Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | 1-May-14 | 1-May-14 | Mar. 31, 2014 | 1-May-14 | |
Common Class A [Member] | Common Class B [Member] | LAMAR MEDIA CORP [Member] | LAMAR MEDIA CORP [Member] | ||
Class Units [Member] | |||||
Document Information [Line Items] | ' | ' | ' | ' | ' |
Document Type | '10-Q | ' | ' | '10-Q | ' |
Amendment Flag | 'false | ' | ' | 'false | ' |
Document Period End Date | 31-Mar-14 | ' | ' | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' | ' | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' | 'Q1 | ' |
Trading Symbol | 'LAMR | ' | ' | ' | ' |
Entity Registrant Name | 'LAMAR ADVERTISING CO/NEW | ' | ' | 'LAMAR MEDIA CORP/DE | ' |
Entity Central Index Key | '0001090425 | ' | ' | '0000899045 | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 80,530,712 | 14,610,365 | ' | 100 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $68,741 | $33,212 |
Receivables, net of allowance for doubtful accounts | 162,260 | 161,741 |
Prepaid expenses | 63,248 | 42,048 |
Deferred income tax assets | 7,982 | 10,378 |
Other current assets | 40,886 | 34,679 |
Total current assets | 343,117 | 282,058 |
Property, plant and equipment | 3,051,281 | 3,036,456 |
Less accumulated depreciation and amortization | -1,945,776 | -1,914,527 |
Net property, plant and equipment | 1,105,505 | 1,121,929 |
Goodwill | 1,503,462 | 1,503,553 |
Intangible assets | 395,745 | 419,385 |
Deferred financing costs, net of accumulated amortization | 36,808 | 30,290 |
Other assets | 41,941 | 44,403 |
Total assets | 3,426,578 | 3,401,618 |
Current liabilities: | ' | ' |
Trade accounts payable | 18,084 | 13,341 |
Current maturities of long-term debt | 776 | 55,935 |
Accrued expenses | 97,027 | 98,924 |
Deferred income | 86,727 | 77,153 |
Total current liabilities | 202,614 | 245,353 |
Long-term debt | 1,945,985 | 1,882,867 |
Deferred income tax liabilities | 111,998 | 119,150 |
Asset retirement obligation | 202,147 | 200,831 |
Other liabilities | 21,776 | 20,471 |
Total liabilities | 2,484,520 | 2,468,672 |
Stockholder's equity: | ' | ' |
Additional paid-in capital | 2,487,785 | 2,470,375 |
Accumulated comprehensive income | 3,483 | 3,867 |
Accumulated deficit | -652,505 | -647,577 |
Cost of shares held in treasury, 17,270,930 and 17,216,635 shares in 2014 and 2013, respectively | -896,818 | -893,831 |
Stockholders' equity | 942,058 | 932,946 |
Total liabilities and stockholder's equity | 3,426,578 | 3,401,618 |
LAMAR MEDIA CORP [Member] | ' | ' |
Current assets: | ' | ' |
Cash and cash equivalents | 68,241 | 32,712 |
Receivables, net of allowance for doubtful accounts | 162,260 | 161,741 |
Prepaid expenses | 63,248 | 42,048 |
Deferred income tax assets | 7,982 | 10,378 |
Other current assets | 40,886 | 34,679 |
Total current assets | 342,617 | 281,558 |
Property, plant and equipment | 3,051,281 | 3,036,456 |
Less accumulated depreciation and amortization | -1,945,776 | -1,914,527 |
Net property, plant and equipment | 1,105,505 | 1,121,929 |
Goodwill | 1,493,310 | 1,493,401 |
Intangible assets | 395,277 | 418,919 |
Deferred financing costs, net of accumulated amortization | 34,855 | 28,336 |
Other assets | 36,655 | 39,118 |
Total assets | 3,408,219 | 3,383,261 |
Current liabilities: | ' | ' |
Trade accounts payable | 18,084 | 13,341 |
Current maturities of long-term debt | 776 | 55,935 |
Accrued expenses | 93,542 | 95,632 |
Deferred income | 86,727 | 77,153 |
Total current liabilities | 199,129 | 242,061 |
Long-term debt | 1,945,985 | 1,882,867 |
Deferred income tax liabilities | 145,431 | 152,541 |
Asset retirement obligation | 202,147 | 200,831 |
Other liabilities | 21,776 | 20,471 |
Total liabilities | 2,514,468 | 2,498,771 |
Stockholder's equity: | ' | ' |
Common stock, value | ' | ' |
Additional paid-in capital | 2,661,424 | 2,644,015 |
Accumulated comprehensive income | 3,483 | 3,867 |
Accumulated deficit | -1,771,156 | -1,763,392 |
Stockholders' equity | 893,751 | 884,490 |
Total liabilities and stockholder's equity | 3,408,219 | 3,383,261 |
Series AA Preferred Stock [Member] | ' | ' |
Stockholder's equity: | ' | ' |
Preferred stock, value | ' | ' |
Preferred Class A [Member] | ' | ' |
Stockholder's equity: | ' | ' |
Preferred stock, value | ' | ' |
Common Class A [Member] | ' | ' |
Stockholder's equity: | ' | ' |
Common stock, value | 98 | 97 |
Common Class B [Member] | ' | ' |
Stockholder's equity: | ' | ' |
Common stock, value | $15 | $15 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $8,257 | $7,615 |
Accumulated amortization | 15,013 | 25,180 |
Shares held in treasury | 17,270,930 | 17,216,635 |
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 | 10,000 | 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 | 175,000,000 | 175,000,000 |
Common stock, shares issued | 97,800,442 | 97,426,144 |
Common stock, shares outstanding | 80,529,512 | 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 |
LAMAR MEDIA CORP [Member] | ' | ' |
Allowance for doubtful accounts | 8,257 | 7,615 |
Accumulated amortization | $5,725 | $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 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net revenues | $284,933 | $276,605 |
Operating expenses (income) | ' | ' |
Direct advertising expenses (exclusive of depreciation and amortization) | 111,508 | 106,519 |
General and administrative expenses (exclusive of depreciation and amortization) | 57,677 | 63,138 |
Corporate expenses (exclusive of depreciation and amortization) | 15,284 | 14,598 |
Depreciation and amortization | 69,526 | 73,901 |
Gain on disposition of assets | -206 | -606 |
Total Operating Expenses | 253,789 | 257,550 |
Operating income | 31,144 | 19,055 |
Other expense (income) | ' | ' |
Loss on extinguishment of debt | 5,176 | ' |
Other-than-temporary-impairment of investment | 4,069 | ' |
Interest income | -45 | -28 |
Interest expense | 30,268 | 36,700 |
Non-operating (Income) Expenses | 39,468 | 36,672 |
Loss before income tax benefit | -8,324 | -17,617 |
Income tax benefit | -3,487 | -7,354 |
Net loss | -4,837 | -10,263 |
Preferred stock dividends | 91 | 91 |
Net loss applicable to common stock | -4,928 | -10,354 |
Loss per share: | ' | ' |
Basic and diluted loss per share | ($0.05) | ($0.11) |
Weighted average common shares outstanding | 94,906,018 | 93,974,956 |
Incremental common shares from dilutive stock options | ' | ' |
Weighted average common shares diluted | 94,906,018 | 93,974,956 |
Statement of Comprehensive Income (Loss) | ' | ' |
Net loss | -4,837 | -10,263 |
Other comprehensive income (loss) | ' | ' |
Foreign currency translation adjustments | -384 | -666 |
Comprehensive loss | -5,221 | -10,929 |
LAMAR MEDIA CORP [Member] | ' | ' |
Net revenues | 284,933 | 276,605 |
Operating expenses (income) | ' | ' |
Direct advertising expenses (exclusive of depreciation and amortization) | 111,508 | 106,519 |
General and administrative expenses (exclusive of depreciation and amortization) | 57,677 | 63,138 |
Corporate expenses (exclusive of depreciation and amortization) | 15,182 | 14,505 |
Depreciation and amortization | 69,526 | 73,901 |
Gain on disposition of assets | -206 | -606 |
Total Operating Expenses | 253,687 | 257,457 |
Operating income | 31,246 | 19,148 |
Other expense (income) | ' | ' |
Loss on extinguishment of debt | 5,176 | ' |
Other-than-temporary-impairment of investment | 4,069 | ' |
Interest income | -45 | -28 |
Interest expense | 30,268 | 36,700 |
Non-operating (Income) Expenses | 39,468 | 36,672 |
Loss before income tax benefit | -8,222 | -17,524 |
Income tax benefit | -3,444 | -7,312 |
Net loss | -4,778 | -10,212 |
Statement of Comprehensive Income (Loss) | ' | ' |
Net loss | -4,778 | -10,212 |
Other comprehensive income (loss) | ' | ' |
Foreign currency translation adjustments | -384 | -666 |
Comprehensive loss | ($5,162) | ($10,878) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($4,837) | ($10,263) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 69,526 | 73,901 |
Non-cash equity based compensation | 3,912 | 10,773 |
Amortization included in interest expense | 1,283 | 2,906 |
Gain on disposition of assets and investment | -206 | -606 |
Other-than-temporary-impairment of investment | 4,069 | ' |
Loss on extinguishment of debt | 5,176 | ' |
Deferred tax benefit | -5,365 | -7,767 |
Provision for doubtful accounts | 1,600 | 1,277 |
(Increase) decrease in: | ' | ' |
Receivables | -2,357 | 1,961 |
Prepaid expenses | -22,043 | -20,230 |
Other assets | -5,855 | -2,322 |
Increase (decrease) in: | ' | ' |
Trade accounts payable | 2,833 | 1,714 |
Accrued expenses | 6,073 | 9,267 |
Other liabilities | 8,775 | -8,890 |
Net cash provided by operating activities | 62,584 | 51,721 |
Cash flows from investing activities: | ' | ' |
Acquisitions | -4,281 | -5,337 |
Capital expenditures | -22,398 | -25,788 |
Proceeds from disposition of assets | 897 | 1,739 |
Payment received on notes receivable | 10 | 31 |
Net cash used in investing activities | -25,772 | -29,355 |
Cash flows from financing activities: | ' | ' |
Cash used for purchase of treasury stock | -2,987 | -4,200 |
Net proceeds from issuance of common stock | 7,697 | 7,036 |
Principal payments on long term debt | -23 | -8,147 |
Payment on revolving credit facility | -150,000 | ' |
Proceeds received from note offering | 510,000 | ' |
Payment on senior credit agreement | -352,106 | ' |
Debt issuance costs | -12,947 | -49 |
Distributions | -180 | ' |
Dividends | -91 | -91 |
Net cash provided by (used in) financing activities | -637 | -5,451 |
Effect of exchange rate changes in cash and cash equivalents | -646 | -352 |
Net increase in cash and cash equivalents | 35,529 | 16,563 |
Cash and cash equivalents at beginning of period | 33,212 | 58,911 |
Cash and cash equivalents at end of period | 68,741 | 75,474 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 15,753 | 17,936 |
Cash paid for foreign, state and federal income taxes | 726 | 441 |
LAMAR MEDIA CORP [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -4,778 | -10,212 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 69,526 | 73,901 |
Non-cash equity based compensation | 3,912 | 10,773 |
Amortization included in interest expense | 1,283 | 2,906 |
Gain on disposition of assets and investment | -206 | -606 |
Other-than-temporary-impairment of investment | 4,069 | ' |
Loss on extinguishment of debt | 5,176 | ' |
Deferred tax benefit | -5,322 | -7,725 |
Provision for doubtful accounts | 1,600 | 1,277 |
(Increase) decrease in: | ' | ' |
Receivables | -2,357 | 1,961 |
Prepaid expenses | -22,043 | -20,230 |
Other assets | -5,855 | -2,322 |
Increase (decrease) in: | ' | ' |
Trade accounts payable | 2,833 | 1,714 |
Accrued expenses | 6,073 | 9,267 |
Other liabilities | -1,130 | -18,974 |
Net cash provided by operating activities | 52,781 | 41,730 |
Cash flows from investing activities: | ' | ' |
Acquisitions | -4,281 | -5,337 |
Capital expenditures | -22,398 | -25,788 |
Proceeds from disposition of assets | 897 | 1,739 |
Payment received on notes receivable | 10 | 31 |
Net cash used in investing activities | -25,772 | -29,355 |
Cash flows from financing activities: | ' | ' |
Principal payments on long term debt | -23 | -8,147 |
Payment on revolving credit facility | -150,000 | ' |
Proceeds received from note offering | 510,000 | ' |
Payment on senior credit agreement | -352,106 | ' |
Debt issuance costs | -12,947 | -49 |
Distributions | -180 | ' |
Dividend to parent | -2,987 | -4,200 |
Contributions from parent | 17,409 | 16,936 |
Net cash provided by (used in) financing activities | 9,166 | 4,540 |
Effect of exchange rate changes in cash and cash equivalents | -646 | -352 |
Net increase in cash and cash equivalents | 35,529 | 16,563 |
Cash and cash equivalents at beginning of period | 32,712 | 58,411 |
Cash and cash equivalents at end of period | 68,241 | 74,974 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 15,753 | 17,936 |
Cash paid for foreign, state and federal income taxes | $726 | $441 |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
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 2013 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 2013 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 and 11 to the condensed consolidated financial statements of the Company included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||
Stock-Based Compensation | ' | ||||
2. Stock-Based Compensation | |||||
Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended (the “Incentive Plan”) has reserved 15.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options 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 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. 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. | |||||
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 14,000 shares of its Class A common stock during the three months ended March 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 period ended March 31, 2014: | |||||
Shares | |||||
Available for future purchases, January 1, 2014 | 327,689 | ||||
Additional shares reserved under 2009 ESPP | 80,209 | ||||
Purchases | (29,590 | ) | |||
Available for future purchases, March 31, 2014 | 378,308 | ||||
Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under our 1996 Equity Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2014 results. Any shares issued based on the achievement of performance goals will be 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. For the three months ended March 31, 2014, the Company has recorded $1,423 as non-cash compensation expense related to performance based awards. In addition, each non-employee director automatically receives upon election or re-election a restricted stock award of our Class A common stock. The awards vest 50% on grant date and 50% on the last day of each director’s one-year term. The Company recorded $31 as non-cash compensation expense related to these non-employee director awards for the three months ended March 31, 2014. |
Depreciation_and_Amortization
Depreciation and Amortization | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 Statement of Operations and Comprehensive Income (Loss). The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statement of Operations and Comprehensive Income (Loss) are: | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Direct advertising expenses | $ | 65,592 | $ | 68,226 | |||||
General and administrative expenses | 1,021 | 876 | |||||||
Corporate expenses | 2,913 | 4,799 | |||||||
$ | 69,526 | $ | 73,901 | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||||||||||
Estimated | March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Life | |||||||||||||||||||||
(Years) | Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||||
Customer lists and contracts | 7 – 10 | $ | 492,280 | $ | 464,889 | $ | 492,299 | $ | 463,188 | ||||||||||||
Non-competition agreements | 3 – 15 | 63,941 | 62,986 | 63,933 | 62,914 | ||||||||||||||||
Site locations | 15 | 1,498,381 | 1,131,537 | 1,495,635 | 1,106,947 | ||||||||||||||||
Other | 5 – 15 | 14,008 | 13,453 | 14,008 | 13,441 | ||||||||||||||||
$ | 2,068,610 | $ | 1,672,865 | $ | 2,065,875 | $ | 1,646,490 | ||||||||||||||
Unamortizable Intangible Assets: | |||||||||||||||||||||
Goodwill | $ | 1,756,998 | $ | 253,536 | $ | 1,757,089 | $ | 253,536 |
Asset_Retirement_Obligations
Asset Retirement Obligations | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
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, 2013 | $ | 200,831 | |||
Additions to asset retirement obligations | 584 | ||||
Accretion expense | 1,425 | ||||
Liabilities settled | (693 | ) | |||
Balance at March 31, 2014 | $ | 202,147 | |||
Summarized_Financial_Informati
Summarized Financial Information of Subsidiaries | 3 Months Ended |
Mar. 31, 2014 | |
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 the senior credit facility. As of March 31, 2014 and December 31, 2013, Lamar Media was permitted under the terms of its outstanding senior subordinated notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $2,140,551 and $2,072,542, respectively. 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 5.75 to 1 or (ii) the senior debt ratio is equal to or greater than 3.25 to 1. As of March 31, 2014, the total debt ratio was less than 5.75 to 1 and Lamar Media’s senior debt ratio was less than 3.25 to 1; therefore, dividends or distributions to Lamar Advertising were not subject to any additional restrictions under the senior credit facility. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2014 | |
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. The number of dilutive shares excluded from this calculation because of their anti-dilutive effect for stock options is 462,977 and 375,285 for the three months ended March 31, 2014 and 2013. |
Longterm_Debt
Long-term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
8. Long-term Debt | |||||||||
Long-term debt consists of the following at March 31, 2014 and December 31, 2013: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Senior Credit Facility | $ | — | $ | 502,106 | |||||
7 7/8% Senior Subordinated Notes | 400,000 | 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 | 1,761 | 1,696 | |||||||
1,946,761 | 1,938,802 | ||||||||
Less current maturities | (776 | ) | (55,935 | ) | |||||
Long-term debt, excluding current maturities | $ | 1,945,985 | $ | 1,882,867 | |||||
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. | |||||||||
Lamar Media may redeem up to 35% of the aggregate principal amount of the Notes, at any time and from time to time, at a price equal to 107.875% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon (including additional interest, if any), with the net cash proceeds of certain public equity offerings completed before April 15, 2013, provided that following the redemption at least 65% of the 7 7/8% Notes that were originally issued remain outstanding. At any time prior to April 15, 2014, Lamar Media may redeem some or all of the 7 7/8% Notes at a price equal to 100% of the principal amount plus a make-whole premium. On or after April 15, 2014, Lamar Media may redeem the 7 7/8% Notes, in whole or part, in cash at redemption prices specified in the 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 7 7/8% Notes at a price equal to 101% of the principal amount of the 7 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. | |||||||||
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 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. | |||||||||
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. | |||||||||
As of March 31, 2014, there were no amounts 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 $6,973 letters of credit outstanding as of March 31, 2014 resulting in $393,027 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 LIBOR 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. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
9. Fair Value of Financial Instruments | |
At March 31, 2014 and December 31, 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. 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 $2,011,087 which exceeded the carrying amount of $1,946,761 as of March 31, 2014. |
Adjustments_to_Previously_Repo
Adjustments to Previously Reported Amounts | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Adjustments to Previously Reported Amounts | ' |
10. Adjustments to Previously Reported Amounts | |
Immaterial Correction of an Error. Commencing with the fourth quarter of 2013, the Company revised previously reported amounts due to a change from recognizing revenue on a monthly basis over the term of the advertising contract to recognizing revenue on a daily basis over the term of the advertising contract. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, management evaluated the materiality of the error from qualitative and quantitative perspectives, and concluded the error was immaterial to the current and prior periods. The correction of the immaterial error resulted in a reduction of net revenue and net income of $6,874 and $4,193, respectively, for the three months ended March 31, 2013. The correction also resulted in a decrease of $0.04 in earnings per basic and dilutive share for the three months ended March 31, 2013. | |
The Company revised its historical financial statements as published in our 2013 Combined 10-K for fiscal 2011 and 2012, and the three months ended March 31, 2013 contained therein. The Company will revise the quarters ended June 30, 2013 and September 30, 2013, when they are published in future filings. |
Subsequent_Events
Subsequent Events | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Subsequent Events [Abstract] | ' | ||||
Subsequent Events | ' | ||||
11. Subsequent Events | |||||
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% Senior Subordinated Notes due 2018 on April 21, 2014. | |||||
The Term A Loans mature on February 2, 2019 and will begin amortizing on June 30, 2014 in quarterly installments paid on such date and on each September 30, December 31, March 31 and June 30 thereafter, as follows: | |||||
Principal Payment Date | Principal Amount | ||||
June 30, 2014-March 31, 2016 | $ | 3,750,000 | |||
June 30, 2016- March 31, 2017 | $ | 5,625,000 | |||
June 30, 2017-December 31, 2018 | $ | 11,250,000 | |||
Term A Loan Maturity Date | $ | 168,750,000 | |||
The Term A Loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar Term A Loans”) or the Adjusted Base Rate (“Base Rate Term A Loans”), at Lamar Media’s option. Eurodollar Term A Loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.00% (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 Term A 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. | |||||
On April 23, 2014, the Company received its requested private letter ruling from the U.S. Internal Revenue Service (the “IRS”) regarding certain matters relevant to its intended election to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the “Code”). As previously announced, the Company intends to make an election under §1033(g)(3) of the Code to treat its outdoor advertising displays as real property for tax purposes. The private letter ruling confirms, among other matters, that the Company’s income from renting space on such outdoor advertising displays qualifies as rents from real property for REIT purposes. The Company’s conversion to REIT status is expected to be effective as of January 1, 2014, subject to final approval of the Company’s board of directors. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||
Summary of ESPP Share Activity | ' | ||||
The following is a summary of 2009 ESPP share activity for the period ended March 31, 2014: | |||||
Shares | |||||
Available for future purchases, January 1, 2014 | 327,689 | ||||
Additional shares reserved under 2009 ESPP | 80,209 | ||||
Purchases | (29,590 | ) | |||
Available for future purchases, March 31, 2014 | 378,308 | ||||
Depreciation_and_Amortization_
Depreciation and Amortization (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Depreciation and Amortization Expense Excluded from Operating Expenses | ' | ||||||||
The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statement of Operations and Comprehensive Income (Loss) are: | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Direct advertising expenses | $ | 65,592 | $ | 68,226 | |||||
General and administrative expenses | 1,021 | 876 | |||||||
Corporate expenses | 2,913 | 4,799 | |||||||
$ | 69,526 | $ | 73,901 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Intangible Assets | ' | ||||||||||||||||||||
The following is a summary of intangible assets at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||
Estimated | March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Life | |||||||||||||||||||||
(Years) | Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||||
Customer lists and contracts | 7 – 10 | $ | 492,280 | $ | 464,889 | $ | 492,299 | $ | 463,188 | ||||||||||||
Non-competition agreements | 3 – 15 | 63,941 | 62,986 | 63,933 | 62,914 | ||||||||||||||||
Site locations | 15 | 1,498,381 | 1,131,537 | 1,495,635 | 1,106,947 | ||||||||||||||||
Other | 5 – 15 | 14,008 | 13,453 | 14,008 | 13,441 | ||||||||||||||||
$ | 2,068,610 | $ | 1,672,865 | $ | 2,065,875 | $ | 1,646,490 | ||||||||||||||
Unamortizable Intangible Assets: | |||||||||||||||||||||
Goodwill | $ | 1,756,998 | $ | 253,536 | $ | 1,757,089 | $ | 253,536 |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 3 Months Ended | ||||
Mar. 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, 2013 | $ | 200,831 | |||
Additions to asset retirement obligations | 584 | ||||
Accretion expense | 1,425 | ||||
Liabilities settled | (693 | ) | |||
Balance at March 31, 2014 | $ | 202,147 | |||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-term debt consists of the following at March 31, 2014 and December 31, 2013: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Senior Credit Facility | $ | — | $ | 502,106 | |||||
7 7/8% Senior Subordinated Notes | 400,000 | 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 | 1,761 | 1,696 | |||||||
1,946,761 | 1,938,802 | ||||||||
Less current maturities | (776 | ) | (55,935 | ) | |||||
Long-term debt, excluding current maturities | $ | 1,945,985 | $ | 1,882,867 | |||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Subsequent Events [Abstract] | ' | ||||
Schedule of Maturities of Long Term Debt | ' | ||||
The Term A Loans mature on February 2, 2019 and will begin amortizing on June 30, 2014 in quarterly installments paid on such date and on each September 30, December 31, March 31 and June 30 thereafter, as follows: | |||||
Principal Payment Date | Principal Amount | ||||
June 30, 2014-March 31, 2016 | $ | 3,750,000 | |||
June 30, 2016- March 31, 2017 | $ | 5,625,000 | |||
June 30, 2017-December 31, 2018 | $ | 11,250,000 | |||
Term A Loan Maturity Date | $ | 168,750,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
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 | $3,912 | $10,773 |
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 | ' |
Term of director | '1 year | ' |
Restricted Stock Award [Member] | Vesting Period First [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Percentage of awards vesting on grant date | 50.00% | ' |
Restricted Stock Award [Member] | Vesting Period Second [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Percentage of awards vesting on grant date | 50.00% | ' |
2009 Employee Stock Purchase Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Additional shares reserved under 2009 ESPP | 80,209 | ' |
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 | 14,000 | ' |
Common Class A [Member] | 1996 Equity Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares reserved for issuance to directors and employees | 15,500,000 | ' |
Common Class A [Member] | Restricted Stock Award [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Non cash compensation expense | 31 | ' |
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 | ' |
Performance Based Compensation [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Non cash compensation expense | $1,423 | ' |
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% | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Espp Share Activity (Detail) (2009 Employee Stock Purchase Plan [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
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 | -29,590 |
Available for future purchases, March 31, 2014 | 378,308 |
Depreciation_and_Amortization_1
Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Component Of Other Income And Expense [Line Items] | ' | ' |
Depreciation and amortization | $69,526 | $73,901 |
Direct advertising expenses [Member] | ' | ' |
Component Of Other Income And Expense [Line Items] | ' | ' |
Depreciation and amortization | 65,592 | 68,226 |
General and administrative expenses [Member] | ' | ' |
Component Of Other Income And Expense [Line Items] | ' | ' |
Depreciation and amortization | 1,021 | 876 |
Corporate expenses [Member] | ' | ' |
Component Of Other Income And Expense [Line Items] | ' | ' |
Depreciation and amortization | $2,913 | $4,799 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Customer lists and contracts [Member] | Customer lists and contracts [Member] | Customer lists and contracts [Member] | Customer lists and contracts [Member] | Non-competition agreements [Member] | Non-competition agreements [Member] | Non-competition agreements [Member] | Non-competition agreements [Member] | Site locations [Member] | Site locations [Member] | Site locations [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Life (Years) | ' | ' | ' | ' | '7 years | '10 years | ' | ' | '3 years | '15 years | ' | ' | '15 years | ' | ' | '5 years | '15 years |
Gross Carrying Amount | $2,068,610 | $2,065,875 | $492,280 | $492,299 | ' | ' | $63,941 | $63,933 | ' | ' | $1,498,381 | $1,495,635 | ' | $14,008 | $14,008 | ' | ' |
Accumulated Amortization | 1,672,865 | 1,646,490 | 464,889 | 463,188 | ' | ' | 62,986 | 62,914 | ' | ' | 1,131,537 | 1,106,947 | ' | 13,453 | 13,441 | ' | ' |
Goodwill gross carrying amount | 1,756,998 | 1,757,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill accumulated amortization | $253,536 | $253,536 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset_Retirement_Obligations_I
Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Asset Retirement Obligation Disclosure [Abstract] | ' |
Beginning Balance | $200,831 |
Additions to asset retirement obligations | 584 |
Accretion expense | 1,425 |
Liabilities settled | -693 |
Ending Balance | $202,147 |
Summarized_Financial_Informati1
Summarized Financial Information of Subsidiaries - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Balance of permitted transfers to parent company | $2,140,551 | $2,072,542 |
Description of provisions on senior credit facility transfers to Lamar Advertising | 'The total debt ratio is equal to or greater than 5.75 to 1 or (ii) the senior debt ratio is equal to or greater than 3.25 to 1. | ' |
Debt ratio | 5.75 | ' |
Description of actual position on senior credit facility transfers to Lamar Advertising not subject to additional restrictions | 'The total debt ratio was less than 5.75 to 1 and Lamar Media's senior debt ratio was less than 3.25 to 1; therefore, dividents 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 | 5.75 | ' |
Senior Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior debt ratio | 3.25 | ' |
Senior Subordinated Notes [Member] | Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior debt ratio | 3.25 | ' |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
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 | 462,977 | 375,285 |
Longterm_Debt_LongTerm_Debt_De
Long-term Debt - Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | $1,946,761 | $1,938,802 |
Less current maturities | -776 | -55,935 |
Long-term debt, excluding current maturities | 1,945,985 | 1,882,867 |
Senior Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | ' | 502,106 |
7 7/8% Senior Subordinated Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | 400,000 | 400,000 |
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 | ' |
Other notes with various rates and terms [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long Term Debt | $1,761 | $1,696 |
Longterm_Debt_LongTerm_Debt_Pa
Long-term Debt - Long-Term Debt (Parenthetical) (Detail) | Mar. 31, 2014 | Apr. 22, 2010 | Mar. 31, 2014 | Feb. 09, 2012 | Mar. 31, 2014 | Oct. 30, 2012 | Mar. 31, 2014 | Jan. 10, 2014 |
7 7/8% Senior Subordinated Notes [Member] | 7 7/8% Senior Subordinated Notes [Member] | 5 7/8% Senior Subordinated Notes [Member] | 5 7/8% Senior Subordinated Notes [Member] | 5% Senior Subordinated Notes [Member] | 5% Senior Subordinated Notes [Member] | 5 3/8% Senior Notes [Member] | 5 3/8% Senior Notes [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on senior notes | 7.88% | 7.88% | 5.88% | 5.88% | 5.00% | 5.00% | 5.38% | 5.38% |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 03, 2014 | Apr. 30, 2010 | Mar. 31, 2014 | Apr. 22, 2010 | Feb. 29, 2012 | Mar. 31, 2014 | Feb. 09, 2012 | Oct. 31, 2012 | Mar. 31, 2014 | Oct. 30, 2012 | Jan. 31, 2014 | Mar. 31, 2014 | Jan. 10, 2014 | Feb. 03, 2014 |
Letter of Credit [Member] | Letter of Credit [Member] | 7 7/8% Senior Subordinated Notes [Member] | 7 7/8% Senior Subordinated Notes [Member] | 7 7/8% Senior Subordinated Notes [Member] | 5 7/8% Senior Subordinated Notes [Member] | 5 7/8% Senior Subordinated Notes [Member] | 5 7/8% Senior Subordinated Notes [Member] | 5% Senior Subordinated Notes [Member] | 5% Senior Subordinated Notes [Member] | 5% Senior Subordinated Notes [Member] | 5 3/8% Senior Notes [Member] | 5 3/8% Senior Notes [Member] | 5 3/8% Senior Notes [Member] | Incremental Facility [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on convertible notes | ' | ' | ' | ' | 7.88% | 7.88% | ' | 5.88% | 5.88% | ' | 5.00% | 5.00% | ' | 5.38% | 5.38% | ' |
Aggregate principal amount of debt issued | ' | ' | ' | ' | ' | $400,000 | ' | ' | $500,000 | $535,000 | ' | ' | ' | ' | $510,000 | ' |
Net proceeds from the issuance of debt | ' | ' | ' | 392,000 | ' | ' | 489,000 | ' | ' | 527,100 | ' | ' | 502,300 | ' | ' | ' |
Redemption percentage of aggregate principal amount of senior notes | ' | ' | ' | 35.00% | ' | ' | 35.00% | ' | ' | 35.00% | ' | ' | 35.00% | ' | ' | ' |
Redemption percentage equal to principal amount include aggregate premium | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' |
Additional redeemed percentage of aggregate principal amount | ' | ' | ' | 107.88% | ' | ' | 105.88% | ' | ' | 105.00% | ' | ' | 105.38% | ' | ' | ' |
Redemption percentage of issued notes which remain outstanding | ' | ' | ' | 65.00% | ' | ' | 65.00% | ' | ' | 65.00% | ' | ' | 65.00% | ' | ' | ' |
Redemption price percentage of the principal amount to be purchased | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | ' |
Redemption period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' |
Maximum borrowing limit of incremental loan facility | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 |
Outstanding revolving credit facility | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding | ' | 6,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity under revolving credit facility | $393,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maturity date | 2-Feb-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Estimated fair value of Long-term debt (including current maturities) | $2,011,087 |
Carrying amount of company's long term debt | $1,946,761 |
Adjustments_to_Previously_Repo1
Adjustments to Previously Reported Amounts - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Adjustments For Change In Accounting Principle [Line Items] | ' | ' |
Reduction of net revenue | $284,933 | $276,605 |
Reduction of net Income | -4,837 | -10,263 |
Decrease in basic and diluted earning per share | ($0.05) | ($0.11) |
Adjusted [Member] | ' | ' |
Adjustments For Change In Accounting Principle [Line Items] | ' | ' |
Reduction of net revenue | ' | 6,874 |
Reduction of net Income | ' | $4,193 |
Decrease in basic and diluted earning per share | ' | $0.04 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Apr. 22, 2010 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 |
In Thousands, unless otherwise specified | 7 7/8% Senior Subordinated Notes [Member] | 7 7/8% Senior Subordinated Notes [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] |
LIBO Rate [Member] | Base Rate [Member] | 7 7/8% Senior Subordinated Notes [Member] | Debt Ratio Less Than Or Equal To Three [Member] | Debt Ratio Less Than Or Equal To Three [Member] | Term A Loan Facility [Member] | Incremental Facility [Member] | ||||
LIBO Rate [Member] | Base Rate [Member] | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended and restated date | ' | ' | 18-Apr-14 | ' | ' | ' | ' | ' | ' | ' |
Increase in credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $500,000 |
Interest rate on convertible notes | 7.88% | 7.88% | 7.88% | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt issued | ' | $400,000 | ' | ' | ' | $400,000 | ' | ' | ' | ' |
Term A Loan Adjusted Base Rate | ' | ' | ' | 2.00% | 1.00% | ' | 1.75% | 0.75% | ' | ' |
Ratio of indebtedness to net capital minimum | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' |
Ratio of indebtedness to net capital one | ' | ' | ' | 3 | 3 | ' | ' | ' | ' | ' |
Subsequent_Event_Schedule_of_M
Subsequent Event - Schedule of Maturities of Long Term Debt (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
June 30, 2014-March 31, 2016 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Payment Amount | $3,750,000 |
June 30, 2016-March31, 2017 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Payment Amount | 5,625,000 |
June 30, 2017-December 31, 2018 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Payment Amount | 11,250,000 |
TermA Loan Maturity Date [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Payment Amount | $168,750,000 |
Subsequent_Event_Schedule_of_M1
Subsequent Event - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
June 30, 2014-March 31, 2016 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Payment Date | '2014-06-30 - 2016-03-31 |
June 30, 2016-March31, 2017 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Payment Date | '2016-06-30 - 2017-03-31 |
June 30, 2017-December 31, 2018 [Member] | ' |
Subsequent Event [Line Items] | ' |
Principal Payment Date | '2017-06-30 - 2018-12-31 |