 62,841 | $ | 17,615 | |||||||
Foreign | (872 | ) | 474 | (1,147 | ) | ||||||||
Total | $ | 143,771 | $ | 63,315 | $ | 16,468 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 35 percent to income before taxes is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense at U.S. federal statutory rate | $ | 50,320 | $ | 22,160 | $ | 5,764 | |||||||
Tax adjustment related to REIT (a) | (45,012 | ) | — | — | |||||||||
State and local income taxes, net of federal income tax benefit | 1,017 | 3,601 | 1,557 | ||||||||||
Book expenses not deductible for tax purposes | 2,061 | 1,351 | 1,058 | ||||||||||
Stock-based compensation | (33 | ) | 65 | 270 | |||||||||
Valuation allowance | — | (1,094 | ) | (354 | ) | ||||||||
Rate Change (b) | 91 | (2,565 | ) | 49 | |||||||||
Deferred tax adjustment due to REIT conversion | (153,472 | ) | — | — | |||||||||
Other differences, net | 1,764 | (541 | ) | 9 | |||||||||
Income tax expense | $ | (143,264 | ) | $ | 22,977 | $ | 8,353 | ||||||
(a) | Includes dividend paid deduction of $63,058. | ||||||||||||
(b) | In 2013, the “Tax Burden Adjustment and Redistribution Act” was signed into law. Under the enacted legislation, the Puerto Rico corporate income tax rate was increased to 39% from 30%. As a result, a non-cash benefit of $2,479 to income tax expense was recorded for the increase of the Puerto Rico net deferred tax asset. Also in 2013, British Columbia Bill 2 was signed into law. The enacted legislation increased the general corporate income tax rate to 11% from 10%. As a result, a non-cash benefit of $86 to income tax expense was recorded for the increase of the Canadian net deferred tax asset. | ||||||||||||
Components of Deferred Taxes | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and (liabilities) are presented below: | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 255 | $ | 2,972 | |||||||||
Accrued liabilities not deducted for tax purposes | 4,703 | 37,764 | |||||||||||
Asset retirement obligation | 79 | 70,166 | |||||||||||
Net operating loss carry forwards | 11,881 | 89,496 | |||||||||||
Tax credit carry forwards | 209 | 19,615 | |||||||||||
Charitable contributions carry forward | 9 | 9 | |||||||||||
Property, plant and equipment | 65 | — | |||||||||||
Investment in partnership | 354 | — | |||||||||||
Gross deferred tax assets | 17,555 | 220,022 | |||||||||||
Less: valuation allowance | (9 | ) | (1,760 | ) | |||||||||
Net deferred tax assets | 17,546 | 218,262 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | — | (45,160 | ) | ||||||||||
Intangibles | (4,321 | ) | (313,746 | ) | |||||||||
Investment in partnerships | — | (1,519 | ) | ||||||||||
Gross deferred tax liabilities | (4,321 | ) | (360,425 | ) | |||||||||
Net deferred tax assets (liabilities) | $ | 13,225 | $ | (142,163 | ) | ||||||||
Classification in the consolidated balance sheets: | |||||||||||||
Current deferred tax assets | $ | 729 | $ | 10,378 | |||||||||
Current deferred tax liabilities | — | — | |||||||||||
Noncurrent deferred tax assets | 12,496 | — | |||||||||||
Noncurrent deferred tax liabilities | — | (152,541 | ) | ||||||||||
Net deferred tax liabilities | $ | 13,225 | $ | (142,163 | ) | ||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
Balance as of December 31, 2012 | $ | 75 | |||||||||||
Additions for tax positions related to current year | 1 | ||||||||||||
Additions for tax positions related to prior years | — | ||||||||||||
Reductions for tax positions related to prior years | — | ||||||||||||
Lapse of statute of limitations | (41 | ) | |||||||||||
Settlements | — | ||||||||||||
Balance as of December 31, 2013 | $ | 35 | |||||||||||
Additions for tax positions related to current year | — | ||||||||||||
Additions for tax positions related to prior years | — | ||||||||||||
Reductions for tax positions related to prior years | — | ||||||||||||
Lapse of statute of limitations | (35 | ) | |||||||||||
Settlements | — | ||||||||||||
Balance as of December 31, 2014 | $ | — | |||||||||||
Stock_Compensation_Plans_Table
Stock Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Weighted Average Fair Value of Options Granted | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used: | ||||||||||||||||
Grant Year | Dividend | Expected | Risk Free | Expected | |||||||||||||
Yield | Volatility | Interest Rate | Lives | ||||||||||||||
2014 | 2 | % | 48 | % | 1 | % | 6 | ||||||||||
2013 | 0 | % | 51 | % | 1 | % | 6 | ||||||||||
2012 | 0 | % | 52 | % | 2 | % | 5 | ||||||||||
Stock Option Transactions under Various Stock-Based Employee Compensation Plans | Information regarding the 1996 Plan for the year ended December 31, 2014 is as follows: | ||||||||||||||||
Shares | Weighted | Weighted | |||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Contractual | ||||||||||||||||
Price | Life | ||||||||||||||||
Outstanding, beginning of year | 3,232,423 | $ | 32.89 | ||||||||||||||
Granted | 87,000 | 51.04 | |||||||||||||||
Exercised | (522,032 | ) | 31.12 | ||||||||||||||
Forfeited | (12,200 | ) | 43.89 | ||||||||||||||
Expired | (10,600 | ) | 28.13 | ||||||||||||||
Outstanding, end of year | 2,774,591 | $ | 33.76 | 6.66 | |||||||||||||
Exercisable at end of year | 1,622,891 | $ | 27.54 | 5.63 | |||||||||||||
Summary of ESPP Share Activity | The following is a summary of 2009 ESPP share activity for the year ended December 31, 2014: | ||||||||||||||||
Shares | |||||||||||||||||
Available for future purchases, January 1, 2014 | 327,689 | ||||||||||||||||
Additional shares reserved under 2009 ESPP | 80,209 | ||||||||||||||||
Purchases | (100,450 | ) | |||||||||||||||
Available for future purchases, December 31, 2014 | 307,448 | ||||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Summary of Quarterly Financial Data | The tables below represent the balances for the selected quarterly financial data of the Company for each reporting period in the years ended December 31, 2014 and 2013. | ||||||||||||||||
Year 2014 Quarters | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Net revenues | $ | 284,933 | $ | 330,433 | $ | 334,998 | $ | 336,696 | |||||||||
Net revenues less direct advertising expenses | $ | 173,425 | $ | 216,156 | $ | 222,610 | $ | 221,600 | |||||||||
Net (loss) income applicable to common stock | $ | (4,928 | ) | $ | 15,331 | $ | 34,959 | $ | 207,791 | ||||||||
Net (loss) income per common share basic | $ | (0.05 | ) | $ | 0.16 | $ | 0.37 | $ | 2.18 | ||||||||
Net (loss) income per common share — diluted | $ | (0.05 | ) | $ | 0.16 | $ | 0.37 | $ | 2.18 | ||||||||
Year 2013 Quarters | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Net revenues | $ | 276,605 | $ | 327,744 | $ | 321,141 | $ | 320,352 | |||||||||
Net revenues less direct advertising expenses | $ | 170,086 | $ | 217,021 | $ | 211,501 | $ | 210,390 | |||||||||
Net (loss) income applicable to common stock | $ | (10,354 | ) | $ | 23,031 | $ | 17,003 | $ | 10,094 | ||||||||
Net (loss) income per common share basic | $ | (0.11 | ) | $ | 0.24 | $ | 0.18 | $ | 0.11 | ||||||||
Net (loss) income per common share — diluted | $ | (0.11 | ) | $ | 0.24 | $ | 0.18 | $ | 0.11 | ||||||||
LAMAR MEDIA CORP [Member] | |||||||||||||||||
Summary of Quarterly Financial Data | The tables below represent the balances for the selected quarterly financial data of the Company for each reporting period in the years ended December 31, 2014 and 2013. | ||||||||||||||||
Year 2014 Quarters | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Net revenues | $ | 284,933 | $ | 330,433 | $ | 334,998 | $ | 336,696 | |||||||||
Net revenues less direct advertising expenses | $ | 173,425 | $ | 216,156 | $ | 222,610 | $ | 221,600 | |||||||||
Net (loss) income | $ | (4,778 | ) | $ | 15,480 | $ | 35,103 | $ | 241,230 | ||||||||
Year 2013 Quarters | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Net revenues | $ | 276,605 | $ | 327,744 | $ | 321,141 | $ | 320,352 | |||||||||
Net revenues less direct advertising expenses | $ | 170,086 | $ | 217,021 | $ | 211,501 | $ | 210,390 | |||||||||
Net (loss) income | $ | (10,212 | ) | $ | 23,178 | $ | 17,144 | $ | 10,228 |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reporting_Unit | |||
Billboard | |||
Transit | |||
State | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of advertising displays | 144,000 | ||
Number of states in which the company operates | 44 | ||
Number of states in which the company operates logo sign business | 23 | ||
Number of transit advertising displays | 41,000 | ||
Number of states in which the company operates | 16 | ||
Number of reporting units | 2 | ||
REIT threshold percentage of taxable income to be distributed to stockholders | 90.00% | ||
Distributions paid, preferred stockholders | $365 | $365 | $365 |
Distributions paid, preferred stockholders, per share | $63.80 | $63.80 | $63.80 |
Dilutive shares | 0 | 0 | 0 |
Non cash compensation expense | 24,120 | 24,936 | 14,466 |
Investment maturity period | Three months or less | ||
LAMAR MEDIA CORP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of advertising displays | 144,000 | ||
Number of states in which the company operates | 44 | ||
Number of states in which the company operates logo sign business | 23 | ||
Non cash compensation expense | 24,120 | 24,936 | 14,466 |
One-time Special Cash Distribution [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Distributions paid | 39,915 | ||
Distributions paid, per share | $0.42 | ||
Taxable Income Distribution [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Distributions paid | 198,520 | ||
Distributions paid, per share | $2.08 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non cash compensation expense | 9,652 | ||
Performance-Based Stock Incentive Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non cash compensation expense | 14,210 | ||
Stock Awards to Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non cash compensation expense | $258 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated useful lives of Intangible assets | 3 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Estimated useful lives of Intangible assets | 15 years |
Significant_Accounting_Policie4
Significant Accounting Policies - Revenue and Expense Recognized for Advertising Barter Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Net revenues | $7,839 | $7,862 | $6,798 |
Direct advertising expenses | 2,928 | 3,005 | 2,900 |
General and administrative expenses | $4,675 | $4,417 | $3,699 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||
Total purchase price of outdoor advertising assets paid in cash | $65,021 | $92,248 |
Total acquired intangible assets | 53,790 | 79,784 |
Portion of acquired intangible assets assigned to goodwill | 9,457 | 18,631 |
Amount deductible for tax purposes | 9,457 | 18,582 |
Aggregate amortization expense related to acquisition | 1,452 | 2,158 |
Total purchase price of outdoor advertising assets | 97,230 | |
Non cash consideration of outdoor advertising assets | 4,982 | |
Gain on exchange of outdoor advertising assets | 67 | |
Other [Member] | ||
Business Acquisition [Line Items] | ||
Total acquired intangible assets | 44,333 | 61,153 |
Weighted average useful life | 14 years | 14 years |
Customer Lists and Contracts [Member] | ||
Business Acquisition [Line Items] | ||
Total acquired intangible assets | 7,216 | 10,390 |
Weighted average useful life | 7 years | 7 years |
Site Locations [Member] | ||
Business Acquisition [Line Items] | ||
Total acquired intangible assets | $36,982 | $50,333 |
Weighted average useful life | 15 years | 15 years |
Acquisitions_Summary_of_Alloca
Acquisitions - Summary of Allocation of Acquisition Costs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||
Property, plant and equipment | $10,542 | $18,196 |
Other assets | 1,408 | |
Goodwill | 9,457 | 18,631 |
Current assets | 895 | |
Current liabilities | -206 | -2,158 |
Total | 65,021 | 97,230 |
Site Locations [Member] | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets | 36,982 | 50,333 |
Non-competition Agreements [Member] | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets | 135 | 430 |
Customer Lists and Contracts [Member] | ||
Business Acquisition [Line Items] | ||
Finite lived intangible assets | $7,216 | $10,390 |
Acquisitions_Summary_of_Unaudi
Acquisitions - Summary of Unaudited Pro Forma Financial Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | |||
Net revenues | $1,291,771 | $1,255,376 | $1,225,958 |
Net income applicable to common stock | $256,785 | $40,725 | $12,098 |
Net income per common share - basic | $2.70 | $0.43 | $0.13 |
Net income per common share - diluted | $2.69 | $0.43 | $0.13 |
Noncash_Financing_and_Investin1
Non-cash Financing and Investing Activities - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Disclosure Of Non Cash Investing And Financing Information [Line Items] | ||
Non-cash acquisition of capital expenditures and outdoor advertising assets | $1,900,000 | $4,982,000 |
Treasury stock retired shares | 17,270,930 | |
Treasury stock retired value | 896,818,000 | |
Non-cash financing activity | 0 | |
LAMAR MEDIA CORP [Member] | ||
Supplemental Disclosure Of Non Cash Investing And Financing Information [Line Items] | ||
Non-cash acquisition of capital expenditures and outdoor advertising assets | 1,900,000 | 4,982,000 |
Non-cash financing activity | $0 | $0 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Major Categories of Property, Plant and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 3,110,385 | $3,036,456 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 316,798 | 312,883 |
Land [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, Estimated life | ||
Land [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, Estimated life | ||
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 132,360 | 125,724 |
Building and Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, Estimated life | 10 years | |
Building and Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, Estimated life | 39 years | |
Advertising Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 2,520,644 | 2,459,425 |
Advertising Structures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, Estimated life | 5 years | |
Advertising Structures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, Estimated life | 15 years | |
Automotive and Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 140,583 | $138,424 |
Automotive and Other Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, Estimated life | 3 years | |
Automotive and Other Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, Estimated life | 7 years |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,108,541 | $2,065,875 |
Accumulated Amortization | 1,741,556 | 1,646,490 |
Goodwill gross carrying amount | 1,766,304 | 1,757,089 |
Goodwill accumulated amortization | 253,536 | 253,536 |
LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,107,997 | 2,065,330 |
Accumulated Amortization | 1,741,479 | 1,646,411 |
Goodwill gross carrying amount | 1,755,283 | 1,746,068 |
Goodwill accumulated amortization | 252,667 | 252,667 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Customer Lists and Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 499,310 | 492,299 |
Accumulated Amortization | 470,170 | 463,188 |
Customer Lists and Contracts [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 499,311 | 492,299 |
Accumulated Amortization | 470,170 | 463,188 |
Customer Lists and Contracts [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 7 years | |
Customer Lists and Contracts [Member] | Minimum [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 7 years | |
Customer Lists and Contracts [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 10 years | |
Customer Lists and Contracts [Member] | Maximum [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 10 years | |
Non-competition Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 64,062 | 63,933 |
Accumulated Amortization | 63,192 | 62,914 |
Non-competition Agreements [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 64,062 | 63,933 |
Accumulated Amortization | 63,192 | 62,914 |
Non-competition Agreements [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 3 years | |
Non-competition Agreements [Member] | Minimum [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 3 years | |
Non-competition Agreements [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Non-competition Agreements [Member] | Maximum [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Site Locations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,531,161 | 1,495,635 |
Accumulated Amortization | 1,194,709 | 1,106,947 |
Site Locations [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,531,161 | 1,495,635 |
Accumulated Amortization | 1,194,709 | 1,106,945 |
Site Locations [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Site Locations [Member] | Maximum [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 14,008 | 14,008 |
Accumulated Amortization | 13,485 | 13,441 |
Other [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,463 | 13,463 |
Accumulated Amortization | 13,408 | $13,364 |
Other [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 5 years | |
Other [Member] | Minimum [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 5 years | |
Other [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years | |
Other [Member] | Maximum [Member] | LAMAR MEDIA CORP [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Life (Years) | 15 years |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Gross Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Goodwill [Line Items] | |
Goodwill, beginning balance | $1,757,089 |
Goodwill acquired during the year | 9,457 |
Purchase price adjustments and other | -242 |
Impairment losses | 0 |
Goodwill, ending balance | 1,766,304 |
LAMAR MEDIA CORP [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 1,746,068 |
Goodwill acquired during the year | 9,457 |
Purchase price adjustments and other | -242 |
Impairment losses | 0 |
Goodwill, ending balance | $1,755,283 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $96,139 | $106,533 | $102,941 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $62,020 | |
2016 | 51,809 | |
2017 | 46,562 | |
2018 | 41,849 | |
2019 | 36,547 | |
Thereafter | 128,198 | |
Total | $366,985 | $419,385 |
Leases_Summary_of_Minimum_Annu
Leases - Summary of Minimum Annual Rental Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $162,840 |
2016 | 128,145 |
2017 | 112,157 |
2018 | 97,166 |
2019 | 85,174 |
Thereafter | $622,597 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Rental expense related to company's operating lease | $227,879 | $222,638 | $209,110 |
Accrued_Expenses_Summary_of_Ac
Accrued Expenses - Summary of Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Payroll | $13,852 | $11,311 |
Interest | 29,281 | 23,451 |
Insurance benefits | 12,853 | 13,090 |
Accrued lease expense | 35,903 | 37,346 |
Other | 16,901 | 13,726 |
Total | 108,790 | 98,924 |
LAMAR MEDIA CORP [Member] | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Payroll | 13,852 | 11,311 |
Interest | 29,281 | 23,451 |
Accrued lease expense | 35,903 | 37,346 |
Other | 25,971 | 23,524 |
Total | $105,007 | $95,632 |
Longterm_Debt_LongTerm_Debt_De
Long-term Debt - Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long Term Debt | $1,899,895 | $1,938,802 |
Less current maturities | -15,625 | -55,935 |
Long-term debt excluding current maturities | 1,884,270 | 1,882,867 |
LAMAR MEDIA CORP [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 1,899,895 | 1,938,802 |
Less current maturities | -15,625 | -55,935 |
Long-term debt excluding current maturities | 1,884,270 | 1,882,867 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 353,750 | 502,106 |
Senior Credit Facility [Member] | LAMAR MEDIA CORP [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 353,750 | 502,106 |
7 7/8% Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 400,000 | |
7 7/8% Senior Subordinated Notes [Member] | LAMAR MEDIA CORP [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 400,000 | |
5 7/8% Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 500,000 | 500,000 |
5 7/8% Senior Subordinated Notes [Member] | LAMAR MEDIA CORP [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 500,000 | 500,000 |
5% Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 535,000 | 535,000 |
5% Senior Subordinated Notes [Member] | LAMAR MEDIA CORP [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 535,000 | 535,000 |
5 3/8% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 510,000 | |
5 3/8% Senior Notes [Member] | LAMAR MEDIA CORP [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 510,000 | |
Other Notes with Various Rates and Terms [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 1,145 | 1,696 |
Other Notes with Various Rates and Terms [Member] | LAMAR MEDIA CORP [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | $1,145 | $1,696 |
Longterm_Debt_LongTerm_Debt_Pa
Long-term Debt - Long-Term Debt (Parenthetical) (Detail) | Apr. 18, 2014 | Dec. 31, 2014 | Apr. 22, 2010 | Feb. 09, 2012 | Oct. 30, 2012 | Jan. 10, 2014 |
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 7.88% | |||||
7 7/8% Senior Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 7.88% | 7.88% | ||||
7 7/8% Senior Subordinated Notes [Member] | LAMAR MEDIA CORP [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 7.88% | |||||
5 7/8% Senior Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.88% | 5.88% | ||||
5 7/8% Senior Subordinated Notes [Member] | LAMAR MEDIA CORP [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.88% | |||||
5% Senior Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.00% | 5.00% | ||||
5% Senior Subordinated Notes [Member] | LAMAR MEDIA CORP [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.00% | |||||
5 3/8% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.38% | 5.38% | ||||
5 3/8% Senior Notes [Member] | LAMAR MEDIA CORP [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on senior notes | 5.38% |
Longterm_Debt_Summary_of_LongT
Long-term Debt - Summary of Long-Term Debt Matures (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $15,625 |
2016 | 21,118 |
2017 | 39,375 |
2018 | 45,000 |
2019 | 233,750 |
Later years | 1,545,027 |
LAMAR MEDIA CORP [Member] | |
Debt Instrument [Line Items] | |
2015 | 15,625 |
2016 | 21,118 |
2017 | 39,375 |
2018 | 45,000 |
2019 | 233,750 |
Later years | $1,545,027 |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Apr. 18, 2014 | Dec. 31, 2014 | Apr. 21, 2014 | Apr. 22, 2010 | Feb. 09, 2012 | Oct. 30, 2012 | Jan. 10, 2014 | Feb. 03, 2014 | |
Debt Instrument [Line Items] | ||||||||
Interest rate on convertible notes | 7.88% | |||||||
Aggregate principal amount of debt issued | $1,899,895,000 | |||||||
Amended and restated date | 18-Apr-14 | |||||||
Remaining borrowing capacity under revolving credit facility | 328,154,000 | |||||||
Revolving credit facility maturity date | 2-Feb-19 | |||||||
LIBO Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term A Loan Adjusted Base Rate | 2.25% | |||||||
Ratio of indebtedness to net capital minimum | 1 | |||||||
Ratio of indebtedness to net capital one | 3 | |||||||
Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term A Loan Adjusted Base Rate | 1.00% | |||||||
Ratio of indebtedness to net capital minimum | 1 | |||||||
Ratio of indebtedness to net capital one | 3 | |||||||
Debt Ratio Less Than or Equal to Four Point Two Five [Member] | LIBO Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term A Loan Adjusted Base Rate | 2.00% | |||||||
Ratio of indebtedness to net capital minimum | 1 | |||||||
Ratio of indebtedness to net capital one | 4.25 | |||||||
Debt Ratio Less Than or Equal to Three [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term A Loan Adjusted Base Rate | 1.75% | |||||||
Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term A Loan Adjusted Base Rate | 0.75% | |||||||
Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding revolving credit facility | 65,000,000 | |||||||
Letter of credit outstanding | 6,846,000 | |||||||
Term A Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing limit of incremental loan facility | 300,000,000 | |||||||
7 7/8% Senior Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on convertible notes | 7.88% | 7.88% | ||||||
Aggregate principal amount of debt issued | 400,000,000 | 400,000,000 | ||||||
Net proceeds from the issuance of debt | 392,000,000 | |||||||
Aggregate principal amount redeemed | 400,000,000 | |||||||
Loss on transaction | 20,847,000 | |||||||
Interest rate on convertible notes | 7.88% | |||||||
Number of notes outstanding | 0 | |||||||
Non cash loss | 5,095,000 | |||||||
5 7/8% Senior Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on convertible notes | 5.88% | 5.88% | ||||||
Aggregate principal amount of debt issued | 500,000,000 | |||||||
Net proceeds from the issuance of debt | 489,000,000 | |||||||
Redemption percentage of aggregate principal amount of senior notes | 35.00% | |||||||
Additional redeemed percentage of aggregate principal amount | 105.88% | |||||||
Redemption percentage of issued notes which remain outstanding | 65.00% | |||||||
Redemption percentage equal to principal amount include aggregate premium | 100.00% | |||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | |||||||
5% Senior Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on convertible notes | 5.00% | 5.00% | ||||||
Aggregate principal amount of debt issued | 535,000,000 | |||||||
Net proceeds from the issuance of debt | 527,100,000 | |||||||
Redemption percentage of aggregate principal amount of senior notes | 35.00% | |||||||
Additional redeemed percentage of aggregate principal amount | 105.00% | |||||||
Redemption percentage of issued notes which remain outstanding | 65.00% | |||||||
Redemption percentage equal to principal amount include aggregate premium | 100.00% | |||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | |||||||
5 3/8% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on convertible notes | 5.38% | 5.38% | ||||||
Aggregate principal amount of debt issued | 510,000,000 | |||||||
Net proceeds from the issuance of debt | 502,300,000 | |||||||
Redemption percentage of aggregate principal amount of senior notes | 35.00% | |||||||
Additional redeemed percentage of aggregate principal amount | 105.38% | |||||||
Redemption percentage of issued notes which remain outstanding | 65.00% | |||||||
Redemption percentage equal to principal amount include aggregate premium | 100.00% | |||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | |||||||
Senior Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Non cash loss | 5,176,000 | |||||||
Senior Credit Facility [Member] | Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing limit of incremental loan facility | 400,000 | |||||||
Incremental Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing limit of incremental loan facility | 500,000,000 | $500,000,000 |
Longterm_Debt_Schedule_of_Matu
Long-term Debt - Schedule of Maturities of Long Term Debt (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
March 31, 2015-March 31, 2016 [Member] | |
Debt Instrument [Line Items] | |
Principal payment amount | $3,750 |
June 30, 2016- March 31, 2017 [Member] | |
Debt Instrument [Line Items] | |
Principal payment amount | 5,625 |
June 30, 2017-December 31, 2018 [Member] | |
Debt Instrument [Line Items] | |
Principal payment amount | 11,250 |
Term A Loan Maturity Date [Member] | |
Debt Instrument [Line Items] | |
Principal payment amount | $168,750 |
Longterm_Debt_Schedule_of_Matu1
Long-term Debt - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
March 31, 2015-March 31, 2016 [Member] | |
Debt Instrument [Line Items] | |
Principal payment date | 2015-03-31 - 2016-03-31 |
June 30, 2016- March 31, 2017 [Member] | |
Debt Instrument [Line Items] | |
Principal payment date | 2016-06-30 - 2017-03-31 |
June 30, 2017-December 31, 2018 [Member] | |
Debt Instrument [Line Items] | |
Principal payment date | 2017-06-30 - 2018-12-31 |
Asset_Retirement_Obligations_I
Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Beginning Balance | $200,831 | $189,659 |
Additions to asset retirement obligations | 1,238 | 3,741 |
Accretion expense | 5,262 | 11,046 |
Liabilities settled | -3,004 | -3,615 |
Ending Balance | $204,327 | $200,831 |
Depreciation_and_Amortization_1
Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Component Of Other Income And Expense [Line Items] | |||
Depreciation and amortization | $258,435 | $300,579 | $296,083 |
Direct Expenses [Member] | |||
Component Of Other Income And Expense [Line Items] | |||
Depreciation and amortization | 241,471 | 283,280 | 277,662 |
General and Administrative Expenses [Member] | |||
Component Of Other Income And Expense [Line Items] | |||
Depreciation and amortization | 4,534 | 4,684 | 4,137 |
Corporate Expenses [Member] | |||
Component Of Other Income And Expense [Line Items] | |||
Depreciation and amortization | $12,430 | $12,615 | $14,284 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax [Line Items] | |||
U.S. federal, Current | $8,721 | $930 | |
State and local, Current | 2,632 | 1,609 | 823 |
Foreign, Current | 692 | 1,553 | 1,103 |
Total Current | 12,045 | 4,092 | 1,926 |
U.S. federal, Deferred | -119,014 | 21,681 | 6,743 |
State and local, Deferred | -2,909 | 1,165 | 826 |
Foreign, Deferred | -214 | -4,097 | -1,253 |
Total, Deferred | -122,137 | 18,749 | 6,316 |
U.S. federal, Total | -110,293 | 22,611 | 6,743 |
State and local, Total | -277 | 2,774 | 1,649 |
Foreign, Total | 478 | -2,544 | -150 |
Income tax expense | -110,092 | 22,841 | 8,242 |
LAMAR MEDIA CORP [Member] | |||
Income Tax [Line Items] | |||
U.S. federal, Current | 8,993 | 930 | |
State and local, Current | 2,579 | 1,609 | 824 |
Foreign, Current | 692 | 1,553 | 1,103 |
Total Current | 12,264 | 4,092 | 1,927 |
U.S. federal, Deferred | -151,191 | 21,798 | 6,859 |
State and local, Deferred | -4,124 | 1,184 | 820 |
Foreign, Deferred | -213 | -4,097 | -1,253 |
Total, Deferred | -155,528 | 18,885 | 6,426 |
U.S. federal, Total | -142,198 | 22,728 | 6,859 |
State and local, Total | -1,545 | 2,793 | 1,644 |
Foreign, Total | 479 | -2,544 | -150 |
Income tax expense | ($143,264) | $22,977 | $8,353 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Loss Carryforwards [Line Items] | |||
Deferred income tax expense | ($122,137) | $18,749 | $6,316 |
Income taxes payable | 308 | 848 | |
Income tax rate | 35.00% | 35.00% | 35.00% |
Net operating loss subject to IRC 382 | 6,063 | ||
Amounts of credits available to offset income tax | 4,822 | ||
Net change in total valuation allowance | 2,322 | 1,087 | 332 |
Deferred tax assets valuation expected rate | 0.00% | ||
Net operating income | 278,670 | 223,437 | 214,526 |
Potential deferred tax liability | 8,326 | ||
Undistributed earnings of subsidiaries | 23,789 | ||
Unrecognized tax benefits | 0 | 35 | 75 |
LAMAR MEDIA CORP [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred income tax expense | -155,528 | 18,885 | 6,426 |
Income taxes payable | 308 | 630 | |
Income tax rate | 35.00% | 35.00% | 35.00% |
Net operating loss subject to IRC 382 | 6,063 | ||
Amounts of credits available to offset income tax | 19,593 | ||
Net change in total valuation allowance | 1,751 | 1,085 | 356 |
Deferred tax assets valuation expected rate | 0.00% | ||
Net operating income | 279,015 | 223,772 | 214,862 |
Potential deferred tax liability | 8,326 | ||
Undistributed earnings of subsidiaries | 23,789 | ||
Unrecognized tax benefits | 0 | 35 | 75 |
REIT Conversion [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred income tax expense | 120,081 | ||
REIT Conversion [Member] | LAMAR MEDIA CORP [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred income tax expense | 153,472 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Amounts of credits available to offset income tax | 241 | ||
State net operating loss carry forward | 449,691 | ||
Valuation allowance for State and Local deferred tax assets | 0 | 2,323 | |
State and Local Jurisdiction [Member] | LAMAR MEDIA CORP [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Amounts of credits available to offset income tax | 241 | ||
State net operating loss carry forward | 411,970 | ||
Valuation allowance for State and Local deferred tax assets | 0 | 1,751 | |
U S [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
US net operating loss carry forwards | 257,839 | ||
U S [Member] | LAMAR MEDIA CORP [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
US net operating loss carry forwards | 122,078 | ||
Puerto Rico [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Amounts of credits available to offset income tax | 209 | ||
Puerto Rico net operating loss carry forward | 28,354 | ||
Net operating income | 1,454 | ||
Puerto Rico [Member] | LAMAR MEDIA CORP [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Amounts of credits available to offset income tax | 209 | ||
Puerto Rico net operating loss carry forward | 28,354 | ||
Net operating income | $1,454 |
Income_Taxes_US_and_Foreign_Co
Income Taxes - U.S. and Foreign Components of Earnings Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components Of Earnings From Continuing Operations Before Income Taxes And Provision For Income Taxes [Line Items] | |||
U.S. | $144,298 | $62,506 | $17,279 |
Foreign | -872 | 474 | -1,147 |
Income (loss) before income tax expense | 143,426 | 62,980 | 16,132 |
LAMAR MEDIA CORP [Member] | |||
Components Of Earnings From Continuing Operations Before Income Taxes And Provision For Income Taxes [Line Items] | |||
U.S. | 144,643 | 62,841 | 17,615 |
Foreign | -872 | 474 | -1,147 |
Income (loss) before income tax expense | $143,771 | $63,315 | $16,468 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Income tax expense at U.S. federal statutory rate | $50,199 | $22,043 | $5,646 |
Tax adjustment related to REIT | -44,891 | ||
State and local income taxes, net of federal income tax benefit | 1,017 | 3,585 | 1,541 |
Book expenses not deductible for tax purposes | 2,061 | 1,351 | 1,058 |
Stock-based compensation | -33 | 65 | 270 |
Valuation allowance | -1,097 | -331 | |
Rate change | 91 | -2,565 | 49 |
Deferred tax adjustment due to REIT conversion | -120,081 | ||
Other differences, net | 1,545 | -541 | 9 |
Income tax expense | -110,092 | 22,841 | 8,242 |
LAMAR MEDIA CORP [Member] | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Income tax expense at U.S. federal statutory rate | 50,320 | 22,160 | 5,764 |
Tax adjustment related to REIT | -45,012 | ||
State and local income taxes, net of federal income tax benefit | 1,017 | 3,601 | 1,557 |
Book expenses not deductible for tax purposes | 2,061 | 1,351 | 1,058 |
Stock-based compensation | -33 | 65 | 270 |
Valuation allowance | -1,094 | -354 | |
Rate change | 91 | -2,565 | 49 |
Deferred tax adjustment due to REIT conversion | -153,472 | ||
Other differences, net | 1,764 | -541 | 9 |
Income tax expense | ($143,264) | $22,977 | $8,353 |
Income_Taxes_Schedule_of_Effec1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Tax adjustment related dividend paid deduction | $62,937 | ||
Rate change | 91 | -2,565 | 49 |
LAMAR MEDIA CORP [Member] | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Tax adjustment related dividend paid deduction | 63,058 | ||
Rate change | 91 | -2,565 | 49 |
Puerto Rico [Member] | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Corporate income tax rate | 39.00% | 30.00% | |
Rate change | 2,479 | ||
Puerto Rico [Member] | LAMAR MEDIA CORP [Member] | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Corporate income tax rate | 39.00% | 30.00% | |
Rate change | 2,479 | ||
British Columbia Bill 2 [Member] | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Rate change | 86 | ||
Change in general corporate income tax rate | 11.00% | 10.00% | |
British Columbia Bill 2 [Member] | LAMAR MEDIA CORP [Member] | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Rate change | $86 | ||
Change in general corporate income tax rate | 11.00% | 10.00% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Taxes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for doubtful accounts | $255 | $2,972 |
Accrued liabilities not deducted for tax purposes | 4,703 | 37,764 |
Asset retirement obligation | 79 | 70,166 |
Net operating loss carry forwards | 11,881 | 138,865 |
Tax credit carry forwards | 209 | 4,844 |
Charitable contributions carry forward | 9 | 9 |
Property, plant and equipment | 65 | |
Investment in partnership | 354 | |
Gross deferred tax assets | 17,555 | 254,620 |
Less: valuation allowance | -9 | -2,331 |
Net deferred tax assets | 17,546 | 252,289 |
Deferred tax liabilities: | ||
Property, plant and equipment | -45,160 | |
Intangibles | -4,321 | -314,382 |
Investment in partnerships | -1,519 | |
Gross deferred tax liabilities | -4,321 | -361,061 |
Net deferred tax assets (liabilities) | 13,225 | -108,772 |
Classification in the consolidated balance sheets: | ||
Current deferred tax assets | 729 | 10,378 |
Current deferred tax liabilities | 0 | 0 |
Noncurrent deferred tax assets | 12,496 | |
Noncurrent deferred tax liabilities | -119,150 | |
Net deferred tax assets (liabilities) | 13,225 | -108,772 |
LAMAR MEDIA CORP [Member] | ||
Deferred tax assets: | ||
Allowance for doubtful accounts | 255 | 2,972 |
Accrued liabilities not deducted for tax purposes | 4,703 | 37,764 |
Asset retirement obligation | 79 | 70,166 |
Net operating loss carry forwards | 11,881 | 89,496 |
Tax credit carry forwards | 209 | 19,615 |
Charitable contributions carry forward | 9 | 9 |
Property, plant and equipment | 65 | |
Investment in partnership | 354 | |
Gross deferred tax assets | 17,555 | 220,022 |
Less: valuation allowance | -9 | -1,760 |
Net deferred tax assets | 17,546 | 218,262 |
Deferred tax liabilities: | ||
Property, plant and equipment | -45,160 | |
Intangibles | -4,321 | -313,746 |
Investment in partnerships | -1,519 | |
Gross deferred tax liabilities | -4,321 | -360,425 |
Net deferred tax assets (liabilities) | 13,225 | -142,163 |
Classification in the consolidated balance sheets: | ||
Current deferred tax assets | 729 | 10,378 |
Current deferred tax liabilities | 0 | 0 |
Noncurrent deferred tax assets | 12,496 | |
Noncurrent deferred tax liabilities | -152,541 | |
Net deferred tax assets (liabilities) | $13,225 | ($142,163) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation Of Unrecognized Tax Benefits [Line Items] | ||
Beginning balance | $35 | $75 |
Additions for tax positions related to current year | 1 | |
Additions for tax positions related to prior years | 0 | 0 |
Reductions for tax positions related to prior years | 0 | 0 |
Lapse of statute of limitations | -35 | -41 |
Settlements | 0 | 0 |
Ending Balance | 0 | 35 |
LAMAR MEDIA CORP [Member] | ||
Reconciliation Of Unrecognized Tax Benefits [Line Items] | ||
Beginning balance | 35 | 75 |
Additions for tax positions related to current year | 1 | |
Additions for tax positions related to prior years | 0 | 0 |
Reductions for tax positions related to prior years | 0 | 0 |
Lapse of statute of limitations | -35 | -41 |
Settlements | 0 | 0 |
Ending Balance | $0 | $35 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Deferred gains | $85 | $85 |
Receivables from employees | 246 | 126 |
Interest owned in service contract | 26.66% | |
Aggregate amount payable under the service contract | 1,914 | |
LAMAR MEDIA CORP [Member] | ||
Related Party Transaction [Line Items] | ||
Amount payable to parent company | 6,955 | 7,665 |
Amount contributed to affiliate | $38,201 | $37,858 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Jul. 16, 1999 | Dec. 31, 2013 | Dec. 11, 2014 | |
Class of Stock [Line Items] | ||||
Liquidation value of outstanding preferred stock | $3,649,000 | |||
Preferred stock voting right | Series AA preferred stock is entitled to one vote per share and the Class A preferred stock is not entitled to vote | |||
Class B common stock voting rights | Holders of Class B common stock have ten votes per share on all matters in which the holders of common stock are entitled to vote and holders of Class A common stock have one vote per share on such matters | |||
Treasury stock retired shares | 17,270,930 | |||
Treasury stock retired value | 896,818,000 | |||
Authorized amount of Stock repurchase | 0 | |||
Treasury Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Treasury stock retired shares | 17,270,930 | |||
Treasury stock retired value | -896,818,000 | |||
Additional Paid-in Capital [Member] | ||||
Class of Stock [Line Items] | ||||
Treasury stock retired value | 896,801,000 | |||
Series AA Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 5,720 | 5,720 | 5,720 | |
Preferred stock, par value | $0.00 | $0.00 | $0.00 | |
Preferred stock, outstanding | 5,720 | 5,720 | ||
Dividends paid to preferred stock | $15.95 | |||
Amount entitled | $638 | |||
Preferred Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 0 | 1,000,000 | 10,000 | |
Preferred stock, par value | $638 | $638 | $638 | |
Preferred stock, outstanding | 0 | 0 | 0 | |
Dividends paid to preferred stock | $15.95 | |||
Amount entitled | $638 | |||
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Authorized amount of Stock repurchase | 250,000,000 | |||
Common Class A [Member] | Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Treasury stock retired value | $17,000 |
Stock_Compensation_Plans_Addit
Stock Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting terms | Vesting terms ranging from three to five years which primarily includes 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. | ||
Accrued expenses, liability | $13,283 | $6,757 | |
Period of graded vesting for option valuation | 4 years | ||
Period of cliff vesting for option valuation | 5 years | ||
Expected dividend yield | 2.00% | 0.00% | 0.00% |
Total unrecognized compensation cost related to nonvested awards | 17,017 | ||
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized | 1 year 6 months 18 days | ||
Shares available for future stock option and restricted share grants to employees and directors under existing plans | 2,632,628 | ||
Aggregate intrinsic value of options outstanding | 55,169 | ||
Aggregate intrinsic value of options exercisable | 42,350 | ||
Total intrinsic value of options exercised | 10,806 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Range of awards of target number of share | 0.00% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Range of awards of target number of share | 100.00% | ||
Restricted Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration date of options granted under equity incentive plan | 10 years | ||
2009 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future stock option and restricted share grants to employees and directors under existing plans | 307,448 | 327,689 | |
Performance Based Compensation [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to performance based compensation agreements | $14,210 | ||
Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Volatility | 90.00% | ||
Volatility rate on publicly traded options | 10.00% | ||
Common Class A [Member] | 1996 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
New employee stock purchase plan, which reserved additional shares of common stock | 15,500,000 | ||
Common Class A [Member] | 2009 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
New employee stock purchase plan, which reserved additional shares of common stock | 588,154 | ||
Employee stock purchase plan, which available for issuance of common stock | 88,154 | ||
Additional shares reserved under 2009 ESPP | 80,209 |
Stock_Compensation_Plans_Weigh
Stock Compensation Plans - Weighted Average Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend Yield | 2.00% | 0.00% | 0.00% |
Expected Volatility | 48.00% | 51.00% | 52.00% |
Risk Free Interest Rate | 1.00% | 1.00% | 2.00% |
Expected Lives | 6 years | 6 years | 5 years |
Stock_Compensation_Plans_Stock
Stock Compensation Plans - Stock Option Transactions Under Various Stock-Based Employee Compensation Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding, Beginning Balance, Shares | 3,232,423 | ||
Granted, Shares | 87,000 | ||
Exercised, Shares | -522,032 | -682,263 | -586,563 |
Forfeited, Shares | -12,200 | ||
Expired, Shares | -10,600 | ||
Outstanding, Ending Balance, Shares | 2,774,591 | 3,232,423 | |
Exercisable, Ending Balance, Shares | 1,622,891 | ||
Outstanding, Beginning Balance, Weighted Average Exercise Price | $32.89 | ||
Granted, Weighted Average Exercise Price | $51.04 | ||
Exercised, Weighted-Average Exercise Price | $31.12 | ||
Forfeited, Weighted Average Exercise Price | $43.89 | ||
Expired, Weighted Average Exercise Price | $28.13 | ||
Outstanding, Ending Balance, Weighted Average Exercise Price | $33.76 | $32.89 | |
Exercisable, Ending Balance, Weighted Average Exercise Price | $27.54 | ||
Outstanding, Ending balance, Weighted Average Remaining Contractual Term | 6 years 7 months 28 days | ||
Exercisable, Ending Balance, Weighted Average Remaining Contractual Term | 5 years 7 months 17 days |
Stock_Compensation_Plans_Summa
Stock Compensation Plans - Summary of Espp Share Activity (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Available for future purchases, December 31, 2014 | 2,632,628 |
2009 Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Available for future purchases, January 1, 2014 | 327,689 |
Additional shares reserved under 2009 ESPP | 80,209 |
Purchases | -100,450 |
Available for future purchases, December 31, 2014 | 307,448 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Letters of credit with bank | $6,624,000 | ||
Employees eligibility | Completed one year of service and are at least 21 years of age | ||
Minimum years of service required to participate in Company sponsored saving and profit sharing plan | 1 year | ||
Minimum age required to participate in Company sponsored saving and profit sharing plan | 21 | ||
Employers contribution and compensation | Match 50% of employees' contributions up to 5% of eligible compensation | ||
Employers contribution as percentage of employees contribution | 50.00% | ||
Employers contribution as percentage of employees compensation | 5.00% | ||
Employees contribution limit | 100.00% | ||
Fully vesting period of contribution | 3 years | ||
Minimum age for entitlement to benefit of deferred compensation plan | 30 | ||
Minimum years of experience to attain the benefit of deferred compensation plan | 10 years | ||
Deferred compensation arrangement with individual employees contribution minimum | 3,000 | ||
Deferred compensation arrangement with individual employees contribution maximum | 8,000 | ||
Deferred Profit Sharing [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer's contribution | 3,973,000 | 3,581,000 | 3,184,000 |
Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer's contribution | $1,400,000 | $1,323,000 | $1,260,000 |
Summarized_Financial_Informati1
Summarized Financial Information of Subsidiaries - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Balance of permitted transfers to parent company | $2,269,393 | $2,072,542 |
Description of provisions on senior credit facility transfers to Lamar Advertising not subject to additional restrictions | (i) the total debt ratio is equal to or greater than 6.0 to 1 or (ii) the senior debt ratio is equal to or greater than 3.5 to 1. | |
Debt ratio | 6 | |
Description of actual position on senior credit facility transfers to Lamar Advertising not subject to additional restrictions | The total debt ratio was less than 6.0 to 1 and Lamar Media's senior debt ratio was less than 3.5 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility. | |
Debt ratio related to actual position on senior credit facility | 6 | |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Senior debt ratio | 3.5 | |
Senior Subordinated Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Senior debt ratio | 3.5 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Disclosures [Abstract] | |
Estimated fair value of Long-term debt (including current maturities) | $1,933,254 |
Gross amount of company's long term debt | 1,899,895 |
Carrying amount of company's long term debt | $1,899,895 |
Information_about_Geographic_A1
Information about Geographic Areas - Additional Information (Detail) (Foreign Countries [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net carrying value of long lived assets | $7,324 | $8,838 | |
External Customers [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from external customers | $33,124 | $34,013 | $32,761 |
Quarterly_Financial_Data_Summa
Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
Interim Reporting [Line Items] | |||||||||||
Net revenues | $1,287,060 | $1,245,842 | $1,179,736 | ||||||||
Net (loss) income applicable to common stock | 253,153 | 39,774 | 7,525 | ||||||||
Net (loss) income | 253,518 | 40,139 | 7,890 | ||||||||
Net (loss) income per common share basic | $2.66 | $0.42 | $0.08 | ||||||||
Net (loss) income per common share - diluted | $2.66 | $0.42 | $0.08 | ||||||||
LAMAR MEDIA CORP [Member] | |||||||||||
Interim Reporting [Line Items] | |||||||||||
Net revenues | 1,287,060 | 1,245,842 | 1,179,736 | ||||||||
Net (loss) income | 287,035 | 40,338 | 8,115 | ||||||||
Adjusted [Member] | |||||||||||
Interim Reporting [Line Items] | |||||||||||
Net revenues | 336,696 | 334,998 | 330,433 | 284,933 | 320,352 | 321,141 | 327,744 | 276,605 | |||
Net revenues less direct advertising expenses | 221,600 | 222,610 | 216,156 | 173,425 | 210,390 | 211,501 | 217,021 | 170,086 | |||
Net (loss) income applicable to common stock | 207,791 | 34,959 | 15,331 | -4,928 | 10,094 | 17,003 | 23,031 | -10,354 | |||
Net (loss) income per common share basic | $2.18 | $0.37 | $0.16 | ($0.05) | $0.11 | $0.18 | $0.24 | ($0.11) | |||
Net (loss) income per common share - diluted | $2.18 | $0.37 | $0.16 | ($0.05) | $0.11 | $0.18 | $0.24 | ($0.11) | |||
Adjusted [Member] | LAMAR MEDIA CORP [Member] | |||||||||||
Interim Reporting [Line Items] | |||||||||||
Net revenues | 336,696 | 334,998 | 330,433 | 284,933 | 320,352 | 321,141 | 327,744 | 276,605 | |||
Net revenues less direct advertising expenses | 221,600 | 222,610 | 216,156 | 173,425 | 210,390 | 211,501 | 217,021 | 170,086 | |||
Net (loss) income | $241,230 | $35,103 | $15,480 | ($4,778) | $10,228 | $17,144 | $23,178 | ($10,212) |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deducted in Balance Sheet from Trade Accounts Receivable: Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $7,615 | $7,615 | $7,500 |
Charged to Costs and Expenses | 5,947 | 6,034 | 5,484 |
Deductions | 5,605 | 6,034 | 5,369 |
Balance at End of Period | 7,957 | 7,615 | 7,615 |
Deducted in Balance Sheet from Trade Accounts Receivable: Allowance for Doubtful Accounts [Member] | LAMAR MEDIA CORP [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 7,615 | 7,615 | 7,500 |
Charged to Costs and Expenses | 5,947 | 6,034 | 5,484 |
Deductions | 5,605 | 6,034 | 5,369 |
Balance at End of Period | 7,957 | 7,615 | 7,615 |
Deducted in Balance Sheet from Intangible Assets: Amortization of Intangible Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 1,900,026 | 1,794,415 | 1,705,402 |
Charged to Costs and Expenses | 96,139 | 106,533 | 102,941 |
Deductions | 1,073 | 922 | 13,928 |
Balance at End of Period | 1,995,092 | 1,900,026 | 1,794,415 |
Deducted in Balance Sheet from Intangible Assets: Amortization of Intangible Assets [Member] | LAMAR MEDIA CORP [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 1,899,080 | 1,793,476 | 1,704,492 |
Charged to Costs and Expenses | 96,139 | 106,533 | 102,941 |
Deductions | 1,073 | 929 | 13,957 |
Balance at End of Period | $1,994,146 | $1,899,080 | $1,793,476 |
Schedule_III_Schedule_of_Real_
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Displays | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of advertising displays | 317,597 | ||
Encumbrances | $0 | ||
Initial Cost | 0 | ||
Gross Carrying Amount | 2,520,644,000 | 2,459,425,000 | 2,378,940,000 |
Accumulated Depreciation | -1,903,434,000 | -1,799,325,000 | -1,657,784,000 |
Construction Date | Various | ||
Acquisition Date | Various | ||
LAMAR MEDIA CORP [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of advertising displays | 317,597 | ||
Encumbrances | 0 | ||
Initial Cost | 0 | ||
Gross Carrying Amount | 2,520,644,000 | 2,459,425,000 | 2,378,940,000 |
Accumulated Depreciation | ($1,903,434,000) | ($1,799,325,000) | ($1,657,784,000) |
Construction Date | Various | ||
Acquisition Date | Various | ||
Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 5 years | ||
Minimum [Member] | LAMAR MEDIA CORP [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 5 years | ||
Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 20 years | ||
Maximum [Member] | LAMAR MEDIA CORP [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 20 years |
Schedule_III_Schedule_of_Real_1
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Number of single asset exceeded 5% of the total gross carrying amount | 0 |
Percentage of asset contribution to total gross carrying amount | 5.00% |
LAMAR MEDIA CORP [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Number of single asset exceeded 5% of the total gross carrying amount | 0 |
Percentage of asset contribution to total gross carrying amount | 5.00% |
Schedule_III_Summary_of_Compna
Schedule III - Summary of Compnay's Real Estate Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gross real estate assets: | ||
Balance at the beginning of the year | $2,459,425 | $2,378,940 |
Additions for construction, acquisition, improvements to structures | 98,857 | 112,459 |
Assets sold or written-off | -36,392 | -31,328 |
Foreign exchange | -1,246 | -646 |
Balance at the end of the year | 2,520,644 | 2,459,425 |
Accumulated depreciation: | ||
Balance at the beginning of the year | 1,799,325 | 1,657,784 |
Depreciation | 135,679 | 161,172 |
Assets sold or written-off | -30,994 | -19,213 |
Foreign exchange | -576 | -418 |
Balance at the end of the year | 1,903,434 | 1,799,325 |
LAMAR MEDIA CORP [Member] | ||
Gross real estate assets: | ||
Balance at the beginning of the year | 2,459,425 | 2,378,940 |
Additions for construction, acquisition, improvements to structures | 98,857 | 112,459 |
Assets sold or written-off | -36,392 | -31,328 |
Foreign exchange | -1,246 | -646 |
Balance at the end of the year | 2,520,644 | 2,459,425 |
Accumulated depreciation: | ||
Balance at the beginning of the year | 1,799,325 | 1,657,784 |
Depreciation | 135,679 | 161,172 |
Assets sold or written-off | -30,994 | -19,213 |
Foreign exchange | -576 | -418 |
Balance at the end of the year | $1,903,434 | $1,799,325 |