Lamar Advertising (LAMR) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
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		86,427,967
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, 2020
Document Fiscal Year Focus	2020
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, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 68,628	$ 26,188
Receivables, net of allowance for doubtful accounts	225,748	254,930
Other current assets	25,407	29,051
Total current assets	319,783	310,169
Property, plant and equipment	3,633,109	3,660,311
Less accumulated depreciation and amortization	(2,338,726)	(2,311,196)
Net property, plant and equipment	1,294,383	1,349,115
Operating lease right of use assets	1,265,081	1,320,779
Goodwill	1,912,210	1,912,274
Intangible assets, net	929,683	992,244
Other assets	57,263	56,574
Total assets	5,778,403	5,941,155
Current liabilities:
Trade accounts payable	10,818	14,974
Current maturities of long-term debt, net of deferred financing costs	131,068	226,514
Current operating lease liabilities	176,148	196,841
Accrued expenses	76,687	107,225
Deferred income	117,183	127,254
Total current liabilities	511,904	672,808
Long-term debt, net of deferred financing costs	2,833,120	2,753,604
Operating lease liabilities	1,032,535	1,068,181
Deferred income tax liabilities	3,829	5,713
Asset retirement obligation	223,939	226,137
Other liabilities	34,023	34,406
Total liabilities	4,639,350	4,760,849
Stockholders’ equity:
Additional paid-in capital	1,958,713	1,922,222
Accumulated comprehensive income	157	685
Accumulated deficit	(775,500)	(708,408)
Cost of shares held in treasury, 614,914 and 503,198 shares at 2020 and 2019, respectively	(44,418)	(34,294)
Stockholders’ equity	1,139,053	1,180,306
Total liabilities and stockholders’ equity	5,778,403	5,941,155
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Current assets:
Cash and cash equivalents	68,128	25,688
Receivables, net of allowance for doubtful accounts	225,748	254,930
Other current assets	25,407	29,051
Total current assets	319,283	309,669
Property, plant and equipment	3,633,109	3,660,311
Less accumulated depreciation and amortization	(2,338,726)	(2,311,196)
Net property, plant and equipment	1,294,383	1,349,115
Operating lease right of use assets	1,265,081	1,320,779
Goodwill	1,902,059	1,902,123
Intangible assets, net	929,215	991,776
Other assets	51,647	50,959
Total assets	5,761,668	5,924,421
Current liabilities:
Trade accounts payable	10,818	14,974
Current maturities of long-term debt, net of deferred financing costs	131,068	226,514
Current operating lease liabilities	176,148	196,841
Accrued expenses	70,088	101,266
Deferred income	117,183	127,254
Total current liabilities	505,305	666,849
Long-term debt, net of deferred financing costs	2,833,120	2,753,604
Operating lease liabilities	1,032,535	1,068,181
Deferred income tax liabilities	3,829	5,713
Asset retirement obligation	223,939	226,137
Other liabilities	34,023	34,406
Total liabilities	4,632,751	4,754,890
Stockholders’ equity:
Additional paid-in capital	3,029,221	2,992,729
Accumulated comprehensive income	157	685
Accumulated deficit	(1,900,461)	(1,823,883)
Stockholders’ equity	1,128,917	1,169,531
Total liabilities and stockholders’ equity	5,761,668	5,924,421
Series AA Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Common Class B [Member]
Stockholders’ equity:
Common stock, value	14	14
Common Class A [Member]
Stockholders’ equity:
Common stock, value	$ 87	$ 87

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 16,610	$ 13,185
Current deferred financing costs	556	6,081
Noncurrent deferred financing costs	$ 40,823	$ 18,333
Shares held in treasury	614,914	503,198
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Allowance for doubtful accounts	$ 16,610	$ 13,185
Current deferred financing costs	556	6,081
Noncurrent deferred financing costs	$ 40,823	$ 18,333
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	87,042,881	86,596,498
Common stock, shares outstanding	86,427,967	86,093,300
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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net revenues	$ 386,110	$ 457,786	$ 1,140,331	$ 1,290,985
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)	$ 136,309	$ 148,846	$ 419,862	$ 435,706
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)	$ 66,749	$ 80,561	$ 216,361	$ 238,270
Corporate expenses (exclusive of depreciation and amortization)	17,266	23,185	52,507	58,888
Depreciation and amortization	61,237	63,951	187,548	187,150
Gain on disposition of assets	(1,304)	(199)	(4,823)	(5,360)
Total Operating Expenses	280,257	316,344	871,455	914,654
Operating income	105,853	141,442	268,876	376,331
Other expense (income)
Loss on extinguishment of debt	7,051		25,235
Interest income	(248)	(168)	(617)	(553)
Interest expense	35,068	38,323	107,058	114,240
Non-operating (Income) Expenses	41,871	38,155	131,676	113,687
Income before income tax expense	63,982	103,287	137,200	262,644
Income tax expense (benefit)	1,224	3,578	2,520	(6,714)
Net income	62,758	99,709	134,680	269,358
Cash dividends declared and paid on preferred stock	91	91	273	273
Net income applicable to common stock	$ 62,667	$ 99,618	$ 134,407	$ 269,085
Earnings per share:
Basic earnings per share	$ 0.62	$ 0.99	$ 1.33	$ 2.69
Diluted earnings per share	0.62	0.99	1.33	2.69
Cash dividends declared per share of common stock	$ 0.50	$ 0.96	$ 2	$ 2.88
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic	100,812,570	100,329,262	100,722,859	100,019,765
Weighted average common shares outstanding diluted	100,924,981	100,522,177	100,860,870	100,210,143
Statements of Comprehensive Income
Net income	$ 62,758	$ 99,709	$ 134,680	$ 269,358
Other comprehensive income (loss)
Foreign currency translation adjustments	330	(174)	(528)	372
Comprehensive income	63,088	99,535	134,152	269,730
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Net revenues	$ 386,110	$ 457,786	$ 1,140,331	$ 1,290,985
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)	$ 136,309	$ 148,846	$ 419,862	$ 435,706
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)	$ 66,749	$ 80,561	$ 216,361	$ 238,270
Corporate expenses (exclusive of depreciation and amortization)	17,129	23,062	52,141	58,567
Depreciation and amortization	61,237	63,951	187,548	187,150
Gain on disposition of assets	(1,304)	(199)	(4,823)	(5,360)
Total Operating Expenses	280,120	316,221	871,089	914,333
Operating income	105,990	141,565	269,242	376,652
Other expense (income)
Loss on extinguishment of debt	7,051		25,235
Interest income	(248)	(168)	(617)	(553)
Interest expense	35,068	38,323	107,058	114,240
Non-operating (Income) Expenses	41,871	38,155	131,676	113,687
Income before income tax expense	64,119	103,410	137,566	262,965
Income tax expense (benefit)	1,224	3,578	2,520	(6,714)
Net income	62,895	99,832	135,046	269,679
Statements of Comprehensive Income
Net income	62,895	99,832	135,046	269,679
Other comprehensive income (loss)
Foreign currency translation adjustments	330	(174)	(528)	372
Comprehensive income	$ 63,225	$ 99,658	$ 134,518	$ 270,051

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, 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 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)
Beginning Balance at Dec. 31, 2019	1,180,306	1,169,531	87	14	(34,294)	1,922,222	2,992,729	685	685	(708,408)	(1,823,883)
Non-cash compensation	1,261					1,261
Issuance of shares of common stock through performance stock awards	24,956					24,956
Exercise of stock options	652					652
Issuance of shares of common stock through employee purchase plan	2,560					2,560
Purchase of treasury stock	(10,068)				(10,068)
Foreign currency translation	(1,598)							(1,598)
Contribution from parent		29,429					29,429
Foreign currency translations		(1,598)							(1,598)
Net income	40,493	40,617								40,493	40,617
Dividend to parent		(110,755)									(110,755)
Dividends/distributions to common shareholders	(100,687)									(100,687)
Dividends	(91)									(91)
Ending Balance at Mar. 31, 2020	1,137,784	1,127,224	87	14	(44,362)	1,951,651	3,022,158	(913)	(913)	(768,693)	(1,894,021)
Beginning Balance at Dec. 31, 2019	1,180,306	1,169,531	87	14	(34,294)	1,922,222	2,992,729	685	685	(708,408)	(1,823,883)
Foreign currency translation	(528)
Foreign currency translations		(528)
Net income	134,680	135,046
Ending Balance at Sep. 30, 2020	1,139,053	1,128,917	87	14	(44,418)	1,958,713	3,029,221	157	157	(775,500)	(1,900,461)
Beginning Balance at Mar. 31, 2020	1,137,784	1,127,224	87	14	(44,362)	1,951,651	3,022,158	(913)	(913)	(768,693)	(1,894,021)
Non-cash compensation	1,525					1,525
Exercise of stock options	671					671
Issuance of shares of common stock through employee purchase plan	1,765					1,765
Purchase of treasury stock	(56)				(56)
Foreign currency translation	740							740
Contribution from parent		3,962					3,962
Foreign currency translations		740							740
Net income	31,429	31,534								31,429	31,534
Dividend to parent		(50,453)									(50,453)
Dividends/distributions to common shareholders	(50,396)									(50,396)
Dividends	(91)									(91)
Ending Balance at Jun. 30, 2020	1,123,371	1,113,007	87	14	(44,418)	1,955,612	3,026,120	(173)	(173)	(787,751)	(1,912,940)
Non-cash compensation	1,011					1,011
Exercise of stock options	307					307
Issuance of shares of common stock through employee purchase plan	1,783					1,783
Foreign currency translation	330							330
Contribution from parent		3,101					3,101
Foreign currency translations		330							330
Net income	62,758	62,895								62,758	62,895
Dividend to parent		(50,416)									(50,416)
Dividends/distributions to common shareholders	(50,416)									(50,416)
Dividends	(91)									(91)
Ending Balance at Sep. 30, 2020	$ 1,139,053	$ 1,128,917	$ 87	$ 14	$ (44,418)	$ 1,958,713	$ 3,029,221	$ 157	$ 157	$ (775,500)	$ (1,900,461)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Exercise of stock options	6,455	13,642	14,609	28,152	85,379	186,521
Issuance of common stock through performance stock awards			272,813			286,350
Common stock purchase plan	31,705	31,114	58,734	26,726	31,455	44,161
Purchase of treasury stock		1,196	110,520			111,835
Common stock shares issued for cash				266,410
Common stock dividends/distributions	$ 0.50	$ 0.50	$ 1	$ 0.96	$ 0.96	$ 0.96
Preferred stock dividend shares	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95	$ 15.95
Additional Paid-in Capital [Member]
Exercise of stock options	6,455	13,642	14,609	28,152	85,379	186,521
Issuance of common stock through performance stock awards			272,813			286,350
Common stock purchase plan	31,705	31,114	58,734	26,726	31,455	44,161
Common stock shares issued for cash				266,410
Treasury Stock [Member]
Purchase of treasury stock		1,196	110,520			111,835
Accumulated Deficit [Member]
Common stock dividends/distributions	$ 0.50	$ 0.50	$ 1	$ 0.96	$ 0.96	$ 0.96
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, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 134,680	$ 269,358
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	187,548	187,150
Stock-based compensation	11,046	18,078
Amortization included in interest expense	4,467	4,012
Gain on disposition of assets	(4,823)	(5,360)
Loss on extinguishment of debt	25,235
Deferred tax benefit	(1,870)	(14,459)
Provision for doubtful accounts	9,442	7,607
Decrease (increase) in:
Receivables	19,253	(35,739)
Prepaid lease expenses	1,002	21,201
Other assets	2,110	(7,688)
(Decrease) increase in:
Trade accounts payable	(186)	2,829
Accrued expenses	(11,597)	(18,015)
Operating lease liabilities	625	(41,215)
Other liabilities	(15,475)	20,211
Net cash provided by operating activities	361,457	407,970
Cash flows from investing activities:
Acquisitions	(28,747)	(214,559)
Capital expenditures	(44,633)	(97,680)
Proceeds received from property insurance claims		210
Proceeds from disposition of assets and investments	5,699	2,658
Increase in notes receivable		(448)
Net cash (used in) provided by investing activities	(67,681)	(309,819)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(10,124)	(8,682)
Net proceeds from issuance of common stock	7,740	40,136
Principal payments on long term debt	(273)	(24,446)
Borrowings on long term debt	8,750
Payments on revolving credit facility	(805,000)	(495,000)
Proceeds received from revolving credit facility	725,000	430,000
Redemption of senior notes and senior subordinated notes	(1,058,596)
Proceeds received from note offerings	1,549,250	255,000
Proceeds received from accounts receivable securitization program	122,500	9,000
Payments on accounts receivable securitization program	(175,000)	(9,000)
Proceeds received from senior credit facility term loans	598,500
Payments on senior credit facility term loans	(978,097)
Debt issuance costs	(32,667)	(4,454)
Distributions to non-controlling interest	(1,475)	(439)
Dividends/distributions	(201,772)	(288,617)
Net cash used in financing activities	(251,264)	(96,502)
Effect of exchange rate changes in cash and cash equivalents	(72)	144
Net increase in cash and cash equivalents	42,440	1,793
Cash and cash equivalents at beginning of period	26,188	21,494
Cash and cash equivalents at end of period	68,628	23,287
Supplemental disclosures of cash flow information:
Cash paid for interest	115,999	113,580
Cash paid for foreign, state and federal income taxes	3,558	12,532
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Cash flows from operating activities:
Net income	135,046	269,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	187,548	187,150
Stock-based compensation	11,046	18,078
Amortization included in interest expense	4,467	4,012
Gain on disposition of assets	(4,823)	(5,360)
Loss on extinguishment of debt	25,235
Deferred tax benefit	(1,870)	(14,459)
Provision for doubtful accounts	9,442	7,607
Decrease (increase) in:
Receivables	19,253	(35,739)
Prepaid lease expenses	1,002	21,201
Other assets	2,110	(7,688)
(Decrease) increase in:
Trade accounts payable	(186)	2,829
Accrued expenses	(11,597)	(18,015)
Operating lease liabilities	625	(41,215)
Other liabilities	(44,865)	(3,872)
Net cash provided by operating activities	332,433	384,208
Cash flows from investing activities:
Acquisitions	(28,747)	(214,559)
Capital expenditures	(44,633)	(97,680)
Proceeds received from property insurance claims		210
Proceeds from disposition of assets and investments	5,699	2,658
Increase in notes receivable		(448)
Net cash (used in) provided by investing activities	(67,681)	(309,819)
Cash flows from financing activities:
Principal payments on long term debt	(273)	(24,446)
Borrowings on long term debt	8,750
Payments on revolving credit facility	(805,000)	(495,000)
Proceeds received from revolving credit facility	725,000	430,000
Redemption of senior notes and senior subordinated notes	(1,058,596)
Proceeds received from note offerings	1,549,250	255,000
Proceeds received from accounts receivable securitization program	122,500	9,000
Payments on accounts receivable securitization program	(175,000)	(9,000)
Proceeds received from senior credit facility term loans	598,500
Payments on senior credit facility term loans	(978,097)
Debt issuance costs	(32,667)	(4,454)
Distributions to non-controlling interest	(1,475)	(439)
Contributions from parent	36,492	63,626
Dividend to parent	(211,624)	(297,027)
Net cash used in financing activities	(222,240)	(72,740)
Effect of exchange rate changes in cash and cash equivalents	(72)	144
Net increase in cash and cash equivalents	42,440	1,793
Cash and cash equivalents at beginning of period	25,688	20,994
Cash and cash equivalents at end of period	68,128	22,787
Supplemental disclosures of cash flow information:
Cash paid for interest	115,999	113,580
Cash paid for foreign, state and federal income taxes	$ 3,558	$ 12,532

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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 2019 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued. The following are updates to our significant accounting policies from our 2019 Combined Form 10-K. (a) Goodwill, intangibles and long-lived assets Due to changes in relevant events and circumstances related to COVID-19, which could have a negative impact on the Company’s goodwill, the Company updated its goodwill qualitative assessment as of September 30, 2020. The update includes assessing macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, the market capitalization of the Company and other relevant events specific to the Company. After assessing the totality of events and circumstances, the Company determined that it is not “more likely than not” that the fair value of either of the Company’s reporting units is less than its carrying amount. Therefore, management will not perform a quantitative impairment test and concluded its goodwill is not impaired as of September 30, 2020. Management also reviewed the recoverability of our long-lived assets including intangibles, fixed assets and operating lease right of use assets and concluded there were no indicators of impairment as of September 30, 2020. (b) Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expense during the reporting period. These estimates take into account historical and forward-looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the COVID-19 pandemic, based on available information to date.
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 2019 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, and 14 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, 2020
Revenue From Contract With Customer [Abstract]
Revenues	2. Revenues 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. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. 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: 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 to 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, 2020 and 2019. Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Billboard Advertising $ 348,361 $ 404,046 $ 1,015,761 $ 1,134,039 Logo Advertising 19,790 21,056 62,235 62,779 Transit Advertising 17,959 32,684 62,335 94,167 Net Revenues $ 386,110 $ 457,786 $ 1,140,331 $ 1,290,985

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	3. Leases During the three months ended September 30, 2020 and 2019, we had operating lease costs of $76,739 and $78,261, respectively, and variable lease costs of $13,494 and $19,030, respectively. During the nine months ended September 30, 2020 and 2019, we had operating lease costs of $235,473 and $233,427, respectively, and variable lease costs of $41,238 and $55,047, respectively. These operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the three months ended September 30, 2020 and 2019, we recorded a gain of $76 and a loss $36, respectively, in (gain) loss of disposition of assets related to the amendment and termination of lease agreements. For the nine months ended September 30, 2020 and 2019, we recorded a loss of $241 and a gain of $3,875, respectively, in (gain) loss of disposition of assets related to the amendment and termination of lease agreements. Cash payments of $234,400 and $262,327 were made reducing our operating lease liabilities for the nine months ended September 30, 2020 and 2019, respectively, 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 $1,172 and $1,131 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended September 30, 2020 and 2019, respectively. We recorded $3,679 and $3,357 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the nine months ended September 30, 2020 and 2019, respectively. Our operating leases have a weighted-average remaining lease term of 12.0 years. The weighted-average discount rate of our operating leases is 4.5%. Also, during the periods ended September 30, 2020 and 2019, we obtained $25,250 and $31,620, respectively, 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 , 2020 : 2020 $ 57,705 2021 209,158 2022 180,743 2023 160,872 2024 144,349 Thereafter 867,268 Total undiscounted operating lease payments 1,620,095 Less: Imputed interest (411,412 ) Total operating lease liabilities $ 1,208,683

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	4. 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 59,000 shares of its Class A common stock during the nine months ended September 30, 2020. At September 30, 2020 a total of 2,443,063 shares were available for future grant. Stock Purchase Plan. Lamar Advertising’s 2009 Employee Stock Purchase Plan (the “2009 ESPP”), approved by our shareholders on May 28, 2009, expired by its terms on June 30, 2019. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (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 under the 2019 ESPP was automatically increased by 86,093 shares on January 1, 2020 pursuant to the automatic increase provisions of the 2019 ESPP. The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2020: Shares Available for future purchases, January 1, 2020 438,434 Additional shares reserved under 2019 ESPP 86,093 Purchases (121,553 ) Available for future purchases, September 30, 2020 402,974 Performance-based stock 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 2020 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2021. 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, 2020, the Company has recorded $7,219 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 $640 in stock-based compensation expense related to these awards for the nine months ended September 30, 2020.

Depreciation and Amortization

Depreciation and Amortization	9 Months Ended
	Sep. 30, 2020
Depreciation And Amortization [Abstract]
Depreciation and Amortization	5. Depreciation and Amortization The Company includes all categories of depreciation and amortization on a separate line in its Condensed Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Direct advertising expenses $ 57,556 $ 59,556 $ 176,395 $ 175,871 General and administrative expenses 1,126 942 3,558 3,203 Corporate expenses 2,555 3,453 7,595 8,076 $ 61,237 $ 63,951 $ 187,548 $ 187,150

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	6. Goodwill and Other Intangible Assets The following is a summary of intangible assets at September 30, 2020 and December 31, 2019: Estimated September 30, 2020 December 31, 2019 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists and contracts 7—10 $ 644,684 $ 557,239 $ 641,714 $ 539,405 Non-competition agreements 3—15 66,102 64,579 66,014 64,379 Site locations 15 2,401,175 1,572,008 2,384,520 1,509,335 Other 2—15 49,980 38,432 49,864 36,749 $ 3,161,941 $ 2,232,258 $ 3,142,112 $ 2,149,868 Unamortizable intangible assets: Goodwill $ 2,165,746 $ 253,536 $ 2,165,810 $ 253,536

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	7. 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, 2019 $ 226,137 Additions to asset retirement obligations 477 Accretion expense 3,091 Liabilities settled (5,766 ) Balance at September 30, 2020 $ 223,939

Distribution Restrictions

Distribution Restrictions	9 Months Ended
	Sep. 30, 2020
Distribution Restrictions [Abstract]
Distribution Restrictions	8. 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, 2020 and December 31, 2019, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $3,505,265 and $3,389,763, respectively. As of September 30, 2020, 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, 2020, 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 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of September 30, 2020, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $2,255,744.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	9. 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, 2020 or 2019.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-term Debt	10. Long-term Debt Long-term debt consists of the following at September 30, 2020 and December 31, 2019: September 30, 2020 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 668,402 $ 12,134 $ 656,268 Accounts Receivable Securitization Program 122,500 556 121,944 3 3/4% Senior Notes 600,000 8,236 591,764 4% Senior Notes 549,260 7,855 541,405 4 7/8% Senior Notes 400,000 5,725 394,275 5 3/4% Senior Notes 653,810 6,873 646,937 Other notes with various rates and terms 11,595 — 11,595 3,005,567 41,379 2,964,188 Less current maturities (131,624 ) (556 ) (131,068 ) Long-term debt, excluding current maturities $ 2,873,943 $ 40,823 $ 2,833,120 December 31, 2019 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 1,127,069 $ 9,077 $ 1,117,992 Accounts Receivable Securitization Program 175,000 846 174,154 5% Senior Subordinated Notes 535,000 3,237 531,763 5 3/8% Senior Notes 510,000 3,502 506,498 5 3/4% Senior Notes 654,345 7,752 646,593 Other notes with various rates and terms 3,118 — 3,118 3,004,532 24,414 2,980,118 Less current maturities (232,595 ) (6,081 ) (226,514 ) Long-term debt, excluding current maturities $ 2,771,937 $ 18,333 $ 2,753,604 Senior Credit Facility On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”). The new senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a new $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a new $600,000 Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowing under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4 The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B 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 B loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate Term B loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%. The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) or 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 1.50% (or the Adjusted LIBO Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility. As of September 30, 2020, there were $70,000 in outstanding borrowings under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $13,084 in letters of credit outstanding as of September 30, 2020 resulting in $666,916 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025. 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 secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, 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 “Accounts Receivable Securitization 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 Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization 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 Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty. On June 30, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Third Amendment (the “Amendment”) to the Receivables Financing Agreement dated December 18, 2018. The Amendment increases the maximum three month average Delinquency Ratio, Dilution Ratio and Days’ Sales Outstanding to 11.00% (from 8.00%), 7.00% (from 4.00%) and 75 days (from 65 days), respectively, for each of the months of June, July and August 2020. The Amendment does not modify any other financial covenant. Additionally, the Amendment establishes a new Minimum Funding Threshold, which requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries have the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. As of September 30, 2020 there was $122,500 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had an additional $35,300 available for borrowing under the Accounts Receivable Securitization Program as of September 30, 2020. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the nine months ended September 30, 2020. On October 23, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Fourth Amendment (the “Subsequent Amendment”) to the Receivables Financing Agreement dated December 18, 2018. The Subsequent Amendment increases the maximum three month average Delinquency Ratio generally to 13.00% (and up to 16.00% for up to two additional periods upon written notice from Lamar Media), and increases the maximum three month average Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable Securitization Program. Additionally, the Subsequent Amendment increases the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 70.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries have the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. The Accounts Receivable Securitization 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 receivable 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 are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows. 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. On August 31, 2020, Lamar Media redeemed $267,500 in aggregate principal amount of the outstanding 5% Notes at a redemption price of 100.833%, plus accrued and unpaid interest up to but not including the redemption date. On September 16, 2020 Lamar Media redeemed the remaining aggregate principal amount of $267,500 of the outstanding 5% Notes at a redemption price of 100.833%, plus accrued and unpaid interest up to but not including the redemption date. These redemptions were funded using cash on hand, borrowings under our revolving credit facility and the Accounts Receivable Securitization Program and proceeds from the additional 4% Senior Notes issued on August 19, 2020. These redemptions combined resulted in a loss on debt extinguishment of $7,051, of which $4,456 was cash, for the period ended September 30, 2020. 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 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 On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount under its 5 3/4 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. 4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “New 2030 Notes”). Other than with respect to the date of issuance and issue price, the New 2030 Notes have the same terms as the 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900. Lamar Media may redeem up to 40% of the aggregate principal amount of the 4% Notes, at any time and from time to time, at a price equal to 104% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 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 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 3 3/4% Senior Notes On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4 Lamar Media may redeem up to 40% of the aggregate principal amount of 3 3/4% Notes, at any time and from time to time, at a price equal to 103.75% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 3 3/4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2023, Lamar Media may redeem some or all of the 3 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 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 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. 4 7/8% Senior Notes On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date. Debt Repurchase Program On March 16, 2020, the Company’s Board of Directors authorized Lamar Media to repurchase up to $250,000 outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. The repurchase program will expire on September 30, 2021 unless extended by the Board of Directors. There were no repurchases under the program as of September 30, 2020.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	11. Fair Value of Financial Instruments At September 30, 2020 and December 31, 2019, 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 $3,023,177 which exceeds the carrying amount of $3,005,567 as of September 30, 2020. 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, 2020
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	12. New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326

Dividends_Distributions

Dividends/Distributions	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Dividends/Distributions	13. Dividends/Distributions During the three months ended September 30, 2020 and 2019, the Company declared and paid cash distributions in an aggregate amount of $50,416 or $0.50 per share and $96,390 or $0.96 per share, respectively. During the nine months ended September 30, 2020 and 2019, the Company declared and paid cash distributions in an aggregate amount of $201,499 or $2.00 per share and $288,344 or $2.88 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three and nine months ended September 30, 2020 and 2019, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share and $273 or $47.85 per share for each period, respectively.

Information about Geographic Ar

Information about Geographic Areas	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Information about Geographic Areas	14. Information about Geographic Areas Revenues from external customers attributable to foreign countries totaled $16,295 and $25,635 for the nine months ended September 30, 2020 and 2019, respectively. Net carrying value of long-lived assets located in foreign countries totaled $5,930 and $4,549 as of September 30, 2020 and December 31, 2019, respectively. All other revenues from external customers and long lived assets relate to domestic

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	15. 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, 2020, 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, 2020. 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 any 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. During the year ended 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 year ended December 31, 2019 and the nine months ended September 30, 2020. On March 16, 2020, the Company’s Board of Directors authorized the repurchase of up to $250,000 of the Company’s Class A common stock. The repurchase program will expire on September 30, 2021 unless extended by the Board of Directors. There were no repurchases under the program as of September 30, 2020.

Summarized Financial Informatio

Summarized Financial Information of Subsidiaries	9 Months Ended
	Sep. 30, 2020
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 is 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, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 60,374 $ 27,270 $ 231,639 $ — $ 319,283 Net property, plant and equipment — 1,284,158 10,225 — 1,294,383 Operating lease right of use assets — 1,240,402 24,679 — 1,265,081 Intangibles and goodwill, net — 2,813,473 17,801 — 2,831,274 Other assets 3,950,549 224,809 132,337 (4,256,048 ) 51,647 Total assets $ 4,010,923 $ 5,590,112 $ 416,681 $ (4,256,048 ) $ 5,761,668 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ — $ 9,124 $ 121,944 $ — $ 131,068 Current operating lease liabilities — 166,848 9,300 — 176,148 Other current liabilities 19,326 163,890 14,873 — 198,089 Total current liabilities 19,326 339,862 146,117 — 505,305 Long-term debt 2,830,649 2,471 — — 2,833,120 Operating lease liabilities — 1,018,197 14,338 — 1,032,535 Other noncurrent liabilities 32,031 227,552 250,930 (248,722 ) 261,791 Total liabilities 2,882,006 1,588,082 411,385 (248,722 ) 4,632,751 Stockholders’ equity 1,128,917 4,002,030 5,296 (4,007,326 ) 1,128,917 Total liabilities and stockholders’ equity $ 4,010,923 $ 5,590,112 $ 416,681 $ (4,256,048 ) $ 5,761,668 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, 2019 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 13,859 $ 53,756 $ 242,054 $ — $ 309,669 Net property, plant and equipment — 1,340,675 8,440 — 1,349,115 Operating lease right of use assets — 1,293,674 27,105 — 1,320,779 Intangibles and goodwill, net — 2,875,644 18,255 — 2,893,899 Other assets 4,193,629 229,905 184,805 (4,557,380 ) 50,959 Total assets $ 4,207,488 $ 5,793,654 $ 480,659 $ (4,557,380 ) $ 5,924,421 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 51,480 $ 34 $ 175,000 $ — $ 226,514 Current operating lease liabilities — 189,071 7,770 — 196,841 Other current liabilities 26,960 196,689 19,845 — 243,494 Total current liabilities 78,440 385,794 202,615 — 666,849 Long-term debt 2,753,570 34 — — 2,753,604 Operating lease liabilities — 1,049,220 18,961 — 1,068,181 Other noncurrent liabilities 205,947 231,416 250,859 (421,966 ) 266,256 Total liabilities 3,037,957 1,666,464 472,435 (421,966 ) 4,754,890 Stockholder’s equity 1,169,531 4,127,190 8,224 (4,135,414 ) 1,169,531 Total liabilities and stockholder’s equity $ 4,207,488 $ 5,793,654 $ 480,659 $ (4,557,380 ) $ 5,924,421 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, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 378,652 $ 7,825 $ (367 ) $ 386,110 Operating expenses Direct advertising expenses (1) — 130,496 6,180 (367 ) 136,309 General and administrative expenses (1) — 65,340 1,409 — 66,749 Corporate expenses (1) — 16,918 211 — 17,129 Depreciation and amortization — 60,751 486 — 61,237 Gain on disposition of assets — (1,304 ) — — (1,304 ) — 272,201 8,286 (367 ) 280,120 Operating income (loss) — 106,451 (461 ) — 105,990 Equity in (earnings) loss of subsidiaries (104,769 ) — — 104,769 — Loss on extinguishment of debt 7,051 — — — 7,051 Interest expense (income), net 34,823 (92 ) 89 — 34,820 Income (loss) before income tax expense (benefit) 62,895 106,543 (550 ) (104,769 ) 64,119 Income tax expense (benefit) (2) — 1,449 (225 ) — 1,224 Net income (loss) $ 62,895 $ 105,094 $ (325 ) $ (104,769 ) $ 62,895 Statement of Comprehensive Income Net income (loss) $ 62,895 $ 105,094 $ (325 ) $ (104,769 ) $ 62,895 Total other comprehensive income, net of tax — — 330 — 330 Total comprehensive income (loss) $ 62,895 $ 105,094 $ 5 $ (104,769 ) $ 63,225 (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, 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 Nine Months Ended September 30, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,116,947 $ 24,514 $ (1,130 ) $ 1,140,331 Operating expenses Direct advertising expenses (1) — 402,033 18,959 (1,130 ) 419,862 General and administrative expenses (1) — 211,090 5,271 — 216,361 Corporate expenses (1) — 51,526 615 — 52,141 Depreciation and amortization — 186,201 1,347 — 187,548 (Gain) loss on disposition of assets — (4,878 ) 55 — (4,823 ) — 845,972 26,247 (1,130 ) 871,089 Operating income (loss) — 270,975 (1,733 ) — 269,242 Equity in (earnings) loss of subsidiaries (265,353 ) — — 265,353 — Loss on extinguishment of debt 25,235 — — — 25,235 Interest expense (income), net 105,072 (151 ) 1,520 — 106,441 Income (loss) before income tax expense (benefit) 135,046 271,126 (3,253 ) (265,353 ) 137,566 Income tax expense (benefit) (2) — 3,373 (853 ) — 2,520 Net income (loss) $ 135,046 $ 267,753 $ (2,400 ) $ (265,353 ) $ 135,046 Statement of Comprehensive Income Net income (loss) $ 135,046 $ 267,753 $ (2,400 ) $ (265,353 ) $ 135,046 Total other comprehensive loss, net of tax — — (528 ) — (528 ) Total comprehensive income (loss) $ 135,046 $ 267,753 $ (2,928 ) $ (265,353 ) $ 134,518 (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 (benefit) 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 Statement of Cash Flows for the Nine Months Ended September 30, 2020 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 $ 310,395 $ 436,270 $ 4,949 $ (419,181 ) $ 332,433 Cash flows from investing activities: Acquisitions 577 (29,324 ) — — (28,747 ) Capital expenditures — (42,792 ) (1,841 ) — (44,633 ) Proceeds from disposition of assets — 5,699 — — 5,699 Investment in subsidiaries (29,324 ) — — 29,324 — Increase in intercompany notes receivable (57,807 ) — — 57,807 — Net cash (used in) provided by investing activities (86,554 ) (66,417 ) (1,841 ) 87,131 (67,681 ) Cash flows from financing activities: Proceeds received from revolving credit facility 725,000 — — — 725,000 Payment on revolving credit facility (805,000 ) — — — (805,000 ) Principal payments on long term debt — (273 ) — — (273 ) Borrowings on long term debt — 8,750 — — 8,750 Proceeds received from note offering 1,549,250 — — — 1,549,250 Redemption of senior notes and senior subordinated notes (1,058,596 ) — — — (1,058,596 ) Proceeds received from senior credit facility term loans 598,500 — — — 598,500 Payments on senior credit facility term loans (978,097 ) — — — (978,097 ) Payment on accounts receivable securitization program — — (175,000 ) — (175,000 ) Proceeds received from accounts receivable securitization program — — 122,500 — 122,500 Debt issuance costs (32,667 ) — — — (32,667 ) Intercompany loan proceeds — 4,111 53,696 (57,807 ) — Distributions to non-controlling interest — — (1,475 ) — (1,475 ) Dividends (to) from parent (211,624 ) (419,181 ) — 419,181 (211,624 ) Contributions from (to) parent 36,492 29,324 — (29,324 ) 36,492 Net cash (used in) provided by financing activities (176,742 ) (377,269 ) (279 ) 332,050 (222,240 ) Effect of exchange rate changes in cash and cash equivalents — — (72 ) — (72 ) Net increase (decrease) in cash and cash equivalents 47,099 (7,416 ) 2,757 — 42,440 Cash and cash equivalents at beginning of period 13,185 8,278 4,225 — 25,688 Cash and cash equivalents at end of period $ 60,284 $ 862 $ 6,982 $ — $ 68,128 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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Goodwill, Intangible Assets and Long-Lived Assets	(a) Goodwill, intangibles and long-lived assets Due to changes in relevant events and circumstances related to COVID-19, which could have a negative impact on the Company’s goodwill, the Company updated its goodwill qualitative assessment as of September 30, 2020. The update includes assessing macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, the market capitalization of the Company and other relevant events specific to the Company. After assessing the totality of events and circumstances, the Company determined that it is not “more likely than not” that the fair value of either of the Company’s reporting units is less than its carrying amount. Therefore, management will not perform a quantitative impairment test and concluded its goodwill is not impaired as of September 30, 2020. Management also reviewed the recoverability of our long-lived assets including intangibles, fixed assets and operating lease right of use assets and concluded there were no indicators of impairment as of September 30, 2020.
Use of Estimates	(b) Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expense during the reporting period. These estimates take into account historical and forward-looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the COVID-19 pandemic, based on available information to date.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and 2019. Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Billboard Advertising $ 348,361 $ 404,046 $ 1,015,761 $ 1,134,039 Logo Advertising 19,790 21,056 62,235 62,779 Transit Advertising 17,959 32,684 62,335 94,167 Net Revenues $ 386,110 $ 457,786 $ 1,140,331 $ 1,290,985

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
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 , 2020 : 2020 $ 57,705 2021 209,158 2022 180,743 2023 160,872 2024 144,349 Thereafter 867,268 Total undiscounted operating lease payments 1,620,095 Less: Imputed interest (411,412 ) Total operating lease liabilities $ 1,208,683

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of ESPP Share Activity	The following is a summary of 2019 ESPP share activity for the nine months ended September 30, 2020: Shares Available for future purchases, January 1, 2020 438,434 Additional shares reserved under 2019 ESPP 86,093 Purchases (121,553 ) Available for future purchases, September 30, 2020 402,974

Depreciation and Amortization (

Depreciation and Amortization (Tables)	9 Months Ended
	Sep. 30, 2020
Depreciation And Amortization [Abstract]
Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income	The amounts of depreciation and amortization expense excluded from the following operating expenses in its Condensed Consolidated Statements of Income and Comprehensive Income are: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Direct advertising expenses $ 57,556 $ 59,556 $ 176,395 $ 175,871 General and administrative expenses 1,126 942 3,558 3,203 Corporate expenses 2,555 3,453 7,595 8,076 $ 61,237 $ 63,951 $ 187,548 $ 187,150

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at September 30, 2020 and December 31, 2019: Estimated September 30, 2020 December 31, 2019 Life (Years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable intangible assets: Customer lists and contracts 7—10 $ 644,684 $ 557,239 $ 641,714 $ 539,405 Non-competition agreements 3—15 66,102 64,579 66,014 64,379 Site locations 15 2,401,175 1,572,008 2,384,520 1,509,335 Other 2—15 49,980 38,432 49,864 36,749 $ 3,161,941 $ 2,232,258 $ 3,142,112 $ 2,149,868 Unamortizable intangible assets: Goodwill $ 2,165,746 $ 253,536 $ 2,165,810 $ 253,536

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2019 $ 226,137 Additions to asset retirement obligations 477 Accretion expense 3,091 Liabilities settled (5,766 ) Balance at September 30, 2020 $ 223,939

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at September 30, 2020 and December 31, 2019: September 30, 2020 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 668,402 $ 12,134 $ 656,268 Accounts Receivable Securitization Program 122,500 556 121,944 3 3/4% Senior Notes 600,000 8,236 591,764 4% Senior Notes 549,260 7,855 541,405 4 7/8% Senior Notes 400,000 5,725 394,275 5 3/4% Senior Notes 653,810 6,873 646,937 Other notes with various rates and terms 11,595 — 11,595 3,005,567 41,379 2,964,188 Less current maturities (131,624 ) (556 ) (131,068 ) Long-term debt, excluding current maturities $ 2,873,943 $ 40,823 $ 2,833,120 December 31, 2019 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 1,127,069 $ 9,077 $ 1,117,992 Accounts Receivable Securitization Program 175,000 846 174,154 5% Senior Subordinated Notes 535,000 3,237 531,763 5 3/8% Senior Notes 510,000 3,502 506,498 5 3/4% Senior Notes 654,345 7,752 646,593 Other notes with various rates and terms 3,118 — 3,118 3,004,532 24,414 2,980,118 Less current maturities (232,595 ) (6,081 ) (226,514 ) Long-term debt, excluding current maturities $ 2,771,937 $ 18,333 $ 2,753,604

Summarized Financial Informat_2

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	9 Months Ended
	Sep. 30, 2020
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, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated (unaudited) ASSETS Total current assets $ 60,374 $ 27,270 $ 231,639 $ — $ 319,283 Net property, plant and equipment — 1,284,158 10,225 — 1,294,383 Operating lease right of use assets — 1,240,402 24,679 — 1,265,081 Intangibles and goodwill, net — 2,813,473 17,801 — 2,831,274 Other assets 3,950,549 224,809 132,337 (4,256,048 ) 51,647 Total assets $ 4,010,923 $ 5,590,112 $ 416,681 $ (4,256,048 ) $ 5,761,668 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of long-term debt $ — $ 9,124 $ 121,944 $ — $ 131,068 Current operating lease liabilities — 166,848 9,300 — 176,148 Other current liabilities 19,326 163,890 14,873 — 198,089 Total current liabilities 19,326 339,862 146,117 — 505,305 Long-term debt 2,830,649 2,471 — — 2,833,120 Operating lease liabilities — 1,018,197 14,338 — 1,032,535 Other noncurrent liabilities 32,031 227,552 250,930 (248,722 ) 261,791 Total liabilities 2,882,006 1,588,082 411,385 (248,722 ) 4,632,751 Stockholders’ equity 1,128,917 4,002,030 5,296 (4,007,326 ) 1,128,917 Total liabilities and stockholders’ equity $ 4,010,923 $ 5,590,112 $ 416,681 $ (4,256,048 ) $ 5,761,668 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, 2019 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 13,859 $ 53,756 $ 242,054 $ — $ 309,669 Net property, plant and equipment — 1,340,675 8,440 — 1,349,115 Operating lease right of use assets — 1,293,674 27,105 — 1,320,779 Intangibles and goodwill, net — 2,875,644 18,255 — 2,893,899 Other assets 4,193,629 229,905 184,805 (4,557,380 ) 50,959 Total assets $ 4,207,488 $ 5,793,654 $ 480,659 $ (4,557,380 ) $ 5,924,421 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 51,480 $ 34 $ 175,000 $ — $ 226,514 Current operating lease liabilities — 189,071 7,770 — 196,841 Other current liabilities 26,960 196,689 19,845 — 243,494 Total current liabilities 78,440 385,794 202,615 — 666,849 Long-term debt 2,753,570 34 — — 2,753,604 Operating lease liabilities — 1,049,220 18,961 — 1,068,181 Other noncurrent liabilities 205,947 231,416 250,859 (421,966 ) 266,256 Total liabilities 3,037,957 1,666,464 472,435 (421,966 ) 4,754,890 Stockholder’s equity 1,169,531 4,127,190 8,224 (4,135,414 ) 1,169,531 Total liabilities and stockholder’s equity $ 4,207,488 $ 5,793,654 $ 480,659 $ (4,557,380 ) $ 5,924,421
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, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 378,652 $ 7,825 $ (367 ) $ 386,110 Operating expenses Direct advertising expenses (1) — 130,496 6,180 (367 ) 136,309 General and administrative expenses (1) — 65,340 1,409 — 66,749 Corporate expenses (1) — 16,918 211 — 17,129 Depreciation and amortization — 60,751 486 — 61,237 Gain on disposition of assets — (1,304 ) — — (1,304 ) — 272,201 8,286 (367 ) 280,120 Operating income (loss) — 106,451 (461 ) — 105,990 Equity in (earnings) loss of subsidiaries (104,769 ) — — 104,769 — Loss on extinguishment of debt 7,051 — — — 7,051 Interest expense (income), net 34,823 (92 ) 89 — 34,820 Income (loss) before income tax expense (benefit) 62,895 106,543 (550 ) (104,769 ) 64,119 Income tax expense (benefit) (2) — 1,449 (225 ) — 1,224 Net income (loss) $ 62,895 $ 105,094 $ (325 ) $ (104,769 ) $ 62,895 Statement of Comprehensive Income Net income (loss) $ 62,895 $ 105,094 $ (325 ) $ (104,769 ) $ 62,895 Total other comprehensive income, net of tax — — 330 — 330 Total comprehensive income (loss) $ 62,895 $ 105,094 $ 5 $ (104,769 ) $ 63,225 (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, 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 Nine Months Ended September 30, 2020 Lamar Media Corp. Guarantor Subsidiaries Non- Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income (unaudited) Net revenues $ — $ 1,116,947 $ 24,514 $ (1,130 ) $ 1,140,331 Operating expenses Direct advertising expenses (1) — 402,033 18,959 (1,130 ) 419,862 General and administrative expenses (1) — 211,090 5,271 — 216,361 Corporate expenses (1) — 51,526 615 — 52,141 Depreciation and amortization — 186,201 1,347 — 187,548 (Gain) loss on disposition of assets — (4,878 ) 55 — (4,823 ) — 845,972 26,247 (1,130 ) 871,089 Operating income (loss) — 270,975 (1,733 ) — 269,242 Equity in (earnings) loss of subsidiaries (265,353 ) — — 265,353 — Loss on extinguishment of debt 25,235 — — — 25,235 Interest expense (income), net 105,072 (151 ) 1,520 — 106,441 Income (loss) before income tax expense (benefit) 135,046 271,126 (3,253 ) (265,353 ) 137,566 Income tax expense (benefit) (2) — 3,373 (853 ) — 2,520 Net income (loss) $ 135,046 $ 267,753 $ (2,400 ) $ (265,353 ) $ 135,046 Statement of Comprehensive Income Net income (loss) $ 135,046 $ 267,753 $ (2,400 ) $ (265,353 ) $ 135,046 Total other comprehensive loss, net of tax — — (528 ) — (528 ) Total comprehensive income (loss) $ 135,046 $ 267,753 $ (2,928 ) $ (265,353 ) $ 134,518 (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 (benefit) 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.
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, 2020 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 $ 310,395 $ 436,270 $ 4,949 $ (419,181 ) $ 332,433 Cash flows from investing activities: Acquisitions 577 (29,324 ) — — (28,747 ) Capital expenditures — (42,792 ) (1,841 ) — (44,633 ) Proceeds from disposition of assets — 5,699 — — 5,699 Investment in subsidiaries (29,324 ) — — 29,324 — Increase in intercompany notes receivable (57,807 ) — — 57,807 — Net cash (used in) provided by investing activities (86,554 ) (66,417 ) (1,841 ) 87,131 (67,681 ) Cash flows from financing activities: Proceeds received from revolving credit facility 725,000 — — — 725,000 Payment on revolving credit facility (805,000 ) — — — (805,000 ) Principal payments on long term debt — (273 ) — — (273 ) Borrowings on long term debt — 8,750 — — 8,750 Proceeds received from note offering 1,549,250 — — — 1,549,250 Redemption of senior notes and senior subordinated notes (1,058,596 ) — — — (1,058,596 ) Proceeds received from senior credit facility term loans 598,500 — — — 598,500 Payments on senior credit facility term loans (978,097 ) — — — (978,097 ) Payment on accounts receivable securitization program — — (175,000 ) — (175,000 ) Proceeds received from accounts receivable securitization program — — 122,500 — 122,500 Debt issuance costs (32,667 ) — — — (32,667 ) Intercompany loan proceeds — 4,111 53,696 (57,807 ) — Distributions to non-controlling interest — — (1,475 ) — (1,475 ) Dividends (to) from parent (211,624 ) (419,181 ) — 419,181 (211,624 ) Contributions from (to) parent 36,492 29,324 — (29,324 ) 36,492 Net cash (used in) provided by financing activities (176,742 ) (377,269 ) (279 ) 332,050 (222,240 ) Effect of exchange rate changes in cash and cash equivalents — — (72 ) — (72 ) Net increase (decrease) in cash and cash equivalents 47,099 (7,416 ) 2,757 — 42,440 Cash and cash equivalents at beginning of period 13,185 8,278 4,225 — 25,688 Cash and cash equivalents at end of period $ 60,284 $ 862 $ 6,982 $ — $ 68,128 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

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020USD ($)
Accounting Policies [Abstract]
Goodwill impairment loss	$ 0
Impairment of Long-Lived Assets Held-for-use	$ 0

Revenues - Disaggregation Reven

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Net Revenues	$ 386,110	$ 457,786	$ 1,140,331	$ 1,290,985
Billboard Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net Revenues	348,361	404,046	1,015,761	1,134,039
Logo Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net Revenues	19,790	21,056	62,235	62,779
Transit Advertising [Member]
Disaggregation Of Revenue [Line Items]
Net Revenues	$ 17,959	$ 32,684	$ 62,335	$ 94,167

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lessee Lease Description [Line Items]
Operating lease, cost	$ 76,739	$ 78,261	$ 235,473	$ 233,427
Variable lease, cost	13,494	19,030	41,238	55,047
Gain (loss) on disposition of assets	1,304	199	4,823	5,360
Operating lease, cash payments			234,400	262,327
Direct advertising expenses (exclusive of depreciation and amortization)	$ 136,309	148,846	$ 419,862	435,706
Operating lease, weighted average remaining lease term	12 years		12 years
Operating lease, weighted average discount rate	4.50%		4.50%
Leased assets obtained in exchange for operating lease liability			$ 25,250	31,620
Advertising [Member]
Lessee Lease Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	$ 1,172	1,131	3,679	3,357
Termination of Lease Agreements [Member]
Lessee Lease Description [Line Items]
Gain (loss) on disposition of assets	$ 76	$ (36)	$ (241)	$ 3,875

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2020	$ 57,705
2021	209,158
2022	180,743
2023	160,872
2024	144,349
Thereafter	867,268
Total undiscounted operating lease payments	1,620,095
Less: Imputed interest	(411,412)
Total operating lease liabilities	$ 1,208,683

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)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	2,443,063
Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted	59,000
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%
2019 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved	86,093
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 | $	$ 640
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%
Performance Based Compensation [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements | $	$ 7,219

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of ESPP Share Activity (Detail) - shares	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchases	(31,705)	(31,114)	(58,734)	(26,726)	(31,455)	(44,161)
Available for future purchases, September 30, 2020	2,443,063						2,443,063
2019 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares reserved							86,093
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for future purchases, January 1, 2020			438,434				438,434
Purchases							(121,553)
Available for future purchases, September 30, 2020	402,974						402,974
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							86,093

Depreciation and Amortization -

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 61,237	$ 63,951	$ 187,548	$ 187,150
Direct Advertising Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	57,556	59,556	176,395	175,871
General and Administrative Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	1,126	942	3,558	3,203
Corporate Expenses [Member]
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 2,555	$ 3,453	$ 7,595	$ 8,076

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,161,941	$ 3,142,112
Accumulated Amortization	2,232,258	2,149,868
Goodwill gross carrying amount	2,165,746	2,165,810
Goodwill accumulated amortization	253,536	253,536
Customer Lists and Contracts [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	644,684	641,714
Accumulated Amortization	$ 557,239	539,405
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	$ 66,102	66,014
Accumulated Amortization	$ 64,579	64,379
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	$ 2,401,175	2,384,520
Accumulated Amortization	$ 1,572,008	1,509,335
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	$ 49,980	49,864
Accumulated Amortization	$ 38,432	$ 36,749
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, 2020USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Beginning Balance	$ 226,137
Additions to asset retirement obligations	477
Accretion expense	3,091
Liabilities settled	(5,766)
Ending Balance	$ 223,939

Distribution Restrictions - Add

Distribution Restrictions - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 3,505,265	$ 3,389,763
Description of provisions on senior credit facility transfers to Lamar Advertising subject to additional restrictions	(i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1.
Debt ratio	7
Debt ratio related to actual position on senior credit facility	7
Available cumulative credit	$ 2,255,744
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Secured debt ratio	4.5
LAMAR MEDIA CORP [Member] | Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Secured debt ratio	4.5

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
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, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt	$ 3,005,567	$ 3,004,532
Debt, Less current maturities	(131,624)	(232,595)
Debt, excluding current maturities	2,873,943	2,771,937
Deferred financing costs	41,379	24,414
Deferred financing costs, Less current maturities	(556)	(6,081)
Deferred financing costs, excluding current maturities	40,823	18,333
Debt, net of deferred financing costs	2,964,188	2,980,118
Debt, net of deferred financing costs, Less current maturities	(131,068)	(226,514)
Debt, net of deferred financing costs, excluding current maturities	2,833,120	2,753,604
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Debt	668,402	1,127,069
Deferred financing costs	12,134	9,077
Debt, net of deferred financing costs	656,268	1,117,992
Accounts Receivable Securitization Program [Member]
Debt Instrument [Line Items]
Debt	122,500	175,000
Deferred financing costs	556	846
Debt, net of deferred financing costs	121,944	174,154
3 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	600,000
Deferred financing costs	8,236
Debt, net of deferred financing costs	591,764
4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	549,260
Deferred financing costs	7,855
Debt, net of deferred financing costs	541,405
4 7/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	400,000
Deferred financing costs	5,725
Debt, net of deferred financing costs	394,275
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	653,810	654,345
Deferred financing costs	6,873	7,752
Debt, net of deferred financing costs	646,937	646,593
Other Notes with Various Rates and Terms [Member]
Debt Instrument [Line Items]
Debt	11,595	3,118
Debt, net of deferred financing costs	$ 11,595	3,118
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt		535,000
Deferred financing costs		3,237
Debt, net of deferred financing costs		531,763
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt		510,000
Deferred financing costs		3,502
Debt, net of deferred financing costs		$ 506,498

Long-term Debt - Long-Term De_2

Long-term Debt - Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 2020	Feb. 06, 2020	Dec. 31, 2019	Jan. 28, 2016	Jan. 10, 2014	Oct. 30, 2012
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes			5.00%			5.00%
5 3/8% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes			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%
4 7/8% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	4.875%
3 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	3.75%	3.75%
4% Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	4.00%	4.00%

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($)

Oct. 23, 2020

Sep. 16, 2020

Aug. 31, 2020

Aug. 19, 2020

Jun. 29, 2020

May 13, 2020

Feb. 20, 2020

Feb. 06, 2020

Feb. 01, 2019

Dec. 18, 2018

Jan. 28, 2016

Jan. 10, 2014

Oct. 30, 2012

Sep. 30, 2020

Sep. 30, 2020

Mar. 16, 2020

Dec. 31, 2019

Debt Instrument [Line Items]

Debt instrument description

On February 6, 2020, Lamar Media entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amended and Restated Credit Agreement”) with certain of Lamar Media’s subsidiaries as guarantors, JPMorgan Chase Bank, N.A. as administrative agent and the lenders party thereto, under which the parties agreed to amend and restate Lamar Media’s existing senior credit facility. The Fourth Amended and Restated Credit Agreement amended and restated the Third Amended and Restated Credit Agreement dated as of May 15, 2017, as amended (the “Third Amended and Restated Credit Agreement”).

Proceeds received from term B loans

$ 598,500,000

Loss on debt extinguishment

$ 7,051,000

25,235,000

Outstanding revolving credit facility

70,000,000

70,000,000

Remaining borrowing capacity under revolving credit facility

666,916,000

666,916,000

Aggregate principal amount of debt issued

3,005,567,000

3,005,567,000

Debt instrument outstanding amount

3,005,567,000

3,005,567,000

$ 3,004,532,000

Letter of Credit [Member]

Debt Instrument [Line Items]

Letter of credit outstanding balance

13,084,000

13,084,000

LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]

Debt Instrument [Line Items]

Proceeds received from term B loans

598,500,000

Loss on debt extinguishment

$ 7,051,000

25,235,000

Senior Credit Facility [Member]

Debt Instrument [Line Items]

Loss on debt extinguishment

$ 5,608,000

3 3/4% Senior Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.75%

3.75%

3.75%

Debt instrument outstanding amount

$ 600,000,000

$ 600,000,000

Redeemed percentage of aggregate principal amount

103.75%

Redemption percentage of aggregate principal amount of senior notes

40.00%

Redemption percentage of issued notes which remain outstanding

60.00%

3 3/4% Senior Notes [Member] | Prior to February 15, 2023 [Member]

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

100.00%

Redemption price percentage of the principal amount to be purchased

101.00%

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

3.75%

Aggregate principal amount of debt issued

$ 600,000,000

Net proceeds form the issuance of debt

$ 592,500,000

4% Senior Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.00%

4.00%

4.00%

Debt instrument outstanding amount

$ 549,260,000

$ 549,260,000

Redemption price percentage of the principal amount to be purchased

101.00%

4% Senior Notes [Member] | Prior to February 1, 2021 [Member]

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

100.00%

4% Senior Notes [Member] | Prior to February 15, 2023 [Member]

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

104.00%

Redemption percentage of aggregate principal amount of senior notes

40.00%

Redemption percentage of issued notes which remain outstanding

60.00%

4% Senior Notes [Member] | Private Placement [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.00%

4.00%

Aggregate principal amount of debt issued

$ 150,000,000

$ 400,000,000

Net proceeds form the issuance of debt

$ 146,900,000

$ 395,000,000

Accounts Receivable Securitization Program [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Dec. 17, 2021

Aggregate principal amount of debt issued

$ 175,000,000

Increase in delinquency ratio

11.00%

11.00%

Delinquency ratio

8.00%

Increase in dilution ratio

7.00%

7.00%

Dilution ratio

4.00%

Increase in days sales outstanding

75 days

Number of days sales outstanding

65 days

Percentage of commitment to maintain minimum borrowings

70.00%

50.00%

Minimum Funding Threshold

requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 70.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries have the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election.

requires the Special Purpose Subsidiaries to maintain minimum borrowings under the

Debt instrument outstanding amount

$ 122,500,000

$ 122,500,000

$ 175,000,000

Delinquency ratio

13.00%

Dilution ratio

5.00%

Accounts Receivable Securitization Program [Member] | LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]

Debt Instrument [Line Items]

Available borrowing on accounts receivable securitization

$ 35,300,000

35,300,000

Accounts Receivable Securitization Program [Member] | For Up To Two Additional Periods [Member]

Debt Instrument [Line Items]

Delinquency ratio

16.00%

5% Senior Subordinated Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

5.00%

5.00%

Loss on debt extinguishment

7,051,000

Aggregate principal amount of debt issued

$ 535,000,000

Debt instrument outstanding amount

$ 535,000,000

Net proceeds form the issuance of debt

$ 527,100,000

Debt Instrument Redemption Amount

$ 267,500,000

$ 267,500,000

Redeemed percentage of aggregate principal amount

100.833%

100.833%

Loss on debt extinguishment on cash

4,456,000

5 3/8% Senior Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

5.375%

5.375%

Loss on debt extinguishment

12,576,000

Aggregate principal amount of debt issued

$ 510,000,000

Debt instrument outstanding amount

$ 510,000,000

Net proceeds form the issuance of debt

$ 502,300,000

Redeemed percentage of aggregate principal amount

101.792%

Loss on debt extinguishment on cash

$ 9,139,000

Redemption, description

Lamar Media used the proceeds from the 4% Senior Notes and 3 3/4% Senior Notes to redeem in full all of the 5 3/8% Notes on February 20, 2020 at a redemption price of 101.792% of the aggregate principal amounts of the outstanding 5 3/8% Notes, plus accrued and unpaid interest up to but not including the redemption date

5 3/4% Senior Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

5.75%

5.75%

5.75%

5.75%

Aggregate principal amount of debt issued

$ 400,000,000

Debt instrument outstanding amount

$ 653,810,000

$ 653,810,000

$ 654,345,000

Net proceeds form 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]

Redeemed percentage of aggregate principal amount

100.00%

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

5.75%

Aggregate principal amount of debt issued

$ 250,000,000

Net proceeds form the issuance of debt

$ 251,500,000

4 7/8% Senior Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.875%

4.875%

Debt instrument outstanding amount

$ 400,000,000

$ 400,000,000

Redeemed percentage of aggregate principal amount

104.875%

Redemption percentage of aggregate principal amount of senior notes

40.00%

Redemption percentage of issued notes which remain outstanding

60.00%

4 7/8% Senior Notes [Member] | Prior to February 15, 2023 [Member]

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

100.00%

Redemption price percentage of the principal amount to be purchased

101.00%

4 7/8% Senior Notes [Member] | Private Placement [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.875%

Aggregate principal amount of debt issued

$ 400,000,000

Net proceeds form the issuance of debt

$ 395,000,000

Senior or Senior Subordinated Notes and other Indebtedness [Member] | Debt Instrument Repurchase Program [Member]

Debt Instrument [Line Items]

Debt repurchase program, authorized amount

$ 250,000,000

Debt instrument repurchase expiry date

Sep. 30, 2021

Debt instrument repurchased under the program

$ 0

$ 0

Senior Credit Facility [Member]

Debt Instrument [Line Items]

Maximum borrowing limit of incremental loan facility

$ 750,000,000

Debt instrument maturity date

Feb. 6, 2025

Term B Loan Facility [Member]

Debt Instrument [Line Items]

Maximum borrowing limit of incremental loan facility

$ 600,000,000

Debt instrument maturity date

Feb. 6, 2027

Proceeds received from term B loans

$ 600,000,000

Term B Loan Facility [Member] | LIBO Rate [Member]

Debt Instrument [Line Items]

Adjusted Rate

1.50%

Term B Loan Facility [Member] | Base Rate [Member]

Debt Instrument [Line Items]

Adjusted Rate

0.50%

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

Debt Instrument [Line Items]

Debt instrument maturity date

Feb. 6, 2025

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

Debt Instrument [Line Items]

Secured debt ratio

3.25

Adjusted Rate

1.50%

Ratio of indebtedness to net capital minimum

1

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

Debt Instrument [Line Items]

Adjusted Rate

1.25%

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

Debt Instrument [Line Items]

Secured debt ratio

3.25

Adjusted Rate

0.50%

Ratio of indebtedness to net capital minimum

1

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

Debt Instrument [Line Items]

Adjusted Rate

0.25%

Revolving Credit Facility [Member] | Secured Debt [Member]

Debt Instrument [Line Items]

Secured debt ratio

4.50

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 3,023,177
Gross amount of company's long term debt	3,005,567
Carrying amount of company's long term debt	$ 3,005,567	$ 3,004,532

Dividends_Distributions - Addit

Dividends/Distributions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Dividends [Line Items]
Dividends declared, per share	$ 0.50	$ 0.50	$ 1	$ 0.96	$ 0.96	$ 0.96	$ 2	$ 2.88
Distributions paid, preferred stockholders	$ 91			$ 91			$ 273	$ 273
Distributions paid, preferred stockholders, per share	$ 15.95			$ 15.95			$ 47.85	$ 47.85
Distributions paid	$ 50,416			$ 96,390			$ 201,499	$ 288,344
Distributions paid, per share	$ 0.50			$ 0.96			$ 2	$ 2.88

Information about Geographic _2

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 5,930		$ 4,549
External Customers [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 16,295	$ 25,635

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 16, 2020	May 01, 2018
Class of Stock [Line Items]
Additional shares issued	266,410
Shelf Registration [Member]
Class of Stock [Line Items]
Additional shares issued		0	0
Common Class A [Member]
Class of Stock [Line Items]
Issuance of shares related to acquisition				163,137
Common Class A [Member] | Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 250,000,000
Stock repurchase program expiry date		Sep. 30, 2021
Stock repurchased during period		$ 0
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		$ 336,668,000
Common Class A [Member] | Maximum [Member]
Class of Stock [Line Items]
Aggregate offering price of common stock issuable						$ 400,000,000

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Total current assets	$ 319,783			$ 310,169
Net property, plant and equipment	1,294,383			1,349,115
Operating lease right of use assets	1,265,081			1,320,779
Other assets	57,263			56,574
Total assets	5,778,403			5,941,155
Current liabilities:
Current maturities of long-term debt	131,068			226,514
Current operating lease liabilities	176,148			196,841
Total current liabilities	511,904			672,808
Long-term debt	2,833,120			2,753,604
Operating lease liabilities	1,032,535			1,068,181
Total liabilities	4,639,350			4,760,849
Stockholders’ equity	1,139,053	$ 1,123,371	$ 1,137,784	1,180,306	$ 1,167,821	$ 1,139,295	$ 1,109,578	$ 1,131,784
Total liabilities and stockholders’ equity	5,778,403			5,941,155
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
ASSETS
Total current assets	319,283			309,669
Net property, plant and equipment	1,294,383			1,349,115
Operating lease right of use assets	1,265,081			1,320,779
Intangibles and goodwill, net	2,831,274			2,893,899
Other assets	51,647			50,959
Total assets	5,761,668			5,924,421
Current liabilities:
Current maturities of long-term debt	131,068			226,514
Current operating lease liabilities	176,148			196,841
Other current liabilities	198,089			243,494
Total current liabilities	505,305			666,849
Long-term debt	2,833,120			2,753,604
Operating lease liabilities	1,032,535			1,068,181
Other noncurrent liabilities	261,791			266,256
Total liabilities	4,632,751			4,754,890
Stockholders’ equity	1,128,917			1,169,531
Total liabilities and stockholders’ equity	5,761,668			5,924,421
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Lamar Media [Member]
ASSETS
Total current assets	60,374			13,859
Other assets	3,950,549			4,193,629
Total assets	4,010,923			4,207,488
Current liabilities:
Current maturities of long-term debt				51,480
Other current liabilities	19,326			26,960
Total current liabilities	19,326			78,440
Long-term debt	2,830,649			2,753,570
Other noncurrent liabilities	32,031			205,947
Total liabilities	2,882,006			3,037,957
Stockholders’ equity	1,128,917			1,169,531
Total liabilities and stockholders’ equity	4,010,923			4,207,488
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
ASSETS
Total current assets	27,270			53,756
Net property, plant and equipment	1,284,158			1,340,675
Operating lease right of use assets	1,240,402			1,293,674
Intangibles and goodwill, net	2,813,473			2,875,644
Other assets	224,809			229,905
Total assets	5,590,112			5,793,654
Current liabilities:
Current maturities of long-term debt	9,124			34
Current operating lease liabilities	166,848			189,071
Other current liabilities	163,890			196,689
Total current liabilities	339,862			385,794
Long-term debt	2,471			34
Operating lease liabilities	1,018,197			1,049,220
Other noncurrent liabilities	227,552			231,416
Total liabilities	1,588,082			1,666,464
Stockholders’ equity	4,002,030			4,127,190
Total liabilities and stockholders’ equity	5,590,112			5,793,654
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
ASSETS
Total current assets	231,639			242,054
Net property, plant and equipment	10,225			8,440
Operating lease right of use assets	24,679			27,105
Intangibles and goodwill, net	17,801			18,255
Other assets	132,337			184,805
Total assets	416,681			480,659
Current liabilities:
Current maturities of long-term debt	121,944			175,000
Current operating lease liabilities	9,300			7,770
Other current liabilities	14,873			19,845
Total current liabilities	146,117			202,615
Operating lease liabilities	14,338			18,961
Other noncurrent liabilities	250,930			250,859
Total liabilities	411,385			472,435
Stockholders’ equity	5,296			8,224
Total liabilities and stockholders’ equity	416,681			480,659
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member]
ASSETS
Other assets	(4,256,048)			(4,557,380)
Total assets	(4,256,048)			(4,557,380)
Current liabilities:
Other noncurrent liabilities	(248,722)			(421,966)
Total liabilities	(248,722)			(421,966)
Stockholders’ equity	(4,007,326)			(4,135,414)
Total liabilities and stockholders’ equity	$ (4,256,048)			$ (4,557,380)

Condensed Consolidating Stateme

Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Type of Revenue [Extensible List]	us-gaap:AdvertisingMember			us-gaap:AdvertisingMember			us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Net revenues	$ 386,110			$ 457,786			$ 1,140,331	$ 1,290,985
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	$ 136,309			$ 148,846			$ 419,862	$ 435,706
General and administrative expenses	66,749			80,561			216,361	238,270
Corporate expenses	17,266			23,185			52,507	58,888
Depreciation and amortization	61,237			63,951			187,548	187,150
Gain on disposition of assets	(1,304)			(199)			(4,823)	(5,360)
Total Operating Expenses	280,257			316,344			871,455	914,654
Operating income	105,853			141,442			268,876	376,331
Loss on extinguishment of debt	7,051						25,235
Income before income tax expense	63,982			103,287			137,200	262,644
Income tax expense (benefit)	1,224			3,578			2,520	(6,714)
Net income	62,758	$ 31,429	$ 40,493	99,709	$ 118,396	$ 51,253	134,680	269,358
Statements of Comprehensive Income
Net income	62,758	$ 31,429	$ 40,493	99,709	$ 118,396	$ 51,253	134,680	269,358
Comprehensive income	$ 63,088			$ 99,535			$ 134,152	$ 269,730
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	$ 386,110			$ 457,786			$ 1,140,331	$ 1,290,985
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	$ 136,309			$ 148,846			$ 419,862	$ 435,706
General and administrative expenses	66,749			80,561			216,361	238,270
Corporate expenses	17,129			23,062			52,141	58,567
Depreciation and amortization	61,237			63,951			187,548	187,150
Gain on disposition of assets	(1,304)			(199)			(4,823)	(5,360)
Total Operating Expenses	280,120			316,221			871,089	914,333
Operating income	105,990			141,565			269,242	376,652
Loss on extinguishment of debt	7,051						25,235
Interest expense (income), net	34,820			38,155			106,441	113,687
Income before income tax expense	64,119			103,410			137,566	262,965
Income tax expense (benefit)	1,224			3,578			2,520	(6,714)
Net income	62,895			99,832			135,046	269,679
Statements of Comprehensive Income
Net income	62,895			99,832			135,046	269,679
Foreign currency translation adjustments	330			(174)			(528)	372
Comprehensive income	$ 63,225			$ 99,658			$ 134,518	$ 270,051
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	$ (104,769)			$ (136,714)			$ (265,353)	$ (379,424)
Loss on extinguishment of debt	7,051						25,235
Interest expense (income), net	34,823			36,882			105,072	109,745
Income before income tax expense	62,895			99,832			135,046	269,679
Net income	62,895			99,832			135,046	269,679
Statements of Comprehensive Income
Net income	62,895			99,832			135,046	269,679
Comprehensive income	$ 62,895			$ 99,832			$ 135,046	$ 269,679
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	$ 378,652			$ 446,838			$ 1,116,947	$ 1,258,493
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	$ 130,496			$ 142,412			$ 402,033	$ 417,271
General and administrative expenses	65,340			78,470			211,090	232,602
Corporate expenses	16,918			22,645			51,526	57,542
Depreciation and amortization	60,751			63,033			186,201	184,897
Gain on disposition of assets	(1,304)			(185)			(4,878)	(1,195)
Total Operating Expenses	272,201			306,375			845,972	891,117
Operating income	106,451			140,463			270,975	367,376
Interest expense (income), net	(92)			(7)			(151)	(94)
Income before income tax expense	106,543			140,470			271,126	367,470
Income tax expense (benefit)	1,449			3,255			3,373	(9,357)
Net income	105,094			137,215			267,753	376,827
Statements of Comprehensive Income
Net income	105,094			137,215			267,753	376,827
Comprehensive income	$ 105,094			$ 137,215			$ 267,753	$ 376,827
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	$ 7,825			$ 11,539			$ 24,514	$ 34,563
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	$ 6,180			$ 7,025			$ 18,959	$ 20,506
General and administrative expenses	1,409			2,091			5,271	5,668
Corporate expenses	211			417			615	1,025
Depreciation and amortization	486			918			1,347	2,253
Gain on disposition of assets				(14)			55	(4,165)
Total Operating Expenses	8,286			10,437			26,247	25,287
Operating income	(461)			1,102			(1,733)	9,276
Interest expense (income), net	89			1,280			1,520	4,036
Income before income tax expense	(550)			(178)			(3,253)	5,240
Income tax expense (benefit)	(225)			323			(853)	2,643
Net income	(325)			(501)			(2,400)	2,597
Statements of Comprehensive Income
Net income	(325)			(501)			(2,400)	2,597
Foreign currency translation adjustments	330			(174)			(528)	372
Comprehensive income	$ 5			$ (675)			$ (2,928)	$ 2,969
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	$ (367)			$ (591)			$ (1,130)	$ (2,071)
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	$ (367)			$ (591)			$ (1,130)	$ (2,071)
Total Operating Expenses	(367)			(591)			(1,130)	(2,071)
Equity in (earnings) loss of subsidiaries	104,769			136,714			265,353	379,424
Income before income tax expense	(104,769)			(136,714)			(265,353)	(379,424)
Net income	(104,769)			(136,714)			(265,353)	(379,424)
Statements of Comprehensive Income
Net income	(104,769)			(136,714)			(265,353)	(379,424)
Comprehensive income	$ (104,769)			$ (136,714)			$ (265,353)	$ (379,424)

Condensed Consolidating State_2

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 361,457	$ 407,970
Cash flows from investing activities:
Acquisitions	(28,747)	(214,559)
Capital expenditures	(44,633)	(97,680)
Proceeds from disposition of assets and investments	5,699	2,658
Proceeds received from property insurance claims		210
Increase in notes receivable		(448)
Net cash (used in) provided by investing activities	(67,681)	(309,819)
Cash flows from financing activities:
Payments on revolving credit facility	(805,000)	(495,000)
Principal payments on long term debt	(273)	(24,446)
Borrowings on long term debt	8,750
Proceeds received from note offerings	1,549,250	255,000
Redemption of senior notes and senior subordinated notes	(1,058,596)
Proceeds received from senior credit facility term loans	598,500
Payments on senior credit facility term loans	(978,097)
Payments on accounts receivable securitization program	(175,000)	(9,000)
Proceeds received from accounts receivable securitization program	122,500	9,000
Debt issuance costs	(32,667)	(4,454)
Distributions to non-controlling interest	(1,475)	(439)
Net cash used in financing activities	(251,264)	(96,502)
Effect of exchange rate changes in cash and cash equivalents	(72)	144
Net increase in cash and cash equivalents	42,440	1,793
Cash and cash equivalents at beginning of period	26,188	21,494
Cash and cash equivalents at end of period	68,628	23,287
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	332,433	384,208
Cash flows from investing activities:
Acquisitions	(28,747)	(214,559)
Capital expenditures	(44,633)	(97,680)
Proceeds from disposition of assets and investments	5,699	2,658
Proceeds received from property insurance claims		210
Increase in notes receivable		(448)
Net cash (used in) provided by investing activities	(67,681)	(309,819)
Cash flows from financing activities:
Proceeds received from revolving credit facility	725,000	430,000
Payments on revolving credit facility	(805,000)	(495,000)
Principal payments on long term debt	(273)	(24,446)
Borrowings on long term debt	8,750
Proceeds received from note offerings	1,549,250	255,000
Redemption of senior notes and senior subordinated notes	(1,058,596)
Proceeds received from senior credit facility term loans	598,500
Payments on senior credit facility term loans	(978,097)
Payments on accounts receivable securitization program	(175,000)	(9,000)
Proceeds received from accounts receivable securitization program	122,500	9,000
Debt issuance costs	(32,667)	(4,454)
Distributions to non-controlling interest	(1,475)	(439)
Dividends (to) from parent	(211,624)	(297,027)
Contributions from (to) parent	36,492	63,626
Net cash used in financing activities	(222,240)	(72,740)
Effect of exchange rate changes in cash and cash equivalents	(72)	144
Net increase in cash and cash equivalents	42,440	1,793
Cash and cash equivalents at beginning of period	25,688	20,994
Cash and cash equivalents at end of period	68,128	22,787
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	310,395	289,262
Cash flows from investing activities:
Acquisitions	577
Investment in subsidiaries	(29,324)	(214,559)
Decrease (increase) in intercompany notes receivable	(57,807)	7,236
Increase in notes receivable		(448)
Net cash (used in) provided by investing activities	(86,554)	(207,771)
Cash flows from financing activities:
Proceeds received from revolving credit facility	725,000	430,000
Payments on revolving credit facility	(805,000)	(495,000)
Principal payments on long term debt		(24,421)
Proceeds received from note offerings	1,549,250	255,000
Redemption of senior notes and senior subordinated notes	(1,058,596)
Proceeds received from senior credit facility term loans	598,500
Payments on senior credit facility term loans	(978,097)
Debt issuance costs	(32,667)	(4,454)
Dividends (to) from parent	(211,624)	(297,027)
Contributions from (to) parent	36,492	63,626
Net cash used in financing activities	(176,742)	(72,276)
Net increase in cash and cash equivalents	47,099	9,215
Cash and cash equivalents at beginning of period	13,185	4,029
Cash and cash equivalents at end of period	60,284	13,244
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	436,270	510,514
Cash flows from investing activities:
Acquisitions	(29,324)	(214,559)
Capital expenditures	(42,792)	(94,820)
Proceeds from disposition of assets and investments	5,699	2,658
Proceeds received from property insurance claims		210
Net cash (used in) provided by investing activities	(66,417)	(306,511)
Cash flows from financing activities:
Principal payments on long term debt	(273)	(25)
Borrowings on long term debt	8,750
Intercompany loan proceeds	4,111	(19,641)
Dividends (to) from parent	(419,181)	(404,210)
Contributions from (to) parent	29,324	214,559
Net cash used in financing activities	(377,269)	(209,317)
Net increase in cash and cash equivalents	(7,416)	(5,314)
Cash and cash equivalents at beginning of period	8,278	11,655
Cash and cash equivalents at end of period	862	6,341
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	4,949	(11,358)
Cash flows from investing activities:
Capital expenditures	(1,841)	(2,860)
Net cash (used in) provided by investing activities	(1,841)	(2,860)
Cash flows from financing activities:
Payments on accounts receivable securitization program	(175,000)	(9,000)
Proceeds received from accounts receivable securitization program	122,500	9,000
Intercompany loan proceeds	53,696	12,405
Distributions to non-controlling interest	(1,475)	(439)
Net cash used in financing activities	(279)	11,966
Effect of exchange rate changes in cash and cash equivalents	(72)	144
Net increase in cash and cash equivalents	2,757	(2,108)
Cash and cash equivalents at beginning of period	4,225	5,310
Cash and cash equivalents at end of period	6,982	3,202
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | Eliminations [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(419,181)	(404,210)
Cash flows from investing activities:
Investment in subsidiaries	29,324	214,559
Decrease (increase) in intercompany notes receivable	57,807	(7,236)
Net cash (used in) provided by investing activities	87,131	207,323
Cash flows from financing activities:
Intercompany loan proceeds	(57,807)	7,236
Dividends (to) from parent	419,181	404,210
Contributions from (to) parent	(29,324)	(214,559)
Net cash used in financing activities	$ 332,050	$ 196,887