Lamar Media 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		83,491,397
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,420,085
LAMAR MEDIA CORP [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 31,622	$ 35,530
Receivables, net of allowance for doubtful accounts	189,515	189,935
Prepaid lease expenses	75,255	48,815
Other current assets	53,952	39,973
Total current assets	350,344	314,253
Property, plant and equipment	3,307,506	3,294,251
Less accumulated depreciation and amortization	(2,132,469)	(2,111,536)
Net property, plant and equipment	1,175,037	1,182,715
Goodwill	1,726,379	1,726,358
Intangible assets	631,226	637,153
Deferred income tax assets	100
Other assets	41,509	38,405
Total assets	3,924,595	3,898,884
Current liabilities:
Trade accounts payable	18,179	17,653
Current maturities of long-term debt, net of deferred financing costs	39,495	33,916
Accrued expenses	92,839	134,433
Deferred income	95,607	91,322
Total current liabilities	246,120	277,324
Long-term debt, net of deferred financing costs	2,385,411	2,315,267
Deferred income tax liabilities		279
Asset retirement obligation	211,233	210,889
Other liabilities	28,103	25,597
Total liabilities	2,870,867	2,829,356
Stockholders’ equity:
Additional paid-in capital	1,745,858	1,713,312
Accumulated comprehensive loss	(481)	(624)
Accumulated deficit	(670,447)	(630,955)
Cost of shares held in treasury, 331,284 and 216,088 shares at 2017 and 2016, respectively	(21,300)	(12,303)
Stockholders’ equity	1,053,728	1,069,528
Total liabilities and stockholders’ equity	3,924,595	3,898,884
LAMAR MEDIA CORP [Member]
Current assets:
Cash and cash equivalents	31,122	35,030
Receivables, net of allowance for doubtful accounts	189,515	189,935
Prepaid lease expenses	75,255	48,815
Other current assets	53,952	39,973
Total current assets	349,844	313,753
Property, plant and equipment	3,307,506	3,294,251
Less accumulated depreciation and amortization	(2,132,469)	(2,111,536)
Net property, plant and equipment	1,175,037	1,182,715
Goodwill	1,716,228	1,716,207
Intangible assets	630,758	636,685
Deferred income tax assets	100
Other assets	36,224	33,120
Total assets	3,908,191	3,882,480
Current liabilities:
Trade accounts payable	18,179	17,653
Current maturities of long-term debt, net of deferred financing costs	39,495	33,916
Accrued expenses	89,380	131,171
Deferred income	95,607	91,322
Total current liabilities	242,661	274,062
Long-term debt, net of deferred financing costs	2,385,411	2,315,267
Deferred income tax liabilities		279
Asset retirement obligation	211,233	210,889
Other liabilities	28,103	25,597
Total liabilities	2,867,408	2,826,094
Stockholders’ equity:
Additional paid-in capital	2,816,299	2,783,753
Accumulated comprehensive loss	(481)	(624)
Accumulated deficit	(1,775,035)	(1,726,743)
Stockholders’ equity	1,040,783	1,056,386
Total liabilities and stockholders’ equity	3,908,191	3,882,480
Series AA Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Common Class A [Member]
Stockholders’ equity:
Common stock, value	84	83
Common Class B [Member]
Stockholders’ equity:
Common stock, value	$ 14	$ 15

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 9,417	$ 9,356
Current deferred financing costs	5,505	5,459
Noncurrent deferred financing costs	$ 22,116	$ 23,510
Shares held in treasury	331,284	216,088
LAMAR MEDIA CORP [Member]
Allowance for doubtful accounts	$ 9,417	$ 9,356
Current deferred financing costs	5,505	5,459
Noncurrent deferred financing costs	$ 22,116	$ 23,510
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	83,822,110	83,038,831
Common stock, shares outstanding	83,490,826	82,822,743
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	14,420,085	14,610,365
Common stock, shares outstanding	14,420,085	14,610,365

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net revenues	$ 346,362	$ 338,533
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	131,844	128,725
General and administrative expenses (exclusive of depreciation and amortization)	72,031	66,790
Corporate expenses (exclusive of depreciation and amortization)	16,633	16,026
Depreciation and amortization	51,425	51,489
(Gain) loss on disposition of assets	(1,036)	(11,327)
Total Operating Expenses	270,897	251,703
Operating income	75,465	86,830
Other expense (income)
Loss on extinguishment of debt		3,142
Interest income	(4)	(1)
Interest expense	31,483	30,068
Non-operating (Income) Expenses	31,479	33,209
Income before income tax expense	43,986	53,621
Income tax expense	2,199	2,307
Net income	41,787	51,314
Cash dividends declared and paid on preferred stock	91	91
Net income applicable to common stock	$ 41,696	$ 51,223
Earnings per share:
Basic earnings per share	$ 0.43	$ 0.53
Diluted earnings per share	0.42	0.53
Cash dividends declared per share of common stock	$ 0.83	$ 0.75
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic	97,575,481	96,793,244
Weighted average common shares outstanding diluted	98,149,974	97,378,135
Statements of Comprehensive Income
Net income	$ 41,787	$ 51,314
Other comprehensive income
Foreign currency translation adjustments	143	1,468
Comprehensive income	41,930	52,782
LAMAR MEDIA CORP [Member]
Net revenues	346,362	338,533
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	131,844	128,725
General and administrative expenses (exclusive of depreciation and amortization)	72,031	66,790
Corporate expenses (exclusive of depreciation and amortization)	16,527	15,933
Depreciation and amortization	51,425	51,489
(Gain) loss on disposition of assets	(1,036)	(11,327)
Total Operating Expenses	270,791	251,610
Operating income	75,571	86,923
Other expense (income)
Loss on extinguishment of debt		3,142
Interest income	(4)	(1)
Interest expense	31,483	30,068
Non-operating (Income) Expenses	31,479	33,209
Income before income tax expense	44,092	53,714
Income tax expense	2,199	2,307
Net income	41,893	51,407
Statements of Comprehensive Income
Net income	41,893	51,407
Other comprehensive income
Foreign currency translation adjustments	143	1,468
Comprehensive income	$ 42,036	$ 52,875

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 41,787	$ 51,314
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	51,425	51,489
Stock-based compensation	2,478	3,199
Amortization included in interest expense	1,348	1,382
Gain on disposition of assets and investments	(1,036)	(11,327)
Loss on extinguishment of debt		3,142
Deferred tax benefit	(355)	(182)
Provision for doubtful accounts	1,428	1,709
(Increase) decrease in:
Receivables	(955)	(8,410)
Prepaid lease expenses	(27,097)	(22,936)
Other assets	(12,053)	(3,572)
Increase (decrease) in:
Trade accounts payable	526	720
Accrued expenses	(26,646)	(14,211)
Other liabilities	3,646	(780)
Net cash provided by operating activities	34,496	51,537
Cash flows from investing activities:
Acquisitions	(17,779)	(502,138)
Capital expenditures	(19,236)	(20,619)
Proceeds from disposition of assets and investments	1,592	5,196
Decrease in notes receivable	4	8
Net cash used in investing activities	(35,419)	(517,553)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(8,997)	(6,204)
Net proceeds from issuance of common stock	12,934	7,909
Principal payments on long term debt	(5,625)	(3,755)
Payment on revolving credit facility	(54,000)	(125,000)
Proceeds received from revolving credit facility	134,000	280,000
Proceeds received from note offering		400,000
Payment on senior credit facility term A-1 loan		(300,000)
Proceeds received from senior credit facility term A-1 loan		300,000
Debt issuance costs		(9,017)
Distributions to non-controlling interest	(205)	(105)
Dividends/distributions	(81,279)	(72,825)
Net cash (used in) provided by financing activities	(3,172)	471,003
Effect of exchange rate changes in cash and cash equivalents	187	1,106
Net (decrease) increase in cash and cash equivalents	(3,908)	6,093
Cash and cash equivalents at beginning of period	35,530	22,327
Cash and cash equivalents at end of period	31,622	28,420
Supplemental disclosures of cash flow information:
Cash paid for interest	43,446	31,893
Cash paid for foreign, state and federal income taxes	3,859	4,079
LAMAR MEDIA CORP [Member]
Cash flows from operating activities:
Net income	41,893	51,407
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	51,425	51,489
Stock-based compensation	2,478	3,199
Amortization included in interest expense	1,348	1,382
Gain on disposition of assets and investments	(1,036)	(11,327)
Loss on extinguishment of debt		3,142
Deferred tax benefit	(355)	(182)
Provision for doubtful accounts	1,428	1,709
(Increase) decrease in:
Receivables	(955)	(8,410)
Prepaid lease expenses	(27,097)	(22,936)
Other assets	(12,053)	(3,572)
Increase (decrease) in:
Trade accounts payable	526	720
Accrued expenses	(26,646)	(14,211)
Other liabilities	(16,163)	(19,225)
Net cash provided by operating activities	14,793	33,185
Cash flows from investing activities:
Acquisitions	(17,779)	(502,138)
Capital expenditures	(19,236)	(20,619)
Proceeds from disposition of assets and investments	1,592	5,196
Decrease in notes receivable	4	8
Net cash used in investing activities	(35,419)	(517,553)
Cash flows from financing activities:
Principal payments on long term debt	(5,625)	(3,755)
Payment on revolving credit facility	(54,000)	(125,000)
Proceeds received from revolving credit facility	134,000	280,000
Proceeds received from note offering		400,000
Payment on senior credit facility term A-1 loan		(300,000)
Proceeds received from senior credit facility term A-1 loan		300,000
Debt issuance costs		(9,017)
Distributions to non-controlling interest	(205)	(105)
Contributions from parent	32,546	26,170
Dividend to parent	(90,185)	(78,938)
Net cash (used in) provided by financing activities	16,531	489,355
Effect of exchange rate changes in cash and cash equivalents	187	1,106
Net (decrease) increase in cash and cash equivalents	(3,908)	6,093
Cash and cash equivalents at beginning of period	35,030	21,827
Cash and cash equivalents at end of period	31,122	27,920
Supplemental disclosures of cash flow information:
Cash paid for interest	43,446	31,893
Cash paid for foreign, state and federal income taxes	$ 3,859	$ 4,079

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 2016 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 2016 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 12 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	3 Months Ended
	Mar. 31, 2017
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 5,000 shares of its Class A common stock during the three months ended March 31, 2017. At March 31, 2017 a total of 1,258,639 shares were available for future grant. Stock Purchase Plan. Lamar Advertising’s 2009 Employee Stock Purchase Plan or 2009 ESPP was approved by our shareholders on May 28, 2009. The number of shares of Class A common stock available under the 2009 ESPP was automatically increased by 82,823 shares on January 1, 2017 pursuant to the automatic increase provisions of the 2009 ESPP. The following is a summary of 2009 ESPP share activity for the three months ended March 31, 2017: Shares Available for future purchases, January 1, 2017 250,573 Additional shares reserved under 2009 ESPP 82,823 Purchases (34,047 ) Available for future purchases, March 31, 2017 299,349 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 2017 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2018. 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, 2017, the Company has recorded $1,312 as stock-based 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 the directors’ one year term. The Company recorded a $46 stock-based compensation expense related to these awards for the three months ended March 31, 2017.

Depreciation and Amortization

Depreciation and Amortization	3 Months Ended
	Mar. 31, 2017
Depreciation And Amortization [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 Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Income and Comprehensive Income are: Three months ended March 31, 2017 2016 Direct advertising expenses $ 48,318 $ 47,798 General and administrative expenses 930 881 Corporate expenses 2,177 2,810 $ 51,425 $ 51,489

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016: Estimated March 31, 2017 December 31, 2016 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists and contracts 7—10 $ 561,265 $ 494,055 $ 559,513 $ 490,514 Non-competition agreements 3—15 64,706 63,745 64,646 63,692 Site locations 15 1,897,964 1,335,577 1,885,554 1,318,976 Other 5—15 14,224 13,556 14,174 13,552 $ 2,538,159 $ 1,906,933 $ 2,523,887 $ 1,886,734 Unamortizable intangible assets: Goodwill $ 1,979,915 $ 253,536 $ 1,979,894 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2017
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, 2016 $ 210,889 Additions to asset retirement obligations 245 Accretion expense 1,044 Liabilities settled (945 ) Balance at March 31, 2017 $ 211,233

Distribution Restrictions

Distribution Restrictions	3 Months Ended
	Mar. 31, 2017
Distribution Restrictions [Abstract]
Distribution Restrictions	6. Distribution Restrictions 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 March 31, 2017 and December 31, 2016, 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 $2,711,631 and $2,702,633, respectively. As of March 31, 2017, 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 March 31, 2017, 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 March 31, 2017 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	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 or 2016.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-term Debt	8. Long-term Debt Long-term debt consists of the following at March 31, 2017 and December 31, 2016: March 31, 2017 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 507,500 $ 4,197 $ 503,303 5 7/8% Senior Subordinated Notes 500,000 6,773 493,227 5% Senior Subordinated Notes 535,000 5,517 529,483 5 3/8% Senior Notes 510,000 5,495 504,505 5 3/4% Senior Notes 400,000 5,639 394,361 Other notes with various rates and terms 27 — 27 2,452,527 27,621 2,424,906 Less current maturities (45,000 ) (5,505 ) (39,495 ) Long-term debt, excluding current maturities $ 2,407,527 $ 22,116 $ 2,385,411 December 31, 2016 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 433,125 $ 4,769 $ 428,356 5 7/8% Senior Subordinated Notes 500,000 7,071 492,929 5% Senior Subordinated Notes 535,000 5,709 529,291 5 3/8% Senior Notes 510,000 5,662 504,338 5 3/4% Senior Notes 400,000 5,758 394,242 Other notes with various rates and terms 27 — 27 2,378,152 28,969 2,349,183 Less current maturities (39,375 ) (5,459 ) (33,916 ) Long-term debt, excluding current maturities $ 2,338,777 $ 23,510 $ 2,315,267 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. 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. At any time prior to May 1, 2018, Lamar Media may redeem some or all of the 5% Notes at a price equal to 100% of the aggregate principal amount plus a make-whole premium. On or after May 1, 2018, Lamar Media may redeem the 5% Notes, in whole or in part, in cash at redemption prices specified in the 5% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 5% Notes at a price equal to 101% of the principal amount of the 5% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 5 3/8% Senior Notes On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Senior Notes due 2024 (the “5 3/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300. At any time prior to January 15, 2019, Lamar Media may redeem some or all of the 5 3/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon plus a make-whole premium. On or after January 15, 2019, Lamar Media may redeem the 5 3/8% Notes, in whole or in part, in cash at redemption prices specified in the 5 3/8% 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 3/8% Notes at a price equal to 101% of the principal amount of the 5 3/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 5 3/4% Senior Notes On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “5 3/4 % Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $394,500. Lamar Media may redeem up to 35% of the aggregate principal amount of the 5 3/4% Notes, at any time and from time to time, at a price equal to 105.750% 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, 2019, provided that following the redemption, at least 65% of the 5 3/4% 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 February 1, 2021, Lamar Media may redeem some or all of the 5 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon plus a make-whole premium. On or after February 1, 2021, Lamar Media may redeem the 5 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 5 3/4% 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 3/4% Notes at a price equal to 101% of the principal amount of the 5 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. Senior Credit Facility On January 7, 2016, Lamar Media entered into a new incremental Term A-1 loan of $300,000 to partially fund the purchase of certain Clear Channel Outdoor Holdings, Inc. assets. The Term A-1 loan was repaid in full on January 28, 2016 by using proceeds received from the issuance of the 5 3/4% Notes. For the three months ended March 31, 2016, the Company incurred a loss of $3,142 related to the repayment of the Term A-1 loan. 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, as subsequently amended, together with the Second Restatement Agreement being herein referred to as the “senior credit facility”). Under the Second Restatement Agreement, the senior credit facility consisted 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 “First Amendment”) under which the parties agreed to amend Lamar Media’s existing senior credit agreement on the terms set forth therein. The First Amendment created a new $300,000 Term A Loan facility (the “Term A Loans”) and made certain other amendments. Lamar Media borrowed $300,000 in Term A Loans on April 18, 2014. The net loan proceeds of this borrowing, together with borrowings under the revolving portion of the senior credit facility and cash on hand, were used to fund the redemption and retirement of all $400,000 in outstanding principal amount of Lamar Media’s 7 7/8% Notes due 2018 on April 21, 2014. On March 4, 2016, Lamar Media entered into Amendment No. 2 to the Second Amended and Restated Credit Agreement (the “Second Amendment”) under which the parties agreed to amend Lamar Media’s existing senior credit agreement on the terms set forth therein. Among certain other amendments, the Second Amendment eliminated the $500,000 cap on incremental loans with the result that Lamar Media may borrow incremental term and revolving loans without monetary limits, so long as Lamar Advertising’s Senior Debt Ratio does not exceed 3.5 to 1.0. 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. The remaining quarterly installments scheduled to be paid are as follows: Principal Payment Date Principal Amount 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 March 31, 2017, there was $260,000 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 $11,700 in letters of credit outstanding as of March 31, 2017 resulting in $128,300 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 allow Lamar Media to conduct its affairs in a manner that allows 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 facility provisions during the periods presented.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	9. Fair Value of Financial Instruments At March 31, 2017 and December 31, 2016, 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 $2,524,521 which exceeded the carrying amount of $2,452,527 as of March 31, 2017. 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	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	10. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In November 2015, the FASB issued ASU No. 2015-17 Income taxes – Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the definition of a business In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and other (Topic 350): Simplifying the test for goodwill impairment.

Dividends_Distributions

Dividends/Distributions	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Dividends/Distributions	11. Dividends/Distributions During the three months ended March 31, 2017 and March 31, 2016, the Company declared and paid cash distributions of its REIT taxable income in an aggregate amount of $81,188 or $0.83 per share and $72,734 or $0.75 per share, respectively. 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 three months ended March 31, 2017 and March 31, 2016, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share.

Information about Geographic Ar

Information about Geographic Areas	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Information about Geographic Areas	12. Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $6,893 and $6,868 for the three months ended March 31, 2017 and 2016, respectively. Net carrying value of long lived assets located in foreign countries totaled $4,588 and $4,893 as of March 31, 2017 and December 31, 2016, respectively. All other revenues from external customers and long lived assets relate to domestic operations.

Summarized Financial Informatio

Summarized Financial Information of Subsidiaries	3 Months Ended
	Mar. 31, 2017
LAMAR MEDIA CORP [Member]
Summarized Financial Information of Subsidiaries	2. Summarized Financial Information of Subsidiaries Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries are presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of March 31, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 10,574 $ 307,287 $ 31,983 $ — $ 349,844 Net property, plant and equipment — 1,152,636 22,401 — 1,175,037 Intangibles and goodwill, net — 2,315,934 31,052 — 2,346,986 Other assets 3,505,632 11,185 167 (3,480,660 ) 36,324 Total assets $ 3,516,206 $ 3,787,042 $ 85,603 $ (3,480,660 ) $ 3,908,191 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 39,495 $ — $ — $ — $ 39,495 Other current liabilities 25,593 158,604 18,969 — 203,166 Total current liabilities 65,088 158,604 18,969 — 242,661 Long-term debt 2,385,411 — — — 2,385,411 Other noncurrent liabilities 24,924 213,801 57,226 (56,615 ) 239,336 Total liabilities 2,475,423 372,405 76,195 (56,615 ) 2,867,408 Stockholders’ equity 1,040,783 3,414,637 9,408 (3,424,045 ) 1,040,783 Total liabilities and stockholders’ equity $ 3,516,206 $ 3,787,042 $ 85,603 $ (3,480,660 ) $ 3,908,191 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 13,886 $ 268,091 $ 31,776 $ — $ 313,753 Net property, plant and equipment — 1,161,205 21,510 — 1,182,715 Intangibles and goodwill, net — 2,321,160 31,732 — 2,352,892 Other assets 3,453,161 10,379 116 (3,430,536 ) 33,120 Total assets $ 3,467,047 $ 3,760,835 $ 85,134 $ (3,430,536 ) $ 3,882,480 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 33,916 $ — $ — $ — $ 33,916 Other current liabilities 38,904 180,107 21,135 — 240,146 Total current liabilities 72,820 180,107 21,135 — 274,062 Long-term debt 2,315,267 — — — 2,315,267 Other noncurrent liabilities 22,574 213,916 53,609 (53,334 ) 236,765 Total liabilities 2,410,661 394,023 74,744 (53,334 ) 2,826,094 Stockholders’ equity 1,056,386 3,366,812 10,390 (3,377,202 ) 1,056,386 Total liabilities and stockholders’ equity $ 3,467,047 $ 3,760,835 $ 85,134 $ (3,430,536 ) $ 3,882,480 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 335,803 $ 11,474 $ (915 ) $ 346,362 Operating expenses Direct advertising expenses (1) — 125,104 7,287 (547 ) 131,844 General and administrative expenses (1) — 70,012 2,019 — 72,031 Corporate expenses (1) — 16,257 270 — 16,527 Depreciation and amortization — 49,248 2,177 — 51,425 (Gain) loss on disposition of assets — (1,037 ) 1 — (1,036 ) — 259,584 11,754 (547 ) 270,791 Operating income (loss) — 76,219 (280 ) (368 ) 75,571 Equity in (earnings) loss of subsidiaries (73,374 ) — — 73,374 — Interest expense (income), net 31,481 (3 ) 369 (368 ) 31,479 Income (loss) before income tax expense 41,893 76,222 (649 ) (73,374 ) 44,092 Income tax expense (2) — 1,723 476 — 2,199 Net income (loss) $ 41,893 $ 74,499 $ (1,125 ) $ (73,374 ) $ 41,893 Statement of Comprehensive Income Net income (loss) $ 41,893 $ 74,499 $ (1,125 ) $ (73,374 ) $ 41,893 Total other comprehensive income, net of tax — — 143 — 143 Total comprehensive income (loss) $ 41,893 $ 74,499 $ (982 ) $ (73,374 ) $ 42,036 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 327,578 $ 11,835 $ (880 ) $ 338,533 Operating expenses Direct advertising expenses (1) — 121,889 7,396 (560 ) 128,725 General and administrative expenses (1) — 63,999 2,791 — 66,790 Corporate expenses (1) — 15,648 285 — 15,933 Depreciation and amortization — 49,689 1,800 — 51,489 (Gain) loss on disposition of assets — (11,560 ) 233 — (11,327 ) — 239,665 12,505 (560 ) 251,610 Operating income (loss) — 87,913 (670 ) (320 ) 86,923 Equity in (earnings) loss of subsidiaries (84,610 ) — — 84,610 — Interest expense (income), net 30,061 (1 ) 327 (320 ) 30,067 Other expenses 3,142 — — — 3,142 Income (loss) before income tax expense 51,407 87,914 (997 ) (84,610 ) 53,714 Income tax expense (2) — 1,926 381 — 2,307 Net income (loss) $ 51,407 $ 85,988 $ (1,378 ) $ (84,610 ) $ 51,407 Statement of Comprehensive Income Net income (loss) $ 51,407 $ 85,988 $ (1,378 ) $ (84,610 ) $ 51,407 Total other comprehensive income, net of tax — — 1,468 — 1,468 Total comprehensive income (loss) $ 51,407 $ 85,988 $ 90 $ (84,610 ) $ 52,875 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 922 $ 59,675 $ (1,351 ) $ (44,453 ) $ 14,793 Cash flows from investing activities: Acquisitions — (17,779 ) — — (17,779 ) Capital expenditures — (17,079 ) (2,157 ) — (19,236 ) Proceeds from disposition of assets and investments — 1,592 — — 1,592 Investment in subsidiaries (17,779 ) — — 17,779 — (Increase) decrease in intercompany notes receivable (3,194 ) — — 3,194 — Decrease in notes receivable 4 — — — 4 Net cash (used in) provided by investing activities (20,969 ) (33,266 ) (2,157 ) 20,973 (35,419 ) Cash flows from financing activities: Proceeds received from revolving credit facility 134,000 — — — 134,000 Payment on revolving credit facility (54,000 ) — — — (54,000 ) Principal payments on long-term debt (5,625 ) — — — (5,625 ) Intercompany loan proceeds — — 3,194 (3,194 ) — Distributions to non-controlling interest — — (205 ) — (205 ) Dividends (to) from parent (90,185 ) (44,453 ) — 44,453 (90,185 ) Contributions from (to) parent 32,546 17,779 — (17,779 ) 32,546 Net cash provided by (used in) financing activities 16,736 (26,674 ) 2,989 23,480 16,531 Effect of exchange rate changes in cash and cash equivalents — — 187 — 187 Net decrease in cash and cash equivalents (3,311 ) (265 ) (332 ) — (3,908 ) Cash and cash equivalents at beginning of period 12,762 1,201 21,067 — 35,030 Cash and cash equivalents at end of period $ 9,451 $ 936 $ 20,735 $ — $ 31,122 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 20,748 $ 69,183 $ (2,771 ) $ (53,975 ) $ 33,185 Cash flows from investing activities: Acquisitions — (502,138 ) — — (502,138 ) Capital expenditures — (20,123 ) (496 ) — (20,619 ) Proceeds from disposition of assets and investments — 5,196 — — 5,196 Investment in subsidiaries (502,138 ) — — 502,138 — (Increase) decrease in intercompany notes receivable (2,946 ) — — 2,946 — Decrease in notes receivable 8 — — — 8 Net cash (used in) provided by investing activities (505,076 ) (517,065 ) (496 ) 505,084 (517,553 ) Cash flows from financing activities: Proceeds received from revolving credit facility 280,000 — — — 280,000 Payment on revolving credit facility (125,000 ) — — — (125,000 ) Principal payments on long-term debt (3,755 ) — — — (3,755 ) Proceeds received from senior credit facility 300,000 — — — 300,000 Debt issuance costs (9,017 ) — — — (9,017 ) Proceeds received from note offering 400,000 — — — 400,000 Payment on senior credit facility (300,000 ) — — — (300,000 ) Intercompany loan proceeds — — 2,946 (2,946 ) — Distributions to non-controlling interest — — (105 ) — (105 ) Dividends (to) from parent (78,938 ) (53,975 ) — 53,975 (78,938 ) Contributions from (to) parent 26,170 502,138 — (502,138 ) 26,170 Net cash provided by (used in) financing activities 489,460 448,163 2,841 (451,109 ) 489,355 Effect of exchange rate changes in cash and cash equivalents — — 1,106 — 1,106 Net increase in cash and cash equivalents 5,132 281 680 — 6,093 Cash and cash equivalents at beginning of period 4,955 454 16,418 — 21,827 Cash and cash equivalents at end of period $ 10,087 $ 735 $ 17,098 $ — $ 27,920

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017: Shares Available for future purchases, January 1, 2017 250,573 Additional shares reserved under 2009 ESPP 82,823 Purchases (34,047 ) Available for future purchases, March 31, 2017 299,349

Depreciation and Amortization (

Depreciation and Amortization (Tables)	3 Months Ended
	Mar. 31, 2017
Depreciation And Amortization [Abstract]
Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Income and Comprehensive Income	The amounts of depreciation and amortization expense excluded from the following operating expenses in its Statements of Income and Comprehensive Income are: Three months ended March 31, 2017 2016 Direct advertising expenses $ 48,318 $ 47,798 General and administrative expenses 930 881 Corporate expenses 2,177 2,810 $ 51,425 $ 51,489

Goodwill and Other Intangible21

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at March 31, 2017 and December 31, 2016: Estimated March 31, 2017 December 31, 2016 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists and contracts 7—10 $ 561,265 $ 494,055 $ 559,513 $ 490,514 Non-competition agreements 3—15 64,706 63,745 64,646 63,692 Site locations 15 1,897,964 1,335,577 1,885,554 1,318,976 Other 5—15 14,224 13,556 14,174 13,552 $ 2,538,159 $ 1,906,933 $ 2,523,887 $ 1,886,734 Unamortizable intangible assets: Goodwill $ 1,979,915 $ 253,536 $ 1,979,894 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2016 $ 210,889 Additions to asset retirement obligations 245 Accretion expense 1,044 Liabilities settled (945 ) Balance at March 31, 2017 $ 211,233

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at March 31, 2017 and December 31, 2016: March 31, 2017 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 507,500 $ 4,197 $ 503,303 5 7/8% Senior Subordinated Notes 500,000 6,773 493,227 5% Senior Subordinated Notes 535,000 5,517 529,483 5 3/8% Senior Notes 510,000 5,495 504,505 5 3/4% Senior Notes 400,000 5,639 394,361 Other notes with various rates and terms 27 — 27 2,452,527 27,621 2,424,906 Less current maturities (45,000 ) (5,505 ) (39,495 ) Long-term debt, excluding current maturities $ 2,407,527 $ 22,116 $ 2,385,411 December 31, 2016 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 433,125 $ 4,769 $ 428,356 5 7/8% Senior Subordinated Notes 500,000 7,071 492,929 5% Senior Subordinated Notes 535,000 5,709 529,291 5 3/8% Senior Notes 510,000 5,662 504,338 5 3/4% Senior Notes 400,000 5,758 394,242 Other notes with various rates and terms 27 — 27 2,378,152 28,969 2,349,183 Less current maturities (39,375 ) (5,459 ) (33,916 ) Long-term debt, excluding current maturities $ 2,338,777 $ 23,510 $ 2,315,267
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. The remaining quarterly installments scheduled to be paid are as follows: Principal Payment Date Principal Amount June 30, 2017-December 31, 2018 $ 11,250 Term A Loan Maturity Date $ 168,750

Summarized Financial Informat24

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP [Member]	3 Months Ended
	Mar. 31, 2017
Condensed Consolidating Balance Sheet	LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of March 31, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 10,574 $ 307,287 $ 31,983 $ — $ 349,844 Net property, plant and equipment — 1,152,636 22,401 — 1,175,037 Intangibles and goodwill, net — 2,315,934 31,052 — 2,346,986 Other assets 3,505,632 11,185 167 (3,480,660 ) 36,324 Total assets $ 3,516,206 $ 3,787,042 $ 85,603 $ (3,480,660 ) $ 3,908,191 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 39,495 $ — $ — $ — $ 39,495 Other current liabilities 25,593 158,604 18,969 — 203,166 Total current liabilities 65,088 158,604 18,969 — 242,661 Long-term debt 2,385,411 — — — 2,385,411 Other noncurrent liabilities 24,924 213,801 57,226 (56,615 ) 239,336 Total liabilities 2,475,423 372,405 76,195 (56,615 ) 2,867,408 Stockholders’ equity 1,040,783 3,414,637 9,408 (3,424,045 ) 1,040,783 Total liabilities and stockholders’ equity $ 3,516,206 $ 3,787,042 $ 85,603 $ (3,480,660 ) $ 3,908,191 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of December 31, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 13,886 $ 268,091 $ 31,776 $ — $ 313,753 Net property, plant and equipment — 1,161,205 21,510 — 1,182,715 Intangibles and goodwill, net — 2,321,160 31,732 — 2,352,892 Other assets 3,453,161 10,379 116 (3,430,536 ) 33,120 Total assets $ 3,467,047 $ 3,760,835 $ 85,134 $ (3,430,536 ) $ 3,882,480 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 33,916 $ — $ — $ — $ 33,916 Other current liabilities 38,904 180,107 21,135 — 240,146 Total current liabilities 72,820 180,107 21,135 — 274,062 Long-term debt 2,315,267 — — — 2,315,267 Other noncurrent liabilities 22,574 213,916 53,609 (53,334 ) 236,765 Total liabilities 2,410,661 394,023 74,744 (53,334 ) 2,826,094 Stockholders’ equity 1,056,386 3,366,812 10,390 (3,377,202 ) 1,056,386 Total liabilities and stockholders’ equity $ 3,467,047 $ 3,760,835 $ 85,134 $ (3,430,536 ) $ 3,882,480
Condensed Consolidating Statements of Income and Comprehensive Income	LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 335,803 $ 11,474 $ (915 ) $ 346,362 Operating expenses Direct advertising expenses (1) — 125,104 7,287 (547 ) 131,844 General and administrative expenses (1) — 70,012 2,019 — 72,031 Corporate expenses (1) — 16,257 270 — 16,527 Depreciation and amortization — 49,248 2,177 — 51,425 (Gain) loss on disposition of assets — (1,037 ) 1 — (1,036 ) — 259,584 11,754 (547 ) 270,791 Operating income (loss) — 76,219 (280 ) (368 ) 75,571 Equity in (earnings) loss of subsidiaries (73,374 ) — — 73,374 — Interest expense (income), net 31,481 (3 ) 369 (368 ) 31,479 Income (loss) before income tax expense 41,893 76,222 (649 ) (73,374 ) 44,092 Income tax expense (2) — 1,723 476 — 2,199 Net income (loss) $ 41,893 $ 74,499 $ (1,125 ) $ (73,374 ) $ 41,893 Statement of Comprehensive Income Net income (loss) $ 41,893 $ 74,499 $ (1,125 ) $ (73,374 ) $ 41,893 Total other comprehensive income, net of tax — — 143 — 143 Total comprehensive income (loss) $ 41,893 $ 74,499 $ (982 ) $ (73,374 ) $ 42,036 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 327,578 $ 11,835 $ (880 ) $ 338,533 Operating expenses Direct advertising expenses (1) — 121,889 7,396 (560 ) 128,725 General and administrative expenses (1) — 63,999 2,791 — 66,790 Corporate expenses (1) — 15,648 285 — 15,933 Depreciation and amortization — 49,689 1,800 — 51,489 (Gain) loss on disposition of assets — (11,560 ) 233 — (11,327 ) — 239,665 12,505 (560 ) 251,610 Operating income (loss) — 87,913 (670 ) (320 ) 86,923 Equity in (earnings) loss of subsidiaries (84,610 ) — — 84,610 — Interest expense (income), net 30,061 (1 ) 327 (320 ) 30,067 Other expenses 3,142 — — — 3,142 Income (loss) before income tax expense 51,407 87,914 (997 ) (84,610 ) 53,714 Income tax expense (2) — 1,926 381 — 2,307 Net income (loss) $ 51,407 $ 85,988 $ (1,378 ) $ (84,610 ) $ 51,407 Statement of Comprehensive Income Net income (loss) $ 51,407 $ 85,988 $ (1,378 ) $ (84,610 ) $ 51,407 Total other comprehensive income, net of tax — — 1,468 — 1,468 Total comprehensive income (loss) $ 51,407 $ 85,988 $ 90 $ (84,610 ) $ 52,875 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
Condensed Consolidating Statements of Cash Flows	LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 922 $ 59,675 $ (1,351 ) $ (44,453 ) $ 14,793 Cash flows from investing activities: Acquisitions — (17,779 ) — — (17,779 ) Capital expenditures — (17,079 ) (2,157 ) — (19,236 ) Proceeds from disposition of assets and investments — 1,592 — — 1,592 Investment in subsidiaries (17,779 ) — — 17,779 — (Increase) decrease in intercompany notes receivable (3,194 ) — — 3,194 — Decrease in notes receivable 4 — — — 4 Net cash (used in) provided by investing activities (20,969 ) (33,266 ) (2,157 ) 20,973 (35,419 ) Cash flows from financing activities: Proceeds received from revolving credit facility 134,000 — — — 134,000 Payment on revolving credit facility (54,000 ) — — — (54,000 ) Principal payments on long-term debt (5,625 ) — — — (5,625 ) Intercompany loan proceeds — — 3,194 (3,194 ) — Distributions to non-controlling interest — — (205 ) — (205 ) Dividends (to) from parent (90,185 ) (44,453 ) — 44,453 (90,185 ) Contributions from (to) parent 32,546 17,779 — (17,779 ) 32,546 Net cash provided by (used in) financing activities 16,736 (26,674 ) 2,989 23,480 16,531 Effect of exchange rate changes in cash and cash equivalents — — 187 — 187 Net decrease in cash and cash equivalents (3,311 ) (265 ) (332 ) — (3,908 ) Cash and cash equivalents at beginning of period 12,762 1,201 21,067 — 35,030 Cash and cash equivalents at end of period $ 9,451 $ 936 $ 20,735 $ — $ 31,122 LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) Cash flows from operating activities: Net cash provided by (used in) operating activities $ 20,748 $ 69,183 $ (2,771 ) $ (53,975 ) $ 33,185 Cash flows from investing activities: Acquisitions — (502,138 ) — — (502,138 ) Capital expenditures — (20,123 ) (496 ) — (20,619 ) Proceeds from disposition of assets and investments — 5,196 — — 5,196 Investment in subsidiaries (502,138 ) — — 502,138 — (Increase) decrease in intercompany notes receivable (2,946 ) — — 2,946 — Decrease in notes receivable 8 — — — 8 Net cash (used in) provided by investing activities (505,076 ) (517,065 ) (496 ) 505,084 (517,553 ) Cash flows from financing activities: Proceeds received from revolving credit facility 280,000 — — — 280,000 Payment on revolving credit facility (125,000 ) — — — (125,000 ) Principal payments on long-term debt (3,755 ) — — — (3,755 ) Proceeds received from senior credit facility 300,000 — — — 300,000 Debt issuance costs (9,017 ) — — — (9,017 ) Proceeds received from note offering 400,000 — — — 400,000 Payment on senior credit facility (300,000 ) — — — (300,000 ) Intercompany loan proceeds — — 2,946 (2,946 ) — Distributions to non-controlling interest — — (105 ) — (105 ) Dividends (to) from parent (78,938 ) (53,975 ) — 53,975 (78,938 ) Contributions from (to) parent 26,170 502,138 — (502,138 ) 26,170 Net cash provided by (used in) financing activities 489,460 448,163 2,841 (451,109 ) 489,355 Effect of exchange rate changes in cash and cash equivalents — — 1,106 — 1,106 Net increase in cash and cash equivalents 5,132 281 680 — 6,093 Cash and cash equivalents at beginning of period 4,955 454 16,418 — 21,827 Cash and cash equivalents at end of period $ 10,087 $ 735 $ 17,098 $ — $ 27,920

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
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.
Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted	5,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	5 years
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
Number of shares available for grant under Incentive Plan	1,258,639
Compensation expense related to performance based compensation agreements	$ 1,312
1996 Equity Incentive Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of awards of target number of share	0.00%
1996 Equity Incentive Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of awards of target number of share	100.00%
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
Restricted Stock [Member] | 1996 Equity Incentive Plan [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] | 1996 Equity Incentive Plan [Member] | Percentage of Awards Vesting On Last Day of Each Directors Term [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of awards vesting on grant date	50.00%
Restricted Stock [Member] | 1996 Equity Incentive Plan [Member] | Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 46
2009 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant under Incentive Plan	299,349	250,573
Additional shares reserved under 2009 ESPP	82,823
2009 Employee Stock Purchase Plan [Member] | Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved under 2009 ESPP	82,823

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - 2009 Employee Stock Purchase Plan [Member]	3 Months Ended
	Mar. 31, 2017shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for future purchases, January 1, 2017	250,573
Additional shares reserved under 2009 ESPP	82,823
Purchases	(34,047)
Available for future purchases, March 31, 2017	299,349

Depreciation and Amortization -

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 51,425	$ 51,489
Direct Advertising Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	48,318	47,798
General and Administrative Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	930	881
Corporate Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 2,177	$ 2,810

Goodwill and Other Intangible28

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,538,159	$ 2,523,887
Accumulated Amortization	1,906,933	1,886,734
Goodwill gross carrying amount	1,979,915	1,979,894
Goodwill accumulated amortization	253,536	253,536
Customer Lists and Contracts [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	561,265	559,513
Accumulated Amortization	$ 494,055	490,514
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	$ 64,706	64,646
Accumulated Amortization	$ 63,745	63,692
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	$ 1,897,964	1,885,554
Accumulated Amortization	$ 1,335,577	1,318,976
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	$ 14,224	14,174
Accumulated Amortization	$ 13,556	$ 13,552
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	3 Months Ended
	Mar. 31, 2017USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 210,889
Additions to asset retirement obligations	245
Accretion expense	1,044
Liabilities settled	(945)
Ending Balance	$ 211,233

Distribution Restrictions - Add

Distribution Restrictions - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 2,711,631	$ 2,702,633
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 Debt [Member]
Debt Instrument [Line Items]
Senior debt ratio	3.5
Senior Debt [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
	Mar. 31, 2017	Mar. 31, 2016
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

Long-term Debt - Long-Term Debt

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt	$ 2,452,527	$ 2,378,152
Debt, Less current maturities	(45,000)	(39,375)
Debt, excluding current maturities	2,407,527	2,338,777
Deferred financing costs	27,621	28,969
Deferred financing costs, Less current maturities	(5,505)	(5,459)
Deferred financing costs, excluding current maturities	22,116	23,510
Debt, net of deferred financing costs	2,424,906	2,349,183
Debt, net of deferred financing costs, Less current maturities	(39,495)	(33,916)
Debt, net of deferred financing costs, excluding current maturities	2,385,411	2,315,267
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Debt	507,500	433,125
Deferred financing costs	4,197	4,769
Debt, net of deferred financing costs	503,303	428,356
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	500,000	500,000
Deferred financing costs	6,773	7,071
Debt, net of deferred financing costs	493,227	492,929
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	535,000	535,000
Deferred financing costs	5,517	5,709
Debt, net of deferred financing costs	529,483	529,291
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	510,000	510,000
Deferred financing costs	5,495	5,662
Debt, net of deferred financing costs	504,505	504,338
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	400,000	400,000
Deferred financing costs	5,639	5,758
Debt, net of deferred financing costs	394,361	394,242
Other Notes with Various Rates and Terms [Member]
Debt Instrument [Line Items]
Debt	27	27
Debt, net of deferred financing costs	$ 27	$ 27

Long-term Debt - Long-Term De33

Long-term Debt - Long-Term Debt (Parenthetical) (Detail)	Mar. 31, 2017	Dec. 31, 2016	Jan. 28, 2016	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%				5.875%
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.00%	5.00%			5.00%
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.375%	5.375%		5.375%
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.75%	5.75%	5.75%

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail)	Jan. 28, 2016USD ($)	Apr. 18, 2014USD ($)	Jan. 10, 2014USD ($)	Oct. 30, 2012USD ($)	Feb. 09, 2012USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016	Feb. 03, 2014USD ($)
Debt Instrument [Line Items]
Proceeds received from senior credit facility							$ 300,000,000
Loss on extinguishment of debt							3,142,000
Amended and restated date		Apr. 18, 2014
Outstanding revolving credit facility						$ 260,000,000
Remaining borrowing capacity under revolving credit facility						128,300,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Letter of credit outstanding balance						$ 11,700,000
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]
Ratio of indebtedness to net capital one		3
Adjusted Rate		2.00%
Ratio of indebtedness to net capital minimum		1
Term A Loan Facility [Member] | LIBO Rate [Member] | Debt Ratio Less Than or Equal to Three [Member]
Debt Instrument [Line Items]
Adjusted Rate		1.75%
Term A Loan Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one		3
Adjusted Rate		1.00%
Ratio of indebtedness to net capital minimum		1
Term A Loan Facility [Member] | Base Rate [Member] | Debt Ratio Less Than or Equal to Three [Member]
Debt Instrument [Line Items]
Adjusted Rate		0.75%
Revolving Credit Facility [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one		3
Adjusted Rate		2.25%
Ratio of indebtedness to net capital minimum		1
Revolving Credit Facility [Member] | LIBO Rate [Member] | Debt Ratio Less Than or Equal to Three [Member]
Debt Instrument [Line Items]
Adjusted Rate		1.75%
Revolving Credit Facility [Member] | LIBO Rate [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one		4.25
Adjusted Rate		2.00%
Ratio of indebtedness to net capital minimum		1
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one		3
Adjusted Rate		1.25%
Ratio of indebtedness to net capital minimum		1
Revolving Credit Facility [Member] | Base Rate [Member] | Debt Ratio Less Than or Equal to Three [Member]
Debt Instrument [Line Items]
Adjusted Rate		0.75%
Revolving Credit Facility [Member] | Base Rate [Member] | Debt Ratio Less Than or Equal to Four Point Two Five [Member]
Debt Instrument [Line Items]
Ratio of indebtedness to net capital one		4.25
Adjusted Rate		1.00%
Ratio of indebtedness to net capital minimum		1
LAMAR MEDIA CORP [Member]
Debt Instrument [Line Items]
Proceeds received from senior credit facility							300,000,000
Loss on extinguishment of debt							3,142,000
LAMAR MEDIA CORP [Member] | Term A-1 loan [Member]
Debt Instrument [Line Items]
Proceeds received from senior credit facility							300,000,000
Loss on extinguishment of debt							$ 3,142,000
LAMAR MEDIA CORP [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility maturity date						Feb. 2, 2019
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes					5.875%	5.875%		5.875%
Aggregate principal amount of debt issued					$ 500,000,000
Net proceeds from the issuance of debt					$ 489,000,000
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%		5.00%
Aggregate principal amount of debt issued				$ 535,000,000
Net proceeds from the issuance of debt				$ 527,100,000
Redemption price percentage of the principal amount to be purchased				101.00%
Redemption percentage equal to principal amount include aggregate premium				100.00%
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes			5.375%			5.375%		5.375%
Aggregate principal amount of debt issued			$ 510,000,000
Net proceeds from the issuance of debt			$ 502,300,000
Redemption price percentage of the principal amount to be purchased			101.00%
5 3/8% Senior Notes [Member] | Prior to January 15, 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage equal to principal amount include aggregate premium			100.00%
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on convertible notes	5.75%					5.75%		5.75%
Aggregate principal amount of debt issued	$ 400,000,000
Net proceeds from the issuance of debt	$ 394,500,000
Redemption price percentage of the principal amount to be purchased	101.00%
5 3/4% Senior Notes [Member] | Prior to February 1, 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage of aggregate principal amount of senior notes	35.00%
Additional redeemed percentage of aggregate principal amount	105.75%
Redemption percentage of issued notes which remain outstanding	65.00%
5 3/4% Senior Notes [Member] | Prior to February 1, 2021 [Member]
Debt Instrument [Line Items]
Additional redeemed percentage of aggregate principal amount	100.00%
Senior Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility									$ 400,000,000
Incremental Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility									$ 500,000,000
Incremental Facility [Member] | Term A Loan Facility [Member]
Debt Instrument [Line Items]
Incremental loan limit eliminated as per amendment		$ 500,000,000
Ratio of indebtedness to net capital one		3.5
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

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Long Term Debt (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
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)	3 Months Ended
	Mar. 31, 2017
June 30, 2017-December 31, 2018 [Member]
Debt Instrument [Line Items]
Principal payment date	June 30, 2017-December 31, 2018

Fair Value of Financial Instr37

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 2,524,521
Carrying amount of company's long term debt	$ 2,452,527	$ 2,378,152

Dividends_Distributions - Addit

Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Dividends [Line Items]
Distributions paid, per share	$ 0.83	$ 0.75
Distributions paid, preferred stockholders	$ 91	$ 91
Distributions paid, preferred stockholders, per share	$ 15.95	$ 15.95
Taxable Income Distribution [Member]
Dividends [Line Items]
Distributions paid	$ 81,188	$ 72,734
Distributions paid, per share	$ 0.83	$ 0.75

Information about Geographic 39

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 4,588		$ 4,893
External Customers [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 6,893	$ 6,868

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Total current assets	$ 350,344	$ 314,253
Net property, plant and equipment	1,175,037	1,182,715
Total assets	3,924,595	3,898,884
Current liabilities:
Current maturities of long-term debt	39,495	33,916
Total current liabilities	246,120	277,324
Long-term debt, net of deferred financing costs	2,385,411	2,315,267
Total liabilities	2,870,867	2,829,356
Stockholders’ equity	1,053,728	1,069,528
Total liabilities and stockholders’ equity	3,924,595	3,898,884
LAMAR MEDIA CORP [Member]
ASSETS
Total current assets	349,844	313,753
Net property, plant and equipment	1,175,037	1,182,715
Intangibles and goodwill, net	2,346,986	2,352,892
Other assets	36,324	33,120
Total assets	3,908,191	3,882,480
Current liabilities:
Current maturities of long-term debt	39,495	33,916
Other current liabilities	203,166	240,146
Total current liabilities	242,661	274,062
Long-term debt, net of deferred financing costs	2,385,411	2,315,267
Other noncurrent liabilities	239,336	236,765
Total liabilities	2,867,408	2,826,094
Stockholders’ equity	1,040,783	1,056,386
Total liabilities and stockholders’ equity	3,908,191	3,882,480
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
ASSETS
Total current assets	10,574	13,886
Other assets	3,505,632	3,453,161
Total assets	3,516,206	3,467,047
Current liabilities:
Current maturities of long-term debt	39,495	33,916
Other current liabilities	25,593	38,904
Total current liabilities	65,088	72,820
Long-term debt, net of deferred financing costs	2,385,411	2,315,267
Other noncurrent liabilities	24,924	22,574
Total liabilities	2,475,423	2,410,661
Stockholders’ equity	1,040,783	1,056,386
Total liabilities and stockholders’ equity	3,516,206	3,467,047
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
ASSETS
Total current assets	307,287	268,091
Net property, plant and equipment	1,152,636	1,161,205
Intangibles and goodwill, net	2,315,934	2,321,160
Other assets	11,185	10,379
Total assets	3,787,042	3,760,835
Current liabilities:
Other current liabilities	158,604	180,107
Total current liabilities	158,604	180,107
Other noncurrent liabilities	213,801	213,916
Total liabilities	372,405	394,023
Stockholders’ equity	3,414,637	3,366,812
Total liabilities and stockholders’ equity	3,787,042	3,760,835
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Total current assets	31,983	31,776
Net property, plant and equipment	22,401	21,510
Intangibles and goodwill, net	31,052	31,732
Other assets	167	116
Total assets	85,603	85,134
Current liabilities:
Other current liabilities	18,969	21,135
Total current liabilities	18,969	21,135
Other noncurrent liabilities	57,226	53,609
Total liabilities	76,195	74,744
Stockholders’ equity	9,408	10,390
Total liabilities and stockholders’ equity	85,603	85,134
LAMAR MEDIA CORP [Member] | Eliminations [Member]
ASSETS
Other assets	(3,480,660)	(3,430,536)
Total assets	(3,480,660)	(3,430,536)
Current liabilities:
Other noncurrent liabilities	(56,615)	(53,334)
Total liabilities	(56,615)	(53,334)
Stockholders’ equity	(3,424,045)	(3,377,202)
Total liabilities and stockholders’ equity	$ (3,480,660)	$ (3,430,536)

Condensed Consolidating Stateme

Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net revenues	$ 346,362	$ 338,533
Operating expenses
Direct advertising expenses	131,844	128,725
General and administrative expenses	72,031	66,790
Corporate expenses	16,633	16,026
Depreciation and amortization	51,425	51,489
(Gain) loss on disposition of assets	(1,036)	(11,327)
Total Operating Expenses	270,897	251,703
Operating income	75,465	86,830
Income before income tax expense	43,986	53,621
Income tax expense	2,199	2,307
Net income	41,787	51,314
Statements of Comprehensive Income
Net income	41,787	51,314
Comprehensive income	41,930	52,782
LAMAR MEDIA CORP [Member]
Net revenues	346,362	338,533
Operating expenses
Direct advertising expenses	131,844	128,725
General and administrative expenses	72,031	66,790
Corporate expenses	16,527	15,933
Depreciation and amortization	51,425	51,489
(Gain) loss on disposition of assets	(1,036)	(11,327)
Total Operating Expenses	270,791	251,610
Operating income	75,571	86,923
Interest expense (income), net	31,479	30,067
Other expenses		3,142
Income before income tax expense	44,092	53,714
Income tax expense	2,199	2,307
Net income	41,893	51,407
Statements of Comprehensive Income
Net income	41,893	51,407
Total other comprehensive income, net of tax	143	1,468
Comprehensive income	42,036	52,875
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
Operating expenses
Equity in (earnings) loss of subsidiaries	(73,374)	(84,610)
Interest expense (income), net	31,481	30,061
Other expenses		3,142
Income before income tax expense	41,893	51,407
Net income	41,893	51,407
Statements of Comprehensive Income
Net income	41,893	51,407
Comprehensive income	41,893	51,407
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Net revenues	335,803	327,578
Operating expenses
Direct advertising expenses	125,104	121,889
General and administrative expenses	70,012	63,999
Corporate expenses	16,257	15,648
Depreciation and amortization	49,248	49,689
(Gain) loss on disposition of assets	(1,037)	(11,560)
Total Operating Expenses	259,584	239,665
Operating income	76,219	87,913
Interest expense (income), net	(3)	(1)
Income before income tax expense	76,222	87,914
Income tax expense	1,723	1,926
Net income	74,499	85,988
Statements of Comprehensive Income
Net income	74,499	85,988
Comprehensive income	74,499	85,988
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Net revenues	11,474	11,835
Operating expenses
Direct advertising expenses	7,287	7,396
General and administrative expenses	2,019	2,791
Corporate expenses	270	285
Depreciation and amortization	2,177	1,800
(Gain) loss on disposition of assets	1	233
Total Operating Expenses	11,754	12,505
Operating income	(280)	(670)
Interest expense (income), net	369	327
Income before income tax expense	(649)	(997)
Income tax expense	476	381
Net income	(1,125)	(1,378)
Statements of Comprehensive Income
Net income	(1,125)	(1,378)
Total other comprehensive income, net of tax	143	1,468
Comprehensive income	(982)	90
LAMAR MEDIA CORP [Member] | Eliminations [Member]
Net revenues	(915)	(880)
Operating expenses
Direct advertising expenses	(547)	(560)
Total Operating Expenses	(547)	(560)
Operating income	(368)	(320)
Equity in (earnings) loss of subsidiaries	73,374	84,610
Interest expense (income), net	(368)	(320)
Income before income tax expense	(73,374)	(84,610)
Net income	(73,374)	(84,610)
Statements of Comprehensive Income
Net income	(73,374)	(84,610)
Comprehensive income	$ (73,374)	$ (84,610)

Condensed Consolidating State42

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 34,496	$ 51,537
Cash flows from investing activities:
Acquisitions	(17,779)	(502,138)
Capital expenditures	(19,236)	(20,619)
Proceeds from disposition of assets and investments	1,592	5,196
Decrease in notes receivable	4	8
Net cash used in investing activities	(35,419)	(517,553)
Cash flows from financing activities:
Proceeds received from revolving credit facility	134,000	280,000
Payment on revolving credit facility	(54,000)	(125,000)
Principal payments on long term debt	(5,625)	(3,755)
Proceeds received from senior credit facility term A-1 loan		300,000
Debt issuance costs		(9,017)
Proceeds received from note offering		400,000
Payment on senior credit facility		(300,000)
Distributions to non-controlling interest	(205)	(105)
Net cash (used in) provided by financing activities	(3,172)	471,003
Effect of exchange rate changes in cash and cash equivalents	187	1,106
Net (decrease) increase in cash and cash equivalents	(3,908)	6,093
Cash and cash equivalents at beginning of period	35,530	22,327
Cash and cash equivalents at end of period	31,622	28,420
LAMAR MEDIA CORP [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	14,793	33,185
Cash flows from investing activities:
Acquisitions	(17,779)	(502,138)
Capital expenditures	(19,236)	(20,619)
Proceeds from disposition of assets and investments	1,592	5,196
Decrease in notes receivable	4	8
Net cash used in investing activities	(35,419)	(517,553)
Cash flows from financing activities:
Proceeds received from revolving credit facility	134,000	280,000
Payment on revolving credit facility	(54,000)	(125,000)
Principal payments on long term debt	(5,625)	(3,755)
Proceeds received from senior credit facility term A-1 loan		300,000
Debt issuance costs		(9,017)
Proceeds received from note offering		400,000
Payment on senior credit facility		(300,000)
Distributions to non-controlling interest	(205)	(105)
Dividends (to) from parent	(90,185)	(78,938)
Contributions from (to) parent	32,546	26,170
Net cash (used in) provided by financing activities	16,531	489,355
Effect of exchange rate changes in cash and cash equivalents	187	1,106
Net (decrease) increase in cash and cash equivalents	(3,908)	6,093
Cash and cash equivalents at beginning of period	35,030	21,827
Cash and cash equivalents at end of period	31,122	27,920
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	922	20,748
Cash flows from investing activities:
Investment in subsidiaries	(17,779)	(502,138)
(Increase) decrease in intercompany notes receivable	(3,194)	(2,946)
Decrease in notes receivable	4	8
Net cash used in investing activities	(20,969)	(505,076)
Cash flows from financing activities:
Proceeds received from revolving credit facility	134,000	280,000
Payment on revolving credit facility	(54,000)	(125,000)
Principal payments on long term debt	(5,625)	(3,755)
Proceeds received from senior credit facility term A-1 loan		300,000
Debt issuance costs		(9,017)
Proceeds received from note offering		400,000
Payment on senior credit facility		(300,000)
Dividends (to) from parent	(90,185)	(78,938)
Contributions from (to) parent	32,546	26,170
Net cash (used in) provided by financing activities	16,736	489,460
Net (decrease) increase in cash and cash equivalents	(3,311)	5,132
Cash and cash equivalents at beginning of period	12,762	4,955
Cash and cash equivalents at end of period	9,451	10,087
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	59,675	69,183
Cash flows from investing activities:
Acquisitions	(17,779)	(502,138)
Capital expenditures	(17,079)	(20,123)
Proceeds from disposition of assets and investments	1,592	5,196
Net cash used in investing activities	(33,266)	(517,065)
Cash flows from financing activities:
Dividends (to) from parent	(44,453)	(53,975)
Contributions from (to) parent	17,779	502,138
Net cash (used in) provided by financing activities	(26,674)	448,163
Net (decrease) increase in cash and cash equivalents	(265)	281
Cash and cash equivalents at beginning of period	1,201	454
Cash and cash equivalents at end of period	936	735
LAMAR MEDIA CORP [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(1,351)	(2,771)
Cash flows from investing activities:
Capital expenditures	(2,157)	(496)
Net cash used in investing activities	(2,157)	(496)
Cash flows from financing activities:
Intercompany loan proceeds	3,194	2,946
Distributions to non-controlling interest	(205)	(105)
Net cash (used in) provided by financing activities	2,989	2,841
Effect of exchange rate changes in cash and cash equivalents	187	1,106
Net (decrease) increase in cash and cash equivalents	(332)	680
Cash and cash equivalents at beginning of period	21,067	16,418
Cash and cash equivalents at end of period	20,735	17,098
LAMAR MEDIA CORP [Member] | Eliminations [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(44,453)	(53,975)
Cash flows from investing activities:
Investment in subsidiaries	17,779	502,138
(Increase) decrease in intercompany notes receivable	3,194	2,946
Net cash used in investing activities	20,973	505,084
Cash flows from financing activities:
Intercompany loan proceeds	(3,194)	(2,946)
Dividends (to) from parent	44,453	53,975
Contributions from (to) parent	(17,779)	(502,138)
Net cash (used in) provided by financing activities	$ 23,480	$ (451,109)