Lamar Media 10-Q 6 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 01, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		84,011,614
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,420,085
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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. AND SUBSIDIARIES [Member] | Class Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 29,419	$ 35,530
Receivables, net of allowance for doubtful accounts	223,088	189,935
Prepaid lease expenses	72,816	48,815
Other current assets	45,187	39,973
Total current assets	370,510	314,253
Property, plant and equipment	3,354,962	3,294,251
Less accumulated depreciation and amortization	(2,174,393)	(2,111,536)
Net property, plant and equipment	1,180,569	1,182,715
Goodwill	1,740,469	1,726,358
Intangible assets	668,667	637,153
Other assets	43,015	38,405
Total assets	4,003,230	3,898,884
Current liabilities:
Trade accounts payable	18,054	17,653
Current maturities of long-term debt, net of deferred financing costs	17,415	33,916
Accrued expenses	99,548	134,433
Deferred income	103,670	91,322
Total current liabilities	238,687	277,324
Long-term debt, net of deferred financing costs	2,432,014	2,315,267
Deferred income tax liabilities	326	279
Asset retirement obligation	212,141	210,889
Other liabilities	29,536	25,597
Total liabilities	2,912,704	2,829,356
Stockholders’ equity:
Additional paid-in capital	1,754,892	1,713,312
Accumulated comprehensive income (loss)	1,480	(624)
Accumulated deficit	(644,644)	(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	1,090,526	1,069,528
Total liabilities and stockholders’ equity	4,003,230	3,898,884
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Current assets:
Cash and cash equivalents	28,919	35,030
Receivables, net of allowance for doubtful accounts	223,088	189,935
Prepaid lease expenses	72,816	48,815
Other current assets	45,187	39,973
Total current assets	370,010	313,753
Property, plant and equipment	3,354,962	3,294,251
Less accumulated depreciation and amortization	(2,174,393)	(2,111,536)
Net property, plant and equipment	1,180,569	1,182,715
Goodwill	1,730,318	1,716,207
Intangible assets	668,197	636,685
Other assets	37,731	33,120
Total assets	3,986,825	3,882,480
Current liabilities:
Trade accounts payable	18,054	17,653
Current maturities of long-term debt, net of deferred financing costs	17,415	33,916
Accrued expenses	95,715	131,171
Deferred income	103,670	91,322
Total current liabilities	234,854	274,062
Long-term debt, net of deferred financing costs	2,432,014	2,315,267
Deferred income tax liabilities	326	279
Asset retirement obligation	212,141	210,889
Other liabilities	29,536	25,597
Total liabilities	2,908,871	2,826,094
Stockholders’ equity:
Additional paid-in capital	2,825,333	2,783,753
Accumulated comprehensive income (loss)	1,480	(624)
Accumulated deficit	(1,748,859)	(1,726,743)
Stockholders’ equity	1,077,954	1,056,386
Total liabilities and stockholders’ equity	3,986,825	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	Sep. 30, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 11,529	$ 9,356
Current deferred financing costs	5,085	5,459
Noncurrent deferred financing costs	$ 24,888	$ 23,510
Shares held in treasury	331,284	216,088
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Allowance for doubtful accounts	$ 11,529	$ 9,356
Current deferred financing costs	5,085	5,459
Noncurrent deferred financing costs	$ 24,888	$ 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	84,007,335	83,038,831
Common stock, shares outstanding	83,676,051	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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net revenues	$ 399,345	$ 387,516	$ 1,142,785	$ 1,113,577
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	134,977	131,778	401,896	393,228
General and administrative expenses (exclusive of depreciation and amortization)	68,500	67,487	206,452	200,734
Corporate expenses (exclusive of depreciation and amortization)	15,088	19,359	48,451	55,432
Depreciation and amortization	51,796	49,307	155,003	152,729
(Gain) loss on disposition of assets	(2,734)	(189)	(4,377)	(12,221)
Total Operating Expenses	267,627	267,742	807,425	789,902
Operating income	131,718	119,774	335,360	323,675
Other expense (income)
Loss on extinguishment of debt			71	3,198
Interest income	(2)	(2)	(6)	(6)
Interest expense	32,064	31,102	95,526	92,469
Non-operating (Income) Expenses	32,062	31,100	95,591	95,661
Income before income tax expense	99,656	88,674	239,769	228,014
Income tax expense	3,325	3,613	9,257	9,730
Net income	96,331	85,061	230,512	218,284
Cash dividends declared and paid on preferred stock	91	91	273	273
Net income applicable to common stock	$ 96,240	$ 84,970	$ 230,239	$ 218,011
Earnings per share:
Basic earnings per share	$ 0.98	$ 0.87	$ 2.35	$ 2.25
Diluted earnings per share	0.98	0.87	2.34	2.23
Cash dividends declared per share of common stock	$ 0.83	$ 0.76	$ 2.49	$ 2.26
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic	98,044,523	97,254,125	97,855,642	97,056,456
Weighted average common shares outstanding diluted	98,490,277	97,881,878	98,340,248	97,631,606
Statements of Comprehensive Income
Net income	$ 96,331	$ 85,061	$ 230,512	$ 218,284
Other comprehensive income (loss)
Foreign currency translation adjustments	1,216	(328)	2,104	1,151
Comprehensive income	97,547	84,733	232,616	219,435
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Net revenues	399,345	387,516	1,142,785	1,113,577
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	134,977	131,778	401,896	393,228
General and administrative expenses (exclusive of depreciation and amortization)	68,500	67,487	206,452	200,734
Corporate expenses (exclusive of depreciation and amortization)	14,982	19,252	48,154	55,143
Depreciation and amortization	51,796	49,307	155,003	152,729
(Gain) loss on disposition of assets	(2,734)	(189)	(4,377)	(12,221)
Total Operating Expenses	267,521	267,635	807,128	789,613
Operating income	131,824	119,881	335,657	323,964
Other expense (income)
Loss on extinguishment of debt			71	3,198
Interest income	(2)	(2)	(6)	(6)
Interest expense	32,064	31,102	95,526	92,469
Non-operating (Income) Expenses	32,062	31,100	95,591	95,661
Income before income tax expense	99,762	88,781	240,066	228,303
Income tax expense	3,325	3,613	9,257	9,730
Net income	96,437	85,168	230,809	218,573
Statements of Comprehensive Income
Net income	96,437	85,168	230,809	218,573
Other comprehensive income (loss)
Foreign currency translation adjustments	1,216	(328)	2,104	1,151
Comprehensive income	$ 97,653	$ 84,840	$ 232,913	$ 219,724

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 230,512	$ 218,284
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	155,003	152,729
Stock-based compensation	7,060	19,650
Amortization included in interest expense	3,866	3,993
Gain on disposition of assets and investments	(4,377)	(12,221)
Loss on extinguishment of debt	71	3,198
Deferred tax expense (benefit)	259	(150)
Provision for doubtful accounts	6,009	5,831
(Increase) decrease in:
Receivables	(38,083)	(39,072)
Prepaid lease expenses	(23,281)	(21,700)
Other assets	(4,334)	5,923
Increase (decrease) in:
Trade accounts payable	401	(761)
Accrued expenses	(21,768)	(5,623)
Other liabilities	9,300	7,745
Net cash provided by operating activities	320,638	337,826
Cash flows from investing activities:
Acquisitions	(119,936)	(526,029)
Capital expenditures	(74,446)	(78,825)
Proceeds from disposition of assets and investments	3,340	7,753
Decrease in notes receivable	13	16
Net cash used in investing activities	(191,029)	(597,085)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(8,997)	(6,204)
Net proceeds from issuance of common stock	19,817	18,278
Principal payments on long-term debt	(11,250)	(15,015)
Payment on revolving credit facility	(407,000)	(302,000)
Proceeds received from revolving credit facility	317,000	408,000
Proceeds received from note offering		400,000
Payment on senior credit facility term loans	(247,500)	(300,000)
Proceeds received from senior credit facility term loans	450,000	300,000
Debt issuance costs	(4,941)	(9,391)
Distributions to non-controlling interest	(415)	(315)
Dividends/distributions	(244,201)	(219,857)
Net cash (used in) provided by financing activities	(137,487)	273,496
Effect of exchange rate changes in cash and cash equivalents	1,767	915
Net (decrease) increase in cash and cash equivalents	(6,111)	15,152
Cash and cash equivalents at beginning of period	35,530	22,327
Cash and cash equivalents at end of period	29,419	37,479
Supplemental disclosures of cash flow information:
Cash paid for interest	104,966	91,952
Cash paid for foreign, state and federal income taxes	9,969	11,023
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Cash flows from operating activities:
Net income	230,809	218,573
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	155,003	152,729
Stock-based compensation	7,060	19,650
Amortization included in interest expense	3,866	3,993
Gain on disposition of assets and investments	(4,377)	(12,221)
Loss on extinguishment of debt	71	3,198
Deferred tax expense (benefit)	259	(150)
Provision for doubtful accounts	6,009	5,831
(Increase) decrease in:
Receivables	(38,083)	(39,072)
Prepaid lease expenses	(23,281)	(21,700)
Other assets	(4,334)	5,923
Increase (decrease) in:
Trade accounts payable	401	(761)
Accrued expenses	(21,768)	(5,623)
Other liabilities	(13,033)	(16,410)
Net cash provided by operating activities	298,602	313,960
Cash flows from investing activities:
Acquisitions	(119,936)	(526,029)
Capital expenditures	(74,446)	(78,825)
Proceeds from disposition of assets and investments	3,340	7,753
Decrease in notes receivable	13	16
Net cash used in investing activities	(191,029)	(597,085)
Cash flows from financing activities:
Principal payments on long-term debt	(11,250)	(15,015)
Payment on revolving credit facility	(407,000)	(302,000)
Proceeds received from revolving credit facility	317,000	408,000
Proceeds received from note offering		400,000
Payment on senior credit facility term loans	(247,500)	(300,000)
Proceeds received from senior credit facility term loans	450,000	300,000
Debt issuance costs	(4,941)	(9,391)
Distributions to non-controlling interest	(415)	(315)
Contributions from parent	41,580	41,872
Dividend to parent	(252,925)	(225,789)
Net cash (used in) provided by financing activities	(115,451)	297,362
Effect of exchange rate changes in cash and cash equivalents	1,767	915
Net (decrease) increase in cash and cash equivalents	(6,111)	15,152
Cash and cash equivalents at beginning of period	35,030	21,827
Cash and cash equivalents at end of period	28,919	36,979
Supplemental disclosures of cash flow information:
Cash paid for interest	104,966	91,952
Cash paid for foreign, state and federal income taxes	$ 9,969	$ 11,023

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. AND SUBSIDIARIES [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, 7, 9, 10, 11 and 13 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 87,500 shares of its Class A common stock during the nine months ended September 30, 2017. At September 30, 2017 a total of 1,174,906 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 nine months ended September 30, 2017: Shares Available for future purchases, January 1, 2017 250,573 Additional shares reserved under 2009 ESPP 82,823 Purchases (84,005 ) Available for future purchases, September 30, 2017 249,391 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 nine months ended September 30, 2017, the Company has recorded $3,837 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 $326 stock-based compensation expense related to these awards for the nine months ended September 30, 2017.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions	3. Acquisitions During the nine months ended September 30, 2017, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $122,815, of which $119,936 was in cash and $2,879 was in non-cash consideration consisting principally of exchanges of outdoor advertising assets. As a result of these acquisitions, a gain of $2,389 was recorded during the nine months ended September 30, 2017 related to the transactions that involved the exchange of outdoor advertising assets. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition costs have been allocated to assets acquired and liabilities assumed based on preliminary fair market value estimates at the dates of acquisition. The allocations are pending final determination of the fair value of certain assets and liabilities. The following is a summary of the preliminary allocation of the acquisition costs in the above transactions. Total Property, plant and equipment $ 14,305 Goodwill 13,925 Site locations 82,262 Non-competition agreements 325 Customer lists and contracts 10,224 Acquisition costs 194 Current assets 2,465 Current liabilities (510 ) Other liabilities (375 ) $ 122,815

Depreciation and Amortization

Depreciation and Amortization	9 Months Ended
	Sep. 30, 2017
Depreciation And Amortization [Abstract]
Depreciation and Amortization	4. 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 September 30, Nine months ended September 30, 2017 2016 2017 2016 Direct advertising expenses $ 47,168 $ 46,163 $ 144,171 $ 142,228 General and administrative expenses 955 900 2,857 2,683 Corporate expenses 3,673 2,244 7,975 7,818 $ 51,796 $ 49,307 $ 155,003 $ 152,729

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	5. Goodwill and Other Intangible Assets The following is a summary of intangible assets at September 30, 2017 and December 31, 2016: Estimated September 30, 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 $ 570,073 $ 501,556 $ 559,513 $ 490,514 Non-competition agreements 3—15 64,976 63,861 64,646 63,692 Site locations 15 1,937,725 1,354,594 1,885,554 1,318,976 Other 2—15 45,406 29,502 14,174 13,552 $ 2,618,180 $ 1,949,513 $ 2,523,887 $ 1,886,734 Unamortizable intangible assets: Goodwill $ 1,994,005 $ 253,536 $ 1,979,894 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2017
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	6. 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 1,103 Accretion expense 3,182 Liabilities settled (3,033 ) Balance at September 30, 2017 $ 212,141

Distribution Restrictions

Distribution Restrictions	9 Months Ended
	Sep. 30, 2017
Distribution Restrictions [Abstract]
Distribution Restrictions	7. 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 September 30, 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 $2,834,543 and $2,702,633, respectively. As of September 30, 2017, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of September 30, 2017, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio less than 6.5 to 1 and (ii) the secured debt ratio does not exceed 3.0 to 1. As of September 30, 2017, the total debt ratio was less than 6.5 to 1 and Lamar Media’s secured debt ratio was less than 3.0 to 1, and the available cumulative credit was $1,666,430.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	8. Earnings Per Share The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three and nine months ended September 30, 2017 or 2016.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-term Debt	9. Long-term Debt Long-term debt consists of the following at September 30, 2017 and December 31, 2016: September 30, 2017 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 534,375 $ 8,133 $ 526,242 5 7/8% Senior Subordinated Notes 500,000 6,162 493,838 5% Senior Subordinated Notes 535,000 5,127 529,873 5 3/8% Senior Notes 510,000 5,155 504,845 5 3/4% Senior Notes 400,000 5,396 394,604 Other notes with various rates and terms 27 — 27 2,479,402 29,973 2,449,429 Less current maturities (22,500 ) (5,085 ) (17,415 ) Long-term debt, excluding current maturities $ 2,456,902 $ 24,888 $ 2,432,014 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 accrued and unpaid interest thereon, 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 May 15, 2017, Lamar Media entered into a Third Restatement Agreement (“Restatement Agreement”) to its Second Amended and Restated Credit Agreement (“existing senior credit facility”) dated as of February 3, 2014 with the Company, certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. Lamar Media’s Third Amended and Restated Credit Agreement dated as of May 15, 2017 (as amended, the “senior credit facility”) consists of (i) a new $450,000 senior secured revolving credit facility which will mature on May 15, 2022, (ii) a new $450,000 Term A loan facility (the “Term A loans”) which will mature on May 15, 2022, and (iii) an incremental facility pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to pro forma compliance with the secured debt ratio financial maintenance covenant described below. Under the senior credit facility Lamar Media borrowed all $450,000 in Term A loans on May 15, 2017. The net proceeds, together with borrowing under the revolving portion of senior credit facility and cash on hand, were used to repay all outstanding amounts under the existing senior credit facility, and all revolving commitments under that facility were terminated. The Term A Loans began amortizing on September 30, 2017 in quarterly installments on each December 31, March 31, June 30 and September 30 thereafter. The remaining quarterly installments scheduled to be paid are as follows: Principal Payment Date Principal Amount December 31, 2017-June 30, 2019 $ 5,625.0 September 30, 2019-June 30, 2020 $ 8,437.5 September 30, 2020-March 31, 2022 $ 16,875.0 Term A Loan Maturity Date $ 253,125.0 For each borrowing of Term A loans or revolving credit loans, Lamar Media can elect whether such loans bear interest at (i) the Adjusted Base Rate plus (a) 0.75%, or (b) 0.50% at any time that the total debt ratio is less than 3.25 to 1 as of the last day of the most recently ended fiscal quarter for which Lamar Media has delivered financial statements, or (ii) the Adjusted LIBO Rate plus (a) 1.75%, or (b) 1.50% at any time that the total debt ratio is less than 3.25 to 1 as of the last day of the most recently ended fiscal quarter for which Lamar Media has delivered financial statements. As of September 30, 2017, there was $90,000 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 $13,091 in letters of credit outstanding as of September 30, 2017 resulting in $346,909 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 May 15, 2022. 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	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	10. Fair Value of Financial Instruments At September 30, 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 $2,578,645 which exceeded the carrying amount of $2,479,402 as of September 30, 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	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	11. 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	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Dividends/Distributions	12. Dividends/Distributions During the three months ended September 30, 2017 and September 30, 2016, the Company declared and paid cash distributions of its REIT taxable income in an aggregate amount of $81,408 or $0.83 per share and $73,938 or $0.76 per share, respectively. During the nine months ended September 30, 2017 and September 30, 2016, the Company declared and paid cash distributions of its REIT taxable income in an aggregate amount of $243,928 or $2.49 per share and $219,584 or $2.26 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 September 30, 2017 and September 30, 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. During the nine months ended September 30, 2017 and September 30, 2016, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $273 or $47.85 per share.

Information about Geographic Ar

Information about Geographic Areas	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Information about Geographic Areas	13. Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $24,335 and $24,076 for the nine months ended September 30, 2017 and 2016, respectively. Net carrying value of long lived assets located in foreign countries totaled $4,121 and $4,893 as of September 30, 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	9 Months Ended
	Sep. 30, 2017
LAMAR MEDIA CORP. AND SUBSIDIARIES [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 September 30, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 3,405 $ 327,313 $ 39,292 $ — $ 370,010 Net property, plant and equipment — 1,158,402 22,167 — 1,180,569 Intangibles and goodwill, net — 2,368,590 29,925 — 2,398,515 Other assets 3,575,806 11,450 8 (3,549,533 ) 37,731 Total assets $ 3,579,211 $ 3,865,755 $ 91,392 $ (3,549,533 ) $ 3,986,825 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 17,415 $ — $ — $ — $ 17,415 Other current liabilities 25,597 168,779 23,063 — 217,439 Total current liabilities 43,012 168,779 23,063 — 234,854 Long-term debt 2,432,014 — — — 2,432,014 Other noncurrent liabilities 26,231 215,029 56,898 (56,155 ) 242,003 Total liabilities 2,501,257 383,808 79,961 (56,155 ) 2,908,871 Stockholders’ equity 1,077,954 3,481,947 11,431 (3,493,378 ) 1,077,954 Total liabilities and stockholders’ equity $ 3,579,211 $ 3,865,755 $ 91,392 $ (3,549,533 ) $ 3,986,825 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 September 30, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 387,095 $ 13,303 $ (1,053 ) $ 399,345 Operating expenses Direct advertising expenses (1) — 128,175 7,408 (606 ) 134,977 General and administrative expenses (1) — 66,467 2,033 — 68,500 Corporate expenses (1) — 14,705 277 — 14,982 Depreciation and amortization — 49,475 2,321 — 51,796 (Gain) loss on disposition of assets — (2,737 ) 3 — (2,734 ) — 256,085 12,042 (606 ) 267,521 Operating income (loss) — 131,010 1,261 (447 ) 131,824 Equity in (earnings) loss of subsidiaries (128,500 ) — — 128,500 — Other expenses (income) 32,063 (2 ) 448 (447 ) 32,062 Income (loss) before income tax expense 96,437 131,012 813 (128,500 ) 99,762 Income tax expense (2) — 2,659 666 — 3,325 Net income (loss) $ 96,437 $ 128,353 $ 147 $ (128,500 ) $ 96,437 Statement of Comprehensive Income Net income (loss) $ 96,437 $ 128,353 $ 147 $ (128,500 ) $ 96,437 Total other comprehensive loss, net of tax — — 1,216 — 1,216 Total comprehensive income (loss) $ 96,437 $ 128,353 $ 1,363 $ (128,500 ) $ 97,653 (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 September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 374,909 $ 13,510 $ (903 ) $ 387,516 Operating expenses Direct advertising expenses (1) — 124,609 7,793 (624 ) 131,778 General and administrative expenses (1) — 64,949 2,538 — 67,487 Corporate expenses (1) — 18,895 357 — 19,252 Depreciation and amortization — 47,491 1,816 — 49,307 (Gain) loss on disposition of assets — (217 ) 28 — (189 ) — 255,727 12,532 (624 ) 267,635 Operating income (loss) — 119,182 978 (279 ) 119,881 Equity in (earnings) loss of subsidiaries (116,264 ) — — 116,264 — Other expenses (income) 31,096 (2 ) 285 (279 ) 31,100 Income (loss) before income tax expense 85,168 119,184 693 (116,264 ) 88,781 Income tax expense (2) — 3,014 599 — 3,613 Net income (loss) $ 85,168 $ 116,170 $ 94 $ (116,264 ) $ 85,168 Statement of Comprehensive Income Net income (loss) $ 85,168 $ 116,170 $ 94 $ (116,264 ) $ 85,168 Total other comprehensive loss, net of tax — — (328 ) — (328 ) Total comprehensive income (loss) $ 85,168 $ 116,170 $ (234 ) $ (116,264 ) $ 84,840 (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 Nine Months Ended September 30, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,107,583 $ 38,191 $ (2,989 ) $ 1,142,785 Operating expenses Direct advertising expenses (1) — 381,317 22,330 (1,751 ) 401,896 General and administrative expenses (1) — 199,979 6,473 — 206,452 Corporate expenses (1) — 47,320 834 — 48,154 Depreciation and amortization — 148,357 6,646 — 155,003 (Gain) loss on disposition of assets — (4,377 ) — — (4,377 ) — 772,596 36,283 (1,751 ) 807,128 Operating income (loss) — 334,987 1,908 (1,238 ) 335,657 Equity in (earnings) loss of subsidiaries (326,401 ) — — 326,401 — Other expenses (income) 95,592 (5 ) 1,242 (1,238 ) 95,591 Income (loss) before income tax expense 230,809 334,992 666 (326,401 ) 240,066 Income tax expense (2) — 7,528 1,729 — 9,257 Net income (loss) $ 230,809 $ 327,464 $ (1,063 ) $ (326,401 ) $ 230,809 Statement of Comprehensive Income Net income (loss) $ 230,809 $ 327,464 $ (1,063 ) $ (326,401 ) $ 230,809 Total other comprehensive income, net of tax — — 2,104 — 2,104 Total comprehensive income (loss) $ 230,809 $ 327,464 $ 1,041 $ (326,401 ) $ 232,913 (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 Nine Months Ended September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,077,116 $ 39,228 $ (2,767 ) $ 1,113,577 Operating expenses Direct advertising expenses (1) — 371,915 23,139 (1,826 ) 393,228 General and administrative expenses (1) — 192,631 8,103 — 200,734 Corporate expenses (1) — 54,079 1,064 — 55,143 Depreciation and amortization — 147,158 5,571 — 152,729 (Gain) loss on disposition of assets — (12,482 ) 261 — (12,221 ) — 753,301 38,138 (1,826 ) 789,613 Operating income (loss) — 323,815 1,090 (941 ) 323,964 Equity in (earnings) loss of subsidiaries (314,228 ) — — 314,228 — Other expenses (income) 95,655 (6 ) 953 (941 ) 95,661 Income (loss) before income tax expense 218,573 323,821 137 (314,228 ) 228,303 Income tax expense (2) — 8,248 1,482 — 9,730 Net income (loss) $ 218,573 $ 315,573 $ (1,345 ) $ (314,228 ) $ 218,573 Statement of Comprehensive Income Net income (loss) $ 218,573 $ 315,573 $ (1,345 ) $ (314,228 ) $ 218,573 Total other comprehensive income, net of tax — — 1,151 — 1,151 Total comprehensive income (loss) $ 218,573 $ 315,573 $ (194 ) $ (314,228 ) $ 219,724 (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 Nine Months Ended September 30, 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 $ 227,195 $ 398,200 $ 5,472 $ (332,265 ) $ 298,602 Cash flows from investing activities: Acquisitions — (119,936 ) — — (119,936 ) Capital expenditures — (69,665 ) (4,781 ) — (74,446 ) Proceeds from disposition of assets and investments — 3,340 — — 3,340 Investment in subsidiaries (119,936 ) 119,936 — (Increase) decrease in intercompany notes receivable (2,713 ) — — 2,713 — Decrease in notes receivable 13 — — — 13 Net cash (used in) provided by investing activities (122,636 ) (186,261 ) (4,781 ) 122,649 (191,029 ) Cash flows from financing activities: Principal payments on long-term debt (11,250 ) — — — (11,250 ) Payment on revolving credit facility (407,000 ) — — — (407,000 ) Proceeds received from revolving credit facility 317,000 — — — 317,000 Payment on senior credit facility (247,500 ) — — — (247,500 ) Proceeds received from senior credit facility 450,000 — — — 450,000 Debt issuance costs (4,941 ) — — — (4,941 ) Intercompany loan proceeds (payments) — — 2,713 (2,713 ) — Distributions to non-controlling interest — — (415 ) — (415 ) Contributions from (to) parent 41,580 119,936 — (119,936 ) 41,580 Dividends (to) from parent (252,925 ) (332,265 ) — 332,265 (252,925 ) Net cash (used in) provided by financing activities (115,036 ) (212,329 ) 2,298 209,616 (115,451 ) Effect of exchange rate changes in cash and cash equivalents — — 1,767 — 1,767 Net (decrease) increase in cash and cash equivalents (10,477 ) (390 ) 4,756 — (6,111 ) Cash and cash equivalents at beginning of period 12,762 1,201 21,067 — 35,030 Cash and cash equivalents at end of period $ 2,285 $ 811 $ 25,823 $ — $ 28,919 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 Nine Months Ended September 30, 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 $ 240,727 $ 402,988 $ 4,412 $ (334,167 ) $ 313,960 Cash flows from investing activities: Acquisitions — (526,029 ) — — (526,029 ) Capital expenditures — (76,468 ) (2,357 ) — (78,825 ) Proceeds from disposition of assets and investments — 7,753 — — 7,753 Investment in subsidiaries (526,029 ) — — 526,029 — (Increase) decrease in intercompany notes receivable (462 ) — — 462 — Decrease in notes receivable 16 — — — 16 Net cash (used in) provided by investing activities (526,475 ) (594,744 ) (2,357 ) 526,491 (597,085 ) Cash flows from financing activities: Principal payments on long-term debt (15,015 ) — — — (15,015 ) Payment on revolving credit facility (302,000 ) — — — (302,000 ) Proceeds received from revolving credit facility 408,000 — — — 408,000 Proceeds received from note offering 400,000 — — — 400,000 Payment on senior credit facility (300,000 ) — — — (300,000 ) Proceeds received from senior credit facility 300,000 — — — 300,000 Debt issuance costs (9,391 ) — — — (9,391 ) Intercompany loan proceeds (payments) — — 462 (462 ) — Distributions to non-controlling interest — — (315 ) — (315 ) Contributions from (to) parent 41,872 526,029 — (526,029 ) 41,872 Dividends (to) from parent (225,789 ) (334,167 ) — 334,167 (225,789 ) Net cash provided by (used in) financing activities 297,677 191,862 147 (192,324 ) 297,362 Effect of exchange rate changes in cash and cash equivalents — — 915 — 915 Net increase in cash and cash equivalents 11,929 106 3,117 — 15,152 Cash and cash equivalents at beginning of period 4,955 454 16,418 — 21,827 Cash and cash equivalents at end of period $ 16,884 $ 560 $ 19,535 $ — $ 36,979

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2017: Shares Available for future purchases, January 1, 2017 250,573 Additional shares reserved under 2009 ESPP 82,823 Purchases (84,005 ) Available for future purchases, September 30, 2017 249,391

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Summary of Preliminary Allocation of Acquisition Costs	The following is a summary of the preliminary allocation of the acquisition costs in the above transactions. Total Property, plant and equipment $ 14,305 Goodwill 13,925 Site locations 82,262 Non-competition agreements 325 Customer lists and contracts 10,224 Acquisition costs 194 Current assets 2,465 Current liabilities (510 ) Other liabilities (375 ) $ 122,815

Depreciation and Amortization (

Depreciation and Amortization (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2017 2016 2017 2016 Direct advertising expenses $ 47,168 $ 46,163 $ 144,171 $ 142,228 General and administrative expenses 955 900 2,857 2,683 Corporate expenses 3,673 2,244 7,975 7,818 $ 51,796 $ 49,307 $ 155,003 $ 152,729

Goodwill and Other Intangible23

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at September 30, 2017 and December 31, 2016: Estimated September 30, 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 $ 570,073 $ 501,556 $ 559,513 $ 490,514 Non-competition agreements 3—15 64,976 63,861 64,646 63,692 Site locations 15 1,937,725 1,354,594 1,885,554 1,318,976 Other 2—15 45,406 29,502 14,174 13,552 $ 2,618,180 $ 1,949,513 $ 2,523,887 $ 1,886,734 Unamortizable intangible assets: Goodwill $ 1,994,005 $ 253,536 $ 1,979,894 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 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 1,103 Accretion expense 3,182 Liabilities settled (3,033 ) Balance at September 30, 2017 $ 212,141

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at September 30, 2017 and December 31, 2016: September 30, 2017 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 534,375 $ 8,133 $ 526,242 5 7/8% Senior Subordinated Notes 500,000 6,162 493,838 5% Senior Subordinated Notes 535,000 5,127 529,873 5 3/8% Senior Notes 510,000 5,155 504,845 5 3/4% Senior Notes 400,000 5,396 394,604 Other notes with various rates and terms 27 — 27 2,479,402 29,973 2,449,429 Less current maturities (22,500 ) (5,085 ) (17,415 ) Long-term debt, excluding current maturities $ 2,456,902 $ 24,888 $ 2,432,014 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 September 30, 2017 in quarterly installments on each December 31, March 31, June 30 and September 30 thereafter. The remaining quarterly installments scheduled to be paid are as follows: Principal Payment Date Principal Amount December 31, 2017-June 30, 2019 $ 5,625.0 September 30, 2019-June 30, 2020 $ 8,437.5 September 30, 2020-March 31, 2022 $ 16,875.0 Term A Loan Maturity Date $ 253,125.0

Summarized Financial Informat26

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	9 Months Ended
	Sep. 30, 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 September 30, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 3,405 $ 327,313 $ 39,292 $ — $ 370,010 Net property, plant and equipment — 1,158,402 22,167 — 1,180,569 Intangibles and goodwill, net — 2,368,590 29,925 — 2,398,515 Other assets 3,575,806 11,450 8 (3,549,533 ) 37,731 Total assets $ 3,579,211 $ 3,865,755 $ 91,392 $ (3,549,533 ) $ 3,986,825 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 17,415 $ — $ — $ — $ 17,415 Other current liabilities 25,597 168,779 23,063 — 217,439 Total current liabilities 43,012 168,779 23,063 — 234,854 Long-term debt 2,432,014 — — — 2,432,014 Other noncurrent liabilities 26,231 215,029 56,898 (56,155 ) 242,003 Total liabilities 2,501,257 383,808 79,961 (56,155 ) 2,908,871 Stockholders’ equity 1,077,954 3,481,947 11,431 (3,493,378 ) 1,077,954 Total liabilities and stockholders’ equity $ 3,579,211 $ 3,865,755 $ 91,392 $ (3,549,533 ) $ 3,986,825 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	Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 387,095 $ 13,303 $ (1,053 ) $ 399,345 Operating expenses Direct advertising expenses (1) — 128,175 7,408 (606 ) 134,977 General and administrative expenses (1) — 66,467 2,033 — 68,500 Corporate expenses (1) — 14,705 277 — 14,982 Depreciation and amortization — 49,475 2,321 — 51,796 (Gain) loss on disposition of assets — (2,737 ) 3 — (2,734 ) — 256,085 12,042 (606 ) 267,521 Operating income (loss) — 131,010 1,261 (447 ) 131,824 Equity in (earnings) loss of subsidiaries (128,500 ) — — 128,500 — Other expenses (income) 32,063 (2 ) 448 (447 ) 32,062 Income (loss) before income tax expense 96,437 131,012 813 (128,500 ) 99,762 Income tax expense (2) — 2,659 666 — 3,325 Net income (loss) $ 96,437 $ 128,353 $ 147 $ (128,500 ) $ 96,437 Statement of Comprehensive Income Net income (loss) $ 96,437 $ 128,353 $ 147 $ (128,500 ) $ 96,437 Total other comprehensive loss, net of tax — — 1,216 — 1,216 Total comprehensive income (loss) $ 96,437 $ 128,353 $ 1,363 $ (128,500 ) $ 97,653 (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 September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 374,909 $ 13,510 $ (903 ) $ 387,516 Operating expenses Direct advertising expenses (1) — 124,609 7,793 (624 ) 131,778 General and administrative expenses (1) — 64,949 2,538 — 67,487 Corporate expenses (1) — 18,895 357 — 19,252 Depreciation and amortization — 47,491 1,816 — 49,307 (Gain) loss on disposition of assets — (217 ) 28 — (189 ) — 255,727 12,532 (624 ) 267,635 Operating income (loss) — 119,182 978 (279 ) 119,881 Equity in (earnings) loss of subsidiaries (116,264 ) — — 116,264 — Other expenses (income) 31,096 (2 ) 285 (279 ) 31,100 Income (loss) before income tax expense 85,168 119,184 693 (116,264 ) 88,781 Income tax expense (2) — 3,014 599 — 3,613 Net income (loss) $ 85,168 $ 116,170 $ 94 $ (116,264 ) $ 85,168 Statement of Comprehensive Income Net income (loss) $ 85,168 $ 116,170 $ 94 $ (116,264 ) $ 85,168 Total other comprehensive loss, net of tax — — (328 ) — (328 ) Total comprehensive income (loss) $ 85,168 $ 116,170 $ (234 ) $ (116,264 ) $ 84,840 (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 Nine Months Ended September 30, 2017 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,107,583 $ 38,191 $ (2,989 ) $ 1,142,785 Operating expenses Direct advertising expenses (1) — 381,317 22,330 (1,751 ) 401,896 General and administrative expenses (1) — 199,979 6,473 — 206,452 Corporate expenses (1) — 47,320 834 — 48,154 Depreciation and amortization — 148,357 6,646 — 155,003 (Gain) loss on disposition of assets — (4,377 ) — — (4,377 ) — 772,596 36,283 (1,751 ) 807,128 Operating income (loss) — 334,987 1,908 (1,238 ) 335,657 Equity in (earnings) loss of subsidiaries (326,401 ) — — 326,401 — Other expenses (income) 95,592 (5 ) 1,242 (1,238 ) 95,591 Income (loss) before income tax expense 230,809 334,992 666 (326,401 ) 240,066 Income tax expense (2) — 7,528 1,729 — 9,257 Net income (loss) $ 230,809 $ 327,464 $ (1,063 ) $ (326,401 ) $ 230,809 Statement of Comprehensive Income Net income (loss) $ 230,809 $ 327,464 $ (1,063 ) $ (326,401 ) $ 230,809 Total other comprehensive income, net of tax — — 2,104 — 2,104 Total comprehensive income (loss) $ 230,809 $ 327,464 $ 1,041 $ (326,401 ) $ 232,913 (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 Nine Months Ended September 30, 2016 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,077,116 $ 39,228 $ (2,767 ) $ 1,113,577 Operating expenses Direct advertising expenses (1) — 371,915 23,139 (1,826 ) 393,228 General and administrative expenses (1) — 192,631 8,103 — 200,734 Corporate expenses (1) — 54,079 1,064 — 55,143 Depreciation and amortization — 147,158 5,571 — 152,729 (Gain) loss on disposition of assets — (12,482 ) 261 — (12,221 ) — 753,301 38,138 (1,826 ) 789,613 Operating income (loss) — 323,815 1,090 (941 ) 323,964 Equity in (earnings) loss of subsidiaries (314,228 ) — — 314,228 — Other expenses (income) 95,655 (6 ) 953 (941 ) 95,661 Income (loss) before income tax expense 218,573 323,821 137 (314,228 ) 228,303 Income tax expense (2) — 8,248 1,482 — 9,730 Net income (loss) $ 218,573 $ 315,573 $ (1,345 ) $ (314,228 ) $ 218,573 Statement of Comprehensive Income Net income (loss) $ 218,573 $ 315,573 $ (1,345 ) $ (314,228 ) $ 218,573 Total other comprehensive income, net of tax — — 1,151 — 1,151 Total comprehensive income (loss) $ 218,573 $ 315,573 $ (194 ) $ (314,228 ) $ 219,724 (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 Nine Months Ended September 30, 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 $ 227,195 $ 398,200 $ 5,472 $ (332,265 ) $ 298,602 Cash flows from investing activities: Acquisitions — (119,936 ) — — (119,936 ) Capital expenditures — (69,665 ) (4,781 ) — (74,446 ) Proceeds from disposition of assets and investments — 3,340 — — 3,340 Investment in subsidiaries (119,936 ) 119,936 — (Increase) decrease in intercompany notes receivable (2,713 ) — — 2,713 — Decrease in notes receivable 13 — — — 13 Net cash (used in) provided by investing activities (122,636 ) (186,261 ) (4,781 ) 122,649 (191,029 ) Cash flows from financing activities: Principal payments on long-term debt (11,250 ) — — — (11,250 ) Payment on revolving credit facility (407,000 ) — — — (407,000 ) Proceeds received from revolving credit facility 317,000 — — — 317,000 Payment on senior credit facility (247,500 ) — — — (247,500 ) Proceeds received from senior credit facility 450,000 — — — 450,000 Debt issuance costs (4,941 ) — — — (4,941 ) Intercompany loan proceeds (payments) — — 2,713 (2,713 ) — Distributions to non-controlling interest — — (415 ) — (415 ) Contributions from (to) parent 41,580 119,936 — (119,936 ) 41,580 Dividends (to) from parent (252,925 ) (332,265 ) — 332,265 (252,925 ) Net cash (used in) provided by financing activities (115,036 ) (212,329 ) 2,298 209,616 (115,451 ) Effect of exchange rate changes in cash and cash equivalents — — 1,767 — 1,767 Net (decrease) increase in cash and cash equivalents (10,477 ) (390 ) 4,756 — (6,111 ) Cash and cash equivalents at beginning of period 12,762 1,201 21,067 — 35,030 Cash and cash equivalents at end of period $ 2,285 $ 811 $ 25,823 $ — $ 28,919 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 Nine Months Ended September 30, 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 $ 240,727 $ 402,988 $ 4,412 $ (334,167 ) $ 313,960 Cash flows from investing activities: Acquisitions — (526,029 ) — — (526,029 ) Capital expenditures — (76,468 ) (2,357 ) — (78,825 ) Proceeds from disposition of assets and investments — 7,753 — — 7,753 Investment in subsidiaries (526,029 ) — — 526,029 — (Increase) decrease in intercompany notes receivable (462 ) — — 462 — Decrease in notes receivable 16 — — — 16 Net cash (used in) provided by investing activities (526,475 ) (594,744 ) (2,357 ) 526,491 (597,085 ) Cash flows from financing activities: Principal payments on long-term debt (15,015 ) — — — (15,015 ) Payment on revolving credit facility (302,000 ) — — — (302,000 ) Proceeds received from revolving credit facility 408,000 — — — 408,000 Proceeds received from note offering 400,000 — — — 400,000 Payment on senior credit facility (300,000 ) — — — (300,000 ) Proceeds received from senior credit facility 300,000 — — — 300,000 Debt issuance costs (9,391 ) — — — (9,391 ) Intercompany loan proceeds (payments) — — 462 (462 ) — Distributions to non-controlling interest — — (315 ) — (315 ) Contributions from (to) parent 41,872 526,029 — (526,029 ) 41,872 Dividends (to) from parent (225,789 ) (334,167 ) — 334,167 (225,789 ) Net cash provided by (used in) financing activities 297,677 191,862 147 (192,324 ) 297,362 Effect of exchange rate changes in cash and cash equivalents — — 915 — 915 Net increase in cash and cash equivalents 11,929 106 3,117 — 15,152 Cash and cash equivalents at beginning of period 4,955 454 16,418 — 21,827 Cash and cash equivalents at end of period $ 16,884 $ 560 $ 19,535 $ — $ 36,979

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 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	87,500
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	1,174,906
Compensation expense related to performance based compensation agreements	$ 3,837
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]
Award vesting period	1 year
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	$ 326
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	249,391	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]	9 Months Ended
	Sep. 30, 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	(84,005)
Available for future purchases, September 30, 2017	249,391

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Total purchase price of outdoor advertising assets paid in cash	$ 119,936	$ 526,029
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Total purchase price of outdoor advertising assets	122,815
Total purchase price of outdoor advertising assets paid in cash	119,936
Non cash consideration of outdoor advertising assets	2,879
Gain on exchange of outdoor advertising assets	$ 2,389

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Allocation of Acquisition Costs (Detail) - Series of Individually Immaterial Business Acquisitions [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Business Acquisition [Line Items]
Property, plant and equipment	$ 14,305
Goodwill	13,925
Acquisition costs	194
Current assets	2,465
Current liabilities	(510)
Other liabilities	(375)
Total	122,815
Site Locations [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	82,262
Non-competition Agreements [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	325
Customer Lists and Contracts [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	$ 10,224

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 51,796	$ 49,307	$ 155,003	$ 152,729
Direct Advertising Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	47,168	46,163	144,171	142,228
General and Administrative Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	955	900	2,857	2,683
Corporate Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 3,673	$ 2,244	$ 7,975	$ 7,818

Goodwill and Other Intangible32

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,618,180	$ 2,523,887
Accumulated Amortization	1,949,513	1,886,734
Goodwill gross carrying amount	1,994,005	1,979,894
Goodwill accumulated amortization	253,536	253,536
Customer Lists and Contracts [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	570,073	559,513
Accumulated Amortization	$ 501,556	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	$ 64,976	64,646
Accumulated Amortization	$ 63,861	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	$ 1,937,725	1,885,554
Accumulated Amortization	$ 1,354,594	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	$ 45,406	14,174
Accumulated Amortization	$ 29,502	$ 13,552
Other [Member] | Minimum [Member]
Finite Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 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	9 Months Ended
	Sep. 30, 2017USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 210,889
Additions to asset retirement obligations	1,103
Accretion expense	3,182
Liabilities settled	(3,033)
Ending Balance	$ 212,141

Distribution Restrictions - Add

Distribution Restrictions - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 2,834,543	$ 2,702,633
Description of provisions on senior credit facility transfers to Lamar Advertising not subject to additional restrictions	(i) the total debt ratio less than 6.5 to 1 and (ii) the secured debt ratio does not exceed 3.0 to 1.
Debt ratio	6.5
Debt ratio related to actual position on senior credit facility	6.5
Available cumulative credit	$ 1,666,430
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Secured debt ratio	3
LAMAR MEDIA CORP [Member] | Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Secured debt ratio	3

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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	0	0

Long-term Debt - Long-Term Debt

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt	$ 2,479,402	$ 2,378,152
Debt, Less current maturities	(22,500)	(39,375)
Debt, excluding current maturities	2,456,902	2,338,777
Deferred financing costs	29,973	28,969
Deferred financing costs, Less current maturities	(5,085)	(5,459)
Deferred financing costs, excluding current maturities	24,888	23,510
Debt, net of deferred financing costs	2,449,429	2,349,183
Debt, net of deferred financing costs, Less current maturities	(17,415)	(33,916)
Debt, net of deferred financing costs, excluding current maturities	2,432,014	2,315,267
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Debt	534,375	433,125
Deferred financing costs	8,133	4,769
Debt, net of deferred financing costs	526,242	428,356
5 7/8% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	500,000	500,000
Deferred financing costs	6,162	7,071
Debt, net of deferred financing costs	493,838	492,929
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	535,000	535,000
Deferred financing costs	5,127	5,709
Debt, net of deferred financing costs	529,873	529,291
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	510,000	510,000
Deferred financing costs	5,155	5,662
Debt, net of deferred financing costs	504,845	504,338
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	400,000	400,000
Deferred financing costs	5,396	5,758
Debt, net of deferred financing costs	394,604	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 De37

Long-term Debt - Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 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)	May 15, 2017USD ($)	Jan. 28, 2016USD ($)	Jan. 10, 2014USD ($)	Oct. 30, 2012USD ($)	Feb. 09, 2012USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016
Debt Instrument [Line Items]
Amended and restated date	May 15, 2017
Proceeds received from senior credit facility term loans						$ 450,000,000	$ 300,000,000
Outstanding revolving credit facility						90,000,000
Remaining borrowing capacity under revolving credit facility						346,909,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Letter of credit outstanding balance						$ 13,091,000
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility	$ 450,000,000
Debt instrument maturity date	May 15, 2022
Term A Loan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility	$ 450,000,000
Debt instrument maturity date	May 15, 2022
Proceeds received from senior credit facility term loans	$ 450,000,000
Term A Loan Facility [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.75%
Ratio of indebtedness to net capital one	3.25
Ratio of indebtedness to net capital minimum	1
Term A Loan Facility [Member] | LIBO Rate [Member] | Debt Ratio Less Than Four Point Two Five [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.50%
Term A Loan Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	0.75%
Ratio of indebtedness to net capital one	3.25
Ratio of indebtedness to net capital minimum	1
Term A Loan Facility [Member] | Base Rate [Member] | Debt Ratio Less Than Four Point Two Five [Member]
Debt Instrument [Line Items]
Adjusted Rate	0.50%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date						May 15, 2022
Revolving Credit Facility [Member] | LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.75%
Ratio of indebtedness to net capital one	3.25
Ratio of indebtedness to net capital minimum	1
Revolving Credit Facility [Member] | LIBO Rate [Member] | Debt Ratio Less Than Four Point Two Five [Member]
Debt Instrument [Line Items]
Adjusted Rate	1.50%
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Adjusted Rate	0.75%
Ratio of indebtedness to net capital one	3.25
Ratio of indebtedness to net capital minimum	1
Revolving Credit Facility [Member] | Base Rate [Member] | Debt Ratio Less Than Four Point Two Five [Member]
Debt Instrument [Line Items]
Adjusted Rate	0.50%
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%

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Long Term Debt (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
December 31, 2017-June 30, 2019 [Member]
Debt Instrument [Line Items]
Principal payment amount	$ 5,625,000
September 30, 2019-June 30, 2020 [Member]
Debt Instrument [Line Items]
Principal payment amount	8,437,500
September 30, 2020-March 31, 2022 [Member]
Debt Instrument [Line Items]
Principal payment amount	16,875,000
Term A Loan Maturity Date [Member]
Debt Instrument [Line Items]
Principal payment amount	$ 253,125,000

Long-term Debt - Schedule of 40

Long-term Debt - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2017
December 31, 2017-June 30, 2019 [Member]
Debt Instrument [Line Items]
Principal payment date	December 31, 2017-June 30, 2019
September 30, 2019-June 30, 2020 [Member]
Debt Instrument [Line Items]
Principal payment date	September 30, 2019-June 30, 2020
September 30, 2020-March 31, 2022 [Member]
Debt Instrument [Line Items]
Principal payment date	September 30, 2020-March 31, 2022

Fair Value of Financial Instr41

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 2,578,645
Carrying amount of company's long term debt	$ 2,479,402	$ 2,378,152

Dividends_Distributions - Addit

Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Dividends [Line Items]
Distributions paid, per share	$ 0.83	$ 0.76	$ 2.49	$ 2.26
Distributions paid, preferred stockholders	$ 91	$ 91	$ 273	$ 273
Distributions paid, preferred stockholders, per share	$ 15.95	$ 15.95	$ 47.85	$ 47.85
Taxable Income Distribution [Member]
Dividends [Line Items]
Distributions paid	$ 81,408	$ 73,938	$ 243,928	$ 219,584
Distributions paid, per share	$ 0.83	$ 0.76	$ 2.49	$ 2.26

Information about Geographic 43

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 4,121		$ 4,893
External Customers [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 24,335	$ 24,076

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Total current assets	$ 370,510	$ 314,253
Net property, plant and equipment	1,180,569	1,182,715
Total assets	4,003,230	3,898,884
Current liabilities:
Current maturities of long-term debt	17,415	33,916
Total current liabilities	238,687	277,324
Long-term debt, net of deferred financing costs	2,432,014	2,315,267
Total liabilities	2,912,704	2,829,356
Stockholders’ equity	1,090,526	1,069,528
Total liabilities and stockholders’ equity	4,003,230	3,898,884
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
ASSETS
Total current assets	370,010	313,753
Net property, plant and equipment	1,180,569	1,182,715
Intangibles and goodwill, net	2,398,515	2,352,892
Other assets	37,731	33,120
Total assets	3,986,825	3,882,480
Current liabilities:
Current maturities of long-term debt	17,415	33,916
Other current liabilities	217,439	240,146
Total current liabilities	234,854	274,062
Long-term debt, net of deferred financing costs	2,432,014	2,315,267
Other noncurrent liabilities	242,003	236,765
Total liabilities	2,908,871	2,826,094
Stockholders’ equity	1,077,954	1,056,386
Total liabilities and stockholders’ equity	3,986,825	3,882,480
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
ASSETS
Total current assets	3,405	13,886
Other assets	3,575,806	3,453,161
Total assets	3,579,211	3,467,047
Current liabilities:
Current maturities of long-term debt	17,415	33,916
Other current liabilities	25,597	38,904
Total current liabilities	43,012	72,820
Long-term debt, net of deferred financing costs	2,432,014	2,315,267
Other noncurrent liabilities	26,231	22,574
Total liabilities	2,501,257	2,410,661
Stockholders’ equity	1,077,954	1,056,386
Total liabilities and stockholders’ equity	3,579,211	3,467,047
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
ASSETS
Total current assets	327,313	268,091
Net property, plant and equipment	1,158,402	1,161,205
Intangibles and goodwill, net	2,368,590	2,321,160
Other assets	11,450	10,379
Total assets	3,865,755	3,760,835
Current liabilities:
Other current liabilities	168,779	180,107
Total current liabilities	168,779	180,107
Other noncurrent liabilities	215,029	213,916
Total liabilities	383,808	394,023
Stockholders’ equity	3,481,947	3,366,812
Total liabilities and stockholders’ equity	3,865,755	3,760,835
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Total current assets	39,292	31,776
Net property, plant and equipment	22,167	21,510
Intangibles and goodwill, net	29,925	31,732
Other assets	8	116
Total assets	91,392	85,134
Current liabilities:
Other current liabilities	23,063	21,135
Total current liabilities	23,063	21,135
Other noncurrent liabilities	56,898	53,609
Total liabilities	79,961	74,744
Stockholders’ equity	11,431	10,390
Total liabilities and stockholders’ equity	91,392	85,134
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member]
ASSETS
Other assets	(3,549,533)	(3,430,536)
Total assets	(3,549,533)	(3,430,536)
Current liabilities:
Other noncurrent liabilities	(56,155)	(53,334)
Total liabilities	(56,155)	(53,334)
Stockholders’ equity	(3,493,378)	(3,377,202)
Total liabilities and stockholders’ equity	$ (3,549,533)	$ (3,430,536)

Condensed Consolidating Stateme

Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net revenues	$ 399,345	$ 387,516	$ 1,142,785	$ 1,113,577
Operating expenses
Direct advertising expenses	134,977	131,778	401,896	393,228
General and administrative expenses	68,500	67,487	206,452	200,734
Corporate expenses	15,088	19,359	48,451	55,432
Depreciation and amortization	51,796	49,307	155,003	152,729
(Gain) loss on disposition of assets	(2,734)	(189)	(4,377)	(12,221)
Total Operating Expenses	267,627	267,742	807,425	789,902
Operating income	131,718	119,774	335,360	323,675
Income before income tax expense	99,656	88,674	239,769	228,014
Income tax expense	3,325	3,613	9,257	9,730
Net income	96,331	85,061	230,512	218,284
Statements of Comprehensive Income
Net income	96,331	85,061	230,512	218,284
Comprehensive income	97,547	84,733	232,616	219,435
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Net revenues	399,345	387,516	1,142,785	1,113,577
Operating expenses
Direct advertising expenses	134,977	131,778	401,896	393,228
General and administrative expenses	68,500	67,487	206,452	200,734
Corporate expenses	14,982	19,252	48,154	55,143
Depreciation and amortization	51,796	49,307	155,003	152,729
(Gain) loss on disposition of assets	(2,734)	(189)	(4,377)	(12,221)
Total Operating Expenses	267,521	267,635	807,128	789,613
Operating income	131,824	119,881	335,657	323,964
Other expenses (income)	32,062	31,100	95,591	95,661
Income before income tax expense	99,762	88,781	240,066	228,303
Income tax expense	3,325	3,613	9,257	9,730
Net income	96,437	85,168	230,809	218,573
Statements of Comprehensive Income
Net income	96,437	85,168	230,809	218,573
Total other comprehensive loss, net of tax	1,216	(328)	2,104	1,151
Comprehensive income	97,653	84,840	232,913	219,724
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
Operating expenses
Equity in (earnings) loss of subsidiaries	(128,500)	(116,264)	(326,401)	(314,228)
Other expenses (income)	32,063	31,096	95,592	95,655
Income before income tax expense	96,437	85,168	230,809	218,573
Net income	96,437	85,168	230,809	218,573
Statements of Comprehensive Income
Net income	96,437	85,168	230,809	218,573
Comprehensive income	96,437	85,168	230,809	218,573
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Net revenues	387,095	374,909	1,107,583	1,077,116
Operating expenses
Direct advertising expenses	128,175	124,609	381,317	371,915
General and administrative expenses	66,467	64,949	199,979	192,631
Corporate expenses	14,705	18,895	47,320	54,079
Depreciation and amortization	49,475	47,491	148,357	147,158
(Gain) loss on disposition of assets	(2,737)	(217)	(4,377)	(12,482)
Total Operating Expenses	256,085	255,727	772,596	753,301
Operating income	131,010	119,182	334,987	323,815
Other expenses (income)	(2)	(2)	(5)	(6)
Income before income tax expense	131,012	119,184	334,992	323,821
Income tax expense	2,659	3,014	7,528	8,248
Net income	128,353	116,170	327,464	315,573
Statements of Comprehensive Income
Net income	128,353	116,170	327,464	315,573
Comprehensive income	128,353	116,170	327,464	315,573
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Net revenues	13,303	13,510	38,191	39,228
Operating expenses
Direct advertising expenses	7,408	7,793	22,330	23,139
General and administrative expenses	2,033	2,538	6,473	8,103
Corporate expenses	277	357	834	1,064
Depreciation and amortization	2,321	1,816	6,646	5,571
(Gain) loss on disposition of assets	3	28		261
Total Operating Expenses	12,042	12,532	36,283	38,138
Operating income	1,261	978	1,908	1,090
Other expenses (income)	448	285	1,242	953
Income before income tax expense	813	693	666	137
Income tax expense	666	599	1,729	1,482
Net income	147	94	(1,063)	(1,345)
Statements of Comprehensive Income
Net income	147	94	(1,063)	(1,345)
Total other comprehensive loss, net of tax	1,216	(328)	2,104	1,151
Comprehensive income	1,363	(234)	1,041	(194)
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member]
Net revenues	(1,053)	(903)	(2,989)	(2,767)
Operating expenses
Direct advertising expenses	(606)	(624)	(1,751)	(1,826)
Total Operating Expenses	(606)	(624)	(1,751)	(1,826)
Operating income	(447)	(279)	(1,238)	(941)
Equity in (earnings) loss of subsidiaries	128,500	116,264	326,401	314,228
Other expenses (income)	(447)	(279)	(1,238)	(941)
Income before income tax expense	(128,500)	(116,264)	(326,401)	(314,228)
Net income	(128,500)	(116,264)	(326,401)	(314,228)
Statements of Comprehensive Income
Net income	(128,500)	(116,264)	(326,401)	(314,228)
Comprehensive income	$ (128,500)	$ (116,264)	$ (326,401)	$ (314,228)

Condensed Consolidating State46

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 320,638	$ 337,826
Cash flows from investing activities:
Acquisitions	(119,936)	(526,029)
Capital expenditures	(74,446)	(78,825)
Proceeds from disposition of assets and investments	3,340	7,753
Decrease in notes receivable	13	16
Net cash used in investing activities	(191,029)	(597,085)
Cash flows from financing activities:
Principal payments on long-term debt	(11,250)	(15,015)
Payment on revolving credit facility	(407,000)	(302,000)
Proceeds received from revolving credit facility	317,000	408,000
Proceeds received from note offering		400,000
Payment on senior credit facility	(247,500)	(300,000)
Proceeds received from senior credit facility term loans	450,000	300,000
Debt issuance costs	(4,941)	(9,391)
Distributions to non-controlling interest	(415)	(315)
Net cash (used in) provided by financing activities	(137,487)	273,496
Effect of exchange rate changes in cash and cash equivalents	1,767	915
Net (decrease) increase in cash and cash equivalents	(6,111)	15,152
Cash and cash equivalents at beginning of period	35,530	22,327
Cash and cash equivalents at end of period	29,419	37,479
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	298,602	313,960
Cash flows from investing activities:
Acquisitions	(119,936)	(526,029)
Capital expenditures	(74,446)	(78,825)
Proceeds from disposition of assets and investments	3,340	7,753
Decrease in notes receivable	13	16
Net cash used in investing activities	(191,029)	(597,085)
Cash flows from financing activities:
Principal payments on long-term debt	(11,250)	(15,015)
Payment on revolving credit facility	(407,000)	(302,000)
Proceeds received from revolving credit facility	317,000	408,000
Proceeds received from note offering		400,000
Payment on senior credit facility	(247,500)	(300,000)
Proceeds received from senior credit facility term loans	450,000	300,000
Debt issuance costs	(4,941)	(9,391)
Distributions to non-controlling interest	(415)	(315)
Contributions from (to) parent	41,580	41,872
Dividends (to) from parent	(252,925)	(225,789)
Net cash (used in) provided by financing activities	(115,451)	297,362
Effect of exchange rate changes in cash and cash equivalents	1,767	915
Net (decrease) increase in cash and cash equivalents	(6,111)	15,152
Cash and cash equivalents at beginning of period	35,030	21,827
Cash and cash equivalents at end of period	28,919	36,979
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	227,195	240,727
Cash flows from investing activities:
Investment in subsidiaries	(119,936)	(526,029)
(Increase) decrease in intercompany notes receivable	(2,713)	(462)
Decrease in notes receivable	13	16
Net cash used in investing activities	(122,636)	(526,475)
Cash flows from financing activities:
Principal payments on long-term debt	(11,250)	(15,015)
Payment on revolving credit facility	(407,000)	(302,000)
Proceeds received from revolving credit facility	317,000	408,000
Proceeds received from note offering		400,000
Payment on senior credit facility	(247,500)	(300,000)
Proceeds received from senior credit facility term loans	450,000	300,000
Debt issuance costs	(4,941)	(9,391)
Contributions from (to) parent	41,580	41,872
Dividends (to) from parent	(252,925)	(225,789)
Net cash (used in) provided by financing activities	(115,036)	297,677
Net (decrease) increase in cash and cash equivalents	(10,477)	11,929
Cash and cash equivalents at beginning of period	12,762	4,955
Cash and cash equivalents at end of period	2,285	16,884
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	398,200	402,988
Cash flows from investing activities:
Acquisitions	(119,936)	(526,029)
Capital expenditures	(69,665)	(76,468)
Proceeds from disposition of assets and investments	3,340	7,753
Net cash used in investing activities	(186,261)	(594,744)
Cash flows from financing activities:
Contributions from (to) parent	119,936	526,029
Dividends (to) from parent	(332,265)	(334,167)
Net cash (used in) provided by financing activities	(212,329)	191,862
Net (decrease) increase in cash and cash equivalents	(390)	106
Cash and cash equivalents at beginning of period	1,201	454
Cash and cash equivalents at end of period	811	560
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	5,472	4,412
Cash flows from investing activities:
Capital expenditures	(4,781)	(2,357)
Net cash used in investing activities	(4,781)	(2,357)
Cash flows from financing activities:
Intercompany loan proceeds (payments)	2,713	462
Distributions to non-controlling interest	(415)	(315)
Net cash (used in) provided by financing activities	2,298	147
Effect of exchange rate changes in cash and cash equivalents	1,767	915
Net (decrease) increase in cash and cash equivalents	4,756	3,117
Cash and cash equivalents at beginning of period	21,067	16,418
Cash and cash equivalents at end of period	25,823	19,535
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(332,265)	(334,167)
Cash flows from investing activities:
Investment in subsidiaries	119,936	526,029
(Increase) decrease in intercompany notes receivable	2,713	462
Net cash used in investing activities	122,649	526,491
Cash flows from financing activities:
Intercompany loan proceeds (payments)	(2,713)	(462)
Contributions from (to) parent	(119,936)	(526,029)
Dividends (to) from parent	332,265	334,167
Net cash (used in) provided by financing activities	$ 209,616	$ (192,324)