Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 01, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | LAMR | |
Entity Registrant Name | LAMAR ADVERTISING CO/NEW | |
Entity Central Index Key | 1,090,425 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 81,917,250 | |
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-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | LAMAR MEDIA CORP/DE | |
Entity Central Index Key | 899,045 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
LAMAR MEDIA CORP [Member] | Class Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 100 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 27,455 | $ 26,035 |
Receivables, net of allowance for doubtful accounts | 183,310 | 169,610 |
Prepaid lease expenses | 65,839 | 42,713 |
Deferred income tax assets | 775 | 729 |
Other current assets | 39,317 | 34,057 |
Total current assets | 316,696 | 273,144 |
Property, plant and equipment | 3,145,793 | 3,110,385 |
Less accumulated depreciation and amortization | (2,059,468) | (2,026,745) |
Net property, plant and equipment | 1,086,325 | 1,083,640 |
Goodwill | 1,525,992 | 1,512,768 |
Intangible assets | 369,809 | 366,985 |
Deferred financing costs, net of accumulated amortization | 30,399 | 32,725 |
Deferred income tax assets | 1,466 | 12,496 |
Other assets | 39,019 | 37,060 |
Total assets | 3,369,706 | 3,318,818 |
Current liabilities: | ||
Trade accounts payable | 19,170 | 16,368 |
Current maturities of long-term debt | 17,552 | 15,625 |
Accrued expenses | 95,120 | 108,790 |
Deferred income | 99,097 | 84,558 |
Total current liabilities | 230,939 | 225,341 |
Long-term debt | 1,922,887 | 1,884,270 |
Asset retirement obligation | 206,165 | 204,327 |
Other liabilities | 26,285 | 23,414 |
Total liabilities | 2,386,276 | 2,337,352 |
Stockholder's equity: | ||
Additional paid-in capital | 1,652,959 | 1,611,775 |
Accumulated comprehensive income | 1,251 | 2,454 |
Accumulated deficit | (664,778) | (632,859) |
Stockholder's equity | 983,430 | 981,466 |
Cost of shares held in treasury, 104,836 and 0 shares at 2015 and 2014, respectively | (6,099) | |
Total liabilities and stockholder's equity | 3,369,706 | 3,318,818 |
LAMAR MEDIA CORP [Member] | ||
Current assets: | ||
Cash and cash equivalents | 26,955 | 25,535 |
Receivables, net of allowance for doubtful accounts | 183,310 | 169,610 |
Prepaid lease expenses | 65,839 | 42,713 |
Deferred income tax assets | 775 | 729 |
Other current assets | 39,317 | 34,057 |
Total current assets | 316,196 | 272,644 |
Property, plant and equipment | 3,145,793 | 3,110,385 |
Less accumulated depreciation and amortization | (2,059,468) | (2,026,745) |
Net property, plant and equipment | 1,086,325 | 1,083,640 |
Goodwill | 1,515,840 | 1,502,616 |
Intangible assets | 369,341 | 366,518 |
Deferred financing costs, net of accumulated amortization | 28,446 | 30,771 |
Deferred income tax assets | 1,466 | 12,496 |
Other assets | 33,733 | 31,775 |
Total assets | 3,351,347 | 3,300,460 |
Current liabilities: | ||
Trade accounts payable | 19,170 | 16,368 |
Current maturities of long-term debt | 17,552 | 15,625 |
Accrued expenses | 90,979 | 105,007 |
Deferred income | 99,097 | 84,558 |
Total current liabilities | 226,798 | 221,558 |
Long-term debt | 1,922,887 | 1,884,270 |
Asset retirement obligation | 206,165 | 204,327 |
Other liabilities | 26,285 | 23,414 |
Total liabilities | 2,382,135 | 2,333,569 |
Stockholder's equity: | ||
Additional paid-in capital | 2,723,400 | 2,682,216 |
Accumulated comprehensive income | 1,251 | 2,454 |
Accumulated deficit | (1,755,439) | (1,717,779) |
Stockholder's equity | 969,212 | 966,891 |
Total liabilities and stockholder's equity | $ 3,351,347 | $ 3,300,460 |
Series AA Preferred Stock [Member] | ||
Stockholder's equity: | ||
Preferred stock, value | ||
Common Class A [Member] | ||
Stockholder's equity: | ||
Common stock, value | $ 82 | $ 81 |
Common Class B [Member] | ||
Stockholder's equity: | ||
Common stock, value | $ 15 | $ 15 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts | $ 10,151 | $ 7,957 |
Accumulated amortization | $ 17,090 | $ 14,764 |
Shares held in treasury | 104,836 | 0 |
LAMAR MEDIA CORP [Member] | ||
Allowance for doubtful accounts | $ 10,151 | $ 7,957 |
Accumulated amortization | $ 7,802 | $ 5,476 |
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 | $ 0.001 | $ 0.001 |
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 |
Common Class A [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 362,500,000 | 362,500,000 |
Common stock, shares issued | 82,020,154 | 80,933,071 |
Common stock, shares outstanding | 81,915,318 | 80,933,071 |
Common Class B [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net revenues | $ 344,249 | $ 330,433 | $ 646,726 | $ 615,366 |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | 115,951 | 114,277 | 229,183 | 225,785 |
General and administrative expenses (exclusive of depreciation and amortization) | 60,729 | 56,054 | 119,935 | 113,731 |
Corporate expenses (exclusive of depreciation and amortization) | 19,689 | 17,035 | 35,080 | 32,319 |
Depreciation and amortization | 48,725 | 71,049 | 97,955 | 140,575 |
Gain on disposition of assets | (191) | (1,020) | (2,027) | (1,226) |
Total Operating Expenses | 244,903 | 257,395 | 480,126 | 511,184 |
Operating income | 99,346 | 73,038 | 166,600 | 104,182 |
Other expense (income) | ||||
Loss on extinguishment of debt | 20,847 | 26,023 | ||
Other-than-temporary impairment of investment | 4,069 | |||
Interest income | (24) | (43) | (26) | (88) |
Interest expense | 24,712 | 26,086 | 49,244 | 56,354 |
Non-operating (Income) Expenses | 24,688 | 46,890 | 49,218 | 86,358 |
Income before income tax expense | 74,658 | 26,148 | 117,382 | 17,824 |
Income tax expense | 15,298 | 10,726 | 17,306 | 7,239 |
Net income | 59,360 | 15,422 | 100,076 | 10,585 |
Cash dividends declared and paid on preferred stock | 91 | 91 | 182 | 182 |
Net income applicable to common stock | $ 59,269 | $ 15,331 | $ 99,894 | $ 10,403 |
Earnings per share: | ||||
Basic and diluted earnings per share | $ 0.61 | $ 0.16 | $ 1.04 | $ 0.11 |
Cash dividends declared per share of common stock | $ 0.69 | $ 0.83 | $ 1.37 | $ 0.83 |
Weighted average common shares outstanding | 96,405,105 | 95,174,692 | 96,056,912 | 95,041,097 |
Incremental common shares from dilutive stock options | 77,814 | 415,530 | 58,675 | 423,180 |
Weighted average common shares diluted | 96,482,919 | 95,590,222 | 96,115,587 | 95,464,277 |
Statements of Comprehensive Income | ||||
Net income | $ 59,360 | $ 15,422 | $ 100,076 | $ 10,585 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 407 | 669 | (1,203) | 285 |
Comprehensive income | 59,767 | 16,091 | 98,873 | 10,870 |
LAMAR MEDIA CORP [Member] | ||||
Net revenues | 344,249 | 330,433 | 646,726 | 615,366 |
Operating expenses (income) | ||||
Direct advertising expenses (exclusive of depreciation and amortization) | 115,951 | 114,277 | 229,183 | 225,785 |
General and administrative expenses (exclusive of depreciation and amortization) | 60,729 | 56,054 | 119,935 | 113,731 |
Corporate expenses (exclusive of depreciation and amortization) | 19,600 | 16,942 | 34,903 | 32,124 |
Depreciation and amortization | 48,725 | 71,049 | 97,955 | 140,575 |
Gain on disposition of assets | (191) | (1,020) | (2,027) | (1,226) |
Total Operating Expenses | 244,814 | 257,302 | 479,949 | 510,989 |
Operating income | 99,435 | 73,131 | 166,777 | 104,377 |
Other expense (income) | ||||
Loss on extinguishment of debt | 20,847 | 26,023 | ||
Other-than-temporary impairment of investment | 4,069 | |||
Interest income | (24) | (43) | (26) | (88) |
Interest expense | 24,712 | 26,086 | 49,244 | 56,354 |
Non-operating (Income) Expenses | 24,688 | 46,890 | 49,218 | 86,358 |
Income before income tax expense | 74,747 | 26,241 | 117,559 | 18,019 |
Income tax expense | 15,298 | 10,761 | 17,306 | 7,317 |
Net income | 59,449 | 15,480 | 100,253 | 10,702 |
Statements of Comprehensive Income | ||||
Net income | 59,449 | 15,480 | 100,253 | 10,702 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | 407 | 669 | (1,203) | 285 |
Comprehensive income | $ 59,856 | $ 16,149 | $ 99,050 | $ 10,987 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 100,076 | $ 10,585 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 97,955 | 140,575 |
Stock-based compensation | 11,387 | 10,513 |
Amortization included in interest expense | 2,324 | 2,451 |
Gain on disposition of assets and investments | (2,027) | (1,226) |
Other-than-temporary impairment of investment | 4,069 | |
Loss on extinguishment of debt | 26,023 | |
Deferred tax expense (benefit) | 10,878 | (2,215) |
Provision for doubtful accounts | 3,986 | 2,750 |
(Increase) decrease in: | ||
Receivables | (18,419) | (25,420) |
Prepaid lease expenses | (22,798) | (20,941) |
Other assets | (5,324) | (5,378) |
Increase (decrease) in: | ||
Trade accounts payable | 1,856 | 2,846 |
Accrued expenses | (4,301) | 2,321 |
Other liabilities | 12,624 | 26,479 |
Net cash provided by operating activities | 188,217 | 173,432 |
Cash flows from investing activities: | ||
Acquisitions | (59,389) | (9,195) |
Capital expenditures | (56,365) | (54,255) |
Proceeds from disposition of assets and investments | 5,692 | 1,664 |
(Increase) decrease of notes receivable | (15) | 4,477 |
Net cash used in investing activities | (110,077) | (57,309) |
Cash flows from financing activities: | ||
Debt issuance costs | (17,081) | |
Cash used for purchase of treasury stock | (6,099) | (2,987) |
Net proceeds from issuance of common stock | 22,084 | 11,911 |
Principal payments on long term debt | (7,510) | (3,797) |
Payment on revolving credit facility | (107,000) | (220,000) |
Proceeds received from revolving credit facility | 155,000 | 155,000 |
Proceeds received from note offering | 510,000 | |
Payment on senior subordinated notes | (415,752) | |
Proceeds received from senior credit facility | 300,000 | |
Payment on senior credit facility | (352,106) | |
Distributions to non-controlling interest | (360) | (734) |
Dividends/distributions | (131,995) | (79,195) |
Net cash used in financing activities | (75,880) | (114,741) |
Effect of exchange rate changes in cash and cash equivalents | (840) | (177) |
Net increase in cash and cash equivalents | 1,420 | 1,205 |
Cash and cash equivalents at beginning of period | 26,035 | 33,212 |
Cash and cash equivalents at end of period | 27,455 | 34,417 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 46,906 | 47,570 |
Cash paid for foreign, state and federal income taxes | 7,453 | 9,295 |
LAMAR MEDIA CORP [Member] | ||
Cash flows from operating activities: | ||
Net income | 100,253 | 10,702 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 97,955 | 140,575 |
Stock-based compensation | 11,387 | 10,513 |
Amortization included in interest expense | 2,324 | 2,451 |
Gain on disposition of assets and investments | (2,027) | (1,226) |
Other-than-temporary impairment of investment | 4,069 | |
Loss on extinguishment of debt | 26,023 | |
Deferred tax expense (benefit) | 10,878 | (2,137) |
Provision for doubtful accounts | 3,986 | 2,750 |
(Increase) decrease in: | ||
Receivables | (18,419) | (25,420) |
Prepaid lease expenses | (22,798) | (20,941) |
Other assets | (5,324) | (5,378) |
Increase (decrease) in: | ||
Trade accounts payable | 1,856 | 2,846 |
Accrued expenses | (4,301) | 2,321 |
Other liabilities | (6,834) | 13,993 |
Net cash provided by operating activities | 168,936 | 161,141 |
Cash flows from investing activities: | ||
Acquisitions | (59,389) | (9,195) |
Capital expenditures | (56,365) | (54,255) |
Proceeds from disposition of assets and investments | 5,692 | 1,664 |
(Increase) decrease of notes receivable | (15) | 4,477 |
Net cash used in investing activities | (110,077) | (57,309) |
Cash flows from financing activities: | ||
Debt issuance costs | (17,081) | |
Principal payments on long term debt | (7,510) | (3,797) |
Payment on revolving credit facility | (107,000) | (220,000) |
Proceeds received from revolving credit facility | 155,000 | 155,000 |
Proceeds received from note offering | 510,000 | |
Payment on senior subordinated notes | (415,752) | |
Proceeds received from senior credit facility | 300,000 | |
Payment on senior credit facility | (352,106) | |
Distributions to non-controlling interest | (360) | (734) |
Contributions from parent | 41,184 | 24,020 |
Dividend to parent | (137,913) | (82,000) |
Net cash used in financing activities | (56,599) | (102,450) |
Effect of exchange rate changes in cash and cash equivalents | (840) | (177) |
Net increase in cash and cash equivalents | 1,420 | 1,205 |
Cash and cash equivalents at beginning of period | 25,535 | 32,712 |
Cash and cash equivalents at end of period | 26,955 | 33,917 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 46,906 | 47,570 |
Cash paid for foreign, state and federal income taxes | $ 7,453 | $ 9,295 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies | 1. Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2014 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued. |
LAMAR MEDIA CORP [Member] | |
Significant Accounting Policies | 1. Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2014 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 8, 9, 10, 12 and 13 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 2. Stock-Based Compensation Equity Incentive Plan. 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 and highly subjective assumptions, including expected term and expected volatility. The Company granted options for an aggregate of 23,000 shares of its Class A common stock during the six months ended June 30, 2015. Stock Purchase Plan. The number of shares of Class A common stock available under the 2009 ESPP was automatically increased by 80,932 shares on January 1, 2015 pursuant to the automatic increase provisions of the 2009 ESPP. The following is a summary of 2009 ESPP share activity for the six months ended June 30, 2015: Shares Available for future purchases, January 1, 2015 307,448 Additional shares reserved under 2009 ESPP 80,932 Purchases (55,676 ) Available for future purchases, June 30, 2015 332,704 Performance-based compensation. |
Depreciation and Amortization
Depreciation and Amortization | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Depreciation and Amortization | 3. Depreciation and Amortization The Company includes all categories of depreciation and amortization on a separate line in its Statements of Operations and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Operations and Comprehensive Income are: Three months ended Six months ended 2015 2014 2015 2014 Direct advertising expenses $ 44,805 $ 66,946 $ 89,890 $ 132,538 General and administrative expenses 834 1,080 1,557 2,101 Corporate expenses 3,086 3,023 6,508 5,936 $ 48,725 $ 71,049 $ 97,955 $ 140,575 Effective January 1, 2015, the Company changed its depreciation method from the double declining balance method to the straight-line method. The Company believes that the straight-line method better reflects the pattern of consumption of the future benefits to be derived from those assets being depreciated. The increase to operating income and net income and decrease to depreciation expense for the Company’s assets existing as of January 1, 2015 is $5,544 and $11,089 for the six months ended June 30, 2015 and the year to end December 31, 2015, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The following is a summary of intangible assets at June 30, 2015 and December 31, 2014: Estimated June 30, 2015 December 31, 2014 Life Gross Carrying Accumulated Gross Carrying Accumulated Customer lists and contracts 7—10 $ 503,722 $ 473,478 $ 499,310 $ 470,170 Non-competition agreements 3—15 64,302 63,324 64,062 63,192 Site locations 15 1,562,315 1,224,229 1,531,161 1,194,709 Other 5—15 14,008 13,507 14,008 13,485 $ 2,144,347 $ 1,774,538 $ 2,108,541 $ 1,741,556 Unamortizable intangible assets: Goodwill $ 1,779,528 $ 253,536 $ 1,766,304 $ 253,536 |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 5. Asset Retirement Obligations The Company’s asset retirement obligations include 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, 2014 $ 204,327 Additions to asset retirement obligations 1,120 Accretion expense 2,436 Liabilities settled (1,718 ) Balance at June 30, 2015 $ 206,165 |
Summarized Financial Informatio
Summarized Financial Information of Subsidiaries | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Summarized Financial Information of Subsidiaries | 6. 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 June 30, 2015 and December 31, 2014, 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 $2,361,949 and $2,269,393, respectively. As of June 30, 2015, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein, unless, after giving effect to 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 June 30, 2015, 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 June 30, 2015 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. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. Earnings Per Share The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and six months ended June 30, 2015 or 2014. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 8. Long-term Debt Long-term debt consists of the following at June 30, 2015 and December 31, 2014: June 30, December 31, Senior Credit Facility $ 394,250 $ 353,750 5 7/8% Senior Subordinated Notes 500,000 500,000 5% Senior Subordinated Notes 535,000 535,000 5 3/8% Senior Notes 510,000 510,000 Other notes with various rates and terms 1,189 1,145 1,940,439 1,899,895 Less current maturities (17,552 ) (15,625 ) Long-term debt, excluding current maturities $ 1,922,887 $ 1,884,270 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 Notes at a price equal to 101% of the principal amount of the 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 105.375% 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 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 September 30, 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 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 2.0%; (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 revolving credit facility bears 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 1.25% (or the Adjusted Base Rate plus 1.0% at any time the total debt ratio is less than or equal to 4.25 to 1, 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 June 30, 2015, there was $113,000 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 in letters of credit outstanding as of June 30, 2015 resulting in $280,154 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 senior credit agreement provisions during the periods presented. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 9. Fair Value of Financial Instruments At June 30, 2015 and December 31, 2014, 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. Investment contracts 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 $1,965,303 which exceeded both the gross and carrying amount of $1,940,439 as of June 30, 2015. 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). |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
New Accounting Pronouncements | 10. New Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest – Imputation of interest: Simplifying the Presentation of Debt Issuance Costs |
Dividends_Distributions
Dividends/Distributions | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Dividends/Distributions | 11. Dividends/Distributions During the six months ended June 30, 2015, the Company declared and paid cash distributions of its REIT taxable income of an aggregate of $131,813 or $1.37 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 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 to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs) and other factors that the Board of Directors may deem relevant. During the six months ended June 30, 2015, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate of $182 or $31.90 per share. |
Information about Geographic Ar
Information about Geographic Areas | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | 12. Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $15,259 and $16,106 for the six months ended June 30, 2015 and 2014, respectively. Net carrying value of long lived assets located in foreign countries totaled $6,597 and $7,324 for the periods ended June 30, 2015 and December 31, 2014, respectively. All other revenues from external customers and long lived assets relate to domestic operations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes During the six months ended June 30, 2015 the Company recorded a non-cash valuation allowance of $13,100 related to the net operating losses on its Puerto Rico operations. The valuation allowance was necessary due to an enacted tax law change in Puerto Rico on May 29, 2015, which limits our ability to use these net operating losses prior to their expiration. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of ESPP Share Activity | The following is a summary of 2009 ESPP share activity for the six months ended June 30, 2015: Shares Available for future purchases, January 1, 2015 307,448 Additional shares reserved under 2009 ESPP 80,932 Purchases (55,676 ) Available for future purchases, June 30, 2015 332,704 |
Depreciation and Amortization (
Depreciation and Amortization (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Operations and Comprehensive Income | The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Operations and Comprehensive Income are: Three months ended Six months ended 2015 2014 2015 2014 Direct advertising expenses $ 44,805 $ 66,946 $ 89,890 $ 132,538 General and administrative expenses 834 1,080 1,557 2,101 Corporate expenses 3,086 3,023 6,508 5,936 $ 48,725 $ 71,049 $ 97,955 $ 140,575 |
Goodwill and Other Intangible21
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets at June 30, 2015 and December 31, 2014: Estimated June 30, 2015 December 31, 2014 Life Gross Carrying Accumulated Gross Carrying Accumulated Customer lists and contracts 7—10 $ 503,722 $ 473,478 $ 499,310 $ 470,170 Non-competition agreements 3—15 64,302 63,324 64,062 63,192 Site locations 15 1,562,315 1,224,229 1,531,161 1,194,709 Other 5—15 14,008 13,507 14,008 13,485 $ 2,144,347 $ 1,774,538 $ 2,108,541 $ 1,741,556 Unamortizable intangible assets: Goodwill $ 1,779,528 $ 253,536 $ 1,766,304 $ 253,536 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 $ 204,327 Additions to asset retirement obligations 1,120 Accretion expense 2,436 Liabilities settled (1,718 ) Balance at June 30, 2015 $ 206,165 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following at June 30, 2015 and December 31, 2014: June 30, December 31, Senior Credit Facility $ 394,250 $ 353,750 5 7/8% Senior Subordinated Notes 500,000 500,000 5% Senior Subordinated Notes 535,000 535,000 5 3/8% Senior Notes 510,000 510,000 Other notes with various rates and terms 1,189 1,145 1,940,439 1,899,895 Less current maturities (17,552 ) (15,625 ) Long-term debt, excluding current maturities $ 1,922,887 $ 1,884,270 |
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 September 30, 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 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting terms | Vesting terms ranging from three to five years and include 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. | |
Non cash compensation expense | $ 11,387 | $ 10,513 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration date of options granted under equity incentive plan | 10 years | |
Term of director | 1 year | |
Restricted Stock [Member] | Percentage of awards vesting on grant date [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of awards vesting on grant date | 50.00% | |
Restricted Stock [Member] | Percentage of Awards Vesting On Last Day of Directors Term [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of awards vesting on grant date | 50.00% | |
Common Class A [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
The Company granted options for an aggregate shares of its Class A common stock | 23,000 | |
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] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non cash compensation expense | $ 229 | |
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 | 80,932 | |
Performance Based Compensation [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non cash compensation expense | $ 6,355 | |
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% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Espp Share Activity (Detail) - 2009 Employee Stock Purchase Plan [Member] | 6 Months Ended |
Jun. 30, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Available for future purchases, January 1, 2015 | 307,448 |
Additional shares reserved under 2009 ESPP | 80,932 |
Purchases | (55,676) |
Available for future purchases, June 30, 2015 | 332,704 |
Depreciation and Amortization -
Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Depreciation and Amortization Expense [Line Items] | ||||
Depreciation and amortization | $ 48,725 | $ 71,049 | $ 97,955 | $ 140,575 |
Direct Advertising Expenses [Member] | ||||
Depreciation and Amortization Expense [Line Items] | ||||
Depreciation and amortization | 44,805 | 66,946 | 89,890 | 132,538 |
General and Administrative Expenses [Member] | ||||
Depreciation and Amortization Expense [Line Items] | ||||
Depreciation and amortization | 834 | 1,080 | 1,557 | 2,101 |
Corporate Expenses [Member] | ||||
Depreciation and Amortization Expense [Line Items] | ||||
Depreciation and amortization | $ 3,086 | $ 3,023 | $ 6,508 | $ 5,936 |
Depreciation and Amortization27
Depreciation and Amortization - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2015 | |
Depreciation and Amortization Expense [Line Items] | ||
Increase in net income and operating income due to depreciation adjustment | $ 5,544 | |
Scenario, Forecast [Member] | ||
Depreciation and Amortization Expense [Line Items] | ||
Increase in net income and operating income due to depreciation adjustment | $ 11,089 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,144,347 | $ 2,108,541 |
Accumulated Amortization | 1,774,538 | 1,741,556 |
Goodwill gross carrying amount | 1,779,528 | 1,766,304 |
Goodwill accumulated amortization | 253,536 | 253,536 |
Customer Lists and Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 503,722 | 499,310 |
Accumulated Amortization | $ 473,478 | 470,170 |
Customer Lists and Contracts [Member] | Minimum [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 | |
Non-competition Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 64,302 | 64,062 |
Accumulated Amortization | $ 63,324 | 63,192 |
Non-competition Agreements [Member] | Minimum [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 | |
Site Locations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,562,315 | 1,531,161 |
Accumulated Amortization | $ 1,224,229 | 1,194,709 |
Site Locations [Member] | Maximum [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 | $ 13,507 | $ 13,485 |
Other [Member] | Minimum [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 |
Asset Retirement Obligations -
Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Asset Retirement Obligation Disclosure [Abstract] | |
Beginning Balance | $ 204,327 |
Additions to asset retirement obligations | 1,120 |
Accretion expense | 2,436 |
Liabilities settled | (1,718) |
Ending Balance | $ 206,165 |
Summarized Financial Informat30
Summarized Financial Information of Subsidiaries - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Balance of permitted transfers to parent company | $ 2,361,949 | $ 2,269,393 |
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 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options | 0 | 0 | 0 | 0 |
Long-term Debt - Long-Term Debt
Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long Term Debt | $ 1,940,439 | $ 1,899,895 |
Less current maturities | (17,552) | (15,625) |
Long-term debt, excluding current maturities | 1,922,887 | 1,884,270 |
Senior Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 394,250 | 353,750 |
5 7/8% Senior Subordinated Notes [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 3/8% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | 510,000 | 510,000 |
Other Notes with Various Rates and Terms [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt | $ 1,189 | $ 1,145 |
Long-term Debt - Long-Term De33
Long-term Debt - Long-Term Debt (Parenthetical) (Detail) | Jun. 30, 2015 | Jan. 10, 2014 | Oct. 30, 2012 | Feb. 09, 2012 |
5 7/8% Senior Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.875% | 5.875% | ||
5% Senior Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.00% | 5.00% | ||
5 3/8% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on senior notes | 5.375% | 5.375% |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) | Apr. 18, 2014USD ($) | Jan. 10, 2014USD ($) | Oct. 30, 2012USD ($) | Feb. 09, 2012USD ($) | Jun. 30, 2015USD ($) | Feb. 03, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of debt issued | $ 1,940,439,000 | |||||
Amended and restated date | Apr. 18, 2014 | |||||
Remaining borrowing capacity under revolving credit facility | 280,154,000 | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding revolving credit facility | 113,000,000 | |||||
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 | |||||
Term A Loan Facility [Member] | LIBO Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 2.00% | |||||
Ratio of indebtedness to net capital minimum | 1 | |||||
Ratio of indebtedness to net capital one | 3 | |||||
Term A Loan Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 1.00% | |||||
Ratio of indebtedness to net capital minimum | 1 | |||||
Ratio of indebtedness to net capital one | 3 | |||||
Term A Loan Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | LIBO Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 1.75% | |||||
Term A Loan Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 0.75% | |||||
Revolving Credit Facility [Member] | LIBO Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 2.25% | |||||
Ratio of indebtedness to net capital minimum | 1 | |||||
Ratio of indebtedness to net capital one | 3 | |||||
Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 1.25% | |||||
Ratio of indebtedness to net capital minimum | 1 | |||||
Ratio of indebtedness to net capital one | 3 | |||||
Revolving Credit Facility [Member] | LAMAR MEDIA CORP [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility maturity date | Feb. 2, 2019 | |||||
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | LIBO Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 1.75% | |||||
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Three [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 0.75% | |||||
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member] | LIBO Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 2.00% | |||||
Ratio of indebtedness to net capital minimum | 1 | |||||
Ratio of indebtedness to net capital one | 4.25 | |||||
Revolving Credit Facility [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted Rate | 1.00% | |||||
Ratio of indebtedness to net capital minimum | 1 | |||||
Ratio of indebtedness to net capital one | 4.25 | |||||
5 7/8% Senior Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on convertible notes | 5.875% | 5.875% | ||||
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 | 105.875% | |||||
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 | 5.375% | 5.375% | ||||
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 | 105.375% | |||||
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% | |||||
Debt instrument redemption period | 120 days | |||||
Incremental Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing limit of incremental loan facility | $ 500,000,000 | $ 500,000,000 | ||||
7 7/8% Senior Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on convertible notes | 7.875% | |||||
Aggregate principal amount of debt issued | $ 400,000,000 | |||||
Senior Credit Facility [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing limit of incremental loan facility | $ 400,000,000 |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Long Term Debt (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
September 30, 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 |
Long-term Debt - Schedule of 36
Long-term Debt - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
September 30, 2015- March 31, 2016 [Member] | |
Debt Instrument [Line Items] | |
Principal payment date | Sep. NaN, 2015 |
June 30, 2016- March 31, 2017 [Member] | |
Debt Instrument [Line Items] | |
Principal payment date | Jun. NaN, 2016 |
June 30, 2017-December 31, 2018 [Member] | |
Debt Instrument [Line Items] | |
Principal payment date | Jun. NaN, 2017 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Fair Value Disclosures [Abstract] | |
Estimated fair value of Long-term debt (including current maturities) | $ 1,965,303 |
Gross amount of company's long term debt | 1,940,439 |
Carrying amount of company's long term debt | $ 1,940,439 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Puerto Rico [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards, Valuation Allowance | $ 13,100 |
Dividends_Distributions - Addit
Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Dividends [Line Items] | ||||
Distribution paid, preferred stockholders | $ 91 | $ 91 | $ 182 | $ 182 |
Distribution paid, preferred stockholders, per share | $ 31.90 | |||
Taxable Income Distribution [Member] | ||||
Dividends [Line Items] | ||||
Cash distributions paid | $ 131,813 | |||
Cash distributions paid, per share | $ 1.37 |
Information about Geographic 40
Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net carrying value of long lived assets | $ 6,597 | $ 7,324 | |
External Customers [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from external customers | $ 15,259 | $ 16,106 |