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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:

		Current				Deferred				Total
Year ended December 31, 2014:
U.S. federal		$	8,721			$	(119,014	)		$	(110,293	)
State and local			2,632				(2,909	)			(277	)
Foreign			692				(214	)			478
		$	12,045			$	(122,137	)		$	(110,092	)
Year ended December 31, 2013:
U.S. federal		$	930			$	21,681			$	22,611
State and local			1,609				1,165				2,774
Foreign			1,553				(4,097	)			(2,544	)
		$	4,092			$	18,749			$	22,841
Year ended December 31, 2012:
U.S. federal		$	—			$	6,743			$	6,743
State and local			823				826				1,649
Foreign			1,103				(1,253	)			(150	)
		$	1,926			$	6,316			$	8,242

U.S. and Foreign Components of Earnings Before Income Taxes

The U.S. and foreign components of earnings before income taxes are as follows:

		2014				2013				2012
U.S.		$	144,298			$	62,506			$	17,279
Foreign			(872	)			474				(1,147	)
Total		$	143,426			$	62,980			$	16,132

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 35 percent to income before taxes is as follows:

		2014				2013				2012
Income tax expense at U.S. federal statutory rate		$	50,199			$	22,043			$	5,646
Tax adjustment related to REIT (a)			(44,891	)			—				—
State and local income taxes, net of federal income tax benefit			1,017				3,585				1,541
Book expenses not deductible for tax purposes			2,061				1,351				1,058
Stock-based compensation			(33	)			65				270
Valuation allowance			—				(1,097	)			(331	)
Rate change (b)			91				(2,565	)			49
Deferred tax adjustment due to REIT conversion			(120,081	)			—				—
Other differences, net			1,545				(541	)			9
Income tax expense		$	(110,092	)		$	22,841			$	8,242

(a) Includes dividend paid deduction of $62,937.

(b) In 2013, the “Tax Burden Adjustment and Redistribution Act” was signed into law. Under the enacted legislation, the Puerto Rico corporate income tax rate was increased to 39% from 30%. As a result, a non-cash benefit of $2,479 to income tax expense was recorded for the increase of the Puerto Rico net deferred tax asset. Also in 2013, British Columbia Bill 2 was signed into law. The enacted legislation increased the general corporate income tax rate to 11% from 10%. As a result, a non-cash benefit of $86 to income tax expense was recorded for the increase of the Canadian net deferred tax asset.

Components of Deferred Taxes

The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and (liabilities) are presented below:

		2014				2013
Deferred tax assets:
Allowance for doubtful accounts		$	255			$	2,972
Accrued liabilities not deducted for tax purposes			4,703				37,764
Asset retirement obligation			79				70,166
Net operating loss carry forwards			11,881				138,865
Tax credit carry forwards			209				4,844
Charitable contributions carry forward			9				9
Property, plant and equipment			65				—
Investment in partnerships			354				—
Gross deferred tax assets			17,555				254,620
Less: valuation allowance			(9	)			(2,331	)
Net deferred tax assets			17,546				252,289
Deferred tax liabilities:
Property, plant and equipment			—				(45,160	)
Intangibles			(4,321	)			(314,382	)
Investment in partnerships			—				(1,519	)
Gross deferred tax liabilities			(4,321	)			(361,061	)
Net deferred tax assets (liabilities)		$	13,225			$	(108,772	)
Classification in the consolidated balance sheets:
Current deferred tax assets		$	729			$	10,378
Current deferred tax liabilities			—				—
Noncurrent deferred tax assets			12,496				—
Noncurrent deferred tax liabilities			—				(119,150	)
Net deferred tax assets (liabilities)		$	13,225			$	(108,772	)

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Balance as of December 31, 2012		$	75
Additions for tax positions related to current year			1
Additions for tax positions related to prior years			—
Reductions for tax positions related to prior years			—
Lapse of statute of limitations			(41	)
Settlements			—
Balance as of December 31, 2013		$	35
Additions for tax positions related to current year			—
Additions for tax positions related to prior years			—
Reductions for tax positions related to prior years			—
Lapse of statute of limitations			(35	)
Settlements			—
Balance as of December 31, 2014		$	—

LAMAR MEDIA CORP [Member]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:

		Current				Deferred				Total
Year ended December 31, 2014:
U.S. federal			8,993				(151,191	)			(142,198	)
State and local			2,579				(4,124	)			(1,545	)
Foreign			692				(213	)			479
		$	12,264			$	(155,528	)		$	(143,264	)
Year ended December 31, 2013:
U.S. federal		$	930			$	21,798			$	22,728
State and local			1,609				1,184				2,793
Foreign			1,553				(4,097	)			(2,544	)
		$	4,092			$	18,885			$	22,977
Year ended December 31, 2012:
U.S. federal		$	—			$	6,859			$	6,859
State and local			824				820				1,644
Foreign			1,103				(1,253	)			(150	)
		$	1,927			$	6,426			$	8,353

U.S. and Foreign Components of Earnings Before Income Taxes

The U.S. and foreign components of earnings before income taxes are as follows:

		2014				2013				2012
U.S.		$	144,643			$	62,841			$	17,615
Foreign			(872	)			474				(1,147	)
Total		$	143,771			$	63,315			$	16,468

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 35 percent to income before taxes is as follows:

		2014				2013				2012
Income tax expense at U.S. federal statutory rate		$	50,320			$	22,160			$	5,764
Tax adjustment related to REIT (a)			(45,012	)			—				—
State and local income taxes, net of federal income tax benefit			1,017				3,601				1,557
Book expenses not deductible for tax purposes			2,061				1,351				1,058
Stock-based compensation			(33	)			65				270
Valuation allowance			—				(1,094	)			(354	)
Rate Change (b)			91				(2,565	)			49
Deferred tax adjustment due to REIT conversion			(153,472	)			—				—
Other differences, net			1,764				(541	)			9
Income tax expense		$	(143,264	)		$	22,977			$	8,353

(a) Includes dividend paid deduction of $63,058.

(b) In 2013, the “Tax Burden Adjustment and Redistribution Act” was signed into law. Under the enacted legislation, the Puerto Rico corporate income tax rate was increased to 39% from 30%. As a result, a non-cash benefit of $2,479 to income tax expense was recorded for the increase of the Puerto Rico net deferred tax asset. Also in 2013, British Columbia Bill 2 was signed into law. The enacted legislation increased the general corporate income tax rate to 11% from 10%. As a result, a non-cash benefit of $86 to income tax expense was recorded for the increase of the Canadian net deferred tax asset.

Components of Deferred Taxes

The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and (liabilities) are presented below:

		2014				2013
Deferred tax assets:
Allowance for doubtful accounts		$	255			$	2,972
Accrued liabilities not deducted for tax purposes			4,703				37,764
Asset retirement obligation			79				70,166
Net operating loss carry forwards			11,881				89,496
Tax credit carry forwards			209				19,615
Charitable contributions carry forward			9				9
Property, plant and equipment			65				—
Investment in partnership			354				—
Gross deferred tax assets			17,555				220,022
Less: valuation allowance			(9	)			(1,760	)
Net deferred tax assets			17,546				218,262
Deferred tax liabilities:
Property, plant and equipment			—				(45,160	)
Intangibles			(4,321	)			(313,746	)
Investment in partnerships			—				(1,519	)
Gross deferred tax liabilities			(4,321	)			(360,425	)
Net deferred tax assets (liabilities)		$	13,225			$	(142,163	)
Classification in the consolidated balance sheets:
Current deferred tax assets		$	729			$	10,378
Current deferred tax liabilities			—				—
Noncurrent deferred tax assets			12,496				—
Noncurrent deferred tax liabilities			—				(152,541	)
Net deferred tax liabilities		$	13,225			$	(142,163	)

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Balance as of December 31, 2012		$	75
Additions for tax positions related to current year			1
Additions for tax positions related to prior years			—
Reductions for tax positions related to prior years			—
Lapse of statute of limitations			(41	)
Settlements			—
Balance as of December 31, 2013		$	35
Additions for tax positions related to current year			—
Additions for tax positions related to prior years			—
Reductions for tax positions related to prior years			—
Lapse of statute of limitations			(35	)
Settlements			—
Balance as of December 31, 2014		$	—

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