Lamar Advertising (LAMR) 10-Q 5 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	LAMR
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Central Index Key	0001090425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-36756
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1449411
Entity Address, Address Line One	5321 Corporate Blvd.,
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70808
City Area Code	225
Local Phone Number	926-1000
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Class A common stock, $0.001 par value
Security Exchange Name	NASDAQ
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		86,011,343
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, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	LAMAR MEDIA CORP/DE
Entity Central Index Key	0000899045
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-12407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1205791
Entity Address, Address Line One	5321 Corporate Blvd.,
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70808
City Area Code	225
Local Phone Number	926-1000
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, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 23,287	$ 21,494
Receivables, net of allowance for doubtful accounts	265,061	235,576
Prepaid lease and contract expenses		80,684
Other current assets	28,205	25,915
Total current assets	316,553	363,669
Property, plant and equipment	3,643,165	3,525,725
Less accumulated depreciation and amortization	(2,302,396)	(2,230,677)
Net property, plant and equipment	1,340,769	1,295,048
Operating lease right of use assets	1,296,312
Goodwill	1,902,685	1,919,386
Intangible assets, net	1,019,653	915,453
Other assets	55,764	51,085
Total assets	5,931,736	4,544,641
Current liabilities:
Trade accounts payable	17,939	21,246
Current maturities of long-term debt, net of deferred financing costs	218,105	204,120
Current operating lease liabilities	168,572
Accrued expenses	85,268	122,467
Deferred income	130,289	107,202
Total current liabilities	620,173	455,035
Long-term debt, net of deferred financing costs	2,835,696	2,684,568
Operating lease liabilities	1,043,894
Deferred income tax liabilities	5,389	20,734
Asset retirement obligation	225,834	222,989
Other liabilities	32,929	29,531
Total liabilities	4,763,915	3,412,857
Stockholders’ equity:
Additional paid-in capital	1,916,026	1,852,421
Accumulated comprehensive income	384	12
Accumulated deficit	(714,596)	(695,337)
Cost of shares held in treasury, 500,738 and 388,903 shares at 2019 and 2018, respectively	(34,094)	(25,412)
Stockholders’ equity	1,167,821	1,131,784
Total liabilities and stockholders’ equity	5,931,736	4,544,641
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Current assets:
Cash and cash equivalents	22,787	20,994
Receivables, net of allowance for doubtful accounts	265,061	235,576
Prepaid lease and contract expenses		80,684
Other current assets	28,205	25,915
Total current assets	316,053	363,169
Property, plant and equipment	3,643,165	3,525,725
Less accumulated depreciation and amortization	(2,302,396)	(2,230,677)
Net property, plant and equipment	1,340,769	1,295,048
Operating lease right of use assets	1,296,312
Goodwill	1,892,533	1,909,235
Intangible assets, net	1,019,186	914,984
Other assets	50,147	45,450
Total assets	5,915,000	4,527,886
Current liabilities:
Trade accounts payable	17,939	21,246
Current maturities of long-term debt, net of deferred financing costs	218,105	204,120
Current operating lease liabilities	168,572
Accrued expenses	79,507	117,300
Deferred income	130,289	107,202
Total current liabilities	614,412	449,868
Long-term debt, net of deferred financing costs	2,835,696	2,684,568
Operating lease liabilities	1,043,894
Deferred income tax liabilities	5,389	20,734
Asset retirement obligation	225,834	222,989
Other liabilities	32,929	29,531
Total liabilities	4,758,154	3,407,690
Stockholders’ equity:
Additional paid-in capital	2,986,533	2,922,907
Accumulated comprehensive income	384	12
Accumulated deficit	(1,830,071)	(1,802,723)
Stockholders’ equity	1,156,846	1,120,196
Total liabilities and stockholders’ equity	5,915,000	4,527,886
Series AA Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Common Class A [Member]
Stockholders’ equity:
Common stock, value	87	86
Common Class B [Member]
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 14,515	$ 11,161
Current deferred financing costs	6,048	5,245
Noncurrent deferred financing costs	$ 19,861	$ 20,619
Shares held in treasury	500,738	388,903
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Allowance for doubtful accounts	$ 14,515	$ 11,161
Current deferred financing costs	6,048	5,245
Noncurrent deferred financing costs	$ 19,861	$ 20,619
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	86,512,081	85,551,595
Common stock, shares outstanding	86,011,343	85,162,692
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	14,420,085
Common stock, shares outstanding	14,420,085	14,420,085

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net revenues	$ 457,786	$ 418,498	$ 1,290,985	$ 1,199,324
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	$ 148,846	$ 140,699	$ 435,706	$ 419,776
Type of Cost, Good or Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses (exclusive of depreciation and amortization)	$ 80,561	$ 73,166	$ 238,270	$ 213,060
Corporate expenses (exclusive of depreciation and amortization)	23,185	20,776	58,888	62,027
Depreciation and amortization	63,951	55,089	187,150	167,251
(Gain) loss on disposition of assets	(199)	407	(5,360)	7,265
Total Operating Expenses	316,344	290,137	914,654	869,379
Operating income	141,442	128,361	376,331	329,945
Other expense (income)
Loss on extinguishment of debt				15,429
Interest income	(168)	(157)	(553)	(313)
Interest expense	38,323	31,850	114,240	97,321
Non-operating (Income) Expenses	38,155	31,693	113,687	112,437
Income before income tax expense	103,287	96,668	262,644	217,508
Income tax expense (benefit)	3,578	2,612	(6,714)	7,969
Net income	99,709	94,056	269,358	209,539
Cash dividends declared and paid on preferred stock	91	91	273	273
Net income applicable to common stock	$ 99,618	$ 93,965	$ 269,085	$ 209,266
Earnings per share:
Basic earnings per share	$ 0.99	$ 0.95	$ 2.69	$ 2.12
Diluted earnings per share	0.99	0.95	2.69	2.12
Cash dividends declared per share of common stock	$ 0.96	$ 0.91	$ 2.88	$ 2.73
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic	100,329,262	98,943,535	100,019,765	98,596,828
Weighted average common shares outstanding diluted	100,522,177	99,253,008	100,210,143	98,870,116
Statements of Comprehensive Income
Net income	$ 99,709	$ 94,056	$ 269,358	$ 209,539
Other comprehensive (loss) income
Foreign currency translation adjustments	(174)	221	372	(599)
Comprehensive income	99,535	94,277	269,730	208,940
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Net revenues	$ 457,786	$ 418,498	$ 1,290,985	$ 1,199,324
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	$ 148,846	$ 140,699	$ 435,706	$ 419,776
Type of Cost, Good or Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses (exclusive of depreciation and amortization)	$ 80,561	$ 73,166	$ 238,270	$ 213,060
Corporate expenses (exclusive of depreciation and amortization)	23,062	20,667	58,567	61,723
Depreciation and amortization	63,951	55,089	187,150	167,251
(Gain) loss on disposition of assets	(199)	407	(5,360)	7,265
Total Operating Expenses	316,221	290,028	914,333	869,075
Operating income	141,565	128,470	376,652	330,249
Other expense (income)
Loss on extinguishment of debt				15,429
Interest income	(168)	(157)	(553)	(313)
Interest expense	38,323	31,850	114,240	97,321
Non-operating (Income) Expenses	38,155	31,693	113,687	112,437
Income before income tax expense	103,410	96,777	262,965	217,812
Income tax expense (benefit)	3,578	2,612	(6,714)	7,969
Net income	99,832	94,165	269,679	209,843
Statements of Comprehensive Income
Net income	99,832	94,165	269,679	209,843
Other comprehensive (loss) income
Foreign currency translation adjustments	(174)	221	372	(599)
Comprehensive income	$ 99,658	$ 94,386	$ 270,051	$ 209,244

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	Accumulated Comprehensive Income (Loss) [Member]	Accumulated Comprehensive Income (Loss) [Member]LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Beginning Balance at Dec. 31, 2017	$ 1,103,493	$ 1,091,098	$ 84	$ 14	$ (21,300)	$ 1,762,499	$ 2,832,940	$ 1,302	$ 1,302	$ (639,106)	$ (1,743,144)
Non-cash compensation	956					956
Issuance of shares of common stock through performance stock awards	11,012					11,012
Exercise of stock options	1,836					1,836
Issuance of shares of common stock through employee purchase plan	2,138					2,138
Purchase of treasury stock	(4,112)				(4,112)
Foreign currency translation	(543)							(543)
Contribution from parent		15,941					15,941
Foreign currency translations		(543)							(543)
Net income	15,052	15,158								15,052	15,158
Dividend to parent		(93,654)									(93,654)
Dividends/distributions to common shareholders	(89,542)									(89,542)
Dividends	(91)									(91)
Ending Balance at Mar. 31, 2018	1,040,199	1,028,000	84	14	(25,412)	1,778,441	2,848,881	759	759	(713,687)	(1,821,640)
Beginning Balance at Dec. 31, 2017	1,103,493	1,091,098	84	14	(21,300)	1,762,499	2,832,940	1,302	1,302	(639,106)	(1,743,144)
Foreign currency translation	(599)
Foreign currency translations		(599)
Net income	209,539	209,843
Ending Balance at Sep. 30, 2018	1,096,959	1,084,759	85	14	(25,412)	1,820,911	2,890,971	703	703	(699,342)	(1,806,915)
Beginning Balance at Mar. 31, 2018	1,040,199	1,028,000	84	14	(25,412)	1,778,441	2,848,881	759	759	(713,687)	(1,821,640)
Non-cash compensation	1,302					1,302
Exercise of stock options	5,001					5,001
Issuance of shares of common stock through employee purchase plan	1,676					1,676
Issuance of share of common stock for cash	15,062		1			15,061
Foreign currency translation	(277)							(277)
Contribution from parent		22,787					22,787
Foreign currency translations		(277)							(277)
Net income	100,431	100,520								100,431	100,520
Dividend to parent		(89,783)									(89,783)
Dividends/distributions to common shareholders	(89,783)									(89,783)
Dividends	(91)									(91)
Ending Balance at Jun. 30, 2018	1,073,520	1,061,247	85	14	(25,412)	1,801,481	2,871,668	482	482	(703,130)	(1,810,903)
Non-cash compensation	886					886
Exercise of stock options	4,592					4,592
Issuance of shares of common stock through employee purchase plan	1,675					1,675
Issuance of shares of common stock for purchase of assets	12,282					12,282
Amortization of at-the-money transaction costs	(5)					(5)
Foreign currency translation	221							221
Contribution from parent		19,303					19,303
Foreign currency translations		221							221
Net income	94,056	94,165								94,056	94,165
Dividend to parent		(90,177)									(90,177)
Dividends/distributions to common shareholders	(90,177)									(90,177)
Dividends	(91)									(91)
Ending Balance at Sep. 30, 2018	1,096,959	1,084,759	85	14	(25,412)	1,820,911	2,890,971	703	703	(699,342)	(1,806,915)
Beginning Balance at Dec. 31, 2018	1,131,784	1,120,196	86	14	(25,412)	1,852,421	2,922,907	12	12	(695,337)	(1,802,723)
Non-cash compensation	1,178					1,178
Issuance of shares of common stock through performance stock awards	19,919					19,919
Exercise of stock options	7,352					7,352
Issuance of shares of common stock through employee purchase plan	2,521					2,521
Purchase of treasury stock	(8,682)				(8,682)
Foreign currency translation	259							259
Contribution from parent		30,970					30,970
Foreign currency translations		259							259
Net income	51,253	51,362								51,253	51,362
Dividend to parent		(104,597)									(104,597)
Dividends/distributions to common shareholders	(95,915)									(95,915)
Dividends	(91)									(91)
Ending Balance at Mar. 31, 2019	1,109,578	1,098,190	86	14	(34,094)	1,883,391	2,953,877	271	271	(740,090)	(1,855,958)
Beginning Balance at Dec. 31, 2018	1,131,784	1,120,196	86	14	(25,412)	1,852,421	2,922,907	12	12	(695,337)	(1,802,723)
Foreign currency translation	372
Foreign currency translations		372
Net income	269,358	269,679
Ending Balance at Sep. 30, 2019	1,167,821	1,156,846	87	14	(34,094)	1,916,026	2,986,533	384	384	(714,596)	(1,830,071)
Beginning Balance at Mar. 31, 2019	1,109,578	1,098,190	86	14	(34,094)	1,883,391	2,953,877	271	271	(740,090)	(1,855,958)
Non-cash compensation	1,425					1,425
Exercise of stock options	3,943					3,943
Issuance of shares of common stock through employee purchase plan	1,796					1,796
Foreign currency translation	287							287
Contribution from parent		7,165					7,165
Foreign currency translations		287							287
Net income	118,396	118,485								118,396	118,485
Dividend to parent		(96,039)									(96,039)
Dividends/distributions to common shareholders	(96,039)									(96,039)
Dividends	(91)									(91)
Ending Balance at Jun. 30, 2019	1,139,295	1,128,088	86	14	(34,094)	1,890,555	2,961,042	558	558	(717,824)	(1,833,512)
Non-cash compensation	968					968
Exercise of stock options	1,466					1,466
Issuance of shares of common stock through employee purchase plan	1,840					1,840
Issuance of share of common stock for cash	21,198		1			21,197
Foreign currency translation	(174)							(174)
Contribution from parent		25,491					25,491
Foreign currency translations		(174)							(174)
Net income	99,709	99,832								99,709	99,832
Dividend to parent		(96,391)									(96,391)
Dividends/distributions to common shareholders	(96,390)									(96,390)
Dividends	(91)									(91)
Ending Balance at Sep. 30, 2019	$ 1,167,821	$ 1,156,846	$ 87	$ 14	$ (34,094)	$ 1,916,026	$ 2,986,533	$ 384	$ 384	$ (714,596)	$ (1,830,071)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Issuance of common stock through performance stock awards			286,350			150,259
Exercise of stock options	28,152	85,379	186,521	125,694	132,898	54,480
Issuance of common stock through employee purchase plan	26,726	31,455	44,161	28,877	28,864	39,514
Common stock shares issued for cash	266,410				213,276
Purchase of treasury stock			111,835			57,619
Common stock dividends/distributions	$ 0.96	$ 0.96	$ 0.96	$ 0.91	$ 0.91	$ 0.91
Preferred stock dividend shares	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95
Issuance of common stock for purchase of assets				163,137
Additional Paid-in Capital [Member]
Issuance of common stock through performance stock awards			286,350			150,259
Exercise of stock options	28,152	85,379	186,521	125,694	132,898	54,480
Issuance of common stock through employee purchase plan	26,726	31,455	44,161	28,877	28,864	39,514
Issuance of common stock for purchase of assets				163,137
Treasury Stock [Member]
Purchase of treasury stock			111,835			57,619
Accumulated Deficit [Member]
Common stock dividends/distributions	$ 0.96	$ 0.96	$ 0.96	$ 0.91	$ 0.91	$ 0.91
Preferred stock dividend shares	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 269,358	$ 209,539
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	187,150	167,251
Stock-based compensation	18,078	22,745
Amortization included in interest expense	4,012	3,662
(Gain) loss on disposition of assets	(5,360)	7,265
Loss on extinguishment of debt		15,429
Deferred tax (benefit) expense	(14,459)	1,575
Provision for doubtful accounts	7,607	5,547
(Increase) decrease in:
Receivables	(35,739)	(31,672)
Prepaid lease expenses	21,201	(24,989)
Other assets	(7,688)	1,698
Increase (decrease) in:
Trade accounts payable	2,829	1,268
Accrued expenses	(18,015)	(20,708)
Operating lease liabilities	(41,215)
Other liabilities	20,211	11,479
Net cash provided by operating activities	407,970	370,089
Cash flows from investing activities:
Acquisitions	(214,559)	(48,141)
Capital expenditures	(97,680)	(82,174)
Proceeds received from property insurance claims	210	4,222
Proceeds from disposition of assets	2,658	5,760
(Increase) decrease in notes receivable	(448)	7
Net cash (used in) provided by investing activities	(309,819)	(120,326)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(8,682)	(4,112)
Net proceeds from issuance of common stock	40,136	31,990
Principal payments on long-term debt	(24,446)	(20,119)
Payments on revolving credit facility	(495,000)	(368,000)
Proceeds received from revolving credit facility	430,000	275,000
Redemption of senior subordinated notes		(509,790)
Proceeds received from note offering	255,000
Proceeds received from accounts receivable securitization program	9,000
Payments on accounts receivable securitization program	(9,000)
Proceeds received from senior credit facility term loans		599,250
Debt issuance costs	(4,454)	(6,374)
Distributions to non-controlling interest	(439)	(388)
Dividends/distributions	(288,617)	(351,400)
Net cash used in financing activities	(96,502)	(353,943)
Effect of exchange rate changes in cash and cash equivalents	144	(682)
Net increase (decrease) in cash and cash equivalents	1,793	(104,862)
Cash and cash equivalents at beginning of period	21,494	115,471
Cash and cash equivalents at end of period	23,287	10,609
Supplemental disclosures of cash flow information:
Cash paid for interest	113,580	110,576
Cash paid for foreign, state and federal income taxes	12,532	7,983
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Cash flows from operating activities:
Net income	269,679	209,843
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	187,150	167,251
Stock-based compensation	18,078	22,745
Amortization included in interest expense	4,012	3,662
(Gain) loss on disposition of assets	(5,360)	7,265
Loss on extinguishment of debt		15,429
Deferred tax (benefit) expense	(14,459)	1,575
Provision for doubtful accounts	7,607	5,547
(Increase) decrease in:
Receivables	(35,739)	(31,672)
Prepaid lease expenses	21,201	(24,989)
Other assets	(7,688)	1,714
Increase (decrease) in:
Trade accounts payable	2,829	1,268
Accrued expenses	(18,015)	(20,708)
Operating lease liabilities	(41,215)
Other liabilities	(3,872)	(15,643)
Net cash provided by operating activities	384,208	343,287
Cash flows from investing activities:
Acquisitions	(214,559)	(48,141)
Capital expenditures	(97,680)	(82,174)
Proceeds received from property insurance claims	210	4,222
Proceeds from disposition of assets	2,658	5,760
(Increase) decrease in notes receivable	(448)	7
Net cash (used in) provided by investing activities	(309,819)	(120,326)
Cash flows from financing activities:
Principal payments on long-term debt	(24,446)	(20,119)
Payments on revolving credit facility	(495,000)	(368,000)
Proceeds received from revolving credit facility	430,000	275,000
Redemption of senior subordinated notes		(509,790)
Proceeds received from note offering	255,000
Proceeds received from accounts receivable securitization program	9,000
Payments on accounts receivable securitization program	(9,000)
Proceeds received from senior credit facility term loans		599,250
Debt issuance costs	(4,454)	(6,374)
Distributions to non-controlling interest	(439)	(388)
Contributions from parent	63,626	58,427
Dividend to parent	(297,027)	(355,147)
Net cash used in financing activities	(72,740)	(327,141)
Effect of exchange rate changes in cash and cash equivalents	144	(682)
Net increase (decrease) in cash and cash equivalents	1,793	(104,862)
Cash and cash equivalents at beginning of period	20,994	114,971
Cash and cash equivalents at end of period	22,787	10,109
Supplemental disclosures of cash flow information:
Cash paid for interest	113,580	110,576
Cash paid for foreign, state and federal income taxes	$ 12,532	$ 7,983

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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 2018 Combined Form 10-K/A. 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 2018 Combined Form 10-K/A. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, 12, 13, 15 and 16 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.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenues	2. Revenues On January 1, 2018, we adopted FASB Accounting Standards Update (“ASU”) No. 2014-09 (Codified as ASC 606), Revenue from Contracts with Customers Leases The majority of our billboard, logo, and transit advertising space contracts commencing prior to January 1, 2019 are accounted for under ASC 840 and will continue to be accounted for under the topic until they are completed or modified. Advertising space contracts commencing or amended on or after January 1, 2019 which do not meet the criteria of a lease under ASC 842 are accounted for under ASC 606, Revenue Due to the transition of our advertising space contracts into ASC 606 we are now required to capitalize our costs to fulfill a contract and expense the costs over the contract period. These costs include our costs to install advertising copy onto billboards. These costs were expensed as incurred under ASC 840. During the period ended September 30, 2019, we capitalized $19,348 of costs to fulfill a contract which is included in other current assets on the Condensed Consolidated Balance Sheets, net of expensed costs of $9,364. The expensed costs are recorded in direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Revenue Recognition Advertising revenues : The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Our contracts commencing prior to January 1, 2019 are accounted for under ASC 840, . The majority of our contracts amended or commencing on or after January 1, 2019 are accounted for under ASC 606, The contract revenues, under ASC 840, and ASC 606, , are recognized ratably over their contract life. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. As of January 1, 2018 revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: Upon our transition to ASC 606 from ASC 840, the Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expense (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced t o the customer corresponds directly with the value to be received by the customer. The following table presents our disaggregated revenue by source including both revenues accounted for under ASC 840 and ASC 606 for the three and nine months ended September 30, 2019 and September 30, 2018. Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Billboard Advertising $ 404,046 $ 364,604 $ 1,134,039 $ 1,042,774 Logo Advertising 21,056 20,796 62,779 62,803 Transit Advertising 32,684 33,098 94,167 93,747 Net Revenues $ 457,786 $ 418,498 $ 1,290,985 $ 1,199,324

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	3. Leases On January 1, 2019, the Company adopted ASC 842, Leases The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. During the three and nine months ended September 30, 2019, we had operating lease costs of $78,261 and $233,427, respectively, and variable lease costs of $19,030 and $55,047, respectively, which are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the three and nine months ended September 30, 2019, we recorded a loss of $36 and gain of $3,875, respectively, in (gain) loss of disposition of assets related to the amendment and termination of lease agreements. Cash payments of $262,327 were made reducing our operating lease liabilities for the nine months ended September 30, 2019 and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows. We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets (ROU assets) or lease liabilities for agreements with a term of twelve months or less. We recorded $1,131 and $3,357 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three and nine months ended September 30, 2019, respectively. Our operating leases have a weighted-average remaining lease term of 12.2 years. The weighted-average discount rate of our operating leases is 4.85%. Also, during the period ended September 30, 2019, we obtained $31,620 of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. The following is a summary of the maturities of our operating lease liabilities as of September 30, 2019: 2019 $ 38,917 2020 213,328 2021 185,398 2022 164,980 2023 141,834 Thereafter 898,859 Total undiscounted operating lease payments 1,643,316 Less: Imputed interest (430,850 ) Total operating lease liabilities $ 1,212,466 The following is a summary of minimum annual rental payments required under our operating lease that have original or remaining lease terms in excess of one year as of December 31, 2018: 2019 $ 254,866 2020 $ 188,138 2021 $ 165,642 2022 $ 144,814 2023 $ 122,814 Thereafter $ 819,004

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	4. Acquisitions Nine months ended September 30, 2019 During the nine months ended September 30, 2019, the Company completed several acquisitions of outdoor advertising assets for a net cash purchase price of $214,559. This amount includes $215,869 of outdoor advertising assets purchased in 2019, offset by $1,310 in post-closing adjustments to acquired working capital related to the purchase of Fairway Outdoor Advertising (“Fairway”) in 2018. 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 purchase price has been allocated to assets acquired and liabilities as sumed based on fair market value at the dates of acquisition. The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on July 15, 2019 for an aggregate purchase price of $127,000. Total Property, plant and equipment $ 35,973 Goodwill 20,088 Site locations 135,658 Non-competition agreements 210 Customer lists and contracts 22,575 Asset acquisition costs 697 Current assets 2,260 Current liabilities (1,845 ) Operating lease right of use assets 21,850 Operating lease liabilities (20,149 ) Other assets 52 Other liabilities (1,500 ) $ 215,869 Total acquired intangible assets for the nine months ended September 30, 2019 were $179,228, of which $20,088 was assigned to goodwill. Goodwill is not amortized for financial statement purposes, and $18,206 of goodwill related to 2019 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $22,575 (7 year weighted average useful life) and site locations of $135,658 (15 year weighted average useful life). The aggregate amortization expense related to the 2019 acquisitions for the nine months ended September 30, 2019 was approximately $4,365. Year Ended December 31, 2018 During the twelve months ended December 31, 2018, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $489,671, net of acquired cash of $8,554. The total purchase price consisted of the issuance of 163,137 shares of its Class A common stock for $12,282 and cash of $477,389. The purchases included the acquisition of assets in five U.S markets from Fairway Outdoor Advertising (“Fairway”) on December 21, 2018 for an aggregate purchase price of $418,500. As of September 30, 2019, our fair value allocation of the assets acquired and liabilities assumed from Fairway is still considered preliminary, pending finalization of tax related matters, and is subject to revision, which may result in adjustments to this allocation. We expect to finalize these amounts as soon as possible but not later than the end of 2019. Our updated preliminary fair value allocation of Fairway as of September 30, 2019 includes property, plant and equipment, intangibles and goodwill of $99,386, $186,130 and $145,258, respectively. During the period ended September 30, 2019, goodwill was adjusted $36,859 due to updates from the original preliminary allocation provided as of December 31, 2018. The updated preliminary allocation resulted in prior and current period changes to depreciation and amortization. These changes were considered immaterial and recorded during the nine months ended September 30, 2019. During the period ended September 30, 2019, assets purchased from Fairway which were initially placed into our taxable REIT subsidiary were transferred to our qualifying REIT subsidiary, as a result the Company wrote off $17,031 in deferred tax liabilities assumed from our purchase. 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 fair market value at the dates of acquisition. The following is a summary of the allocation of the acquisition costs in the above transactions, excluding the preliminary allocation of Fairway. Total Property, plant and equipment $ 8,648 Site locations 57,105 Non-competition agreements 342 Customer lists and contracts 6,521 Asset acquisition costs 336 Current assets 1,041 Current liabilities (355 ) $ 73,638 Total acquired intangible assets for the year ended December 31, 2018 were $402,740, of which $182,117 was assigned to goodwill. Goodwill is not amortized for financial statement purposes, and no goodwill related to 2018 acquisitions is expected to be deductible for tax purposes. The remaining $220,623 of acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $33,310 (7 year weighted average useful life) and site locations of $186,635 (15 year weighted average useful life). The aggregate amortization expense related to the 2018 acquisitions for the year ended December 31, 2018 was approximately $2,681.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	5. Stock-Based Compensation Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 17.5 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 99,000 shares of its Class A common stock during the nine months ended September 30, 2019. At September 30, 2019 a total of 2,698,168 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 85,162 shares on January 1, 2019 pursuant to the automatic increase provisions of the 2009 ESPP. The 2009 ESPP expired by its terms on June 30, 2019. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan or the 2019 ESPP. The 2019 ESPP became effective upon the expiration of the 2009 ESPP. The number of shares of Class A common stock available for issuance under the 2019 ESPP consists of (1) 300,000 shares of Class A common stock and (2) any shares of Class A common stock available for future purchase under the 2009 ESPP at June 30, 2019. The following is a summary of 2009 and 2019 ESPP share activity for the nine months ended September 30, 2019: Shares Available for future purchases, January 1, 2019 183,244 Additional shares reserved under 2009 ESPP 85,162 Additional shares reserved under 2019 ESPP 300,000 Purchases (102,343 ) Available for future purchases, September 30, 2019 466,063 Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the 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 2019 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2020. 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, 2019, the Company has recorded $14,525 as stock-based compensation expense related to performance-based awards. In addition, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors’ one year term. The Company recorded a $360 stock-based compensation expense related to these awards for the nine months ended September 30, 2019.

Depreciation and Amortization

Depreciation and Amortization	9 Months Ended
	Sep. 30, 2019
Depreciation And Amortization [Abstract]
Depreciation and Amortization	6. 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, 2019 2018 2019 2018 Direct advertising expenses $ 59,556 $ 51,360 $ 175,871 $ 155,832 General and administrative expenses 942 927 3,203 2,935 Corporate expenses 3,453 2,802 8,076 8,484 $ 63,951 $ 55,089 $ 187,150 $ 167,251

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	7. Goodwill and Other Intangible Assets The following is a summary of intangible assets at September 30, 2019 and December 31, 2018: Estimated September 30, 2019 December 31, 2018 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists and contracts 7—10 $ 641,221 $ 533,148 $ 610,376 $ 514,928 Non-competition agreements 3—15 65,983 64,312 65,771 64,119 Site locations 15 2,386,446 1,487,218 2,228,767 1,422,794 Other 2—15 46,689 36,008 45,992 33,612 $ 3,140,339 $ 2,120,686 $ 2,950,906 $ 2,035,453 Unamortizable intangible assets: Goodwill $ 2,156,221 $ 253,536 $ 2,172,922 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	8. 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, 2018 $ 222,989 Additions to asset retirement obligations 2,410 Accretion expense 3,159 Liabilities settled (2,724 ) Balance at September 30, 2019 $ 225,834

Distribution Restrictions

Distribution Restrictions	9 Months Ended
	Sep. 30, 2019
Distribution Restrictions [Abstract]
Distribution Restrictions	9. 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, 2019 and December 31, 2018, 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 $3,317,259 and $3,156,061, respectively. As of September 30, 2019, 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, 2019, 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 is less than 6.5 to 1 and (ii) the secured debt ratio does not exceed 3.5 to 1. As of September 30, 2019, the total debt ratio was less than 6.5 to 1 and Lamar Media’s secured debt ratio was less than 3.5 to 1, and the available cumulative credit was $2,067,739.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	10. 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, 2019 or 2018.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-term Debt	11. Long-term Debt Long-term debt consists of the following at September 30, 2019 and December 31, 2018: September 30, 2019 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 1,201,980 $ 9,767 $ 1,192,213 Accounts Receivable Securitization Program 175,000 945 174,055 5% Senior Subordinated Notes 535,000 3,458 531,542 5 3/8% Senior Notes 510,000 3,696 506,304 5 3/4% Senior Notes 654,524 8,043 646,481 Other notes with various rates and terms 3,206 — 3,206 3,079,710 25,909 3,053,801 Less current maturities (224,153 ) (6,048 ) (218,105 ) Long-term debt, excluding current maturities $ 2,855,557 $ 19,861 $ 2,835,696 December 31, 2018 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 1,291,088 $ 11,576 $ 1,279,512 Accounts Receivable Securitization Program 175,000 1,168 173,832 5% Senior Subordinated Notes 535,000 4,104 530,896 5 3/8% Senior Notes 510,000 4,262 505,738 5 3/4% Senior Notes 400,000 4,754 395,246 Other notes with various rates and terms 3,464 — 3,464 2,914,552 25,864 2,888,688 Less current maturities (209,365 ) (5,245 ) (204,120 ) Long-term debt, excluding current maturities $ 2,705,187 $ 20,619 $ 2,684,568 Senior Credit Facility Lamar Media’s Third Amended and Restated Credit Agreement dated as of May 15, 2017 (as amended, the “senior credit facility”) originally consisted of (i) a $450,000 senior secured revolving credit facility which will mature on May 15, 2022 (the “revolving credit facility”), (ii) a $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 (the “Incremental Facility”). Lamar Media borrowed all $450,000 in Term A loans on May 15, 2017. The net proceeds of the Term A loans, 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. On March 16, 2018, Lamar Media entered into Amendment No. 1 to the Third Amended and Restated Credit Agreement dated May 15, 2017, which amended the existing senior credit facility to establish a new $600,000 Term B Loan Facility (the “Term B loan”), which will mature on March 16, 2025. Lamar Media borrowed the full amount of the Term B loan on March 16, 2018. The proceeds from the Term B loan, together with available cash on hand were used to redeem in full Lamar Media’s 5 7/8% Senior Subordinated Notes due 2022. On January 17, 2019, Lamar Media entered into an incremental amendment to the senior credit facility to include $100,000 in additional revolving commitments, thereby increasing the total borrowing capacity under the revolving credit facility to $550,000. As of September 30, 2019, the senior credit facility consisted of (i) the revolving credit facility, (ii) the Term A loans, (iii) the Term B loans and (iv) the Incremental Facility. The Term A loans mature on May 15, 2022 and the Term B loans mature on March 16, 2025. The remaining quarterly installments are scheduled to be paid on each December 31, March 31, June 30 and September 30 as follows: Principal Payment Date Term A Term B December 31, 2019-June 30, 2020 $ 8,437.5 $ 1,500.0 September 30, 2020-March 31, 2022 $ 16,875.0 $ 1,500.0 Term A Loan Maturity May 15, 2022 $ 253,125.0 $ — June 30, 2022-December 31, 2024 $ — $ 1,500.0 Term B Loan Maturity March 16, 2025 $ — $ 559,500.0 The Term loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar term loans”) or the Adjusted Base Rate (“Base Rate term loans”), at Lamar Media’s option. Eurodollar term loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.75%; (or the Adjusted LIBO Rate plus 1.50% at any time the Total Debt Ratio is less than or equal to 3.25 to 1 for Term A loans only). Base Rate term loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.75% (or the Adjusted Base Rate plus 0.50 % at any time the Total Debt Ratio is less than or equal to 3.25 to 1 for Term A loans only). The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) o r the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Eurodollar revolving loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 2.25 % (or the Adjusted LIBO Rate plus 2.00 % at any time the Total Debt Ra tio is less than or equal to 4.25 to 1 ; or the Adjusted LIBO Rate plus 1.75 % at any time the Total Debt Ratio is less than or equal to 3.00 to 1 ). Base Rate revolving Loans bear interest at a rate per annum equal to the Adjusted Base Rate plus % (or the Adjusted Base Rate plus 1.0 % at any time the total debt ratio is less than or equal to 4.25 to 1 , or the Adjusted Base Rate plus 0.75 % at any time the Total Debt Ratio is less than or equal to 3.00 to 1 ). The guarantees, covenants , events of default and other terms of the senior credit facility apply to the Term A and B loans and revolving credit facility. As of September 30, 2019, there was $215,000 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 $12,852 in letters of credit outstanding as of September 30, 2019 resulting in $322,148 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. Accounts Receivable Securitization Program On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “AR Program”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) maturing on December 17, 2021. The AR Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the AR Program. Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the AR Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the AR Program and provides a performance guaranty. As of September 30, 2019 there was $175,000 outstanding on the AR Program bearing interest at approximately 3.8%. The commitment fee based on the amount of unused commitments under the AR Program was immaterial during the nine months ended September 30, 2019. The AR Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts re ceivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans a re reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows. 5 7/8% Senior Subordinated Notes On February 9, 2012, Lamar Media completed an institutional private placement of $500,000 aggregate principal amount of its 5 7/8% Senior Subordinated Notes (the “5 7/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $489,000. The Company used the proceeds from the Term B loans to redeem all of the 5 7/8% Notes on March 19, 2018 at a redemption price of 101.958% of the aggregate principal amount of the outstanding 5 7/8% Notes, plus accrued and unpaid interest up to but not including the redemption date. In conjunction with the redemption the Company recorded a loss on debt extinguishment of $15,429, of which $9,790 was cash, for the nine months ended September 30, 2018. 5% Senior Subordinated Notes On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100. Lamar Media may redeem 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. 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 on January 28, 2016 resulted in net proceeds to Lamar Media of approximately $394,500. On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount under its 5 3/4% Notes (the “New Notes”). Other than with respect to the date of issuance, issue price and CUSIP number, the New Notes have the same terms as the 5 3/4% Notes. The net proceeds after underwriting fees and expenses, was approximately $251,500 and were used to repay a portion of the borrowings outstanding under the revolving credit facility. 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	12. Fair Value of Financial Instruments At September 30, 2019 and December 31, 2018, 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 $3,139,761 which exceeded the carrying amount of $3,079,710 as of September 30, 2019. 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, 2019
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	13. New Accounting Pronouncements Leases In February 2016, the FASB established Topic 842, Leases Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842 Leases Targeted Improvements We adopted the new standard effective January 1, 2019 using a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. An entity was permitted to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. Consequently, financial information was not updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provided a number of optional practical expedients in transition. We elected the ‘package of practical expedients’, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We elected the practical expedient pertaining to land easements. We also elected the short-term lease recognition exemption for certain of our vehicle agreements. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities. Upon adoption, we recognized additional operating liabilities of $1.2 billion, with corresponding ROU assets of the same amount based on the present value of the remaining minimum rental payments under current leasing standards for our existing operating leases. In addition to the increase to the operating lease liabilities and right-of-use assets, Topic 842 also resulted in reclassifying the presentation of prepaid and deferred rent to operating lease right-of-use assets. Other recently released pronouncements In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and other (Topic 350): Simplifying the test for goodwill impairment. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808). The update is to clarify when certain transactions between collaborative arrangement participant s should be accounted for as revenue under Topic 606 and when the collaborative arrangement participant is a customer in the context of a unit of account. The update also adds unit-of-account guidance in Topic 808 and requires that a collaborative arrangem ent participant that is not directly related to sales to a third party, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer. The update is effective for ann ual and interim fiscal periods beginning after December 15, 2019 with early adoption permitted. The Company does not believe this update will have a material effect on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326

Dividends_Distributions

Dividends/Distributions	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Dividends/Distributions	14. Dividends/Distributions During the three and nine months ended September 30, 2019, the Company declared and paid cash distributions of its REIT taxable income in an aggregate amount of $96,390 or $0.96 per share and $288,344 or $2.88 per share, respectively. During the three and nine months ended September 30, 2018, the Company paid cash distributions of its REIT taxable income in the amount of $90,177 or $0.91 per share and $351,036 or $3.56 per share, respectively. The distributions paid during the nine months ended September 30, 2018 include distributions declared during the reporting period of $269,502 or $2.73 per share, as well as distributions declared and accrued as of December 31, 2017 of $81,534 or $0.83 per share. During the nine months ended September 30, 2018, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $364 or $63.80 per share, which included distributions declared during the period as well as those declared and accrued in the fourth quarter of 2017.

Information about Geographic Ar

Information about Geographic Areas	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Information about Geographic Areas	15. Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $25,635 and $25,659 for the nine months ended September 30, 2019 and 2018, respectively. Net carrying value of long lived assets located in foreign countries totaled $3,646 and $2,387 as of September 30, 2019 and December 31, 2018, respectively. All other revenues from external customers and long lived assets relate to domestic operations.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Stockholders' Equity	16. Stockholders’ Equity On May 1, 2018, the Company entered into an equity distribution agreement (the “Sales Agreement”) with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, and SunTrust Robinson Humphrey, Inc. as its sales agents (each a “Sales Agent”, and collectively, the “Sales Agents”). Under the terms of the Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. As of September 30, 2019, 842,412 shares of our Class A Common Stock have been sold under the Sales Agreement and accordingly $336,668 remained available to be sold under the Sales Agreement as of September 30, 2019. Sales of the Class A Common Stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A Common Stock, or sales made to or through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A Common Stock under the Sales Agreement and may at an y time suspend solicitations and offers under the Sales Agreement. On August 6, 2018, the Company filed an automatically effective shelf registration statement that registered the offer and sale of an indeterminate amount of additional shares of our Class A common stock. As of December 31, 2018 the Company issued 163,137 shares of its Class A common stock in connection with acquisitions occurring during the period. The Company filed a prospectus supplement to the shelf registration statement relating to the offer and resale of such shares of Class A common stock. There were no additional shares issued under this shelf registration during the nine months ended September 30, 2019.

Summarized Financial Informatio

Summarized Financial Information of Subsidiaries	9 Months Ended
	Sep. 30, 2019
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, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 13,918 $ 49,344 $ 252,791 $ — $ 316,053 Net property, plant and equipment — 1,333,395 7,374 — 1,340,769 Operating lease right of use assets — 1,268,434 27,878 — 1,296,312 Intangibles and goodwill, net — 2,893,303 18,416 — 2,911,719 Other assets 4,243,934 249,595 184,805 (4,628,187 ) 50,147 Total assets $ 4,257,852 $ 5,794,071 $ 491,264 $ (4,628,187 ) $ 5,915,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 43,071 $ 34 $ 175,000 $ — $ 218,105 Other current liabilities 17,898 354,287 24,122 — 396,307 Total current liabilities 60,969 354,321 199,122 — 614,412 Long-term debt 2,835,653 43 — — 2,835,696 Other noncurrent liabilities 204,384 1,256,732 284,368 (437,438 ) 1,308,046 Total liabilities 3,101,006 1,611,096 483,490 (437,438 ) 4,758,154 Stockholders’ equity 1,156,846 4,182,975 7,774 (4,190,749 ) 1,156,846 Total liabilities and stockholders’ equity $ 4,257,852 $ 5,794,071 $ 491,264 $ (4,628,187 ) $ 5,915,000 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, 2018 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 4,653 $ 121,549 $ 236,967 $ — $ 363,169 Net property, plant and equipment — 1,289,348 5,700 — 1,295,048 Intangibles and goodwill, net — 2,804,915 19,304 — 2,824,219 Other assets 4,056,288 230,504 184,247 (4,425,589 ) 45,450 Total assets $ 4,060,941 $ 4,446,316 $ 446,218 $ (4,425,589 ) $ 4,527,886 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ 29,086 $ 34 $ 175,000 $ — $ 204,120 Other current liabilities 27,067 204,103 14,578 — 245,748 Total current liabilities 56,153 204,137 189,578 — 449,868 Long-term debt 2,684,500 68 — — 2,684,568 Other noncurrent liabilities 200,092 246,312 251,835 (424,985 ) 273,254 Total liabilities 2,940,745 450,517 441,413 (424,985 ) 3,407,690 Stockholders’ equity 1,120,196 3,995,799 4,805 (4,000,604 ) 1,120,196 Total liabilities and stockholders’ equity $ 4,060,941 $ 4,446,316 $ 446,218 $ (4,425,589 ) $ 4,527,886 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, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 446,838 $ 11,539 $ (591 ) $ 457,786 Operating expenses Direct advertising expenses (1) — 142,412 7,025 (591 ) 148,846 General and administrative expenses (1) — 78,470 2,091 — 80,561 Corporate expenses (1) — 22,645 417 — 23,062 Depreciation and amortization — 63,033 918 — 63,951 Gain on disposition of assets — (185 ) (14 ) — (199 ) — 306,375 10,437 (591 ) 316,221 Operating income — 140,463 1,102 — 141,565 Equity in (earnings) loss of subsidiaries (136,714 ) — — 136,714 — Interest expense (income), net 36,882 (7 ) 1,280 — 38,155 Income (loss) before income tax expense 99,832 140,470 (178 ) (136,714 ) 103,410 Income tax expense (2) — 3,255 323 — 3,578 Net income (loss) $ 99,832 $ 137,215 $ (501 ) $ (136,714 ) $ 99,832 Statement of Comprehensive Income Net income (loss) $ 99,832 $ 137,215 $ (501 ) $ (136,714 ) $ 99,832 Total other comprehensive loss, net of tax — — (174 ) — (174 ) Total comprehensive income (loss) $ 99,832 $ 137,215 $ (675 ) $ (136,714 ) $ 99,658 (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, 2018 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 407,656 $ 11,659 $ (817 ) $ 418,498 Operating expenses Direct advertising expenses (1) — 134,863 6,522 (686 ) 140,699 General and administrative expenses (1) — 71,046 2,120 — 73,166 Corporate expenses (1) — 20,252 415 — 20,667 Depreciation and amortization — 53,956 1,133 — 55,089 Loss (gain) on disposition of assets — 559 (152 ) — 407 — 280,676 10,038 (686 ) 290,028 Operating income (loss) — 126,980 1,621 (131 ) 128,470 Equity in (earnings) loss of subsidiaries (126,015 ) — — 126,015 — Interest expense (income), net 31,850 (8 ) (18 ) (131 ) 31,693 Income (loss) before income tax expense 94,165 126,988 1,639 (126,015 ) 96,777 Income tax expense (2) — 2,167 445 — 2,612 Net income (loss) $ 94,165 $ 124,821 $ 1,194 $ (126,015 ) $ 94,165 Statement of Comprehensive Income Net income (loss) $ 94,165 $ 124,821 $ 1,194 $ (126,015 ) $ 94,165 Total other comprehensive income, net of tax — — 221 — 221 Total comprehensive income (loss) $ 94,165 $ 124,821 $ 1,415 $ (126,015 ) $ 94,386 (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, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,258,493 $ 34,563 $ (2,071 ) $ 1,290,985 Operating expenses Direct advertising expenses (1) — 417,271 20,506 (2,071 ) 435,706 General and administrative expenses (1) — 232,602 5,668 — 238,270 Corporate expenses (1) — 57,542 1,025 — 58,567 Depreciation and amortization — 184,897 2,253 — 187,150 Gain on disposition of assets — (1,195 ) (4,165 ) — (5,360 ) — 891,117 25,287 (2,071 ) 914,333 Operating income — 367,376 9,276 — 376,652 Equity in (earnings) loss of subsidiaries (379,424 ) — — 379,424 — Interest expense (income), net 109,745 (94 ) 4,036 — 113,687 Income (loss) before income tax expense 269,679 367,470 5,240 (379,424 ) 262,965 Income tax (benefit) expense (2) — (9,357 ) 2,643 — (6,714 ) Net income (loss) $ 269,679 $ 376,827 $ 2,597 $ (379,424 ) $ 269,679 Statement of Comprehensive Income Net income (loss) $ 269,679 $ 376,827 $ 2,597 $ (379,424 ) $ 269,679 Total other comprehensive income, net of tax — — 372 — 372 Total comprehensive income (loss) $ 269,679 $ 376,827 $ 2,969 $ (379,424 ) $ 270,051 (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, 2018 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,164,039 $ 37,880 $ (2,595 ) $ 1,199,324 Operating expenses Direct advertising expenses (1) — 400,703 21,042 (1,969 ) 419,776 General and administrative expenses (1) — 206,522 6,538 — 213,060 Corporate expenses (1) — 60,468 1,255 — 61,723 Depreciation and amortization — 162,536 4,715 — 167,251 (Gain) loss on disposition of assets — (268 ) 7,533 — 7,265 — 829,961 41,083 (1,969 ) 869,075 Operating income (loss) — 334,078 (3,203 ) (626 ) 330,249 Equity in (earnings) loss of subsidiaries (322,592 ) — — 322,592 — Interest expense (income), net 97,320 (18 ) 332 (626 ) 97,008 Other expenses 15,429 — — — 15,429 Income (loss) before income tax expense 209,843 334,096 (3,535 ) (322,592 ) 217,812 Income tax expense (2) — 5,708 2,261 — 7,969 Net income (loss) $ 209,843 $ 328,388 $ (5,796 ) $ (322,592 ) $ 209,843 Statement of Comprehensive Income Net income (loss) $ 209,843 $ 328,388 $ (5,796 ) $ (322,592 ) $ 209,843 Total other comprehensive loss, net of tax — — (599 ) — (599 ) Total comprehensive income (loss) $ 209,843 $ 328,388 $ (6,395 ) $ (322,592 ) $ 209,244 (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, 2019 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 $ 289,262 $ 510,514 $ (11,358 ) $ (404,210 ) $ 384,208 Cash flows from investing activities: Acquisitions — (214,559 ) — — (214,559 ) Capital expenditures — (94,820 ) (2,860 ) — (97,680 ) Proceeds from disposition of assets — 2,658 — — 2,658 Proceeds received from insurance claims — 210 — — 210 Investment in subsidiaries (214,559 ) — — 214,559 — Decrease in intercompany notes receivable 7,236 — — (7,236 ) — Increase in notes receivable (448 ) — — — (448 ) Net cash (used in) provided by investing activities (207,771 ) (306,511 ) (2,860 ) 207,323 (309,819 ) Cash flows from financing activities: Proceeds received from revolving credit facility 430,000 — — — 430,000 Payment on revolving credit facility (495,000 ) — — — (495,000 ) Principal payments on long-term debt (24,421 ) (25 ) — — (24,446 ) Proceeds received from note offering 255,000 — — — 255,000 Payment on accounts receivable securitization program — — (9,000 ) — (9,000 ) Proceeds received from accounts receivable securitization program — — 9,000 — 9,000 Debt issuance costs (4,454 ) — — — (4,454 ) Intercompany loan proceeds — (19,641 ) 12,405 7,236 — Distributions to non-controlling interest — — (439 ) — (439 ) Dividends (to) from parent (297,027 ) (404,210 ) — 404,210 (297,027 ) Contributions from (to) parent 63,626 214,559 — (214,559 ) 63,626 Net cash (used in) provided by financing activities (72,276 ) (209,317 ) 11,966 196,887 (72,740 ) Effect of exchange rate changes in cash and cash equivalents — — 144 — 144 Net increase (decrease) in cash and cash equivalents 9,215 (5,314 ) (2,108 ) — 1,793 Cash and cash equivalents at beginning of period 4,029 11,655 5,310 — 20,994 Cash and cash equivalents at end of period $ 13,244 $ 6,341 $ 3,202 $ — $ 22,787 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, 2018 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 $ 273,307 $ 445,984 $ 7,259 $ (383,263 ) $ 343,287 Cash flows from investing activities: Acquisitions — (48,141 ) — — (48,141 ) Capital expenditures — (78,944 ) (3,230 ) — (82,174 ) Proceeds from disposition of assets — 2,952 2,808 — 5,760 Proceeds received from insurance claims — — 4,222 — 4,222 Investment in subsidiaries (60,424 ) — — 60,424 — Decrease (increase) in intercompany notes receivable 32,849 — — (32,849 ) — Decrease in notes receivable 7 — — — 7 Net cash (used in) provided by investing activities (27,568 ) (124,133 ) 3,800 27,575 (120,326 ) Cash flows from financing activities: Principal payments on long-term debt (20,097 ) (22 ) — — (20,119 ) Payment on revolving credit facility (368,000 ) — — — (368,000 ) Proceeds received from revolving credit facility 275,000 — — — 275,000 Redemption of senior subordinated notes (509,790 ) — — — (509,790 ) Proceeds received from senior credit facility term loans 599,250 — — — 599,250 Debt issuance costs (6,374 ) — — — (6,374 ) Intercompany loan (payments) proceeds — — (32,849 ) 32,849 — Distributions to non-controlling interest — — (388 ) — (388 ) Contributions from (to) parent 58,427 60,424 — (60,424 ) 58,427 Dividends (to) from parent (355,147 ) (383,263 ) — 383,263 (355,147 ) Net cash (used in) provided by financing activities (326,731 ) (322,861 ) (33,237 ) 355,688 (327,141 ) Effect of exchange rate changes in cash and cash equivalents — — (682 ) — (682 ) Net (decrease) increase in cash and cash equivalents (80,992 ) (1,010 ) (22,860 ) — (104,862 ) Cash and cash equivalents at beginning of period 86,546 1,625 26,800 — 114,971 Cash and cash equivalents at end of period $ 5,554 $ 615 $ 3,940 $ — $ 10,109

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Disaggregation Revenue	The following table presents our disaggregated revenue by source including both revenues accounted for under ASC 840 and ASC 606 for the three and nine months ended September 30, 2019 and September 30, 2018. Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Billboard Advertising $ 404,046 $ 364,604 $ 1,134,039 $ 1,042,774 Logo Advertising 21,056 20,796 62,779 62,803 Transit Advertising 32,684 33,098 94,167 93,747 Net Revenues $ 457,786 $ 418,498 $ 1,290,985 $ 1,199,324

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Summary of Maturities of Operating Lease Liabilities	The following is a summary of the maturities of our operating lease liabilities as of September 30, 2019: 2019 $ 38,917 2020 213,328 2021 185,398 2022 164,980 2023 141,834 Thereafter 898,859 Total undiscounted operating lease payments 1,643,316 Less: Imputed interest (430,850 ) Total operating lease liabilities $ 1,212,466 The following is a summary of minimum annual rental payments required under our operating lease that have original or remaining lease terms in excess of one year as of December 31, 2018: 2019 $ 254,866 2020 $ 188,138 2021 $ 165,642 2022 $ 144,814 2023 $ 122,814 Thereafter $ 819,004

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2019
2019 Acquisitions [Member]
Summary of Allocation of Purchase Price/Acquisition Costs	The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on July 15, 2019 for an aggregate purchase price of $127,000. Total Property, plant and equipment $ 35,973 Goodwill 20,088 Site locations 135,658 Non-competition agreements 210 Customer lists and contracts 22,575 Asset acquisition costs 697 Current assets 2,260 Current liabilities (1,845 ) Operating lease right of use assets 21,850 Operating lease liabilities (20,149 ) Other assets 52 Other liabilities (1,500 ) $ 215,869
2018 Acquisitions Excluding Fairway Assets [Member]
Summary of Allocation of Purchase Price/Acquisition Costs	The following is a summary of the allocation of the acquisition costs in the above transactions, excluding the preliminary allocation of Fairway. Total Property, plant and equipment $ 8,648 Site locations 57,105 Non-competition agreements 342 Customer lists and contracts 6,521 Asset acquisition costs 336 Current assets 1,041 Current liabilities (355 ) $ 73,638

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of ESPP Share Activity	The following is a summary of 2009 and 2019 ESPP share activity for the nine months ended September 30, 2019: Shares Available for future purchases, January 1, 2019 183,244 Additional shares reserved under 2009 ESPP 85,162 Additional shares reserved under 2019 ESPP 300,000 Purchases (102,343 ) Available for future purchases, September 30, 2019 466,063

Depreciation and Amortization (

Depreciation and Amortization (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 2018 2019 2018 Direct advertising expenses $ 59,556 $ 51,360 $ 175,871 $ 155,832 General and administrative expenses 942 927 3,203 2,935 Corporate expenses 3,453 2,802 8,076 8,484 $ 63,951 $ 55,089 $ 187,150 $ 167,251

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at September 30, 2019 and December 31, 2018: Estimated September 30, 2019 December 31, 2018 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists and contracts 7—10 $ 641,221 $ 533,148 $ 610,376 $ 514,928 Non-competition agreements 3—15 65,983 64,312 65,771 64,119 Site locations 15 2,386,446 1,487,218 2,228,767 1,422,794 Other 2—15 46,689 36,008 45,992 33,612 $ 3,140,339 $ 2,120,686 $ 2,950,906 $ 2,035,453 Unamortizable intangible assets: Goodwill $ 2,156,221 $ 253,536 $ 2,172,922 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2018 $ 222,989 Additions to asset retirement obligations 2,410 Accretion expense 3,159 Liabilities settled (2,724 ) Balance at September 30, 2019 $ 225,834

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at September 30, 2019 and December 31, 2018: September 30, 2019 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 1,201,980 $ 9,767 $ 1,192,213 Accounts Receivable Securitization Program 175,000 945 174,055 5% Senior Subordinated Notes 535,000 3,458 531,542 5 3/8% Senior Notes 510,000 3,696 506,304 5 3/4% Senior Notes 654,524 8,043 646,481 Other notes with various rates and terms 3,206 — 3,206 3,079,710 25,909 3,053,801 Less current maturities (224,153 ) (6,048 ) (218,105 ) Long-term debt, excluding current maturities $ 2,855,557 $ 19,861 $ 2,835,696 December 31, 2018 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 1,291,088 $ 11,576 $ 1,279,512 Accounts Receivable Securitization Program 175,000 1,168 173,832 5% Senior Subordinated Notes 535,000 4,104 530,896 5 3/8% Senior Notes 510,000 4,262 505,738 5 3/4% Senior Notes 400,000 4,754 395,246 Other notes with various rates and terms 3,464 — 3,464 2,914,552 25,864 2,888,688 Less current maturities (209,365 ) (5,245 ) (204,120 ) Long-term debt, excluding current maturities $ 2,705,187 $ 20,619 $ 2,684,568
Schedule of Maturities of Long Term Debt	The Term A loans mature on May 15, 2022 and the Term B loans mature on March 16, 2025. The remaining quarterly installments are scheduled to be paid on each December 31, March 31, June 30 and September 30 as follows: Principal Payment Date Term A Term B December 31, 2019-June 30, 2020 $ 8,437.5 $ 1,500.0 September 30, 2020-March 31, 2022 $ 16,875.0 $ 1,500.0 Term A Loan Maturity May 15, 2022 $ 253,125.0 $ — June 30, 2022-December 31, 2024 $ — $ 1,500.0 Term B Loan Maturity March 16, 2025 $ — $ 559,500.0

Summarized Financial Informat_2

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	9 Months Ended
	Sep. 30, 2019
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, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 13,918 $ 49,344 $ 252,791 $ — $ 316,053 Net property, plant and equipment — 1,333,395 7,374 — 1,340,769 Operating lease right of use assets — 1,268,434 27,878 — 1,296,312 Intangibles and goodwill, net — 2,893,303 18,416 — 2,911,719 Other assets 4,243,934 249,595 184,805 (4,628,187 ) 50,147 Total assets $ 4,257,852 $ 5,794,071 $ 491,264 $ (4,628,187 ) $ 5,915,000 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ 43,071 $ 34 $ 175,000 $ — $ 218,105 Other current liabilities 17,898 354,287 24,122 — 396,307 Total current liabilities 60,969 354,321 199,122 — 614,412 Long-term debt 2,835,653 43 — — 2,835,696 Other noncurrent liabilities 204,384 1,256,732 284,368 (437,438 ) 1,308,046 Total liabilities 3,101,006 1,611,096 483,490 (437,438 ) 4,758,154 Stockholders’ equity 1,156,846 4,182,975 7,774 (4,190,749 ) 1,156,846 Total liabilities and stockholders’ equity $ 4,257,852 $ 5,794,071 $ 491,264 $ (4,628,187 ) $ 5,915,000 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, 2018 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 4,653 $ 121,549 $ 236,967 $ — $ 363,169 Net property, plant and equipment — 1,289,348 5,700 — 1,295,048 Intangibles and goodwill, net — 2,804,915 19,304 — 2,824,219 Other assets 4,056,288 230,504 184,247 (4,425,589 ) 45,450 Total assets $ 4,060,941 $ 4,446,316 $ 446,218 $ (4,425,589 ) $ 4,527,886 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ 29,086 $ 34 $ 175,000 $ — $ 204,120 Other current liabilities 27,067 204,103 14,578 — 245,748 Total current liabilities 56,153 204,137 189,578 — 449,868 Long-term debt 2,684,500 68 — — 2,684,568 Other noncurrent liabilities 200,092 246,312 251,835 (424,985 ) 273,254 Total liabilities 2,940,745 450,517 441,413 (424,985 ) 3,407,690 Stockholders’ equity 1,120,196 3,995,799 4,805 (4,000,604 ) 1,120,196 Total liabilities and stockholders’ equity $ 4,060,941 $ 4,446,316 $ 446,218 $ (4,425,589 ) $ 4,527,886
Condensed Consolidating Statements of Income and Comprehensive Income	LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 446,838 $ 11,539 $ (591 ) $ 457,786 Operating expenses Direct advertising expenses (1) — 142,412 7,025 (591 ) 148,846 General and administrative expenses (1) — 78,470 2,091 — 80,561 Corporate expenses (1) — 22,645 417 — 23,062 Depreciation and amortization — 63,033 918 — 63,951 Gain on disposition of assets — (185 ) (14 ) — (199 ) — 306,375 10,437 (591 ) 316,221 Operating income — 140,463 1,102 — 141,565 Equity in (earnings) loss of subsidiaries (136,714 ) — — 136,714 — Interest expense (income), net 36,882 (7 ) 1,280 — 38,155 Income (loss) before income tax expense 99,832 140,470 (178 ) (136,714 ) 103,410 Income tax expense (2) — 3,255 323 — 3,578 Net income (loss) $ 99,832 $ 137,215 $ (501 ) $ (136,714 ) $ 99,832 Statement of Comprehensive Income Net income (loss) $ 99,832 $ 137,215 $ (501 ) $ (136,714 ) $ 99,832 Total other comprehensive loss, net of tax — — (174 ) — (174 ) Total comprehensive income (loss) $ 99,832 $ 137,215 $ (675 ) $ (136,714 ) $ 99,658 (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, 2018 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 407,656 $ 11,659 $ (817 ) $ 418,498 Operating expenses Direct advertising expenses (1) — 134,863 6,522 (686 ) 140,699 General and administrative expenses (1) — 71,046 2,120 — 73,166 Corporate expenses (1) — 20,252 415 — 20,667 Depreciation and amortization — 53,956 1,133 — 55,089 Loss (gain) on disposition of assets — 559 (152 ) — 407 — 280,676 10,038 (686 ) 290,028 Operating income (loss) — 126,980 1,621 (131 ) 128,470 Equity in (earnings) loss of subsidiaries (126,015 ) — — 126,015 — Interest expense (income), net 31,850 (8 ) (18 ) (131 ) 31,693 Income (loss) before income tax expense 94,165 126,988 1,639 (126,015 ) 96,777 Income tax expense (2) — 2,167 445 — 2,612 Net income (loss) $ 94,165 $ 124,821 $ 1,194 $ (126,015 ) $ 94,165 Statement of Comprehensive Income Net income (loss) $ 94,165 $ 124,821 $ 1,194 $ (126,015 ) $ 94,165 Total other comprehensive income, net of tax — — 221 — 221 Total comprehensive income (loss) $ 94,165 $ 124,821 $ 1,415 $ (126,015 ) $ 94,386 (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, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,258,493 $ 34,563 $ (2,071 ) $ 1,290,985 Operating expenses Direct advertising expenses (1) — 417,271 20,506 (2,071 ) 435,706 General and administrative expenses (1) — 232,602 5,668 — 238,270 Corporate expenses (1) — 57,542 1,025 — 58,567 Depreciation and amortization — 184,897 2,253 — 187,150 Gain on disposition of assets — (1,195 ) (4,165 ) — (5,360 ) — 891,117 25,287 (2,071 ) 914,333 Operating income — 367,376 9,276 — 376,652 Equity in (earnings) loss of subsidiaries (379,424 ) — — 379,424 — Interest expense (income), net 109,745 (94 ) 4,036 — 113,687 Income (loss) before income tax expense 269,679 367,470 5,240 (379,424 ) 262,965 Income tax (benefit) expense (2) — (9,357 ) 2,643 — (6,714 ) Net income (loss) $ 269,679 $ 376,827 $ 2,597 $ (379,424 ) $ 269,679 Statement of Comprehensive Income Net income (loss) $ 269,679 $ 376,827 $ 2,597 $ (379,424 ) $ 269,679 Total other comprehensive income, net of tax — — 372 — 372 Total comprehensive income (loss) $ 269,679 $ 376,827 $ 2,969 $ (379,424 ) $ 270,051 (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, 2018 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,164,039 $ 37,880 $ (2,595 ) $ 1,199,324 Operating expenses Direct advertising expenses (1) — 400,703 21,042 (1,969 ) 419,776 General and administrative expenses (1) — 206,522 6,538 — 213,060 Corporate expenses (1) — 60,468 1,255 — 61,723 Depreciation and amortization — 162,536 4,715 — 167,251 (Gain) loss on disposition of assets — (268 ) 7,533 — 7,265 — 829,961 41,083 (1,969 ) 869,075 Operating income (loss) — 334,078 (3,203 ) (626 ) 330,249 Equity in (earnings) loss of subsidiaries (322,592 ) — — 322,592 — Interest expense (income), net 97,320 (18 ) 332 (626 ) 97,008 Other expenses 15,429 — — — 15,429 Income (loss) before income tax expense 209,843 334,096 (3,535 ) (322,592 ) 217,812 Income tax expense (2) — 5,708 2,261 — 7,969 Net income (loss) $ 209,843 $ 328,388 $ (5,796 ) $ (322,592 ) $ 209,843 Statement of Comprehensive Income Net income (loss) $ 209,843 $ 328,388 $ (5,796 ) $ (322,592 ) $ 209,843 Total other comprehensive loss, net of tax — — (599 ) — (599 ) Total comprehensive income (loss) $ 209,843 $ 328,388 $ (6,395 ) $ (322,592 ) $ 209,244 (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, 2019 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 $ 289,262 $ 510,514 $ (11,358 ) $ (404,210 ) $ 384,208 Cash flows from investing activities: Acquisitions — (214,559 ) — — (214,559 ) Capital expenditures — (94,820 ) (2,860 ) — (97,680 ) Proceeds from disposition of assets — 2,658 — — 2,658 Proceeds received from insurance claims — 210 — — 210 Investment in subsidiaries (214,559 ) — — 214,559 — Decrease in intercompany notes receivable 7,236 — — (7,236 ) — Increase in notes receivable (448 ) — — — (448 ) Net cash (used in) provided by investing activities (207,771 ) (306,511 ) (2,860 ) 207,323 (309,819 ) Cash flows from financing activities: Proceeds received from revolving credit facility 430,000 — — — 430,000 Payment on revolving credit facility (495,000 ) — — — (495,000 ) Principal payments on long-term debt (24,421 ) (25 ) — — (24,446 ) Proceeds received from note offering 255,000 — — — 255,000 Payment on accounts receivable securitization program — — (9,000 ) — (9,000 ) Proceeds received from accounts receivable securitization program — — 9,000 — 9,000 Debt issuance costs (4,454 ) — — — (4,454 ) Intercompany loan proceeds — (19,641 ) 12,405 7,236 — Distributions to non-controlling interest — — (439 ) — (439 ) Dividends (to) from parent (297,027 ) (404,210 ) — 404,210 (297,027 ) Contributions from (to) parent 63,626 214,559 — (214,559 ) 63,626 Net cash (used in) provided by financing activities (72,276 ) (209,317 ) 11,966 196,887 (72,740 ) Effect of exchange rate changes in cash and cash equivalents — — 144 — 144 Net increase (decrease) in cash and cash equivalents 9,215 (5,314 ) (2,108 ) — 1,793 Cash and cash equivalents at beginning of period 4,029 11,655 5,310 — 20,994 Cash and cash equivalents at end of period $ 13,244 $ 6,341 $ 3,202 $ — $ 22,787 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, 2018 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 $ 273,307 $ 445,984 $ 7,259 $ (383,263 ) $ 343,287 Cash flows from investing activities: Acquisitions — (48,141 ) — — (48,141 ) Capital expenditures — (78,944 ) (3,230 ) — (82,174 ) Proceeds from disposition of assets — 2,952 2,808 — 5,760 Proceeds received from insurance claims — — 4,222 — 4,222 Investment in subsidiaries (60,424 ) — — 60,424 — Decrease (increase) in intercompany notes receivable 32,849 — — (32,849 ) — Decrease in notes receivable 7 — — — 7 Net cash (used in) provided by investing activities (27,568 ) (124,133 ) 3,800 27,575 (120,326 ) Cash flows from financing activities: Principal payments on long-term debt (20,097 ) (22 ) — — (20,119 ) Payment on revolving credit facility (368,000 ) — — — (368,000 ) Proceeds received from revolving credit facility 275,000 — — — 275,000 Redemption of senior subordinated notes (509,790 ) — — — (509,790 ) Proceeds received from senior credit facility term loans 599,250 — — — 599,250 Debt issuance costs (6,374 ) — — — (6,374 ) Intercompany loan (payments) proceeds — — (32,849 ) 32,849 — Distributions to non-controlling interest — — (388 ) — (388 ) Contributions from (to) parent 58,427 60,424 — (60,424 ) 58,427 Dividends (to) from parent (355,147 ) (383,263 ) — 383,263 (355,147 ) Net cash (used in) provided by financing activities (326,731 ) (322,861 ) (33,237 ) 355,688 (327,141 ) Effect of exchange rate changes in cash and cash equivalents — — (682 ) — (682 ) Net (decrease) increase in cash and cash equivalents (80,992 ) (1,010 ) (22,860 ) — (104,862 ) Cash and cash equivalents at beginning of period 86,546 1,625 26,800 — 114,971 Cash and cash equivalents at end of period $ 5,554 $ 615 $ 3,940 $ — $ 10,109

Revenues - Additional Informati

Revenues - Additional Information (Details) - ASC 606 [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Direct Advertising Expenses (Exclusive of Depreciation and Amortization) [Member]
Capitalized Contract Cost [Line Items]
Contract cost expense net	$ 9,364
Other Current Assets [Member]
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 19,348

Revenues - Disaggregation Reven

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation Of Revenue [Line Items]
Net revenues	$ 457,786	$ 418,498	$ 1,290,985	$ 1,199,324
Billboard Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net revenues	404,046	364,604	1,134,039	1,042,774
Logo Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net revenues	21,056	20,796	62,779	62,803
Transit Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net revenues	$ 32,684	$ 33,098	$ 94,167	$ 93,747

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lessee Lease Description [Line Items]
Operating lease, cost	$ 78,261		$ 233,427
Variable lease, cost	19,030		55,047
(Gain) loss on disposition of assets	(199)	$ 407	(5,360)	$ 7,265
Operating lease, cash payments			262,327
Direct advertising expenses (exclusive of depreciation and amortization)	$ 148,846	$ 140,699	$ 435,706	$ 419,776
Operating lease, weighted average remaining lease term	12 years 2 months 12 days		12 years 2 months 12 days
Operating lease, weighted average discount rate	4.85%		4.85%
Leased assets obtained in exchange for operating lease liability			$ 31,620
Advertising [Member]
Lessee Lease Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	$ 1,131		3,357
Termination of Lease Agreements [Member]
Lessee Lease Description [Line Items]
(Gain) loss on disposition of assets	$ 36		$ (3,875)

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Lease Liabilities Payments Due [Abstract]
2019		$ 254,866
2019	$ 38,917
2020	213,328	188,138
2021	185,398	165,642
2022	164,980	144,814
2023	141,834	122,814
Thereafter	898,859	$ 819,004
Total undiscounted operating lease payments	1,643,316
Less: Imputed interest	(430,850)
Total operating lease liabilities	$ 1,212,466

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)Marketshares
2019 Acquisitions [Member]
Business Acquisition [Line Items]
Net cash purchase price of outdoor advertising assets	$ 214,559
Total purchase price of outdoor advertising assets	215,869
Total acquired intangible assets	179,228
Portion of acquired intangible assets assigned to goodwill	20,088
Goodwill amount deductible for tax purposes	$ 18,206
Weighted average useful life	14 years
Aggregate amortization expense related to acquisition	$ 4,365
2019 Acquisitions [Member] | Customer Lists and Contracts [Member]
Business Acquisition [Line Items]
Total acquired intangible assets	$ 22,575
Weighted average useful life	7 years
2019 Acquisitions [Member] | Site Locations [Member]
Business Acquisition [Line Items]
Total acquired intangible assets	$ 135,658
Weighted average useful life	15 years
Fairway Outdoor Advertising [Member]
Business Acquisition [Line Items]
Total purchase price of outdoor advertising assets		$ 418,500
Post-closing adjustments to acquired working capital related to purchase	$ 1,310
Portion of acquired intangible assets assigned to goodwill	145,258
Number of business acquired | Market		5
Portion of acquired assets assigned to property, plant and equipment	99,386
Portion of acquired assets assigned to intangibles	186,130
Adjustment to the preliminary allocation of Goodwill	36,859
Write off of deferred tax liabilities	17,031
July 15, 2019 Acquisitions [Member]
Business Acquisition [Line Items]
Total purchase price of outdoor advertising assets	$ 127,000
2018 Acquisitions [Member]
Business Acquisition [Line Items]
Total purchase price of outdoor advertising assets		$ 489,671
Total acquired intangible assets		402,740
Portion of acquired intangible assets assigned to goodwill		182,117
Goodwill amount deductible for tax purposes		$ 0
Weighted average useful life		14 years
Aggregate amortization expense related to acquisition		$ 2,681
Cash acquired in acquisitions		8,554
Total purchase price consisting of cash		477,389
Total acquired intangible assets		$ 220,623
2018 Acquisitions [Member] | Common Class A [Member]
Business Acquisition [Line Items]
Issuance of common stock | shares		163,137
Issuance of common stock, value		$ 12,282
2018 Acquisitions [Member] | Customer Lists and Contracts [Member]
Business Acquisition [Line Items]
Total acquired intangible assets		$ 33,310
Weighted average useful life		7 years
2018 Acquisitions [Member] | Site Locations [Member]
Business Acquisition [Line Items]
Total acquired intangible assets		$ 186,635
Weighted average useful life		15 years

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price/Acquisition Costs (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,902,685	$ 1,919,386
2019 Acquisitions [Member]
Business Acquisition [Line Items]
Property, plant and equipment	35,973
Goodwill	20,088
Asset acquisition costs	697
Current assets	2,260
Current liabilities	(1,845)
Operating lease right of use assets	21,850
Operating lease liabilities	(20,149)
Other assets	52
Other liabilities	(1,500)
Total	215,869
2019 Acquisitions [Member] | Site Locations [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	135,658
2019 Acquisitions [Member] | Non-competition Agreements [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	210
2019 Acquisitions [Member] | Customer Lists and Contracts [Member]
Business Acquisition [Line Items]
Finite lived intangible assets	$ 22,575
2018 Acquisitions Excluding Fairway Assets [Member]
Business Acquisition [Line Items]
Property, plant and equipment		8,648
Asset acquisition costs		336
Current assets		1,041
Current liabilities		(355)
Total		73,638
2018 Acquisitions Excluding Fairway Assets [Member] | Site Locations [Member]
Business Acquisition [Line Items]
Finite lived intangible assets		57,105
2018 Acquisitions Excluding Fairway Assets [Member] | Non-competition Agreements [Member]
Business Acquisition [Line Items]
Finite lived intangible assets		342
2018 Acquisitions Excluding Fairway Assets [Member] | Customer Lists and Contracts [Member]
Business Acquisition [Line Items]
Finite lived intangible assets		$ 6,521

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)shares
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.
Number of shares available for grant	2,698,168
Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted	99,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	5 years
1996 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance to directors and employees	17,500,000
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] | Non-employee Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements | $	$ 360
Restricted Stock [Member] | Percentage of awards vesting on grant date [Member] | Non-employee Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of awards vesting on grant date	50.00%
Restricted Stock [Member] | Percentage of Awards Vesting On Last Day of Each Directors Term [Member] | Non-employee Director [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%
2009 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved	85,162
2019 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved	300,000
Performance Based Compensation [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements | $	$ 14,525

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - shares	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchases	(26,726)	(31,455)	(44,161)	(28,877)	(28,864)	(39,514)
Available for future purchases, September 30, 2019	2,698,168						2,698,168
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for future purchases, January 1, 2019			183,244				183,244
Purchases							(102,343)
Available for future purchases, September 30, 2019	466,063						466,063
Employee Stock Purchase Plan [Member] | 2009 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved							85,162
Employee Stock Purchase Plan [Member] | 2019 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved							300,000

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 63,951	$ 55,089	$ 187,150	$ 167,251
Direct Advertising Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	59,556	51,360	175,871	155,832
General and Administrative Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	942	927	3,203	2,935
Corporate Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 3,453	$ 2,802	$ 8,076	$ 8,484

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,140,339	$ 2,950,906
Accumulated Amortization	2,120,686	2,035,453
Goodwill gross carrying amount	2,156,221	2,172,922
Goodwill accumulated amortization	253,536	253,536
Customer Lists and Contracts [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	641,221	610,376
Accumulated Amortization	$ 533,148	514,928
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	$ 65,983	65,771
Accumulated Amortization	$ 64,312	64,119
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	$ 2,386,446	2,228,767
Accumulated Amortization	$ 1,487,218	1,422,794
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	$ 46,689	45,992
Accumulated Amortization	$ 36,008	$ 33,612
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, 2019USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 222,989
Additions to asset retirement obligations	2,410
Accretion expense	3,159
Liabilities settled	(2,724)
Ending Balance	$ 225,834

Distribution Restrictions - Add

Distribution Restrictions - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 3,317,259	$ 3,156,061
Description of provisions on senior credit facility transfers to Lamar Advertising not subject to additional restrictions	(i) the total debt ratio is less than 6.5 to 1 and (ii) the secured debt ratio does not exceed 3.5 to 1.
Debt ratio	6.5
Debt ratio related to actual position on senior credit facility	6.5
Available cumulative credit	$ 2,067,739
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Secured debt ratio	3.5
LAMAR MEDIA CORP [Member] | Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Secured debt ratio	3.5

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
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, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt	$ 3,079,710	$ 2,914,552
Debt, Less current maturities	(224,153)	(209,365)
Debt, excluding current maturities	2,855,557	2,705,187
Deferred financing costs	25,909	25,864
Deferred financing costs, Less current maturities	(6,048)	(5,245)
Deferred financing costs, excluding current maturities	19,861	20,619
Debt, net of deferred financing costs	3,053,801	2,888,688
Debt, net of deferred financing costs, Less current maturities	(218,105)	(204,120)
Long-term debt, net of deferred financing costs	2,835,696	2,684,568
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Debt	1,201,980	1,291,088
Deferred financing costs	9,767	11,576
Debt, net of deferred financing costs	1,192,213	1,279,512
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt	535,000	535,000
Deferred financing costs	3,458	4,104
Debt, net of deferred financing costs	531,542	530,896
Accounts Receivable Securitization Program [Member]
Debt Instrument [Line Items]
Debt	175,000	175,000
Deferred financing costs	945	1,168
Debt, net of deferred financing costs	174,055	173,832
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	510,000	510,000
Deferred financing costs	3,696	4,262
Debt, net of deferred financing costs	506,304	505,738
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	654,524	400,000
Deferred financing costs	8,043	4,754
Debt, net of deferred financing costs	646,481	395,246
Other Notes with Various Rates and Terms [Member]
Debt Instrument [Line Items]
Debt	3,206	3,464
Debt, net of deferred financing costs	$ 3,206	$ 3,464

Long-term Debt - Long-Term De_2

Long-term Debt - Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 2019	Dec. 31, 2018	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% 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)

Feb. 01, 2019USD ($)

Dec. 18, 2018USD ($)

Mar. 19, 2018

Mar. 16, 2018USD ($)

May 15, 2017USD ($)

Jan. 28, 2016USD ($)

Jan. 10, 2014USD ($)

Oct. 30, 2012USD ($)

Feb. 09, 2012USD ($)

Sep. 30, 2019USD ($)

Sep. 30, 2018USD ($)

Jan. 17, 2019USD ($)

Dec. 31, 2018USD ($)

Debt Instrument [Line Items]

Proceeds received from term A loans

$ 599,250,000

Additional revolving commitment

$ 100,000,000

Outstanding revolving credit facility

$ 215,000,000

Remaining borrowing capacity under revolving credit facility

322,148,000

Aggregate principal amount of debt issued

3,079,710,000

Debt instrument outstanding amount

3,079,710,000

$ 2,914,552,000

Loss on debt extinguishment

15,429,000

AR Program [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Dec. 17, 2021

Aggregate principal amount of debt issued

$ 175,000,000

Debt instrument outstanding amount

$ 175,000,000

Bearing interest rate

3.80%

5 7/8% Senior Subordinated Notes [Member]

Debt Instrument [Line Items]

Redemption price, percentage of loan

101.958%

Aggregate principal amount of debt issued

$ 500,000,000

Interest rate on convertible notes

5.875%

Net proceeds from the issuance of debt

$ 489,000,000

Loss on debt extinguishment

15,429,000

Loss on debt extinguishment on cash

9,790,000

5% Senior Subordinated Notes [Member]

Debt Instrument [Line Items]

Aggregate principal amount of debt issued

$ 535,000,000

Debt instrument outstanding amount

$ 535,000,000

$ 535,000,000

Interest rate on convertible notes

5.00%

5.00%

5.00%

Net proceeds from the issuance of debt

$ 527,100,000

Redemption price percentage of the principal amount to be purchased

101.00%

5 3/8% Senior Notes [Member]

Debt Instrument [Line Items]

Aggregate principal amount of debt issued

$ 510,000,000

Debt instrument outstanding amount

$ 510,000,000

$ 510,000,000

Interest rate on convertible notes

5.375%

5.375%

5.375%

Net proceeds from the issuance of debt

$ 502,300,000

Redemption price percentage of the principal amount to be purchased

101.00%

5 3/4% Senior Notes [Member]

Debt Instrument [Line Items]

Aggregate principal amount of debt issued

$ 400,000,000

Debt instrument outstanding amount

$ 654,524,000

$ 400,000,000

Interest rate on convertible notes

5.75%

5.75%

5.75%

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, 2021 [Member]

Debt Instrument [Line Items]

Redemption price, percentage of loan

100.00%

5 3/4% Senior Notes [Member] | Private Placement [Member]

Debt Instrument [Line Items]

Aggregate principal amount of debt issued

$ 250,000,000

Interest rate on convertible notes

5.75%

Net proceeds from the issuance of debt

$ 251,500,000

Letter of Credit [Member]

Debt Instrument [Line Items]

Letter of credit outstanding balance

$ 12,852,000

LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]

Debt Instrument [Line Items]

Proceeds received from term A loans

599,250,000

Loss on debt extinguishment

$ 15,429,000

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 term A 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 Three 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 Three Point Two Five [Member]

Debt Instrument [Line Items]

Adjusted Rate

0.50%

Term B Loan Facility [Member]

Debt Instrument [Line Items]

Maximum borrowing limit of incremental loan facility

$ 600,000,000

Debt instrument maturity date

Mar. 16, 2025

Amended and restated date

Mar. 16, 2018

Redemption price, percentage of loan

5.875%

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Maximum borrowing limit of incremental loan facility

$ 550,000,000

Revolving Credit Facility [Member] | LAMAR MEDIA CORP. AND SUBSIDIARIES [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

2.25%

Ratio of indebtedness to net capital one

4.25

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

2.00%

Revolving Credit Facility [Member] | LIBO Rate [Member] | Debt Ratio Less Than Three Point Zero Zero [Member]

Debt Instrument [Line Items]

Adjusted Rate

1.75%

Ratio of indebtedness to net capital one

3

Ratio of indebtedness to net capital minimum

1

Revolving Credit Facility [Member] | Base Rate [Member]

Debt Instrument [Line Items]

Adjusted Rate

1.25%

Ratio of indebtedness to net capital one

4.25

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

1.00%

Revolving Credit Facility [Member] | Base Rate [Member] | Debt Ratio Less Than Three Point Zero Zero [Member]

Debt Instrument [Line Items]

Adjusted Rate

0.75%

Ratio of indebtedness to net capital one

3

Ratio of indebtedness to net capital minimum

1

Long-term Debt - Schedule of Ma

Long-term Debt - Schedule of Maturities of Long Term Debt (Detail)	9 Months Ended
	Sep. 30, 2019USD ($)
December 31, 2019-June 30, 2020 [Member] | Term A [Member]
Debt Instrument [Line Items]
Principal payment amount	$ 8,437,500
December 31, 2019-June 30, 2020 [Member] | Term B [Member]
Debt Instrument [Line Items]
Principal payment amount	1,500,000
September 30, 2020-March 31, 2022 [Member] | Term A [Member]
Debt Instrument [Line Items]
Principal payment amount	16,875,000
September 30, 2020-March 31, 2022 [Member] | Term B [Member]
Debt Instrument [Line Items]
Principal payment amount	1,500,000
Term A Loan Maturity May 15, 2022 [Member] | Term A [Member]
Debt Instrument [Line Items]
Principal payment amount	253,125,000
June 30, 2022-December 31, 2024 [Member] | Term B [Member]
Debt Instrument [Line Items]
Principal payment amount	1,500,000
Term B Loan Maturity March 16, 2025 [Member] | Term B [Member]
Debt Instrument [Line Items]
Principal payment amount	$ 559,500,000

Long-term Debt - Schedule of _2

Long-term Debt - Schedule of Maturities of Long Term Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2019
December 31, 2019-June 30, 2020 [Member]
Debt Instrument [Line Items]
Principal payment date	December 31, 2019-June 30, 2020
September 30, 2020-March 31, 2022 [Member]
Debt Instrument [Line Items]
Principal payment date	September 30, 2020-March 31, 2022
June 30, 2022-December 31, 2024 [Member]
Debt Instrument [Line Items]
Principal payment date	June 30, 2022-December 31, 2024

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 3,139,761
Gross amount of company's long term debt	3,079,710
Carrying amount of company's long term debt	$ 3,079,710	$ 2,914,552

New Accounting Pronouncements -

New Accounting Pronouncements - Additional Information (Detail) - USD ($)	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating liabilities, expected to be recognized	$ 1,043,894,000
Retained earnings	$ (714,596,000)		$ (695,337,000)
ASU 2018-11 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating liabilities, expected to be recognized		$ 1,200,000,000
Retained earnings		$ 0

Dividends_Distributions - Addit

Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
Dividends [Line Items]
Dividends declared								$ 269,502	$ 81,534
Dividends declared, per share	$ 0.96	$ 0.96	$ 0.96	$ 0.91	$ 0.91	$ 0.91	$ 2.88	$ 2.73	$ 0.83
Distributions paid, preferred stockholders	$ 91			$ 91			$ 273	$ 364
Distributions paid, preferred stockholders, per share	$ 15.95			$ 15.95			$ 47.85	$ 63.80
Distributions paid	$ 96,390			$ 90,177			$ 288,344	$ 351,036
Distributions paid, per share	$ 0.96			$ 0.91			$ 2.88	$ 3.56

Information about Geographic _2

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 3,646		$ 2,387
External Customers [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 25,635	$ 25,659

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Sep. 30, 2019	Dec. 31, 2018	May 01, 2018
Class of Stock [Line Items]
Additional shares issued	266,410	213,276
Shelf Registration [Member]
Class of Stock [Line Items]
Additional shares issued			0
Common Class A [Member]
Class of Stock [Line Items]
Issuance of shares related to acquisition				163,137
Common Class A [Member] | Equity Distribution Agreement [Member]
Class of Stock [Line Items]
Common stock, shares sold			842,412
Common stock, shares available to be sold	$ 336,668		$ 336,668
Common Class A [Member] | Maximum [Member]
Class of Stock [Line Items]
Aggregate offering price of common stock issuable					$ 400,000

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Total current assets	$ 316,553			$ 363,669
Net property, plant and equipment	1,340,769			1,295,048
Operating lease right of use assets	1,296,312
Other assets	55,764			51,085
Total assets	5,931,736			4,544,641
Current liabilities:
Current maturities of long-term debt	218,105			204,120
Total current liabilities	620,173			455,035
Long-term debt, net of deferred financing costs	2,835,696			2,684,568
Total liabilities	4,763,915			3,412,857
Stockholders’ equity	1,167,821	$ 1,139,295	$ 1,109,578	1,131,784	$ 1,096,959	$ 1,073,520	$ 1,040,199	$ 1,103,493
Total liabilities and stockholders’ equity	5,931,736			4,544,641
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
ASSETS
Total current assets	316,053			363,169
Net property, plant and equipment	1,340,769			1,295,048
Operating lease right of use assets	1,296,312
Intangibles and goodwill, net	2,911,719			2,824,219
Other assets	50,147			45,450
Total assets	5,915,000			4,527,886
Current liabilities:
Current maturities of long-term debt	218,105			204,120
Other current liabilities	396,307			245,748
Total current liabilities	614,412			449,868
Long-term debt, net of deferred financing costs	2,835,696			2,684,568
Other noncurrent liabilities	1,308,046			273,254
Total liabilities	4,758,154			3,407,690
Stockholders’ equity	1,156,846			1,120,196
Total liabilities and stockholders’ equity	5,915,000			4,527,886
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
ASSETS
Total current assets	13,918			4,653
Other assets	4,243,934			4,056,288
Total assets	4,257,852			4,060,941
Current liabilities:
Current maturities of long-term debt	43,071			29,086
Other current liabilities	17,898			27,067
Total current liabilities	60,969			56,153
Long-term debt, net of deferred financing costs	2,835,653			2,684,500
Other noncurrent liabilities	204,384			200,092
Total liabilities	3,101,006			2,940,745
Stockholders’ equity	1,156,846			1,120,196
Total liabilities and stockholders’ equity	4,257,852			4,060,941
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
ASSETS
Total current assets	49,344			121,549
Net property, plant and equipment	1,333,395			1,289,348
Operating lease right of use assets	1,268,434
Intangibles and goodwill, net	2,893,303			2,804,915
Other assets	249,595			230,504
Total assets	5,794,071			4,446,316
Current liabilities:
Current maturities of long-term debt	34			34
Other current liabilities	354,287			204,103
Total current liabilities	354,321			204,137
Long-term debt, net of deferred financing costs	43			68
Other noncurrent liabilities	1,256,732			246,312
Total liabilities	1,611,096			450,517
Stockholders’ equity	4,182,975			3,995,799
Total liabilities and stockholders’ equity	5,794,071			4,446,316
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Total current assets	252,791			236,967
Net property, plant and equipment	7,374			5,700
Operating lease right of use assets	27,878
Intangibles and goodwill, net	18,416			19,304
Other assets	184,805			184,247
Total assets	491,264			446,218
Current liabilities:
Current maturities of long-term debt	175,000			175,000
Other current liabilities	24,122			14,578
Total current liabilities	199,122			189,578
Other noncurrent liabilities	284,368			251,835
Total liabilities	483,490			441,413
Stockholders’ equity	7,774			4,805
Total liabilities and stockholders’ equity	491,264			446,218
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member]
ASSETS
Other assets	(4,628,187)			(4,425,589)
Total assets	(4,628,187)			(4,425,589)
Current liabilities:
Other noncurrent liabilities	(437,438)			(424,985)
Total liabilities	(437,438)			(424,985)
Stockholders’ equity	(4,190,749)			(4,000,604)
Total liabilities and stockholders’ equity	$ (4,628,187)			$ (4,425,589)

Condensed Consolidating Stateme

Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Net revenues	$ 457,786			$ 418,498			$ 1,290,985	$ 1,199,324
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Direct advertising expenses	$ 148,846			$ 140,699			$ 435,706	$ 419,776
General and administrative expenses	80,561			73,166			238,270	213,060
Corporate expenses	23,185			20,776			58,888	62,027
Depreciation and amortization	63,951			55,089			187,150	167,251
(Gain) loss on disposition of assets	(199)			407			(5,360)	7,265
Total Operating Expenses	316,344			290,137			914,654	869,379
Operating income	141,442			128,361			376,331	329,945
Income before income tax expense	103,287			96,668			262,644	217,508
Income tax expense (benefit)	3,578			2,612			(6,714)	7,969
Net income	99,709	$ 118,396	$ 51,253	94,056	$ 100,431	$ 15,052	269,358	209,539
Statements of Comprehensive Income
Net income	99,709	$ 118,396	$ 51,253	94,056	$ 100,431	$ 15,052	269,358	209,539
Comprehensive income	$ 99,535			$ 94,277			$ 269,730	$ 208,940
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Net revenues	$ 457,786			$ 418,498			$ 1,290,985	$ 1,199,324
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Direct advertising expenses	$ 148,846			$ 140,699			$ 435,706	$ 419,776
General and administrative expenses	80,561			73,166			238,270	213,060
Corporate expenses	23,062			20,667			58,567	61,723
Depreciation and amortization	63,951			55,089			187,150	167,251
(Gain) loss on disposition of assets	(199)			407			(5,360)	7,265
Total Operating Expenses	316,221			290,028			914,333	869,075
Operating income	141,565			128,470			376,652	330,249
Interest expense (income), net	38,155			31,693			113,687	97,008
Other expenses								15,429
Income before income tax expense	103,410			96,777			262,965	217,812
Income tax expense (benefit)	3,578			2,612			(6,714)	7,969
Net income	99,832			94,165			269,679	209,843
Statements of Comprehensive Income
Net income	99,832			94,165			269,679	209,843
Total other comprehensive income (loss), net of tax	(174)			221			372	(599)
Comprehensive income	$ 99,658			$ 94,386			$ 270,051	$ 209,244
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Equity in (earnings) loss of subsidiaries	$ (136,714)			$ (126,015)			$ (379,424)	$ (322,592)
Interest expense (income), net	36,882			31,850			109,745	97,320
Other expenses								15,429
Income before income tax expense	99,832			94,165			269,679	209,843
Net income	99,832			94,165			269,679	209,843
Statements of Comprehensive Income
Net income	99,832			94,165			269,679	209,843
Comprehensive income	$ 99,832			$ 94,165			$ 269,679	$ 209,843
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Net revenues	$ 446,838			$ 407,656			$ 1,258,493	$ 1,164,039
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Direct advertising expenses	$ 142,412			$ 134,863			$ 417,271	$ 400,703
General and administrative expenses	78,470			71,046			232,602	206,522
Corporate expenses	22,645			20,252			57,542	60,468
Depreciation and amortization	63,033			53,956			184,897	162,536
(Gain) loss on disposition of assets	(185)			559			(1,195)	(268)
Total Operating Expenses	306,375			280,676			891,117	829,961
Operating income	140,463			126,980			367,376	334,078
Interest expense (income), net	(7)			(8)			(94)	(18)
Income before income tax expense	140,470			126,988			367,470	334,096
Income tax expense (benefit)	3,255			2,167			(9,357)	5,708
Net income	137,215			124,821			376,827	328,388
Statements of Comprehensive Income
Net income	137,215			124,821			376,827	328,388
Comprehensive income	$ 137,215			$ 124,821			$ 376,827	$ 328,388
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Net revenues	$ 11,539			$ 11,659			$ 34,563	$ 37,880
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Direct advertising expenses	$ 7,025			$ 6,522			$ 20,506	$ 21,042
General and administrative expenses	2,091			2,120			5,668	6,538
Corporate expenses	417			415			1,025	1,255
Depreciation and amortization	918			1,133			2,253	4,715
(Gain) loss on disposition of assets	(14)			(152)			(4,165)	7,533
Total Operating Expenses	10,437			10,038			25,287	41,083
Operating income	1,102			1,621			9,276	(3,203)
Interest expense (income), net	1,280			(18)			4,036	332
Income before income tax expense	(178)			1,639			5,240	(3,535)
Income tax expense (benefit)	323			445			2,643	2,261
Net income	(501)			1,194			2,597	(5,796)
Statements of Comprehensive Income
Net income	(501)			1,194			2,597	(5,796)
Total other comprehensive income (loss), net of tax	(174)			221			372	(599)
Comprehensive income	$ (675)			$ 1,415			$ 2,969	$ (6,395)
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member]
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Net revenues	$ (591)			$ (817)			$ (2,071)	$ (2,595)
Operating expenses
Type of Cost, Good or Service [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Direct advertising expenses	$ (591)			$ (686)			$ (2,071)	$ (1,969)
Total Operating Expenses	(591)			(686)			(2,071)	(1,969)
Operating income				(131)				(626)
Equity in (earnings) loss of subsidiaries	136,714			126,015			379,424	322,592
Interest expense (income), net				(131)				(626)
Income before income tax expense	(136,714)			(126,015)			(379,424)	(322,592)
Net income	(136,714)			(126,015)			(379,424)	(322,592)
Statements of Comprehensive Income
Net income	(136,714)			(126,015)			(379,424)	(322,592)
Comprehensive income	$ (136,714)			$ (126,015)			$ (379,424)	$ (322,592)

Condensed Consolidating State_2

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 407,970	$ 370,089
Cash flows from investing activities:
Acquisitions	(214,559)	(48,141)
Capital expenditures	(97,680)	(82,174)
Proceeds from disposition of assets	2,658	5,760
Proceeds received from insurance claims	210	4,222
(Increase) decrease in notes receivable	(448)	7
Net cash (used in) provided by investing activities	(309,819)	(120,326)
Cash flows from financing activities:
Proceeds received from revolving credit facility	430,000	275,000
Payments on revolving credit facility	(495,000)	(368,000)
Principal payments on long-term debt	(24,446)	(20,119)
Redemption of senior subordinated notes		(509,790)
Proceeds received from senior credit facility term loans		599,250
Proceeds received from note offering	255,000
Payments on accounts receivable securitization program	(9,000)
Proceeds received from accounts receivable securitization program	9,000
Debt issuance costs	(4,454)	(6,374)
Distributions to non-controlling interest	(439)	(388)
Net cash used in financing activities	(96,502)	(353,943)
Effect of exchange rate changes in cash and cash equivalents	144	(682)
Net increase (decrease) in cash and cash equivalents	1,793	(104,862)
Cash and cash equivalents at beginning of period	21,494	115,471
Cash and cash equivalents at end of period	23,287	10,609
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	384,208	343,287
Cash flows from investing activities:
Acquisitions	(214,559)	(48,141)
Capital expenditures	(97,680)	(82,174)
Proceeds from disposition of assets	2,658	5,760
Proceeds received from insurance claims	210	4,222
(Increase) decrease in notes receivable	(448)	7
Net cash (used in) provided by investing activities	(309,819)	(120,326)
Cash flows from financing activities:
Proceeds received from revolving credit facility	430,000	275,000
Payments on revolving credit facility	(495,000)	(368,000)
Principal payments on long-term debt	(24,446)	(20,119)
Redemption of senior subordinated notes		(509,790)
Proceeds received from senior credit facility term loans		599,250
Proceeds received from note offering	255,000
Payments on accounts receivable securitization program	(9,000)
Proceeds received from accounts receivable securitization program	9,000
Debt issuance costs	(4,454)	(6,374)
Distributions to non-controlling interest	(439)	(388)
Dividends (to) from parent	(297,027)	(355,147)
Contributions from (to) parent	63,626	58,427
Net cash used in financing activities	(72,740)	(327,141)
Effect of exchange rate changes in cash and cash equivalents	144	(682)
Net increase (decrease) in cash and cash equivalents	1,793	(104,862)
Cash and cash equivalents at beginning of period	20,994	114,971
Cash and cash equivalents at end of period	22,787	10,109
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	289,262	273,307
Cash flows from investing activities:
Investment in subsidiaries	(214,559)	(60,424)
Decrease in intercompany notes receivable	7,236	32,849
(Increase) decrease in notes receivable	(448)	7
Net cash (used in) provided by investing activities	(207,771)	(27,568)
Cash flows from financing activities:
Proceeds received from revolving credit facility	430,000	275,000
Payments on revolving credit facility	(495,000)	(368,000)
Principal payments on long-term debt	(24,421)	(20,097)
Redemption of senior subordinated notes		(509,790)
Proceeds received from senior credit facility term loans		599,250
Proceeds received from note offering	255,000
Debt issuance costs	(4,454)	(6,374)
Dividends (to) from parent	(297,027)	(355,147)
Contributions from (to) parent	63,626	58,427
Net cash used in financing activities	(72,276)	(326,731)
Net increase (decrease) in cash and cash equivalents	9,215	(80,992)
Cash and cash equivalents at beginning of period	4,029	86,546
Cash and cash equivalents at end of period	13,244	5,554
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	510,514	445,984
Cash flows from investing activities:
Acquisitions	(214,559)	(48,141)
Capital expenditures	(94,820)	(78,944)
Proceeds from disposition of assets	2,658	2,952
Proceeds received from insurance claims	210
Net cash (used in) provided by investing activities	(306,511)	(124,133)
Cash flows from financing activities:
Principal payments on long-term debt	(25)	(22)
Intercompany loan (payments) proceeds	(19,641)
Dividends (to) from parent	(404,210)	(383,263)
Contributions from (to) parent	214,559	60,424
Net cash used in financing activities	(209,317)	(322,861)
Net increase (decrease) in cash and cash equivalents	(5,314)	(1,010)
Cash and cash equivalents at beginning of period	11,655	1,625
Cash and cash equivalents at end of period	6,341	615
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	(11,358)	7,259
Cash flows from investing activities:
Capital expenditures	(2,860)	(3,230)
Proceeds from disposition of assets		2,808
Proceeds received from insurance claims		4,222
Net cash (used in) provided by investing activities	(2,860)	3,800
Cash flows from financing activities:
Payments on accounts receivable securitization program	(9,000)
Proceeds received from accounts receivable securitization program	9,000
Intercompany loan (payments) proceeds	12,405	(32,849)
Distributions to non-controlling interest	(439)	(388)
Net cash used in financing activities	11,966	(33,237)
Effect of exchange rate changes in cash and cash equivalents	144	(682)
Net increase (decrease) in cash and cash equivalents	(2,108)	(22,860)
Cash and cash equivalents at beginning of period	5,310	26,800
Cash and cash equivalents at end of period	3,202	3,940
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(404,210)	(383,263)
Cash flows from investing activities:
Investment in subsidiaries	214,559	60,424
Decrease in intercompany notes receivable	(7,236)	(32,849)
Net cash (used in) provided by investing activities	207,323	27,575
Cash flows from financing activities:
Intercompany loan (payments) proceeds	7,236	32,849
Dividends (to) from parent	404,210	383,263
Contributions from (to) parent	(214,559)	(60,424)
Net cash used in financing activities	$ 196,887	$ 355,688