Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 01, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-36756 | ||
Entity Registrant Name | LAMAR ADVERTISING CO/NEW | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-0961620 | ||
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 | ||
Title of 12(b) Security | Class A common stock, $0.001 par value | ||
Trading Symbol | LAMR | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,936,171,502 | ||
Documents Incorporated by Reference | Document Parts into Which Incorporated Proxy Statement for the Annual Meeting of Stockholders scheduled to be held on May 19, 2022 (Proxy Statement) Part III | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001090425 | ||
Common Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 86,852,821 | ||
Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 14,420,085 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Document Information [Line Items] | |||
Entity File Number | 1-12407 | ||
Entity Registrant Name | LAMAR MEDIA CORP/DE | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 72-1205791 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 100 | ||
Entity Central Index Key | 0000899045 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | Baton Rouge, LA |
Auditor Firm ID | 185 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Auditor [Line Items] | |
Auditor Name | KPMG LLP |
Auditor Location | Baton Rouge, LA |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 99,788 | $ 121,569 |
Receivables, net of allowance for doubtful accounts of $11,195 and $14,946 as of 2021 and 2020, respectively | 269,917 | 240,854 |
Other current assets | 18,902 | 18,147 |
Total current assets | 388,607 | 380,570 |
Property, plant and equipment (note 5) | 3,782,288 | 3,615,505 |
Less accumulated depreciation and amortization | (2,445,014) | (2,333,656) |
Net property, plant and equipment | 1,337,274 | 1,281,849 |
Operating lease right of use assets | 1,224,672 | 1,222,013 |
Financing lease right of use assets | 16,890 | 19,670 |
Goodwill | 1,936,426 | 1,912,328 |
Intangible assets, net (note 6) | 1,045,177 | 914,446 |
Other assets | 98,448 | 60,565 |
Total assets | 6,047,494 | 5,791,441 |
Current liabilities: | ||
Trade accounts payable | 16,429 | 12,017 |
Current maturities of long-term debt, net of deferred financing costs of $585 and $445 in 2021 and 2020, respectively (note 9) | 174,778 | 122,434 |
Current operating lease liabilities | 198,286 | 195,439 |
Current financing lease liabilities (note 7) | 1,331 | 1,331 |
Accrued expenses (note 8) | 135,038 | 105,288 |
Deferred income | 137,103 | 111,363 |
Total current liabilities | 662,965 | 547,872 |
Long-term debt, net of deferred financing costs | 2,838,817 | 2,764,082 |
Operating lease liabilities | 995,356 | 993,776 |
Financing lease liabilities (note 7) | 17,277 | 18,608 |
Deferred income tax liabilities (note 12) | 6,416 | 4,854 |
Asset retirement obligation (note 10) | 269,367 | 222,876 |
Other liabilities | 40,207 | 36,605 |
Total liabilities | 4,830,405 | 4,588,673 |
Stockholders’ equity (note 14): | ||
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, authorized 5,720 shares; 5,720 shares issued and outstanding at 2021 and 2020 | 0 | 0 |
Additional paid-in-capital | 2,001,399 | 1,963,850 |
Accumulated comprehensive income | 855 | 934 |
Accumulated deficit | (734,415) | (717,331) |
Cost of shares held in treasury, 688,017 and 619,681 shares in 2021 and 2020, respectively | (50,852) | (44,786) |
Stockholders’ equity | 1,217,089 | 1,202,768 |
Total liabilities and stockholders’ equity | 6,047,494 | 5,791,441 |
Common Class A | ||
Stockholders’ equity (note 14): | ||
Common stock, value | 88 | 87 |
Common Class B | ||
Stockholders’ equity (note 14): | ||
Common stock, value | $ 14 | $ 14 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables, allowance for doubtful accounts | $ 11,195 | $ 14,946 |
Deferred financing costs, less current maturities | 585 | 445 |
Deferred financing costs, excluding current maturities | $ 36,274 | $ 39,672 |
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, cumulative dividends (in usd per share) | $ 63.80 | $ 63.80 |
Preferred stock, shares authorized (in shares) | 5,720 | 5,720 |
Preferred stock, shares issued (in shares) | 5,720 | 5,720 |
Preferred stock, shares outstanding (in shares) | 5,720 | 5,720 |
Shares held in treasury (in shares) | 688,017 | 619,681 |
Common Class A | ||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 362,500,000 | 362,500,000 |
Common stock, shares issued (in shares) | 87,540,838 | 87,111,327 |
Common stock, shares, outstanding (in shares) | 86,852,821 | 86,491,646 |
Common Class B | ||
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 37,500,000 | 37,500,000 |
Common stock, shares issued (in shares) | 14,420,085 | 14,420,085 |
Common stock, shares, outstanding (in shares) | 14,420,085 | 14,420,085 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements of Income | |||
Net Revenues | $ 1,787,401 | $ 1,568,856 | $ 1,753,644 |
Operating expenses (income): | |||
Direct advertising expenses (exclusive of depreciation and amortization) | 576,507 | 557,661 | 590,078 |
General and administrative expenses (exclusive of depreciation and amortization) | 326,951 | 287,874 | 318,380 |
Corporate expenses (exclusive of depreciation and amortization) | 93,577 | 70,944 | 84,658 |
Depreciation and amortization | 271,294 | 251,296 | 250,028 |
Gain on disposition of assets | (2,115) | (9,026) | (7,241) |
Total operating expenses | 1,266,214 | 1,158,749 | 1,235,903 |
Operating income | 521,187 | 410,107 | 517,741 |
Other expense (income): | |||
Loss on extinguishment of debt | 21,604 | 25,235 | 0 |
Interest income | (763) | (797) | (764) |
Interest expense | 106,384 | 137,623 | 150,616 |
Equity in earnings of investee | (3,384) | 0 | 0 |
Total other expense (income) | 123,841 | 162,061 | 149,852 |
Income before income tax expense (benefit) | 397,346 | 248,046 | 367,889 |
Income tax expense (benefit) (note 12) | 9,256 | 4,660 | (4,222) |
Net income | 388,090 | 243,386 | 372,111 |
Preferred stock dividends | 365 | 365 | 365 |
Net income applicable to common stock, basic | $ 387,725 | $ 243,021 | $ 371,746 |
Earnings per share: | |||
Basic earnings per share (in usd per share) | $ 3.83 | $ 2.41 | $ 3.71 |
Diluted earnings per share (in usd per share) | 3.83 | 2.41 | 3.71 |
Cash dividends declared per share of common stock (in usd per share) | $ 4 | $ 2.50 | $ 3.84 |
Weighted average common shares used in computing earnings per share: | |||
Weighted average number of shares outstanding basic (in shares) | 101,133,269 | 100,756,361 | 100,130,721 |
Weighted average common shares outstanding diluted (in shares) | 101,349,865 | 100,902,700 | 100,320,574 |
Statements of Comprehensive Income | |||
Net income | $ 388,090 | $ 243,386 | $ 372,111 |
Other comprehensive (loss) income, net of tax | |||
Foreign currency translation adjustments | (79) | 249 | 673 |
Comprehensive income | $ 388,011 | $ 243,635 | $ 372,784 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common StockSeries AA Preferred Stock | Common StockCommon Class A | Common StockCommon Class B | Treasury Stock | Additional Paid-In Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 1,131,784 | $ 0 | $ 86 | $ 14 | $ (25,412) | $ 1,852,421 | $ 12 | $ (695,337) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Non-cash compensation | 4,604 | 4,604 | ||||||
Issuance of common stock through stock awards | 20,956 | 20,956 | ||||||
Exercise of stock options | 14,984 | 0 | 14,984 | |||||
Issuance of common stock through employee purchase plan | 8,060 | 8,060 | ||||||
Issuance of common stock for cash | 21,198 | 1 | 21,197 | |||||
Purchase of treasury stock | (8,882) | (8,882) | ||||||
Foreign currency translation | 673 | 673 | ||||||
Net income | 372,111 | 372,111 | ||||||
Dividends/distributions to common shareholders | (384,817) | (384,817) | ||||||
Dividends, preferred stock | (365) | (365) | ||||||
Ending balance at Dec. 31, 2019 | 1,180,306 | 0 | 87 | 14 | (34,294) | 1,922,222 | 685 | (708,408) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Non-cash compensation | 4,669 | 4,669 | ||||||
Issuance of common stock through stock awards | 25,811 | 25,811 | ||||||
Exercise of stock options | 3,138 | 3,138 | ||||||
Issuance of common stock through employee purchase plan | 8,010 | 8,010 | ||||||
Purchase of treasury stock | (10,492) | (10,492) | ||||||
Foreign currency translation | 249 | 249 | ||||||
Net income | 243,386 | 243,386 | ||||||
Dividends/distributions to common shareholders | (251,944) | (251,944) | ||||||
Dividends, preferred stock | (365) | (365) | ||||||
Ending balance at Dec. 31, 2020 | 1,202,768 | 0 | 87 | 14 | (44,786) | 1,963,850 | 934 | (717,331) |
Increase (Decrease) in Stockholders' Equity | ||||||||
Non-cash compensation | 4,942 | 4,942 | ||||||
Issuance of common stock through stock awards | 13,566 | 13,565 | ||||||
Exercise of stock options | 10,170 | 10,170 | ||||||
Issuance of common stock through employee purchase plan | 8,872 | 8,872 | ||||||
Purchase of treasury stock | (6,066) | (6,066) | ||||||
Foreign currency translation | (79) | (79) | ||||||
Net income | 388,090 | 388,090 | ||||||
Dividends/distributions to common shareholders | (404,809) | (404,809) | ||||||
Dividends, preferred stock | (365) | (365) | ||||||
Ending balance at Dec. 31, 2021 | $ 1,217,089 | $ 0 | $ 88 | $ 14 | $ (50,852) | $ 2,001,399 | $ 855 | $ (734,415) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock awards (in shares) | 158,985 | 298,124 | 302,507 |
Exercise of stock options (in shares) | 156,491 | 61,949 | 340,684 |
Common stock purchase plan (in shares) | 114,035 | 154,756 | 129,972 |
Common stock shares issued for cash (in shares) | 266,410 | ||
Purchase of treasury stock (in shares) | 68,336 | 116,483 | 114,295 |
Cash dividends declared per share of common stock (in usd per share) | $ 4 | $ 2.50 | $ 3.84 |
Preferred stock dividend shares (in usd per shares) | $ 63.80 | $ 63.80 | $ 63.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 388,090,000 | $ 243,386,000 | $ 372,111,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 271,294,000 | 251,296,000 | 250,028,000 |
Stock-based compensation | 37,368,000 | 18,772,000 | 29,647,000 |
Amortization included in interest expense | 5,877,000 | 5,909,000 | 5,365,000 |
Gain on disposition of assets | (2,115,000) | (9,026,000) | (7,241,000) |
Loss on extinguishment of debt | 21,604,000 | 25,235,000 | 0 |
Equity in earnings of investee | (3,384,000) | 0 | 0 |
Deferred income tax expense (benefit) | 1,574,000 | (797,000) | (14,130,000) |
Provision for doubtful accounts | 4,527,000 | 12,729,000 | 10,608,000 |
(Increase) decrease in: | |||
Receivables | (24,684,000) | 1,287,000 | (28,357,000) |
Prepaid expenses | (5,493,000) | 591,000 | 275,000 |
Other assets | 5,030,000 | 7,629,000 | (11,257,000) |
Increase (decrease) in: | |||
Trade accounts payable | 1,308,000 | 841,000 | 700,000 |
Accrued expenses | 9,553,000 | 10,052,000 | (1,597,000) |
Operating lease liabilities | 3,819,000 | 24,549,000 | 9,102,000 |
Other liabilities | 20,049,000 | (22,580,000) | 15,611,000 |
Cash flows provided by operating activities | 734,417,000 | 569,873,000 | 630,865,000 |
Cash flows from investing activities: | |||
Capital expenditures | (126,090,000) | (62,272,000) | (140,956,000) |
Acquisitions | (312,257,000) | (45,584,000) | (226,278,000) |
Payment for investments in equity securities | (30,000,000) | 0 | 0 |
Decrease (increase) in notes receivable | 107,000 | 0 | |
Decrease (increase) in notes receivable | (448,000) | ||
Proceeds received from property insurance claims | 0 | 0 | 210,000 |
Proceeds from disposition of assets and investments | 6,480,000 | 10,968,000 | 5,438,000 |
Cash flows used in investing activities | (461,760,000) | (96,888,000) | (362,034,000) |
Cash flows from financing activities: | |||
Net proceeds from issuance of common stock | 19,042,000 | 11,148,000 | 44,262,000 |
Cash used for purchase of treasury shares | (6,066,000) | (10,492,000) | (8,882,000) |
Proceeds received from revolving credit facility | 200,000,000 | 725,000,000 | 495,000,000 |
Payments on revolving credit facility | (25,000,000) | (875,000,000) | (625,000,000) |
Principal payments on long-term debt | (378,000) | (9,112,000) | (34,471,000) |
Borrowings on long-term debt | 0 | 8,750,000 | 0 |
Principal payments on financing leases | (1,331,000) | 0 | 0 |
Proceeds received from senior credit facility term loans | 0 | 598,500,000 | 0 |
Payments on senior credit facility term loans | 0 | (978,097,000) | 0 |
Proceeds received from accounts receivable securitization program | 180,000,000 | 122,500,000 | 9,000,000 |
Payments on accounts receivable securitization program | (127,500,000) | (175,000,000) | (9,000,000) |
Proceeds received from note offering | 550,000,000 | 1,549,250,000 | 255,000,000 |
Redemption of senior notes and senior subordinated notes | (668,688,000) | (1,058,596,000) | 0 |
Debt issuance costs | (8,823,000) | (32,950,000) | (4,463,000) |
Distributions to non-controlling interest | (601,000) | (1,509,000) | (621,000) |
Dividends/distributions | (405,174,000) | (252,309,000) | (385,182,000) |
Cash flows used in financing activities | (294,519,000) | (377,917,000) | (264,357,000) |
Effect of exchange rate changes in cash and cash equivalents | 81,000 | 313,000 | 220,000 |
Net (decrease) increase in cash and cash equivalents | (21,781,000) | 95,381,000 | 4,694,000 |
Cash and cash equivalents at beginning of period | 121,569,000 | 26,188,000 | 21,494,000 |
Cash and cash equivalents at end of period | 99,788,000 | 121,569,000 | 26,188,000 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 112,080,000 | 130,864,000 | 139,585,000 |
Cash paid for state and federal income taxes | $ 8,388,000 | $ 4,033,000 | $ 14,449,000 |
Consolidated Balance Sheets (Su
Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 99,788 | $ 121,569 |
Receivables, net of allowance for doubtful accounts of $11,195 and $14,946 as of 2021 and 2020, respectively | 269,917 | 240,854 |
Other current assets | 18,902 | 18,147 |
Total current assets | 388,607 | 380,570 |
Property, plant and equipment | 3,782,288 | 3,615,505 |
Less accumulated depreciation and amortization | (2,445,014) | (2,333,656) |
Net property, plant and equipment | 1,337,274 | 1,281,849 |
Operating lease right of use assets | 1,224,672 | 1,222,013 |
Financing lease right of use assets | 16,890 | 19,670 |
Goodwill | 1,936,426 | 1,912,328 |
Intangible assets, net (note 3) | 1,045,177 | 914,446 |
Other assets | 98,448 | 60,565 |
Total assets | 6,047,494 | 5,791,441 |
Current liabilities: | ||
Trade accounts payable | 16,429 | 12,017 |
Current maturities of long-term debt | 174,778 | 122,434 |
Current operating lease liabilities | 198,286 | 195,439 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses (note 4) | 135,038 | 105,288 |
Deferred income | 137,103 | 111,363 |
Total current liabilities | 662,965 | 547,872 |
Long-term debt, net of deferred financing costs | 2,838,817 | 2,764,082 |
Operating lease liabilities | 995,356 | 993,776 |
Financing lease liabilities | 17,277 | 18,608 |
Deferred income tax liabilities | 6,416 | 4,854 |
Asset retirement obligation | 269,367 | 222,876 |
Other liabilities | 40,207 | 36,605 |
Total liabilities | 4,830,405 | 4,588,673 |
Stockholder’s equity: | ||
Additional paid-in-capital | 2,001,399 | 1,963,850 |
Accumulated comprehensive income | 855 | 934 |
Accumulated deficit | (734,415) | (717,331) |
Stockholders’ equity | 1,217,089 | 1,202,768 |
Total liabilities and stockholders’ equity | 6,047,494 | 5,791,441 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Current assets: | ||
Cash and cash equivalents | 99,288 | 121,069 |
Receivables, net of allowance for doubtful accounts of $11,195 and $14,946 as of 2021 and 2020, respectively | 269,917 | 240,854 |
Other current assets | 18,902 | 18,147 |
Total current assets | 388,107 | 380,070 |
Property, plant and equipment | 3,782,288 | 3,615,505 |
Less accumulated depreciation and amortization | (2,445,014) | (2,333,656) |
Net property, plant and equipment | 1,337,274 | 1,281,849 |
Operating lease right of use assets | 1,224,672 | 1,222,013 |
Financing lease right of use assets | 16,890 | 19,670 |
Goodwill | 1,926,274 | 1,902,177 |
Intangible assets, net (note 3) | 1,044,709 | 913,978 |
Other assets | 93,105 | 54,950 |
Total assets | 6,031,031 | 5,774,707 |
Current liabilities: | ||
Trade accounts payable | 16,429 | 12,017 |
Current maturities of long-term debt | 174,778 | 122,434 |
Current operating lease liabilities | 198,286 | 195,439 |
Current financing lease liabilities | 1,331 | 1,331 |
Accrued expenses (note 4) | 127,318 | 98,478 |
Deferred income | 137,103 | 111,363 |
Total current liabilities | 655,245 | 541,062 |
Long-term debt, net of deferred financing costs | 2,838,817 | 2,764,082 |
Operating lease liabilities | 995,356 | 993,776 |
Financing lease liabilities | 17,277 | 18,608 |
Deferred income tax liabilities | 6,416 | 4,854 |
Asset retirement obligation | 269,367 | 222,876 |
Other liabilities | 40,207 | 36,605 |
Total liabilities | 4,822,685 | 4,581,863 |
Stockholder’s equity: | ||
Common stock, $0.01 par value, authorized 3,000 shares; 100 shares issued and outstanding at 2021 and 2020 | 0 | 0 |
Additional paid-in-capital | 3,071,905 | 3,034,357 |
Accumulated comprehensive income | 855 | 934 |
Accumulated deficit | (1,864,414) | (1,842,447) |
Stockholders’ equity | 1,208,346 | 1,192,844 |
Total liabilities and stockholders’ equity | $ 6,031,031 | $ 5,774,707 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Subsidiary) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables, allowance for doubtful accounts | $ 11,195 | $ 14,946 |
Deferred financing costs, less current maturities | 585 | 445 |
Deferred financing costs, excluding current maturities | 36,274 | 39,672 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Receivables, allowance for doubtful accounts | 11,195 | 14,946 |
Deferred financing costs, less current maturities | 585 | 445 |
Deferred financing costs, excluding current maturities | $ 36,274 | $ 39,672 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,000 | 3,000 |
Common stock, shares issued (in shares) | 100 | 100 |
Common stock, shares, outstanding (in shares) | 100 | 100 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Subsidiary) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements of Income | |||
Net Revenues | $ 1,787,401 | $ 1,568,856 | $ 1,753,644 |
Operating expenses (income): | |||
Direct advertising expenses (exclusive of depreciation and amortization) | 576,507 | 557,661 | 590,078 |
General and administrative expenses (exclusive of depreciation and amortization) | 326,951 | 287,874 | 318,380 |
Corporate expenses (exclusive of depreciation and amortization) | 93,577 | 70,944 | 84,658 |
Depreciation and amortization | 271,294 | 251,296 | 250,028 |
Gain on disposition of assets | (2,115) | (9,026) | (7,241) |
Total operating expenses | 1,266,214 | 1,158,749 | 1,235,903 |
Operating income | 521,187 | 410,107 | 517,741 |
Other expense (income): | |||
Loss on extinguishment of debt | 21,604 | 25,235 | 0 |
Interest income | (763) | (797) | (764) |
Interest expense | 106,384 | 137,623 | 150,616 |
Equity in earnings of investee | (3,384) | 0 | 0 |
Total other expense (income) | 123,841 | 162,061 | 149,852 |
Income before income tax expense (benefit) | 397,346 | 248,046 | 367,889 |
Income tax expense (benefit) | 9,256 | 4,660 | (4,222) |
Net income | 388,090 | 243,386 | 372,111 |
Statements of Comprehensive Income | |||
Net income | 388,090 | 243,386 | 372,111 |
Other comprehensive (loss) income, net of tax | |||
Foreign currency translation adjustments | (79) | 249 | 673 |
Comprehensive income | 388,011 | 243,635 | 372,784 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Statements of Income | |||
Net Revenues | 1,787,401 | 1,568,856 | 1,753,644 |
Operating expenses (income): | |||
Direct advertising expenses (exclusive of depreciation and amortization) | 576,507 | 557,661 | 590,078 |
General and administrative expenses (exclusive of depreciation and amortization) | 326,636 | 287,874 | 318,380 |
Corporate expenses (exclusive of depreciation and amortization) | 93,074 | 70,457 | 84,229 |
Depreciation and amortization | 271,294 | 251,296 | 250,028 |
Gain on disposition of assets | (2,115) | (9,026) | (7,241) |
Total operating expenses | 1,265,396 | 1,158,262 | 1,235,474 |
Operating income | 522,005 | 410,594 | 518,170 |
Other expense (income): | |||
Loss on extinguishment of debt | 21,604 | 25,235 | 0 |
Interest income | (763) | (797) | (764) |
Interest expense | 106,384 | 137,623 | 150,616 |
Equity in earnings of investee | (3,384) | 0 | 0 |
Total other expense (income) | 123,841 | 162,061 | 149,852 |
Income before income tax expense (benefit) | 398,164 | 248,533 | 368,318 |
Income tax expense (benefit) | 9,256 | 4,660 | (4,222) |
Net income | 388,908 | 243,873 | 372,540 |
Statements of Comprehensive Income | |||
Net income | 388,908 | 243,873 | 372,540 |
Other comprehensive (loss) income, net of tax | |||
Foreign currency translation adjustments | (79) | 249 | 673 |
Comprehensive income | $ 388,829 | $ 244,122 | $ 373,213 |
Consolidated Statements of St_3
Consolidated Statements of Stockholders' Equity (Subsidiary) - USD ($) $ in Thousands | Total | Additional Paid-In Capital | Accumulated Comprehensive Income (Loss) | Accumulated Deficit | LAMAR MEDIA CORP. AND SUBSIDIARIES | LAMAR MEDIA CORP. AND SUBSIDIARIESCommon Stock | LAMAR MEDIA CORP. AND SUBSIDIARIESAdditional Paid-In Capital | LAMAR MEDIA CORP. AND SUBSIDIARIESAccumulated Comprehensive Income (Loss) | LAMAR MEDIA CORP. AND SUBSIDIARIESAccumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 1,131,784 | $ 1,852,421 | $ 12 | $ (695,337) | $ 1,120,196 | $ 0 | $ 2,922,907 | $ 12 | $ (1,802,723) |
Increase (Decrease) in Stockholders' Equity | |||||||||
Contribution from parent | 69,822 | 69,822 | |||||||
Foreign currency translation adjustments | 673 | 673 | |||||||
Net income | 372,111 | 372,111 | 372,540 | 372,540 | |||||
Dividend To Parent | (393,700) | (393,700) | |||||||
Ending balance at Dec. 31, 2019 | 1,180,306 | 1,922,222 | 685 | (708,408) | 1,169,531 | 0 | 2,992,729 | 685 | (1,823,883) |
Increase (Decrease) in Stockholders' Equity | |||||||||
Contribution from parent | 41,628 | 41,628 | |||||||
Foreign currency translation adjustments | 249 | 249 | |||||||
Net income | 243,386 | 243,386 | 243,873 | 243,873 | |||||
Dividend To Parent | (262,437) | (262,437) | |||||||
Ending balance at Dec. 31, 2020 | 1,202,768 | 1,963,850 | 934 | (717,331) | 1,192,844 | 0 | 3,034,357 | 934 | (1,842,447) |
Increase (Decrease) in Stockholders' Equity | |||||||||
Contribution from parent | 37,548 | 37,548 | |||||||
Foreign currency translation adjustments | (79) | (79) | |||||||
Net income | 388,090 | 388,090 | 388,908 | 388,908 | |||||
Dividend To Parent | (410,875) | (410,875) | |||||||
Ending balance at Dec. 31, 2021 | $ 1,217,089 | $ 2,001,399 | $ 855 | $ (734,415) | $ 1,208,346 | $ 0 | $ 3,071,905 | $ 855 | $ (1,864,414) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Subsidiary) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 388,090,000 | $ 243,386,000 | $ 372,111,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 271,294,000 | 251,296,000 | 250,028,000 |
Stock-based compensation | 37,368,000 | 18,772,000 | 29,647,000 |
Amortization included in interest expense | 5,877,000 | 5,909,000 | 5,365,000 |
Gain on disposition of assets | (2,115,000) | (9,026,000) | (7,241,000) |
Loss on extinguishment of debt | 21,604,000 | 25,235,000 | 0 |
Equity in earnings of investee | (3,384,000) | 0 | 0 |
Deferred income tax expense (benefit) | 1,574,000 | (797,000) | (14,130,000) |
Provision for doubtful accounts | 4,527,000 | 12,729,000 | 10,608,000 |
(Increase) decrease in: | |||
Receivables | (24,684,000) | 1,287,000 | (28,357,000) |
Prepaid expenses | (5,493,000) | 591,000 | 275,000 |
Other assets | 5,030,000 | 7,629,000 | (11,257,000) |
Increase (decrease) in: | |||
Trade accounts payable | 1,308,000 | 841,000 | 700,000 |
Accrued expenses | 9,553,000 | 10,052,000 | (1,597,000) |
Operating lease liabilities | 3,819,000 | 24,549,000 | 9,102,000 |
Other liabilities | 20,049,000 | (22,580,000) | 15,611,000 |
Cash flows provided by operating activities | 734,417,000 | 569,873,000 | 630,865,000 |
Cash flows from investing activities: | |||
Capital expenditures | (126,090,000) | (62,272,000) | (140,956,000) |
Acquisitions | (312,257,000) | (45,584,000) | (226,278,000) |
Payment for investments in equity securities | (30,000,000) | 0 | 0 |
Decrease (increase) in notes receivable | 107,000 | 0 | |
Decrease (increase) in notes receivable | (448,000) | ||
Proceeds received from property insurance claims | 0 | 0 | 210,000 |
Proceeds from disposition of assets and investments | 6,480,000 | 10,968,000 | 5,438,000 |
Cash flows used in investing activities | (461,760,000) | (96,888,000) | (362,034,000) |
Cash flows from financing activities: | |||
Proceeds received from revolving credit facility | 200,000,000 | 725,000,000 | 495,000,000 |
Payments on revolving credit facility | (25,000,000) | (875,000,000) | (625,000,000) |
Principal payments on long-term debt | (378,000) | (9,112,000) | (34,471,000) |
Borrowings on long-term debt | 0 | 8,750,000 | 0 |
Principal payments on financing leases | (1,331,000) | 0 | 0 |
Proceeds received from senior credit facility term loans | 0 | 598,500,000 | 0 |
Proceeds received from accounts receivable securitization program | 180,000,000 | 122,500,000 | 9,000,000 |
Payments on accounts receivable securitization program | (127,500,000) | (175,000,000) | (9,000,000) |
Debt issuance costs | (8,823,000) | (32,950,000) | (4,463,000) |
Proceeds received from note offering | 550,000,000 | 1,549,250,000 | 255,000,000 |
Redemption of senior notes and senior subordinated notes | (668,688,000) | (1,058,596,000) | 0 |
Payments on senior credit facility term loans | 0 | (978,097,000) | 0 |
Distributions to non-controlling interest | (601,000) | (1,509,000) | (621,000) |
Cash flows used in financing activities | (294,519,000) | (377,917,000) | (264,357,000) |
Effect of exchange rate changes in cash and cash equivalents | 81,000 | 313,000 | 220,000 |
Net (decrease) increase in cash and cash equivalents | (21,781,000) | 95,381,000 | 4,694,000 |
Cash and cash equivalents at beginning of period | 121,569,000 | 26,188,000 | 21,494,000 |
Cash and cash equivalents at end of period | 99,788,000 | 121,569,000 | 26,188,000 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 112,080,000 | 130,864,000 | 139,585,000 |
Cash paid for state and federal income taxes | 8,388,000 | 4,033,000 | 14,449,000 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Cash flows from operating activities: | |||
Net income | 388,908,000 | 243,873,000 | 372,540,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 271,294,000 | 251,296,000 | 250,028,000 |
Stock-based compensation | 37,368,000 | 18,772,000 | 29,647,000 |
Amortization included in interest expense | 5,877,000 | 5,909,000 | 5,365,000 |
Gain on disposition of assets | (2,115,000) | (9,026,000) | (7,241,000) |
Loss on extinguishment of debt | 21,604,000 | 25,235,000 | 0 |
Equity in earnings of investee | (3,384,000) | 0 | 0 |
Deferred income tax expense (benefit) | 1,574,000 | (797,000) | (14,130,000) |
Provision for doubtful accounts | 4,527,000 | 12,729,000 | 10,608,000 |
(Increase) decrease in: | |||
Receivables | (24,684,000) | 1,287,000 | (28,357,000) |
Prepaid expenses | (5,493,000) | 591,000 | 275,000 |
Other assets | 5,030,000 | 7,629,000 | (11,257,000) |
Increase (decrease) in: | |||
Trade accounts payable | 1,308,000 | 841,000 | 700,000 |
Accrued expenses | 9,553,000 | 10,052,000 | (1,597,000) |
Operating lease liabilities | 3,819,000 | 24,549,000 | 9,102,000 |
Other liabilities | 360,000 | (53,911,000) | (10,743,000) |
Cash flows provided by operating activities | 715,546,000 | 539,029,000 | 604,940,000 |
Cash flows from investing activities: | |||
Capital expenditures | (126,090,000) | (62,272,000) | (140,956,000) |
Acquisitions | (312,257,000) | (45,584,000) | (226,278,000) |
Payment for investments in equity securities | (30,000,000) | 0 | 0 |
Decrease (increase) in notes receivable | 107,000 | 0 | |
Decrease (increase) in notes receivable | (448,000) | ||
Proceeds received from property insurance claims | 0 | 0 | 210,000 |
Proceeds from disposition of assets and investments | 6,480,000 | 10,968,000 | 5,438,000 |
Cash flows used in investing activities | (461,760,000) | (96,888,000) | (362,034,000) |
Cash flows from financing activities: | |||
Proceeds received from revolving credit facility | 200,000,000 | 725,000,000 | 495,000,000 |
Payments on revolving credit facility | (25,000,000) | (875,000,000) | (625,000,000) |
Principal payments on long-term debt | (378,000) | (9,112,000) | (34,471,000) |
Borrowings on long-term debt | 0 | 8,750,000 | 0 |
Principal payments on financing leases | (1,331,000) | 0 | 0 |
Proceeds received from senior credit facility term loans | 0 | 598,500,000 | 0 |
Proceeds received from accounts receivable securitization program | 180,000,000 | 122,500,000 | 9,000,000 |
Payments on accounts receivable securitization program | (127,500,000) | (175,000,000) | (9,000,000) |
Debt issuance costs | (8,823,000) | (32,950,000) | (4,463,000) |
Proceeds received from note offering | 550,000,000 | 1,549,250,000 | 255,000,000 |
Redemption of senior notes and senior subordinated notes | (668,688,000) | (1,058,596,000) | 0 |
Payments on senior credit facility term loans | 0 | (978,097,000) | 0 |
Distributions to non-controlling interest | (601,000) | (1,509,000) | (621,000) |
Dividends to parent | (410,875,000) | (262,437,000) | (393,700,000) |
Contributions from parent | 37,548,000 | 41,628,000 | 69,822,000 |
Cash flows used in financing activities | (275,648,000) | (347,073,000) | (238,433,000) |
Effect of exchange rate changes in cash and cash equivalents | 81,000 | 313,000 | 221,000 |
Net (decrease) increase in cash and cash equivalents | (21,781,000) | 95,381,000 | 4,694,000 |
Cash and cash equivalents at beginning of period | 121,069,000 | 25,688,000 | 20,994,000 |
Cash and cash equivalents at end of period | 99,288,000 | 121,069,000 | 25,688,000 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 112,080,000 | 130,864,000 | 139,585,000 |
Cash paid for state and federal income taxes | $ 8,388,000 | $ 4,033,000 | $ 14,449,000 |
Description of the Business and
Description of the Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of the Business and Significant Accounting Policies | Description of the Business and Significant Accounting Policies (a) Nature of Business Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 153,800 billboard advertising displays in 45 states and Canada. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates approximately 46,600 transit advertising displays in 23 states and Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. The Company operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes and generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. (b) Principles of Consolidation The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media Corp. (Lamar Media), and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. An operating segment is a component of an enterprise: • that engages in business activities from which it may earn revenues and incur expenses; • whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and • for which discrete financial information is available. We define the term ‘chief operating decision maker’ to be our executive management group, which consist of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Currently, all operations are reviewed on a consolidated basis for budget and business plan performance by our executive management group. Additionally, operational performance at the end of each reporting period is viewed in the aggregate by our management group. Any decisions related to changes in invested capital, personnel, operational improvement or training, or to allocate other company resources are made based on the combined results. We operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals. (c) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. (d) Goodwill and Intangible Assets Goodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has identified two reporting units, Billboard operations and Logo operations, by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Company would be required to book an impairment loss. The Company conducts a qualitative assessment by examining relevant events and circumstances which could have a negative impact on the Company’s goodwill, which includes 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. If, after assessing the totality of events or circumstances described above, the Company determines that it is more likely than not that the fair value of either of the Company's reporting units is less than its carrying amount, the Company will perform a quantitative impairment test. If industry and economic conditions deteriorate, the Company may be required to assess goodwill impairment before the next annual test, which could result in impairment charges. The Company performed its annual measurement for impairment of the goodwill of its reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on December 31, 2021 and 2020; therefore, the Company was not required to recognize an impairment loss. Intangible assets, consisting primarily of site locations, customer lists and contracts, and non-competition agreements are amortized using the straight-line method over the assets' estimated useful lives, generally from 2 to 15 years. (e) Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment, lease right of use assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset or asset group before interest expense. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. (f) Acquisitions The Company accounts for transactions that meet the definition of a business and group asset purchases as acquisitions. For transactions that meet the definition of a business combination, the Company allocates the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period and result in adjustments to the preliminary estimate recognized in the prior period financial statements. For transactions that meet the definition of asset group purchases, the Company proportionally allocates the purchase price to the assets based on relative fair value acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition. If a transaction is determined to be a group of assets, any direct acquisition costs are capitalized. Transaction costs for transactions determined to be a business combination are expensed as incurred. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future cash flows. (g) Lease Liabilities The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases , our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease. Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the consolidated statements of income and comprehensive income. Interest related to financing lease liabilities is recorded in interest expense on the consolidated statements of income and comprehensive income. The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. The Company has determined we are not reasonably certain to exercise renewals or termination options, and as a result we use the lease’s initial stated term as the lease term for our lease population. (h) Deferred Income Deferred income consists principally of advertising revenue invoiced in advance. Deferred advertising revenue is recognized in income over the term of the contract. (i) Revenue Recognition The Company recognizes outdoor advertising revenue on an accrual basis ratably over the term of the contracts. Production revenue and the related expense for the advertising copy are recognized upon satisfaction of its performance obligation. The Company engages in barter transactions where the Company trades advertising space for goods and services. The Company recognizes revenues and expenses from barter transactions at fair value, which is determined based on the Company’s own historical practice of receiving cash for similar advertising space from buyers unrelated to the party in the barter transaction. The amount of revenue and expense recognized for advertising barter transactions is as follows: 2021 2020 2019 Net revenues $ 7,718 $ 8,088 $ 9,636 Direct advertising expenses $ 4,014 $ 3,971 $ 3,982 General and administrative expenses $ 3,112 $ 3,144 $ 4,986 (j) Income Taxes As a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. (k) Dividends/Distributions As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the years ended December 31, 2021, 2020 and 2019, the Company declared and paid distributions of its REIT taxable income of $404,809 or $4.00 per share, $251,944 or $2.50 per share and $384,817 or $3.84 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 the 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 its existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During each of the years ended December 31, 2021, 2020 and 2019, the Company paid dividend distributions to holders of its Series AA Preferred Stock of $365 or $63.80 per share. (l) 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. For the years ended December 31, 2021, 2020 and 2019 there were no dilutive shares excluded from the calculation. (m) Stock Based Compensation Compensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2021, 2020, and 2019 were $37,368, $18,772 and $29,647, respectively. The $37,368 expensed during the year ended December 31, 2021 consists of (i) $4,348 related to stock options and the employee stock purchase plan, (ii) $31,776 related to stock grants made under the Company’s performance-based stock incentive program in 2021, (iii) $622 related to non-performance restricted stock awards and (iv) $622 related to restricted stock awards to directors. See Note 15 for information on the assumptions used to calculate the fair value of stock-based compensation. (n) Cash and Cash Equivalents The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. (o) Credit Losses The Company estimates credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends. (p) Foreign Currency Translation Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income and as a component of accumulated comprehensive income in the Consolidated Statements of Stockholders’ Equity. (q) Asset Retirement Obligations The Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its leased properties. (r) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 expenses during the reporting period. Actual results could differ from those estimates. (s) Comprehensive Income Total comprehensive income is presented in the Consolidated Statements of Income and Comprehensive Income and the components of accumulated comprehensive income are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive income is composed of foreign currency translation effects. (t) Fair Value Measurements The Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. (u) Investments On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Consolidated Balance Sheet. For the year ended December 31, 2021, the Company recorded $3,384 in equity in earnings of investee on the Consolidated Statement of Income and Comprehensive Income. (v) Subsequent Events The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenue Revenue Recognition Advertising revenues: The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, are accounted for under ASC 606, Revenue from Contracts with Customers . The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues 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 Consolidated Statements of Income and Comprehensive Income. During the years ended December 31, 2021 and 2020, we capitalized $25,642 and $22,698, respectively, of costs to fulfill contracts, which is included in other current assets on the Consolidated Balance Sheets, net of expensed costs of $25,197 and $23,085, respectively. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts are 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 for the years ended December 31, 2021, 2020 and 2019. 2021 2020 2019 Billboard Advertising $ 1,613,554 $ 1,403,239 $ 1,537,542 Logo Advertising 78,180 82,944 84,201 Transit Advertising 95,667 82,673 131,901 Net Revenues $ 1,787,401 $ 1,568,856 $ 1,753,644 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Year Ended December 31, 2021 During the year ended December 31, 2021, the Company completed several acquisitions of outdoor and transit advertising assets for a total cash purchase price of $312,257, net of cash acquired of $1,419. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets acquired and liabilities assumed based on fair market value estimates at the dates of acquisition. As of December 31, 2021, our fair value allocation of the assets acquired and liabilities assumed in a business combination completed December 3, 2021 is considered preliminary and is subject to revision, which may result in adjustments to this allocation. The aggregate purchase price of this business combination was $75,000. We expect to finalize these amounts as soon as possible but not later than the end of 2022. In order to develop our preliminary fair values, the Company utilized asset information received from the acquired company and fair value allocation benchmarks from similar completed transactions. Our preliminary allocation of these assets includes property, plant and equipment, intangibles and goodwill of $6,022, $53,775 and $9,506, respectively. The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on December 3, 2021. Total Property, plant and equipment $ 38,289 Goodwill 24,089 Site locations 206,734 Non-competition agreements 3,120 Customer lists and contracts 31,101 Other intangibles 721 Asset acquisition costs 523 Current assets 9,310 Current liabilities (4,406) Operating lease right of use assets 32,487 Operating lease liabilities (30,197) Other assets 486 $ 312,257 Total acquired intangible assets for the year ended December 31, 2021 were $266,288, of which $24,089 was assigned to goodwill. Goodwill is not amortized for financial statement purposes and $14,584 of goodwill related to 2021 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $31,101 (7 year weighted average useful life) and site locations of $206,734 (15 year weighted average useful life). The aggregate amortization expense related to the 2021 acquisitions for the year ended December 31, 2021 was $4,335. The following unaudited pro forma financial information for the Company gives effect to the 2021 and 2020 acquisitions as if they had occurred on January 1, 2020. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period. 2021 2020 (unaudited) Net revenues $ 1,826,448 $ 1,615,855 Net income applicable to common stock $ 379,874 $ 230,035 Net income per common share — basic $ 3.76 $ 2.28 Net income per common share — diluted $ 3.75 $ 2.28 Year Ended December 31, 2020 During the year ended December 31, 2020, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $46,160, of which $45,584 was in cash and $576 in non-cash consideration. Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been proportionally allocated to assets based on relative fair value acquired and liabilities assumed based on fair market value at the dates of acquisition. The following is a summary of the allocation of the purchase price in the above transactions. Total Property, plant and equipment $ 13,376 Site locations 27,902 Non-competition agreements 140 Customer lists and contracts 3,979 Asset acquisition costs 154 Current assets 3 Current liabilities (295) Operating right of use assets 7,269 Operating lease liabilities (6,368) $ 46,160 The total amount of acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $3,979 (7 year weighted average useful life) and site locations of $27,902 (15 year weighted average useful life). The aggregate amortization expense related to the 2020 acquisitions for the year ended December 31, 2020 was approximately $1,356. |
Non-cash Financing and Investin
Non-cash Financing and Investing Activities | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Non-cash Financing and Investing Activities | Non-cash Financing and Investing ActivitiesFor the years ended December 31, 2021, 2020 and 2019, there were no significant non-cash investing activities. For the year ended December 31, 2020, the Company had non-cash financing activities related to financing lease liabilities of $19,891. There were no significant non-cash financing activities during the years ended December 31, 2021 and 2019. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Major categories of property, plant and equipment at December 31, 2021 and 2020 are as follows: Estimated Life 2021 2020 Land — $ 428,849 $ 413,257 Building and improvements 10 — 39 206,870 187,921 Advertising structures 5 — 15 3,010,769 2,880,521 Automotive and other equipment 3 — 7 135,800 133,806 $ 3,782,288 $ 3,615,505 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following is a summary of intangible assets at December 31, 2021 and 2020: Estimated 2021 2020 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 — 10 $ 676,846 $ 587,056 $ 645,739 $ 563,135 Non-competition agreements 3 — 15 69,276 64,941 66,156 64,647 Site locations 15 2,619,531 1,680,333 2,412,745 1,593,805 Other 2 — 15 51,261 39,407 50,018 38,625 $ 3,416,914 $ 2,371,737 $ 3,174,658 $ 2,260,212 Unamortizable Intangible Assets: Goodwill $ 2,189,962 $ 253,536 $ 2,165,864 $ 253,536 The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows: Balance as of December 31, 2019 $ 2,165,810 Purchase price adjustments and other 54 Balance as of December 31, 2020 $ 2,165,864 Goodwill acquired during the year 24,089 Purchase price adjustments and other 9 Balance as of December 31, 2021 $ 2,189,962 Amortization expense for the years ended December 31, 2021, 2020 and 2019 was $114,319, $110,201 and $113,679, respectively. The following is a summary of the estimated amortization expense for future years: 2022 $ 120,629 2023 110,005 2024 106,111 2025 102,658 2026 94,667 Thereafter 511,107 Total $ 1,045,177 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | LeasesThe Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification, as part of the adoption of ASC 842, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease. Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the Consolidated Statements of Income and Comprehensive Income. Interest related to financing lease liabilities is recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. The Company has determined we are not reasonably certain to exercise renewals or termination options, and as a result we use the lease’s initial stated term as the lease term for our lease population. During the year ended December 31, 2021, we had base operating lease costs of $290,036 and variable operating lease costs of $98,682, for a total operating lease cost of $388,718. During the year ended December 31, 2020, we had base operating lease costs of $298,135 and variable operating lease costs of $69,242, for a total operating lease cost of $367,377. During the year ended December 31, 2019, we had base operating lease costs of $312,883 and variable lease costs of $76,492, for a total operating lease cost of $389,375. Variable operating lease costs above include non-lease transit payments of $47,054, $25,670 and $27,086 for the years ended December 31, 2021, 2020 and 2019, respectively. Our operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the years ended December 31, 2021, 2020 and 2019, we recorded a loss (gain) of $241, ($451) and ($4,061) respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $296,460, $286,575 and $316,527 were made reducing our operating lease liabilities for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in cash flows provided by operating activities in the 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 or lease liabilities for agreements with a term of twelve months or less. We recorded $6,184, $4,953 and $4,691 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the years ended December 31, 2021, 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%. During the years ended December 31, 2021 and 2020, we obtained $49,927 and $25,264, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. Lease terminations during the year resulted in a $5,697 and $23,173 reduction to operating lease liabilities for the years ended December 31, 2021 and 2020, respectively. The following is a summary of the maturities of our operating lease liabilities as of December 31, 2021: 2022 $ 229,824 2023 183,407 2024 163,324 2025 138,088 2026 115,165 Thereafter 758,339 Total undiscounted operating lease payments 1,588,147 Less: Imputed interest (394,505) Total operating lease liabilities $ 1,193,642 During the year ended December 31, 2020, we obtained $19,891 of leased assets in exchange for new financing lease liabilities. Our financing leases have a weighted-average remaining lease term of 5.9 years and a weighted-average discount rate of 3.1%. For the years ended December 31, 2021 and 2020, amortization expense of $2,853 and $222 was recorded within depreciation and amortization, respectively, and interest expense of $585 and $47 was recorded within interest expense, respectively, on the Consolidated Statements of Income and Comprehensive Income in relation to these financing lease |
Leases | LeasesThe Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification, as part of the adoption of ASC 842, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease. Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the Consolidated Statements of Income and Comprehensive Income. Interest related to financing lease liabilities is recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. The Company has determined we are not reasonably certain to exercise renewals or termination options, and as a result we use the lease’s initial stated term as the lease term for our lease population. During the year ended December 31, 2021, we had base operating lease costs of $290,036 and variable operating lease costs of $98,682, for a total operating lease cost of $388,718. During the year ended December 31, 2020, we had base operating lease costs of $298,135 and variable operating lease costs of $69,242, for a total operating lease cost of $367,377. During the year ended December 31, 2019, we had base operating lease costs of $312,883 and variable lease costs of $76,492, for a total operating lease cost of $389,375. Variable operating lease costs above include non-lease transit payments of $47,054, $25,670 and $27,086 for the years ended December 31, 2021, 2020 and 2019, respectively. Our operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the years ended December 31, 2021, 2020 and 2019, we recorded a loss (gain) of $241, ($451) and ($4,061) respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $296,460, $286,575 and $316,527 were made reducing our operating lease liabilities for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in cash flows provided by operating activities in the 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 or lease liabilities for agreements with a term of twelve months or less. We recorded $6,184, $4,953 and $4,691 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the years ended December 31, 2021, 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%. During the years ended December 31, 2021 and 2020, we obtained $49,927 and $25,264, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. Lease terminations during the year resulted in a $5,697 and $23,173 reduction to operating lease liabilities for the years ended December 31, 2021 and 2020, respectively. The following is a summary of the maturities of our operating lease liabilities as of December 31, 2021: 2022 $ 229,824 2023 183,407 2024 163,324 2025 138,088 2026 115,165 Thereafter 758,339 Total undiscounted operating lease payments 1,588,147 Less: Imputed interest (394,505) Total operating lease liabilities $ 1,193,642 During the year ended December 31, 2020, we obtained $19,891 of leased assets in exchange for new financing lease liabilities. Our financing leases have a weighted-average remaining lease term of 5.9 years and a weighted-average discount rate of 3.1%. For the years ended December 31, 2021 and 2020, amortization expense of $2,853 and $222 was recorded within depreciation and amortization, respectively, and interest expense of $585 and $47 was recorded within interest expense, respectively, on the Consolidated Statements of Income and Comprehensive Income in relation to these financing lease |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses The following is a summary of accrued expenses at December 31, 2021 and 2020: 2021 2020 Payroll $ 36,531 $ 17,034 Interest 22,009 33,583 Insurance benefits 11,205 12,499 Accrued variable lease and contract expense 21,487 19,274 Stock-based compensation 30,450 11,589 Other 13,356 11,309 $ 135,038 $ 105,288 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consists of the following at December 31, 2021 and 2020: December 31, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 December 31, 2020 Debt Deferred Debt, net of Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 Long-term debt contractual maturities are as follows: Debt Deferred Debt, net of 2022 $ 363 $ — $ 363 2023 $ 381 $ — $ 381 2024 $ 175,400 $ 585 $ 174,815 2025 $ 175,420 $ 3,371 $ 172,049 2026 $ 442 $ — $ 442 Thereafter $ 2,698,448 $ 32,903 $ 2,665,545 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 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”). The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a $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 borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated. As a result of refinancing our credit facility the Company incurred a loss on debt extinguishment of $5,608 for the year ended December 31, 2020. 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 loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate term 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 December 31, 2021, there were $175,000 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 $12,374 in letters of credit outstanding as of December 31, 2021 resulting in $562,626 of availability under the 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 the 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 "Receivable Financing Agreement") with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). 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 “Third Amendment”) to the Receivables Financing Agreement. The Third Amendment increased 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 Third Amendment did not modify any other financial covenant. Additionally, the Third Amendment established 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 had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On October 23, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Fourth Amendment (the “Fourth Amendment”) to the Receivables Financing Agreement. The Fourth Amendment increased 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 increased the maximum three month average Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable Securitization Program. Additionally, the Fourth Amendment increased 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 had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On May 24, 2021, Lamar Media and the Special Purpose Subsidiaries entered into the Fifth Amendment (the "Fifth Amendment") to the Receivables Financing Agreement. The Fifth Amendment extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2024. Additionally, the Fifth Amendment decreased 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) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, provided that the Minimum Funding Threshold shall be zero on any day that is a Minimum Funding Threshold Holiday which, as amended, provides for an annual holiday from the requirement of up to sixty days per year. The Fifth Amendment also provides for updated LIBOR replacement procedures. As of December 31, 2021, there was $175,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had no additional availability for borrowing under the Accounts Receivable Securitization Program as of December 31, 2021. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the year ended December 31, 2021. The Accounts Receivable Securitization Program will mature on July 21, 2024. Lamar Media may amend the facility to extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources. 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 Consolidated Balance Sheets, (ii) our 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 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 the 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 year ended December 31, 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% Senior Notes due 2024 (the “5 3/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300. Lamar Media used the proceeds from the 4% Senior Notes (defined below) and 3 3/4% Senior Notes (defined below) 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. In conjunction with the redemption, the Company recorded a loss on debt extinguishment of $12,576, of which $9,139 was cash, for the year ended December 31, 2020. 5 3/4% Senior Notes On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “Original 5 3/4 % Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $394,500. On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount under its 5 3/4% Notes (the “Additional 5 3/4% Notes”, and together with the Original 5 3/4% Notes, the "5 3/4% Notes"). Other than with respect to the date of issuance, issue price and CUSIP number, the Additional 5 3/4% Notes have the same terms as the Original 5 3/4% Notes. The net proceeds after underwriting fees and expenses, was approximately $251,500. On February 3, 2021, Lamar Media redeemed in full all $650,000 aggregate principal amount 5 3/4% Notes. The 5 3/4% Notes redemption was completed using the proceeds received from the 3 5/8% Notes offering completed on January 22, 2021 (as described below), together with cash on hand and borrowings under the revolving credit facility and Accounts Receivable Securitization Program. The 5 3/4% Notes were redeemed at a redemption price equal to 102.875% of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date. During the year ended December 31, 2021, the Company recorded a loss on debt extinguishment of approximately $21,604 related to the note redemption, of which $18,700 was in cash. 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 “Original 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 “Additional 4% Notes”, and together with the "Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 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% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500. 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% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. 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. 3 5/8% Senior Notes On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the "3 5/8% Notes"). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500. Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% 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, 2026, Lamar Media may redeem some or all of the 3 5/8% 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, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% 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 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% 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. On September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of December 31, 2021. |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Asset Retirement Obligation The Company’s asset retirement obligation includes 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 658 Accretion expense 4,135 Liabilities settled (8,054) Balance at December 31, 2020 $ 222,876 Additions to asset retirement obligations 3,662 Revision in estimates 41,644 Accretion expense 4,476 Liabilities settled (3,291) Balance at December 31, 2021 $ 269,367 Revision in estimates of $41,644 reflects changes in cost estimates to remove structures and resurface land for structures that reside on leased land in the Company's outdoor advertising portfolio. |
Depreciation and Amortization
Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2021 | |
Depreciation, Depletion and Amortization [Abstract] | |
Depreciation and Amortization | Depreciation and Amortization The Company includes all categories of depreciation and amortization on a separate line in its Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Consolidated Statements of Income and Comprehensive Income are as follows: Year Ended December 31, 2021 2020 2019 Direct advertising expenses $ 253,850 $ 236,054 $ 235,544 General and administrative expenses 4,691 4,996 4,416 Corporate expenses 12,753 10,246 10,068 $ 271,294 $ 251,296 $ 250,028 The increase in the amount of depreciation and amortization expense excluded from direct advertising expense for the year ended December 31, 2021 as compared to the year ended December 31, 2020 is due to the revision in the cost estimate included in the calculation of asset retirement obligations during the period. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesCommencing January 1, 2014, the Company began operating as a REIT for U.S. income tax purposes. Since operating as a REIT, the Company filed, and intends to continue to file, as a REIT, and its TRSs filed, and intend to continue to file, as C corporations. The Company also files tax returns in various states and countries. The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state. The following information pertains to the Company’s income taxes on a consolidated basis. Income tax expense (benefit) consists of the following: Current Deferred Total Year ended December 31, 2021 U.S. federal $ 4,723 $ 620 $ 5,343 State and local 3,958 254 4,212 Foreign (999) 700 (299) $ 7,682 $ 1,574 $ 9,256 Year ended December 31, 2020 U.S. federal $ 2,997 $ (45) $ 2,952 State and local 1,940 311 2,251 Foreign 520 (1,063) (543) $ 5,457 $ (797) $ 4,660 Year ended December 31, 2019 U.S. federal $ 6,045 $ (13,450) $ (7,405) State and local 2,699 (2,654) 45 Foreign 1,164 1,974 3,138 $ 9,908 $ (14,130) $ (4,222) As of December 31, 2021 and 2020, the Company had income taxes payable of $5,915 and $4,707, respectively, which was recorded within accrued expenses on the Consolidated Balance Sheets. The U.S. and foreign components of earnings before income taxes are as follows: 2021 2020 2019 U.S. $ 395,800 $ 249,714 $ 357,445 Foreign 1,546 (1,668) 10,444 Total $ 397,346 $ 248,046 $ 367,889 A reconciliation of significant differences between the reported amount of income tax expense (benefit) and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 21 percent to income before taxes for the 2021, 2020 and 2019 tax years is as follows: 2021 2020 2019 Income tax expense at U.S. federal statutory rate $ 83,443 $ 52,090 $ 77,257 Tax adjustment related to REIT (a) (83,153) (50,395) (70,619) State and local income taxes, net of federal income tax benefit 2,917 1,222 2,039 Book expenses not deductible for tax purposes 1,893 3,156 4,144 Stock-based compensation 3,555 (2,033) (1,177) Valuation allowance (b) (1,564) (1,031) (1,032) Rate change (c) — (182) — Undistributed earnings of foreign subsidiaries (d) 292 (78) (102) Deferred tax adjustment due to REIT conversion (e) — — (17,031) Other differences, net 1,873 1,911 2,299 Income tax expense (benefit) $ 9,256 $ 4,660 $ (4,222) (a) Includes dividend paid deduction of $85,087, $52,985 and $76,688 for the tax years ended December 31, 2021, 2020 and 2019, respectively. (b) For the years ended December 31, 2021, 2020 and 2019, a non-cash valuation allowance of ($1,564), ($1,031) and ($1,032), respectively, was recorded to income tax expense (benefit) due to our limited ability to utilize Puerto Rico deferred tax assets in future years. (c) Under Act 257, the Puerto Rico corporate income tax rate was lowered from 39% to 37.5%. As a result, a non-cash benefit of $182 to income tax expense (benefit) was recorded for the reduction of the Puerto Rico net deferred tax liability for the year ended December 31, 2020. (d) Management does not assert that the undistributed earnings of our Canadian subsidiaries will be permanently reinvested. For the years ended December 31, 2021, 2020 and 2019, we recognized a deferred tax expense (benefit) of $292, ($78) and ($102), respectively, for future foreign withholding taxes related to undistributed earnings. (e) The income tax provision for the year ended December 31, 2019 is net of the deferred tax benefit of $17,031, which relates to the transfer of assets purchased from Fairway into our qualifying REIT subsidiary on June 28, 2019. The Fairway assets were initially placed in the TRS. The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: 2021 2020 Deferred tax assets: Allowance for doubtful accounts $ 493 $ 328 Accrued liabilities not deducted for tax purposes 3,071 3,358 Net operating loss carry forwards 16,488 18,803 Tax credit carry forwards 692 693 Charitable contributions carry forward 3 4 Investment in partnerships 228 367 Gross deferred tax assets 20,975 23,553 Less: valuation allowance (19,433) (20,997) Net deferred tax assets 1,542 2,556 Deferred tax liabilities: Intangibles (5,209) (5,443) Property, plant and equipment (1,765) (911) Undistributed earnings of foreign subsidiaries (984) (1,056) Gross deferred tax liabilities (7,958) (7,410) Net deferred tax liabilities $ (6,416) $ (4,854) As of December 31, 2021, we have approximately $149,212 of U.S. net operating loss carry forwards to offset future taxable income. Of this amount, $29,496 is subject to Internal Revenue Code §382 limitation but will be available to be fully utilized by no later than 2027. These carry forwards expire between 2028 through 2037. In addition, we have $1,205 of various credits available to offset future U.S. federal income tax. As of December 31, 2021, we have approximately $1,033,956 of state net operating loss carry forwards before valuation allowances. These state net operating losses are available to reduce future taxable income and expire at various times and amounts. In addition, we have $100 of various credits available to offset future state income tax. The valuation allowance related to state net operating loss carry forwards as of December 31, 2021 and 2020 was $334 and $321, respectively. The net changes in the total state valuation allowance for the years ended December 31, 2021 and 2020 was an increase of $13 and $320, respectively. As of December 31, 2021, we had approximately $4,047 of Canadian net operating loss carry forwards before valuation allowances. These Canadian net operating losses are available to offset future taxable income. These carry forwards expire between 2040 and 2041. As of December 31, 2021, we had approximately $39,863 of Puerto Rico net operating loss carry forwards before valuation allowances. These Puerto Rico net operating losses are available to offset future taxable income. These carry forwards expire between 2022 and 2029. In addition, we have $178 of alternative minimum tax credits available to offset future Puerto Rico income tax. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those jurisdictions during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income, and tax-planning strategies in making this assessment. In order to fully realize the deferred tax assets, the Company will need to generate future taxable income before the expiration of the carry forwards governed by the tax code. Based on the current level of pretax earnings, the Company will not generate the minimum amount of future taxable income to support the realization of the deferred tax assets. As a result, management has determined that a valuation allowance related to Puerto Rico net operating loss carry forwards and other deferred tax assets is necessary. The valuation allowance for these deferred tax assets as of December 31, 2021 and 2020 was $19,099 and $20,676, respectively. The net change in the total valuation allowance for the years ended December 31, 2021 and 2020 was a decrease of $1,577 and $2,226, respectively. The amount of the deferred tax asset considered realizable, however, could be adjusted in the near term if estimates of future taxable income during the carry forward period increase. As of December 31, 2021, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $19,682. Management does not designate these earnings as permanently reinvested and has recognized a deferred tax liability of approximately $984 related to foreign withholding taxes on these earnings. We have recognized a current year tax benefit of $77 related to 2021 earnings. Under ASC 740, Income Taxes , we provide for uncertain tax positions, and the related interest, and adjust recognized tax benefits and accrued interest accordingly. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Balance as of December 31, 2019 $ 4,450 Additions for tax positions related to current year 862 Additions for tax positions related to prior years 667 Lapse of statute of limitations (1,013) Balance as of December 31, 2020 $ 4,966 Additions for tax positions related to current year 1,166 Additions for tax positions related to prior years 381 Reductions for tax positions related to prior years (1,388) Balance as of December 31, 2021 $ 5,125 Included in the balance of unrecognized benefits at December 31, 2021 is $5,125 of tax benefits that, if recognized in future periods, would impact our effective tax rate. During the years ended December 31, 2021 and 2020, we recognized interest and penalties of ($42) and $173, respectively, as a component of income tax expense (benefit) in connection with our liabilities related to uncertain tax positions. Within the next twelve months, we expect to decrease our unrecognized tax benefits by approximately $1,389 as a result of the expiration of statute of limitations. We are subject to income taxes in the U.S. and nearly all states. In addition, the Company is subject to income taxes in Canada and the Commonwealth of Puerto Rico. We are no longer subject to U.S federal income tax examinations by tax authorities for years prior to 2018, or for any U.S. state income tax audit prior to 2015. With respect to Canada and Puerto Rico, we are no longer subject to income tax audits for years before 2018 and 2017, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Advertising Company or its subsidiaries through common ownership and directorate control. RTC Holdings, LLC (“RTC”), a telecommunications company, is 100% owned by entities owned by members of the Reilly family. Entities owned by Sean E. Reilly, President and Chief Executive Officer of the Company; Kevin P. Reilly, Jr., Executive Chairman of the Board of Directors; and members of their respective immediate families hold a majority stake in RTC of approximately 89%. The Reilly Family, LLC, which is owned by Sean E. Reilly, Kevin P. Reilly, Jr., members of our Board of Directors Anna Reilly and Wendell Reilly, and entities owned by each of them and members of their respective immediate families, holds the remaining minority stake in RTC of approximately 11%. On May 31, 2019, RTC acquired EATELCORP, LLC (“EATEL”) and its subsidiaries. EATEL provides phone and internet services to consumers and businesses in Louisiana. EATEL also provides data back-up and recovery services to businesses. During the years ended December 31, 2021 and 2020, the Company was a customer of EATEL for data back-up and recovery services. The aggregate amount paid by the Company to EATEL for such services was $315 and $311 for the years ended December 31, 2021 and 2020, respectively. The Company was also contracted by EATEL to provide advertising services in the aggregate amount of $139 and $134 for the years ended December 31, 2021 and 2020, respectively. The Company had $1,066 and no receivables from employees or executive officers at December 31, 2021 and 2020, respectively. On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global developer of programmatic technology for the digital out-of-home sector. For the year ended December 31, 2021, the Company recognized revenue of $10,586 from advertisements generated through Vistar's programmatic technology platform. We also incurred expenses of $880 related to these advertisements for the year ended December 31, 2021. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity On July 16, 1999, the Board of Directors designated 5,720 shares of the 1,000,000 shares of previously undesignated preferred stock, par value $.001, as Series AA preferred stock, which shares were subsequently exchanged on a one for one basis in the REIT conversion. The Series AA preferred stock ranks senior to the Class A common stock and Class B common stock with respect to dividends and upon liquidation. Holders of Series AA preferred stock are entitled to receive, on a pari passu basis, dividends at the rate of $15.95 per share per quarter when, as and if declared by the Board of Directors. The Series AA preferred stock is entitled to receive, on a pari passu basis, $638 plus a further amount equal to any dividend accrued and unpaid to the date of distribution before any payments are made or assets distributed to the Class A common stock or Class B stock upon voluntary or involuntary liquidation, dissolution or winding up of the Company. The liquidation value of the outstanding Series AA preferred stock at December 31, 2021 was $3,649. The Series AA preferred stock is entitled to one vote per share. All of the outstanding shares of common stock are fully paid and nonassessable. In the event of the liquidation or dissolution of the Company, following any required distribution to the holders of outstanding shares of preferred stock, the holders of common stock are entitled to share pro rata in any balance of the corporate assets available for distribution to them. The Company may pay dividends if, when and as declared by the Board of Directors from funds legally available therefore, subject to the restrictions set forth in the Company’s existing indentures and the senior credit facility. Subject to the preferential rights of the holders of any class of preferred stock, holders of shares of common stock are entitled to receive such dividends as may be declared by the Company’s Board of Directors out of funds legally available for such purpose. No dividend may be declared or paid in cash or property on any share of either class of common stock unless simultaneously the same dividend is declared or paid on each share of the other class of common stock, provided that, in the event of stock dividends, holders of a specific class of common stock shall be entitled to receive only additional shares of such class. The rights of the Class A and Class B common stock are equal in all respects, except holders of Class B common stock have ten votes per share on all matters in which the holders of common stock are entitled to vote and holders of Class A common stock have one vote per share on such matters. The Class B common stock will convert automatically into Class A common stock upon the sale or transfer to persons other than permitted transferees (as defined in the Company’s certificate of incorporation, as amended). 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. Under the terms of the Sales Agreement, the Company could have, from time to time, issued and sold shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the sales agents party thereto as either agents or principals. The Sales Agreement expired by its terms on May 1, 2021 and as of that date, 842,412 shares of our Class A common stock were sold under the Sales Agreement. On June 21, 2021, the Company entered into a new equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 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. 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 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2021 Sales Agreement. As of December 31, 2021, no shares of our Class A common stock have been sold under the 2021 Sales Agreement and accordingly $400,000 remained available to be sold under the 2021 Sales Agreement as of December 31, 2021. 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, which expired in August 2021. There were no shares issued under this shelf registration during the year ended December 31, 2021. On June 21, 2021, the Company filed a new automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock on similar terms as the prior registration statement. As of December 31, 2021, the Company did not issue any shares under this shelf registration. 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. On September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of December 31, 2021. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans Equity Incentive Plan. Lamar’s 1996 Equity Incentive Plan, as amended, (the “1996 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 1996 Plan expire ten years from the grant date with vesting terms ranging from three In February 2013, the 1996 Plan was amended to eliminate the provision that limited the amount of Class A common stock, including shares retained from an award, that could be withheld to satisfy tax withholding obligations to the minimum tax obligations required by law (except with respect to option awards). In accordance with ASC 718, Compensation – Stock Compensation , the Company is required to classify the awards affected by the amendment as liability-classified awards at fair value each period prior to their settlement. As of December 31, 2021 and 2020, the Company recorded a liability, in accrued expenses, of $30,450 and $11,589, respectively, related to its equity incentive awards affected by this amendment. 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 highly subjective assumptions, including expected term and expected volatility. We have reviewed our historical pattern of option exercises and have determined that meaningful differences in option exercise activity existed among vesting schedules. Therefore, for all stock options granted after January 1, 2006, we have categorized these awards into two groups of vesting 1) 5-year cliff vest and 2) 4-year graded vest, for valuation purposes. We have determined there were no meaningful differences in employee activity under our ESPP due to the nature of the plan. We estimate the expected term of options granted using an implied life derived from the results of a hypothetical mid-point settlement scenario, which incorporates our historical exercise, expiration and post-vesting employment termination patterns, while accommodating for partial life cycle effects. We believe these estimates will approximate future behavior. We estimate the expected volatility of our Class A common stock at the grant date using a blend of 90% historical volatility of our Class A common stock and 10% implied volatility of publicly traded options with maturities greater than six months on our Class A common stock as of the option grant date. Our decision to use a blend of historical and implied volatility was based upon the volume of actively traded options on our common stock and our belief that historical volatility alone may not be completely representative of future stock price trends. Our risk-free interest rate assumption is determined using the Federal Reserve nominal rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. We assumed an expected dividend yield of 5%. We estimate option forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We record stock based compensation expense only for those awards expected to vest using an estimated forfeiture rate based on our historical forfeiture data. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used: Grant Year Dividend Expected Risk Free Expected 2021 5% 45% 2% 6 2020 5% 45% 2% 6 2019 5% 46% 2% 6 Information regarding the 1996 Plan for the year ended December 31, 2021 is as follows: Shares Weighted Weighted Outstanding, beginning of year 598,926 $ 60.34 Granted 76,500 103.88 Exercised (156,491) 64.99 Outstanding, end of year 518,935 $ 65.36 5.00 Exercisable at end of year 353,035 $ 56.32 3.48 At December 31, 2021 there was $2,785 of unrecognized compensation cost related to stock options granted which is expected to be recognized over a weighted-average period of 1.78 years. Shares available for future stock option and restricted share grants to employees and directors under existing plans were 2,268,181 at December 31, 2021. The aggregate intrinsic value of options outstanding as of December 31, 2021 was $29,032, and the aggregate intrinsic value of options exercisable was $22,941. Total intrinsic value of options exercised was $5,572 for the year ended December 31, 2021. 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 for issuance under the 2019 ESPP was automatically increased by 86,490 shares on January 1, 2021 pursuant to the automatic increase provisions of the 2019 ESPP. The following is a summary of 2019 ESPP share activity for the year ended December 31, 2021: Shares Available for future purchases, January 1, 2020 369,771 Additional shares reserved under 2019 ESPP 86,490 Purchases (114,035) Available for future purchases, December 31, 2021 342,226 Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under our 1996 Plan based on certain Company performance measures for fiscal year 2021. The number of shares to be issued, if any, are dependent on the level of achievement of these performance measures as determined by the Company’s Compensation Committee based on our 2021 results and are issued in the first half of 2022. The shares subject to these awards generally can range from a minimum of 0% to a maximum of either 100% of the target number of shares or 150% of a target dollar amount depending on the level at which the goals are attained. Based on the Company’s performance measures achieved through December 31, 2021, the Company has accrued $29,324 as stock-based compensation expense related to these agreements. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The Company sponsors a partially self-insured group health insurance program. The Company is obligated to pay all claims under the program, which are in excess of premiums, up to program limits. The Company is also self-insured with respect to its income disability benefits and against casualty losses on advertising structures. Amounts for expected losses, including a provision for losses incurred but not reported, is included in accrued expenses in the accompanying consolidated financial statements. As of December 31, 2021, the Company maintained $8,164 in letters of credit with a bank to meet requirements of the Company’s worker’s compensation and general liability insurance carrier. Savings and Profit Sharing Plan The Company sponsors The Lamar Corporation Savings and Profit Sharing Plan covering eligible employees who have completed one year of service and are at least 21 years of age. The Company has the option to match 50% of employees’ contributions up to 5% of eligible compensation. Employees can contribute up to 100% of compensation. Full vesting on the Company’s matched contributions occurs after three years for contributions made after January 1, 2002. Annually, at the Company’s discretion, an additional profit sharing contribution may be made on behalf of each eligible employee. The Company matched contributions of $5,811, $5,714 and $5,688 for the years ended December 31, 2021, 2020 and 2019, respectively. Deferred Compensation Plan The Company sponsors a Deferred Compensation Plan for the benefit of certain of its board-elected officers who meet specific age and years of service and other criteria. Officers that have attained the age of 30 and have a minimum of 10 years of service to the Company and satisfy additional eligibility guidelines are eligible for annual contributions to the plan generally ranging from $3 to $8, depending on the employee’s length of service. The Company’s contributions to the plan are maintained in a rabbi trust and, accordingly, the assets and liabilities of the plan are reflected in the balance sheet of the Company in other assets and other liabilities. Upon termination, death or disability, participating employees are eligible to receive an amount equal to the fair market value of the assets in the employee’s deferred compensation account. For the years ended December 31, 2021, 2020 and 2019, the Company contributed $1,540, $1,616 and $1,675, respectively. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | Commitment and Contingencies Off balance sheet arrangements Our off balance sheet commitments consist of guaranteed minimum payments to local transit municipalities and airport authorities for agreements which entitle us to rent advertising space to customers, in airports and on buses, benches or shelters. Also included are other contractual agreements that occur in the ordinary course of business which do not meet the criteria of a lease under ASC 842. The following is a summary of the minimum payments related to these agreements. 2022 $ 35,641 2023 $ 28,865 2024 $ 24,526 2025 $ 20,397 2026 $ 8,498 Thereafter $ 20,051 Legal matters The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. |
Distribution Restrictions
Distribution Restrictions | 12 Months Ended |
Dec. 31, 2021 | |
Distribution Restrictions [Abstract] | |
Distribution Restrictions | 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 the senior credit facility. As of December 31, 2021 and 2020, Lamar Media was permitted under the terms of its outstanding senior subordinated and senior notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $3,921,979 and $3,625,712, respectively. As of December 31, 2021, the senior credit facility allows Lamar Media 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 December 31, 2021, transfers to Lamar Advertising are permitted under the 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 December 31, 2021, 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 $2,672,459. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsAt December 31, 2021 and 2020, 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. Investments and initial recognition of asset retirement obligations 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 $3,059,961, which is greater than both the gross and carrying amount of $3,050,454 as of December 31, 2021. 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). |
Information about Geographic Ar
Information about Geographic Areas | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Information about Geographic Areas | Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $24,354, $22,819 and $34,517 for the years ended December 31, 2021, 2020 and 2019, respectively. Net carrying value of long-lived assets located in foreign countries totaled $11,318 and $8,727 as of December 31, 2021 and 2020, respectively. All other revenues from external customers and long-lived assets relate to domestic operations. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing specific exceptions to the general principles in Topic 740 - Income Taxes. This guidance is effective for years beginning after December 15, 2020. The Company adopted this guidance on January 1, 2021 and the impact of the adoption is not material to the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope . ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of December 31, 2021, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended December 31, 2021, 2020 and 2019 (In thousands) Balance at Charged to Deductions Balance at Year ended December 31, 2021 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 14,946 4,527 8,278 $ 11,195 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 20,997 — 1,564 $ 19,433 Year ended December 31, 2020 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 13,185 12,729 10,968 $ 14,946 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 22,902 — 1,905 $ 20,997 Year ended December 31, 2019 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 11,161 11,608 9,584 $ 13,185 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 23,934 — 1,032 $ 22,902 |
Schedule III - Schedule of Real
Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2021, 2020 and 2019 | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Schedule of Real Estate and Accumulated Depreciation December 31, 2021, 2020 and 2019 (In thousands) Description (1) Encumbrances Initial Cost (2) Gross Carrying Amount (3) Accumulated Construction Acquisition Useful Lives 354,053 Displays — — $ 3,439,618 $ (2,287,590) Various Various 5 to 20 years (1) No single asset exceeded 5% of the total gross carrying amount at December 31, 2021 (2) This information is omitted, as it would be impracticable to compile such information on a site-by-site basis (3) Includes sites under construction The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation. December 31, 2021 December 31, 2020 December 31, 2019 Gross real estate assets: Balance at the beginning of the year $ 3,293,778 $ 3,333,590 $ 3,201,434 Capital expenditures on new advertising displays (4) 45,427 21,598 59,604 Capital expenditures on improvements/redevelopments of existing advertising displays 21,287 13,021 25,025 Capital expenditures other recurring (5) 88,697 12,631 36,354 Land acquisitions (6) 17,151 8,980 22,965 Acquisition of advertising displays (7) 17,662 4,446 23,589 Assets sold or written-off (44,466) (100,906) (35,320) Foreign exchange 82 418 (61) Balance at the end of the year $ 3,439,618 $ 3,293,778 $ 3,333,590 Accumulated depreciation: Balance at the beginning of the year $ 2,192,700 $ 2,166,579 $ 2,082,335 Depreciation 126,805 111,049 111,531 Assets sold or written-off (31,971) (85,267) (27,890) Foreign exchange 56 339 603 Balance at the end of the year $ 2,287,590 $ 2,192,700 $ 2,166,579 (4) Includes non-cash amounts of $1,541, $621 and $554 at December 31, 2021, 2020 and 2019, respectively (5) Includes non-cash amounts of $48,848 at December 31, 2021 related to the revision in cost estimate included in the calculation of asset retirement obligations (6) Includes preliminary allocation of assets acquired during 2021 (7) Includes non-cash amounts of $3,843 and $1,928 at December 31, 2021 and 2019, respectively |
Description of the Business a_2
Description of the Business and Significant Accounting Policies (Subsidiary) | 12 Months Ended |
Dec. 31, 2021 | |
Description of the Business and Significant Accounting Policies | Description of the Business and Significant Accounting Policies (a) Nature of Business Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 153,800 billboard advertising displays in 45 states and Canada. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates approximately 46,600 transit advertising displays in 23 states and Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. The Company operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes and generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. (b) Principles of Consolidation The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media Corp. (Lamar Media), and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. An operating segment is a component of an enterprise: • that engages in business activities from which it may earn revenues and incur expenses; • whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and • for which discrete financial information is available. We define the term ‘chief operating decision maker’ to be our executive management group, which consist of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Currently, all operations are reviewed on a consolidated basis for budget and business plan performance by our executive management group. Additionally, operational performance at the end of each reporting period is viewed in the aggregate by our management group. Any decisions related to changes in invested capital, personnel, operational improvement or training, or to allocate other company resources are made based on the combined results. We operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals. (c) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. (d) Goodwill and Intangible Assets Goodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has identified two reporting units, Billboard operations and Logo operations, by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Company would be required to book an impairment loss. The Company conducts a qualitative assessment by examining relevant events and circumstances which could have a negative impact on the Company’s goodwill, which includes 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. If, after assessing the totality of events or circumstances described above, the Company determines that it is more likely than not that the fair value of either of the Company's reporting units is less than its carrying amount, the Company will perform a quantitative impairment test. If industry and economic conditions deteriorate, the Company may be required to assess goodwill impairment before the next annual test, which could result in impairment charges. The Company performed its annual measurement for impairment of the goodwill of its reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on December 31, 2021 and 2020; therefore, the Company was not required to recognize an impairment loss. Intangible assets, consisting primarily of site locations, customer lists and contracts, and non-competition agreements are amortized using the straight-line method over the assets' estimated useful lives, generally from 2 to 15 years. (e) Impairment of Long-Lived Assets Long-lived assets, such as property, plant and equipment, lease right of use assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset or asset group before interest expense. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. (f) Acquisitions The Company accounts for transactions that meet the definition of a business and group asset purchases as acquisitions. For transactions that meet the definition of a business combination, the Company allocates the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period and result in adjustments to the preliminary estimate recognized in the prior period financial statements. For transactions that meet the definition of asset group purchases, the Company proportionally allocates the purchase price to the assets based on relative fair value acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition. If a transaction is determined to be a group of assets, any direct acquisition costs are capitalized. Transaction costs for transactions determined to be a business combination are expensed as incurred. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future cash flows. (g) Lease Liabilities The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases , our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease. Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the consolidated statements of income and comprehensive income. Interest related to financing lease liabilities is recorded in interest expense on the consolidated statements of income and comprehensive income. The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. The Company has determined we are not reasonably certain to exercise renewals or termination options, and as a result we use the lease’s initial stated term as the lease term for our lease population. (h) Deferred Income Deferred income consists principally of advertising revenue invoiced in advance. Deferred advertising revenue is recognized in income over the term of the contract. (i) Revenue Recognition The Company recognizes outdoor advertising revenue on an accrual basis ratably over the term of the contracts. Production revenue and the related expense for the advertising copy are recognized upon satisfaction of its performance obligation. The Company engages in barter transactions where the Company trades advertising space for goods and services. The Company recognizes revenues and expenses from barter transactions at fair value, which is determined based on the Company’s own historical practice of receiving cash for similar advertising space from buyers unrelated to the party in the barter transaction. The amount of revenue and expense recognized for advertising barter transactions is as follows: 2021 2020 2019 Net revenues $ 7,718 $ 8,088 $ 9,636 Direct advertising expenses $ 4,014 $ 3,971 $ 3,982 General and administrative expenses $ 3,112 $ 3,144 $ 4,986 (j) Income Taxes As a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. (k) Dividends/Distributions As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the years ended December 31, 2021, 2020 and 2019, the Company declared and paid distributions of its REIT taxable income of $404,809 or $4.00 per share, $251,944 or $2.50 per share and $384,817 or $3.84 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 the 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 its existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During each of the years ended December 31, 2021, 2020 and 2019, the Company paid dividend distributions to holders of its Series AA Preferred Stock of $365 or $63.80 per share. (l) 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. For the years ended December 31, 2021, 2020 and 2019 there were no dilutive shares excluded from the calculation. (m) Stock Based Compensation Compensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2021, 2020, and 2019 were $37,368, $18,772 and $29,647, respectively. The $37,368 expensed during the year ended December 31, 2021 consists of (i) $4,348 related to stock options and the employee stock purchase plan, (ii) $31,776 related to stock grants made under the Company’s performance-based stock incentive program in 2021, (iii) $622 related to non-performance restricted stock awards and (iv) $622 related to restricted stock awards to directors. See Note 15 for information on the assumptions used to calculate the fair value of stock-based compensation. (n) Cash and Cash Equivalents The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. (o) Credit Losses The Company estimates credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends. (p) Foreign Currency Translation Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income and as a component of accumulated comprehensive income in the Consolidated Statements of Stockholders’ Equity. (q) Asset Retirement Obligations The Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its leased properties. (r) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 expenses during the reporting period. Actual results could differ from those estimates. (s) Comprehensive Income Total comprehensive income is presented in the Consolidated Statements of Income and Comprehensive Income and the components of accumulated comprehensive income are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive income is composed of foreign currency translation effects. (t) Fair Value Measurements The Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. (u) Investments On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Consolidated Balance Sheet. For the year ended December 31, 2021, the Company recorded $3,384 in equity in earnings of investee on the Consolidated Statement of Income and Comprehensive Income. (v) Subsequent Events The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued. |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Description of the Business and Significant Accounting Policies | Description of the Business and Significant Accounting Policies (a) Nature of Business Lamar Media Corp. (“Lamar Media”) is a wholly owned subsidiary of Lamar Advertising Company. Lamar Media is engaged in the outdoor advertising business operating approximately 153,800 outdoor advertising displays in 45 states and Canada. Lamar Media’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, Lamar Media operates a logo sign business in 23 states throughout the United States as well as the province of Ontario, Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. Certain footnotes are not provided for the accompanying financial statements as the information in notes 2, 3, 5, 7, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, and 21 and portions of note 1 to the consolidated financial statements of Lamar Advertising Company included elsewhere in this filing are substantially equivalent to that required for the consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for the operating results of Lamar Media Corp. as it is a wholly owned subsidiary of Lamar Advertising Company. (b) Principles of Consolidation The accompanying consolidated financial statements include Lamar Media, its wholly owned subsidiaries, The Lamar Company, L.L.C., Lamar Central Outdoor, LLC, Lamar TRS Holdings, LLC, Lamar Advertising Southwest, Inc., Interstate Logos, L.L.C., Lamar Obie Company, LLC, Lamar Canadian Outdoor Company, Lamar Advertising of Puerto Rico, Inc., Lamar QRS Receivables, LLC, Fairway Media Group, LCC, Ashby Street Outdoor Holdings, LLC and their majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. |
Non-cash Financing Activities
Non-cash Financing Activities | 12 Months Ended |
Dec. 31, 2021 | |
Non-cash Financing and Investing Activities | Non-cash Financing and Investing ActivitiesFor the years ended December 31, 2021, 2020 and 2019, there were no significant non-cash investing activities. For the year ended December 31, 2020, the Company had non-cash financing activities related to financing lease liabilities of $19,891. There were no significant non-cash financing activities during the years ended December 31, 2021 and 2019. |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Non-cash Financing and Investing Activities | Non-cash Financing ActivitiesDuring the year ended December 31, 2020, the Company had non-cash financing activities related to financing lease liabilities of $19,891. There were no significant non-cash financing activities during the years ended December 31, 2021 and 2019. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Subsidiary) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following is a summary of intangible assets at December 31, 2021 and 2020: Estimated 2021 2020 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 — 10 $ 676,846 $ 587,056 $ 645,739 $ 563,135 Non-competition agreements 3 — 15 69,276 64,941 66,156 64,647 Site locations 15 2,619,531 1,680,333 2,412,745 1,593,805 Other 2 — 15 51,261 39,407 50,018 38,625 $ 3,416,914 $ 2,371,737 $ 3,174,658 $ 2,260,212 Unamortizable Intangible Assets: Goodwill $ 2,189,962 $ 253,536 $ 2,165,864 $ 253,536 The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows: Balance as of December 31, 2019 $ 2,165,810 Purchase price adjustments and other 54 Balance as of December 31, 2020 $ 2,165,864 Goodwill acquired during the year 24,089 Purchase price adjustments and other 9 Balance as of December 31, 2021 $ 2,189,962 Amortization expense for the years ended December 31, 2021, 2020 and 2019 was $114,319, $110,201 and $113,679, respectively. The following is a summary of the estimated amortization expense for future years: 2022 $ 120,629 2023 110,005 2024 106,111 2025 102,658 2026 94,667 Thereafter 511,107 Total $ 1,045,177 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following is a summary of intangible assets at December 31, 2021 and 2020: Estimated Life (Years) 2021 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets: Customer lists and contracts 7—10 $ 676,846 $ 587,056 $ 645,739 $ 563,135 Non-competition agreement 3—15 69,276 64,942 66,156 64,647 Site locations 15 2,619,531 1,680,333 2,412,745 1,593,805 Other 2—15 50,716 39,329 49,472 38,547 $ 3,416,369 $ 2,371,660 $ 3,174,112 $ 2,260,134 Unamortizable Intangible Assets: Goodwill $ 2,178,941 $ 252,667 $ 2,154,844 $ 252,667 The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows: Balance as of December 31, 2019 $ 2,154,790 Purchase price adjustments and other 54 Balance as of December 31, 2020 2,154,844 Goodwill acquired during the year 24,089 Purchase price adjustments and other 8 Balance as of December 31, 2021 $ 2,178,941 |
Accrued Expenses (Subsidiary)
Accrued Expenses (Subsidiary) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses | Accrued Expenses The following is a summary of accrued expenses at December 31, 2021 and 2020: 2021 2020 Payroll $ 36,531 $ 17,034 Interest 22,009 33,583 Insurance benefits 11,205 12,499 Accrued variable lease and contract expense 21,487 19,274 Stock-based compensation 30,450 11,589 Other 13,356 11,309 $ 135,038 $ 105,288 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Accrued Expenses | Accrued Expenses The following is a summary of accrued expenses at December 31, 2021 and 2020: 2021 2020 Payroll $ 36,531 $ 17,034 Interest 22,009 33,583 Accrued variable lease and contract expense 21,487 19,274 Non-cash compensation 30,450 11,589 Other 16,841 16,998 $ 127,318 $ 98,478 |
Long-term Debt (Subsidiary)
Long-term Debt (Subsidiary) | 12 Months Ended |
Dec. 31, 2021 | |
Long-term Debt | Long-term Debt Long-term debt consists of the following at December 31, 2021 and 2020: December 31, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 December 31, 2020 Debt Deferred Debt, net of Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 Long-term debt contractual maturities are as follows: Debt Deferred Debt, net of 2022 $ 363 $ — $ 363 2023 $ 381 $ — $ 381 2024 $ 175,400 $ 585 $ 174,815 2025 $ 175,420 $ 3,371 $ 172,049 2026 $ 442 $ — $ 442 Thereafter $ 2,698,448 $ 32,903 $ 2,665,545 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 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”). The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a $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 borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated. As a result of refinancing our credit facility the Company incurred a loss on debt extinguishment of $5,608 for the year ended December 31, 2020. 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 loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate term 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 December 31, 2021, there were $175,000 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 $12,374 in letters of credit outstanding as of December 31, 2021 resulting in $562,626 of availability under the 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 the 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 "Receivable Financing Agreement") with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). 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 “Third Amendment”) to the Receivables Financing Agreement. The Third Amendment increased 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 Third Amendment did not modify any other financial covenant. Additionally, the Third Amendment established 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 had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On October 23, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Fourth Amendment (the “Fourth Amendment”) to the Receivables Financing Agreement. The Fourth Amendment increased 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 increased the maximum three month average Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable Securitization Program. Additionally, the Fourth Amendment increased 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 had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election. On May 24, 2021, Lamar Media and the Special Purpose Subsidiaries entered into the Fifth Amendment (the "Fifth Amendment") to the Receivables Financing Agreement. The Fifth Amendment extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2024. Additionally, the Fifth Amendment decreased 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) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, provided that the Minimum Funding Threshold shall be zero on any day that is a Minimum Funding Threshold Holiday which, as amended, provides for an annual holiday from the requirement of up to sixty days per year. The Fifth Amendment also provides for updated LIBOR replacement procedures. As of December 31, 2021, there was $175,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had no additional availability for borrowing under the Accounts Receivable Securitization Program as of December 31, 2021. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the year ended December 31, 2021. The Accounts Receivable Securitization Program will mature on July 21, 2024. Lamar Media may amend the facility to extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources. 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 Consolidated Balance Sheets, (ii) our 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 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 the 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 year ended December 31, 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% Senior Notes due 2024 (the “5 3/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300. Lamar Media used the proceeds from the 4% Senior Notes (defined below) and 3 3/4% Senior Notes (defined below) 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. In conjunction with the redemption, the Company recorded a loss on debt extinguishment of $12,576, of which $9,139 was cash, for the year ended December 31, 2020. 5 3/4% Senior Notes On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “Original 5 3/4 % Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $394,500. On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount under its 5 3/4% Notes (the “Additional 5 3/4% Notes”, and together with the Original 5 3/4% Notes, the "5 3/4% Notes"). Other than with respect to the date of issuance, issue price and CUSIP number, the Additional 5 3/4% Notes have the same terms as the Original 5 3/4% Notes. The net proceeds after underwriting fees and expenses, was approximately $251,500. On February 3, 2021, Lamar Media redeemed in full all $650,000 aggregate principal amount 5 3/4% Notes. The 5 3/4% Notes redemption was completed using the proceeds received from the 3 5/8% Notes offering completed on January 22, 2021 (as described below), together with cash on hand and borrowings under the revolving credit facility and Accounts Receivable Securitization Program. The 5 3/4% Notes were redeemed at a redemption price equal to 102.875% of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date. During the year ended December 31, 2021, the Company recorded a loss on debt extinguishment of approximately $21,604 related to the note redemption, of which $18,700 was in cash. 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 “Original 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 “Additional 4% Notes”, and together with the "Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 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% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500. 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% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000. 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. 3 5/8% Senior Notes On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the "3 5/8% Notes"). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500. Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% 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, 2026, Lamar Media may redeem some or all of the 3 5/8% 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, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% 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 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% 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. On September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of December 31, 2021. |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Long-term Debt | Long-term Debt Long-term debt consists of the following at December 31, 2021 and 2020: December 31, 2021 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 December 31, 2020 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 Long-term debt contractual maturities are as follows: Debt Deferred financing costs Debt, net of deferred financing costs 2022 $ 363 $ — $ 363 2023 $ 381 $ — $ 381 2024 $ 175,400 $ 585 $ 174,815 2025 $ 175,420 $ 3,371 $ 172,049 2026 $ 442 $ — $ 442 Later years $ 2,698,448 $ 32,903 $ 2,665,545 |
Related Party Transactions (Sub
Related Party Transactions (Subsidiary) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions | Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Advertising Company or its subsidiaries through common ownership and directorate control. RTC Holdings, LLC (“RTC”), a telecommunications company, is 100% owned by entities owned by members of the Reilly family. Entities owned by Sean E. Reilly, President and Chief Executive Officer of the Company; Kevin P. Reilly, Jr., Executive Chairman of the Board of Directors; and members of their respective immediate families hold a majority stake in RTC of approximately 89%. The Reilly Family, LLC, which is owned by Sean E. Reilly, Kevin P. Reilly, Jr., members of our Board of Directors Anna Reilly and Wendell Reilly, and entities owned by each of them and members of their respective immediate families, holds the remaining minority stake in RTC of approximately 11%. On May 31, 2019, RTC acquired EATELCORP, LLC (“EATEL”) and its subsidiaries. EATEL provides phone and internet services to consumers and businesses in Louisiana. EATEL also provides data back-up and recovery services to businesses. During the years ended December 31, 2021 and 2020, the Company was a customer of EATEL for data back-up and recovery services. The aggregate amount paid by the Company to EATEL for such services was $315 and $311 for the years ended December 31, 2021 and 2020, respectively. The Company was also contracted by EATEL to provide advertising services in the aggregate amount of $139 and $134 for the years ended December 31, 2021 and 2020, respectively. The Company had $1,066 and no receivables from employees or executive officers at December 31, 2021 and 2020, respectively. On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global developer of programmatic technology for the digital out-of-home sector. For the year ended December 31, 2021, the Company recognized revenue of $10,586 from advertisements generated through Vistar's programmatic technology platform. We also incurred expenses of $880 related to these advertisements for the year ended December 31, 2021. |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Related Party Transactions | Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Media Corp. or its subsidiaries through common ownership and directorate control. As of December 31, 2021 and 2020, there was a payable to Lamar Advertising Company, its parent, in the amount of $3,018 and $3,928, respectively. Effective December 31, 2021 and 2020, Lamar Advertising Company contributed $37,548 and $41,628, respectively, to Lamar Media which resulted in an increase in Lamar Media’s additional paid-in capital. |
Summarized Financial Informatio
Summarized Financial Information of Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Summarized Financial Information of Subsidiaries | Summarized Financial Information of Subsidiaries Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries are presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. Condensed Consolidating Balance Sheet as of December 31, 2021 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 91,119 $ 29,379 $ 267,609 $ — $ 388,107 Net property, plant and equipment — 1,321,526 15,748 — 1,337,274 Operating lease right of use assets — 1,198,934 25,738 — 1,224,672 Intangibles and goodwill, net — 2,953,600 17,383 — 2,970,983 Other assets 4,188,436 311,046 187,044 (4,576,531) 109,995 Total assets $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 363 $ 174,415 $ — $ 174,778 Current operating lease liabilities — 190,748 7,538 — 198,286 Other current liabilities 22,009 246,030 14,142 — 282,181 Total current liabilities 22,009 437,141 196,095 — 655,245 Long-term debt 2,836,801 2,016 — — 2,838,817 Operating lease liabilities — 977,463 17,893 — 995,356 Other noncurrent liabilities 212,399 292,194 292,281 (463,607) 333,267 Total liabilities 3,071,209 1,708,814 506,269 (463,607) 4,822,685 Stockholder's equity 1,208,346 4,105,671 7,253 (4,112,924) 1,208,346 Total liabilities and stockholder's equity $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 Condensed Consolidating Balance Sheet as of December 31, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 110,678 $ 19,471 $ 249,921 $ — $ 380,070 Net property, plant and equipment — 1,268,765 13,084 — 1,281,849 Operating lease right of use assets — 1,200,115 21,898 — 1,222,013 Intangibles and goodwill, net — 2,798,343 17,812 — 2,816,155 Other assets 3,912,122 258,433 132,448 (4,228,383) 74,620 Total assets $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 379 $ 122,055 $ — $ 122,434 Current operating lease liabilities — 188,712 6,727 — 195,439 Other current liabilities 33,583 170,320 19,286 — 223,189 Total current liabilities 33,583 359,411 148,068 — 541,062 Long-term debt 2,761,705 2,377 — — 2,764,082 Operating lease liabilities — 979,785 13,991 — 993,776 Other noncurrent liabilities 34,668 245,891 266,968 (264,584) 282,943 Total liabilities 2,829,956 1,587,464 429,027 (264,584) 4,581,863 Stockholder's equity 1,192,844 3,957,663 6,136 (3,963,799) 1,192,844 Total liabilities and stockholder's equity $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2021 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income Net revenues $ — $ 1,752,106 $ 37,055 $ (1,760) $ 1,787,401 Operating expenses (income) Direct advertising expenses (1) — 552,953 25,314 (1,760) 576,507 General and administrative expenses (1) — 322,278 4,358 — 326,636 Corporate expenses (1) — 91,479 1,595 — 93,074 Depreciation and amortization — 267,141 4,153 — 271,294 Gain on disposition of assets — (1,965) (150) — (2,115) — 1,231,886 35,270 (1,760) 1,265,396 Operating income — 520,220 1,785 — 522,005 Loss on debt extinguishment 21,604 — — — 21,604 Equity in (earnings) loss of subsidiaries (515,288) — — 515,288 — Interest expense (income), net 104,776 (44) 889 — 105,621 Equity in earnings of investee — (3,384) — — (3,384) Income (loss) before income tax expense (benefit) 388,908 523,648 896 (515,288) 398,164 Income tax expense (benefit) (2) — 9,556 (300) — 9,256 Net income (loss) $ 388,908 $ 514,092 $ 1,196 $ (515,288) $ 388,908 Statement of Comprehensive Income Net income (loss) $ 388,908 $ 514,092 $ 1,196 $ (515,288) $ 388,908 Total other comprehensive loss, net of tax — — (79) — (79) Total comprehensive income (loss) $ 388,908 $ 514,092 $ 1,117 $ (515,288) $ 388,829 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income Net revenues $ — $ 1,536,534 $ 33,965 $ (1,643) $ 1,568,856 Operating expenses (income) Direct advertising expenses (1) — 533,803 25,501 (1,643) 557,661 General and administrative expenses (1) — 281,293 6,581 — 287,874 Corporate expenses (1) — 69,478 979 — 70,457 Depreciation and amortization — 249,299 1,997 — 251,296 (Gain) loss on disposition of assets — (9,036) 10 — (9,026) — 1,124,837 35,068 (1,643) 1,158,262 Operating income (loss) — 411,697 (1,103) — 410,594 Loss on debt extinguishment 25,235 — — — 25,235 Equity in (earnings) loss of subsidiaries (404,332) — — 404,332 — Interest expense (income), net 135,224 (175) 1,777 — 136,826 Income (loss) before income tax expense (benefit) 243,873 411,872 (2,880) (404,332) 248,533 Income tax expense (benefit) (2) — 5,203 (543) — 4,660 Net income (loss) $ 243,873 $ 406,669 $ (2,337) $ (404,332) $ 243,873 Statement of Comprehensive Income Net income (loss) $ 243,873 $ 406,669 $ (2,337) $ (404,332) $ 243,873 Total other comprehensive income, net of tax — — 249 — 249 Total comprehensive income (loss) $ 243,873 $ 406,669 $ (2,088) $ (404,332) $ 244,122 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income Net revenues $ — $ 1,709,691 $ 46,804 $ (2,851) $ 1,753,644 Operating expenses (income) Direct advertising expenses (1) — 564,877 28,052 (2,851) 590,078 General and administrative expenses (1) — 310,813 7,567 — 318,380 Corporate expenses (1) — 82,652 1,577 — 84,229 Depreciation and amortization — 247,191 2,837 — 250,028 Gain on disposition of assets — (3,103) (4,138) — (7,241) — 1,202,430 35,895 (2,851) 1,235,474 Operating income — 507,261 10,909 — 518,170 Equity in (earnings) loss of subsidiaries (517,516) — — 517,516 — Interest expense (income), net 144,976 (149) 5,025 — 149,852 Income (loss) before income tax (benefit) expense 372,540 507,410 5,884 (517,516) 368,318 Income tax (benefit) expense (2) — (7,360) 3,138 — (4,222) Net income (loss) $ 372,540 $ 514,770 $ 2,746 $ (517,516) $ 372,540 Statement of Comprehensive Income Net income (loss) $ 372,540 $ 514,770 $ 2,746 $ (517,516) $ 372,540 Total other comprehensive income, net of tax — — 673 — 673 Total comprehensive income (loss) $ 372,540 $ 514,770 $ 3,419 $ (517,516) $ 373,213 (1) Caption is exclusive of depreciation and amortization. (2) The income tax (benefit) expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2021 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 596,116 $ 849,072 $ (21,301) $ (708,341) $ 715,546 Cash flows from investing activities: Capital expenditures — (119,728) (6,362) — (126,090) Acquisitions — (312,257) — — (312,257) Payment for investments in equity securities — (30,000) — — (30,000) Proceeds from disposition of assets and investments — 6,480 — — 6,480 Investment in subsidiaries (342,257) — — 342,257 — Decrease (increase) in intercompany notes receivable 51,976 — — (51,976) — Decrease in notes receivable — 107 — — 107 Net cash (used in) provided by investing activities (290,281) (455,398) (6,362) 290,281 (461,760) Cash flows from financing activities: Proceeds received from revolving credit facility 200,000 — — — 200,000 Payment on revolving credit facility (25,000) — — — (25,000) Principal payments on long-term debt — (378) — — (378) Principal payments on financing leases — (1,331) — — (1,331) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes and senior subordinated notes (668,688) — — — (668,688) Payment on accounts receivable securitization program — — (127,500) — (127,500) Proceeds received from accounts receivable securitization program — — 180,000 — 180,000 Debt issuance costs (8,385) — (438) — (8,823) Intercompany loan (payments) proceeds — (24,119) (27,857) 51,976 — Distributions to non-controlling interest — — (601) — (601) Dividends (to) from parent (410,875) (708,341) — 708,341 (410,875) Contributions from (to) parent 37,548 342,257 — (342,257) 37,548 Net cash (used in) provided by financing activities (325,400) (391,912) 23,604 418,060 (275,648) Effect of exchange rate changes in cash and cash equivalents — — 81 — 81 Net (decrease) increase in cash and cash equivalents (19,565) 1,762 (3,978) — (21,781) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 91,023 $ 3,494 $ 4,771 $ — $ 99,288 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 495,872 $ 668,673 $ (5,639) $ (619,877) $ 539,029 Cash flows from investing activities: Capital expenditures — (56,772) (5,500) — (62,272) Acquisitions 577 (46,161) — — (45,584) Proceeds from disposition of assets and investments — 10,968 — — 10,968 Investment in subsidiaries (46,161) — — 46,161 — (Increase) decrease in intercompany notes receivable (60,183) — — 60,183 — Net cash (used in) provided by investing activities (105,767) (91,965) (5,500) 106,344 (96,888) Cash flows from financing activities: Proceeds received from revolving credit facility 725,000 — — — 725,000 Payment on revolving credit facility (875,000) — — — (875,000) Principal payments on long-term debt — (9,112) — — (9,112) 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) Proceeds received from accounts receivable securitization program — — 122,500 — 122,500 Payment on accounts receivable securitization program — — (175,000) — (175,000) Debt issuance costs (32,950) — — — (32,950) Intercompany loan (payments) proceeds — (9,176) 69,359 (60,183) — Distributions to non-controlling interest — — (1,509) — (1,509) Dividends (to) from parent (262,437) (619,877) — 619,877 (262,437) Contributions from (to) parent 41,628 46,161 — (46,161) 41,628 Net cash (used in) provided by financing activities (292,702) (583,254) 15,350 513,533 (347,073) Effect of exchange rate changes in cash and cash equivalents — — 313 — 313 Net increase (decrease) in cash and cash equivalents 97,403 (6,546) 4,524 — 95,381 Cash and cash equivalents at beginning of period 13,185 8,278 4,225 — 25,688 Cash and cash equivalents at end of period $ 110,588 $ 1,732 $ 8,749 $ — $ 121,069 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 469,907 $ 738,030 $ 6,660 $ (609,657) $ 604,940 Cash flows from investing activities: Acquisitions — (226,278) — — (226,278) Capital expenditures — (136,696) (4,260) — (140,956) Proceeds from disposition of assets and investments — 5,438 — — 5,438 Proceeds received from insurance claims — 210 — — 210 Investment in subsidiaries (226,278) — — 226,278 — Decrease (increase) in intercompany notes receivable 3,787 — — (3,787) — Increase in notes receivable (448) — — — (448) Net cash (used in) provided by investing activities (222,939) (357,326) (4,260) 222,491 (362,034) Cash flows from financing activities: Proceeds received from revolving credit facility 495,000 — — — 495,000 Payment on revolving credit facility (625,000) — — — (625,000) Principal payments on long-term debt (34,471) — — — (34,471) Proceeds received from accounts receivable securitization program — — 9,000 — 9,000 Payment on accounts receivable securitization program — — (9,000) — (9,000) Debt issuance costs (4,463) — — — (4,463) Proceeds received from note offering 255,000 — — — 255,000 Intercompany loan (payments) proceeds — (702) (3,085) 3,787 — Distributions to non-controlling interest — — (621) — (621) Contributions from (to) parent 69,822 226,278 — (226,278) 69,822 Dividends (to) from parent (393,700) (609,657) — 609,657 (393,700) Net cash (used in) provided by financing activities (237,812) (384,081) (3,706) 387,166 (238,433) Effect of exchange rate changes in cash and cash equivalents — — 221 — 221 Net increase (decrease) in cash and cash equivalents 9,156 (3,377) (1,085) — 4,694 Cash and cash equivalents at beginning of period 4,029 11,655 5,310 — 20,994 Cash and cash equivalents at end of period $ 13,185 $ 8,278 $ 4,225 $ — $ 25,688 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Subsidiary) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended December 31, 2021, 2020 and 2019 (In thousands) Balance at Charged to Deductions Balance at Year ended December 31, 2021 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 14,946 4,527 8,278 $ 11,195 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 20,997 — 1,564 $ 19,433 Year ended December 31, 2020 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 13,185 12,729 10,968 $ 14,946 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 22,902 — 1,905 $ 20,997 Year ended December 31, 2019 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 11,161 11,608 9,584 $ 13,185 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 23,934 — 1,032 $ 22,902 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II LAMAR MEDIA CORP. AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended December 31, 2021, 2020 and 2019 (In thousands) Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Year ended December 31, 2021 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 14,946 4,527 8,278 $ 11,195 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 20,997 — 1,564 $ 19,433 Year ended December 31, 2020 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 13,185 12,729 10,968 $ 14,946 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 22,902 — 1,905 $ 20,997 Year ended December 31, 2019 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 11,161 11,608 9,584 $ 13,185 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 23,934 — 1,032 $ 22,902 |
Schedule III - Schedule of Re_2
Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2020, 2019 and 2018 (Subsidiary) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Schedule of Real Estate and Accumulated Depreciation December 31, 2021, 2020 and 2019 (In thousands) Description (1) Encumbrances Initial Cost (2) Gross Carrying Amount (3) Accumulated Construction Acquisition Useful Lives 354,053 Displays — — $ 3,439,618 $ (2,287,590) Various Various 5 to 20 years (1) No single asset exceeded 5% of the total gross carrying amount at December 31, 2021 (2) This information is omitted, as it would be impracticable to compile such information on a site-by-site basis (3) Includes sites under construction The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation. December 31, 2021 December 31, 2020 December 31, 2019 Gross real estate assets: Balance at the beginning of the year $ 3,293,778 $ 3,333,590 $ 3,201,434 Capital expenditures on new advertising displays (4) 45,427 21,598 59,604 Capital expenditures on improvements/redevelopments of existing advertising displays 21,287 13,021 25,025 Capital expenditures other recurring (5) 88,697 12,631 36,354 Land acquisitions (6) 17,151 8,980 22,965 Acquisition of advertising displays (7) 17,662 4,446 23,589 Assets sold or written-off (44,466) (100,906) (35,320) Foreign exchange 82 418 (61) Balance at the end of the year $ 3,439,618 $ 3,293,778 $ 3,333,590 Accumulated depreciation: Balance at the beginning of the year $ 2,192,700 $ 2,166,579 $ 2,082,335 Depreciation 126,805 111,049 111,531 Assets sold or written-off (31,971) (85,267) (27,890) Foreign exchange 56 339 603 Balance at the end of the year $ 2,287,590 $ 2,192,700 $ 2,166,579 (4) Includes non-cash amounts of $1,541, $621 and $554 at December 31, 2021, 2020 and 2019, respectively (5) Includes non-cash amounts of $48,848 at December 31, 2021 related to the revision in cost estimate included in the calculation of asset retirement obligations (6) Includes preliminary allocation of assets acquired during 2021 (7) Includes non-cash amounts of $3,843 and $1,928 at December 31, 2021 and 2019, respectively |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III LAMAR MEDIA CORP. AND SUBSIDIARIES Schedule of Real Estate and Accumulated Depreciation December 31, 2021, 2020 and 2019 (In thousands) Description (1) Encumbrances Initial Cost (2) Gross Carrying Amount (3) Accumulated Depreciation Construction Date Acquisition Date Useful Lives 354,053 Displays — — $ 3,439,618 $ (2,287,590) Various Various 5 to 20 years (1) No single asset exceeded 5% of the total gross carrying amount at December 31, 2021 (2) This information is omitted, as it would be impracticable to compile such information on a site-by-site basis (3) Includes sites under construction The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation. December 31, 2021 December 31, 2020 December 31, 2019 Gross real estate assets: Balance at the beginning of the year $ 3,293,778 $ 3,333,590 $ 3,201,434 Capital expenditures on new advertising displays (4) 45,427 21,598 59,604 Capital expenditures on improvements/redevelopments of existing advertising displays 21,287 13,021 25,025 Capital expenditures other recurring (5) 88,697 12,631 36,354 Land acquisitions (6) 17,151 8,980 22,965 Acquisition of advertising displays (7) 17,662 4,446 23,589 Assets sold or written-off (44,466) (100,906) (35,320) Foreign exchange 82 418 (61) Balance at the end of the year $ 3,439,618 $ 3,293,778 $ 3,333,590 Accumulated depreciation: Balance at the beginning of the year $ 2,192,700 $ 2,166,579 $ 2,082,335 Depreciation 126,805 111,049 111,531 Assets sold or written-off (31,971) (85,267) (27,890) Foreign exchange 56 339 603 Balance at the end of the year $ 2,287,590 $ 2,192,700 $ 2,166,579 (4) Includes non-cash amounts of $1,541, $621 and $554 at December 31, 2021, 2020 and 2019, respectively (5) Includes non-cash amounts of $48,848 at December 31, 2021 related to the revision in cost estimate included in the calculation of asset retirement obligations (6) Includes preliminary allocation of assets acquired during 2021 (7) Includes non-cash amounts of $3,843 and $1,928 and at December 31, 2021 and 2019, respectively |
Description of the Business a_3
Description of the Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 153,800 billboard advertising displays in 45 states and Canada. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates approximately 46,600 transit advertising displays in 23 states and Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. The Company operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes and generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media Corp. (Lamar Media), and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. An operating segment is a component of an enterprise: • that engages in business activities from which it may earn revenues and incur expenses; • whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and • for which discrete financial information is available. We define the term ‘chief operating decision maker’ to be our executive management group, which consist of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Currently, all operations are reviewed on a consolidated basis for budget and business plan performance by our executive management group. Additionally, operational performance at the end of each reporting period is viewed in the aggregate by our management group. Any decisions related to changes in invested capital, personnel, operational improvement or training, or to allocate other company resources are made based on the combined results. We operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals. |
Property, Plant and Equipment | Property, Plant and EquipmentProperty, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. |
Goodwill and Intangible Assets | Goodwill and Intangible AssetsGoodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has identified two reporting units, Billboard operations and Logo operations, by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Company would be required to book an impairment loss. The Company conducts a qualitative assessment by examining relevant events and circumstances which could have a negative impact on the Company’s goodwill, which includes 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. If, after assessing the totality of events or circumstances described above, the Company determines that it is more likely than not that the fair value of either of the Company's reporting units is less than its carrying amount, the Company will perform a quantitative impairment test. If industry and economic conditions deteriorate, the Company may be required to assess goodwill impairment before the next annual test, which could result in impairment charges. The Company performed its annual measurement for impairment of the goodwill of its reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on December 31, 2021 and 2020; therefore, the Company was not required to recognize an impairment loss. Intangible assets, consisting primarily of site locations, customer lists and contracts, and non-competition agreements are amortized using the straight-line method over the assets' estimated useful lives, generally from 2 to 15 years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsLong-lived assets, such as property, plant and equipment, lease right of use assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset or asset group before interest expense. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. |
Acquisitions | Acquisitions The Company accounts for transactions that meet the definition of a business and group asset purchases as acquisitions. For transactions that meet the definition of a business combination, the Company allocates the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period and result in adjustments to the preliminary estimate recognized in the prior period financial statements. For transactions that meet the definition of asset group purchases, the Company proportionally allocates the purchase price to the assets based on relative fair value acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition. If a transaction is determined to be a group of assets, any direct acquisition costs are capitalized. Transaction costs for transactions determined to be a business combination are expensed as incurred. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future cash flows. |
Lease Liabilities | Lease Liabilities The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases , our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease. Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the consolidated statements of income and comprehensive income. Interest related to financing lease liabilities is recorded in interest expense on the consolidated statements of income and comprehensive income. The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. The Company has determined we are not reasonably certain to exercise renewals or termination options, and as a result we use the lease’s initial stated term as the lease term for our lease population. |
Deferred Income | Deferred IncomeDeferred income consists principally of advertising revenue invoiced in advance. Deferred advertising revenue is recognized in income over the term of the contract. |
Revenue Recognition | Revenue Recognition The Company recognizes outdoor advertising revenue on an accrual basis ratably over the term of the contracts. Production revenue and the related expense for the advertising copy are recognized upon satisfaction of its performance obligation. The Company engages in barter transactions where the Company trades advertising space for goods and services. The Company recognizes revenues and expenses from barter transactions at fair value, which is determined based on the Company’s own historical practice of receiving cash for similar advertising space from buyers unrelated to the party in the barter transaction. The amount of revenue and expense recognized for advertising barter transactions is as follows: 2021 2020 2019 Net revenues $ 7,718 $ 8,088 $ 9,636 Direct advertising expenses $ 4,014 $ 3,971 $ 3,982 General and administrative expenses $ 3,112 $ 3,144 $ 4,986 |
Income Taxes | Income TaxesAs a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. |
Dividends/Distributions | Dividends/DistributionsAs a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the years ended December 31, 2021, 2020 and 2019, the Company declared and paid distributions of its REIT taxable income of $404,809 or $4.00 per share, $251,944 or $2.50 per share and $384,817 or $3.84 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 the 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 its existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During each of the years ended December 31, 2021, 2020 and 2019, the Company paid dividend distributions to holders of its Series AA Preferred Stock of $365 or $63.80 per share. |
Earnings Per Share | Earnings Per ShareThe 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. For the years ended December 31, 2021, 2020 and 2019 there were no dilutive shares excluded from the calculation. |
Share Based Compensation | Stock Based CompensationCompensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2021, 2020, and 2019 were $37,368, $18,772 and $29,647, respectively. The $37,368 expensed during the year ended December 31, 2021 consists of (i) $4,348 related to stock options and the employee stock purchase plan, (ii) $31,776 related to stock grants made under the Company’s performance-based stock incentive program in 2021, (iii) $622 related to non-performance restricted stock awards and (iv) $622 related to restricted stock awards to directors. See Note 15 for information on the assumptions used to calculate the fair value of stock-based compensation. |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. |
Credit Losses | Credit LossesThe Company estimates credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends. |
Foreign Currency Translation | Foreign Currency TranslationLocal currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income and as a component of accumulated comprehensive income in the Consolidated Statements of Stockholders’ Equity. |
Asset Retirement Obligations | Asset Retirement ObligationsThe Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its leased properties. |
Use of Estimates | Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 expenses during the reporting period. Actual results could differ from those estimates. |
Comprehensive Income | Comprehensive IncomeTotal comprehensive income is presented in the Consolidated Statements of Income and Comprehensive Income and the components of accumulated comprehensive income are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive income is composed of foreign currency translation effects. |
Fair Value Measurements | Fair Value MeasurementsThe Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Investments | InvestmentsOn July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Consolidated Balance Sheet. For the year ended December 31, 2021, the Company recorded $3,384 in equity in earnings of investee on the Consolidated Statement of Income and Comprehensive Income. |
Subsequent Events | Subsequent EventsThe Company has performed an evaluation of subsequent events through the date on which the financial statements are issued. |
Description of the Business a_4
Description of the Business and Significant Accounting Policies (Subsidiary) (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Business | Nature of Business Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 153,800 billboard advertising displays in 45 states and Canada. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates approximately 46,600 transit advertising displays in 23 states and Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. The Company operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes and generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media Corp. (Lamar Media), and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. An operating segment is a component of an enterprise: • that engages in business activities from which it may earn revenues and incur expenses; • whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and • for which discrete financial information is available. We define the term ‘chief operating decision maker’ to be our executive management group, which consist of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Currently, all operations are reviewed on a consolidated basis for budget and business plan performance by our executive management group. Additionally, operational performance at the end of each reporting period is viewed in the aggregate by our management group. Any decisions related to changes in invested capital, personnel, operational improvement or training, or to allocate other company resources are made based on the combined results. We operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals. |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Nature of Business | Nature of Business Lamar Media Corp. (“Lamar Media”) is a wholly owned subsidiary of Lamar Advertising Company. Lamar Media is engaged in the outdoor advertising business operating approximately 153,800 outdoor advertising displays in 45 states and Canada. Lamar Media’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, Lamar Media operates a logo sign business in 23 states throughout the United States as well as the province of Ontario, Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. Certain footnotes are not provided for the accompanying financial statements as the information in notes 2, 3, 5, 7, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, and 21 and portions of note 1 to the consolidated financial statements of Lamar Advertising Company included elsewhere in this filing are substantially equivalent to that required for the consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for the operating results of Lamar Media Corp. as it is a wholly owned subsidiary of Lamar Advertising Company. |
Principles of Consolidation | Principles of ConsolidationThe accompanying consolidated financial statements include Lamar Media, its wholly owned subsidiaries, The Lamar Company, L.L.C., Lamar Central Outdoor, LLC, Lamar TRS Holdings, LLC, Lamar Advertising Southwest, Inc., Interstate Logos, L.L.C., Lamar Obie Company, LLC, Lamar Canadian Outdoor Company, Lamar Advertising of Puerto Rico, Inc., Lamar QRS Receivables, LLC, Fairway Media Group, LCC, Ashby Street Outdoor Holdings, LLC and their majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. |
Description of the Business a_5
Description of the Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Revenue and Expense Recognized for Advertising Barter Transactions | The amount of revenue and expense recognized for advertising barter transactions is as follows: 2021 2020 2019 Net revenues $ 7,718 $ 8,088 $ 9,636 Direct advertising expenses $ 4,014 $ 3,971 $ 3,982 General and administrative expenses $ 3,112 $ 3,144 $ 4,986 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Revenue | The following table presents our disaggregated revenue by source for the years ended December 31, 2021, 2020 and 2019. 2021 2020 2019 Billboard Advertising $ 1,613,554 $ 1,403,239 $ 1,537,542 Logo Advertising 78,180 82,944 84,201 Transit Advertising 95,667 82,673 131,901 Net Revenues $ 1,787,401 $ 1,568,856 $ 1,753,644 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
2021 Acquisitions | |
Summary of Allocation of Purchase Price/Acquisition Costs | The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on December 3, 2021. Total Property, plant and equipment $ 38,289 Goodwill 24,089 Site locations 206,734 Non-competition agreements 3,120 Customer lists and contracts 31,101 Other intangibles 721 Asset acquisition costs 523 Current assets 9,310 Current liabilities (4,406) Operating lease right of use assets 32,487 Operating lease liabilities (30,197) Other assets 486 $ 312,257 |
Summary of Unaudited Pro Forma Financial Information | These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period. 2021 2020 (unaudited) Net revenues $ 1,826,448 $ 1,615,855 Net income applicable to common stock $ 379,874 $ 230,035 Net income per common share — basic $ 3.76 $ 2.28 Net income per common share — diluted $ 3.75 $ 2.28 |
2020 Acquisitions | |
Summary of Allocation of Purchase Price/Acquisition Costs | The following is a summary of the allocation of the purchase price in the above transactions. Total Property, plant and equipment $ 13,376 Site locations 27,902 Non-competition agreements 140 Customer lists and contracts 3,979 Asset acquisition costs 154 Current assets 3 Current liabilities (295) Operating right of use assets 7,269 Operating lease liabilities (6,368) $ 46,160 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Major Categories of Property, Plant and Equipment | Major categories of property, plant and equipment at December 31, 2021 and 2020 are as follows: Estimated Life 2021 2020 Land — $ 428,849 $ 413,257 Building and improvements 10 — 39 206,870 187,921 Advertising structures 5 — 15 3,010,769 2,880,521 Automotive and other equipment 3 — 7 135,800 133,806 $ 3,782,288 $ 3,615,505 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets at December 31, 2021 and 2020: Estimated 2021 2020 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 — 10 $ 676,846 $ 587,056 $ 645,739 $ 563,135 Non-competition agreements 3 — 15 69,276 64,941 66,156 64,647 Site locations 15 2,619,531 1,680,333 2,412,745 1,593,805 Other 2 — 15 51,261 39,407 50,018 38,625 $ 3,416,914 $ 2,371,737 $ 3,174,658 $ 2,260,212 Unamortizable Intangible Assets: Goodwill $ 2,189,962 $ 253,536 $ 2,165,864 $ 253,536 |
Summary of Changes in Gross Carrying Amount of Goodwill | The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows: Balance as of December 31, 2019 $ 2,165,810 Purchase price adjustments and other 54 Balance as of December 31, 2020 $ 2,165,864 Goodwill acquired during the year 24,089 Purchase price adjustments and other 9 Balance as of December 31, 2021 $ 2,189,962 |
Summary of Estimated Amortization Expense | The following is a summary of the estimated amortization expense for future years: 2022 $ 120,629 2023 110,005 2024 106,111 2025 102,658 2026 94,667 Thereafter 511,107 Total $ 1,045,177 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Maturities of Operating Lease Liabilities | The following is a summary of the maturities of our operating lease liabilities as of December 31, 2021: 2022 $ 229,824 2023 183,407 2024 163,324 2025 138,088 2026 115,165 Thereafter 758,339 Total undiscounted operating lease payments 1,588,147 Less: Imputed interest (394,505) Total operating lease liabilities $ 1,193,642 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | The following is a summary of accrued expenses at December 31, 2021 and 2020: 2021 2020 Payroll $ 36,531 $ 17,034 Interest 22,009 33,583 Insurance benefits 11,205 12,499 Accrued variable lease and contract expense 21,487 19,274 Stock-based compensation 30,450 11,589 Other 13,356 11,309 $ 135,038 $ 105,288 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following at December 31, 2021 and 2020: December 31, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 December 31, 2020 Debt Deferred Debt, net of Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 |
Summary of Long-Term Debt Contractual Maturities | Long-term debt contractual maturities are as follows: Debt Deferred Debt, net of 2022 $ 363 $ — $ 363 2023 $ 381 $ — $ 381 2024 $ 175,400 $ 585 $ 174,815 2025 $ 175,420 $ 3,371 $ 172,049 2026 $ 442 $ — $ 442 Thereafter $ 2,698,448 $ 32,903 $ 2,665,545 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 658 Accretion expense 4,135 Liabilities settled (8,054) Balance at December 31, 2020 $ 222,876 Additions to asset retirement obligations 3,662 Revision in estimates 41,644 Accretion expense 4,476 Liabilities settled (3,291) Balance at December 31, 2021 $ 269,367 Revision in estimates of $41,644 reflects changes in cost estimates to remove structures and resurface land for structures that reside on leased land in the Company's outdoor advertising portfolio. |
Depreciation and Amortization (
Depreciation and Amortization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Depreciation, Depletion and Amortization [Abstract] | |
Depreciation and Amortization Expense Excluded from Operating Expenses in its Consolidated Statements of Income and Comprehensive Income | The amounts of depreciation and amortization expense excluded from the following operating expenses in its Consolidated Statements of Income and Comprehensive Income are as follows: Year Ended December 31, 2021 2020 2019 Direct advertising expenses $ 253,850 $ 236,054 $ 235,544 General and administrative expenses 4,691 4,996 4,416 Corporate expenses 12,753 10,246 10,068 $ 271,294 $ 251,296 $ 250,028 The increase in the amount of depreciation and amortization expense excluded from direct advertising expense for the year ended December 31, 2021 as compared to the year ended December 31, 2020 is due to the revision in the cost estimate included in the calculation of asset retirement obligations during the period. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: Current Deferred Total Year ended December 31, 2021 U.S. federal $ 4,723 $ 620 $ 5,343 State and local 3,958 254 4,212 Foreign (999) 700 (299) $ 7,682 $ 1,574 $ 9,256 Year ended December 31, 2020 U.S. federal $ 2,997 $ (45) $ 2,952 State and local 1,940 311 2,251 Foreign 520 (1,063) (543) $ 5,457 $ (797) $ 4,660 Year ended December 31, 2019 U.S. federal $ 6,045 $ (13,450) $ (7,405) State and local 2,699 (2,654) 45 Foreign 1,164 1,974 3,138 $ 9,908 $ (14,130) $ (4,222) |
U.S. and Foreign Components of Earnings Before Income Taxes | The U.S. and foreign components of earnings before income taxes are as follows: 2021 2020 2019 U.S. $ 395,800 $ 249,714 $ 357,445 Foreign 1,546 (1,668) 10,444 Total $ 397,346 $ 248,046 $ 367,889 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of significant differences between the reported amount of income tax expense (benefit) and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 21 percent to income before taxes for the 2021, 2020 and 2019 tax years is as follows: 2021 2020 2019 Income tax expense at U.S. federal statutory rate $ 83,443 $ 52,090 $ 77,257 Tax adjustment related to REIT (a) (83,153) (50,395) (70,619) State and local income taxes, net of federal income tax benefit 2,917 1,222 2,039 Book expenses not deductible for tax purposes 1,893 3,156 4,144 Stock-based compensation 3,555 (2,033) (1,177) Valuation allowance (b) (1,564) (1,031) (1,032) Rate change (c) — (182) — Undistributed earnings of foreign subsidiaries (d) 292 (78) (102) Deferred tax adjustment due to REIT conversion (e) — — (17,031) Other differences, net 1,873 1,911 2,299 Income tax expense (benefit) $ 9,256 $ 4,660 $ (4,222) (a) Includes dividend paid deduction of $85,087, $52,985 and $76,688 for the tax years ended December 31, 2021, 2020 and 2019, respectively. (b) For the years ended December 31, 2021, 2020 and 2019, a non-cash valuation allowance of ($1,564), ($1,031) and ($1,032), respectively, was recorded to income tax expense (benefit) due to our limited ability to utilize Puerto Rico deferred tax assets in future years. (c) Under Act 257, the Puerto Rico corporate income tax rate was lowered from 39% to 37.5%. As a result, a non-cash benefit of $182 to income tax expense (benefit) was recorded for the reduction of the Puerto Rico net deferred tax liability for the year ended December 31, 2020. (d) Management does not assert that the undistributed earnings of our Canadian subsidiaries will be permanently reinvested. For the years ended December 31, 2021, 2020 and 2019, we recognized a deferred tax expense (benefit) of $292, ($78) and ($102), respectively, for future foreign withholding taxes related to undistributed earnings. (e) The income tax provision for the year ended December 31, 2019 is net of the deferred tax benefit of $17,031, which relates to the transfer of assets purchased from Fairway into our qualifying REIT subsidiary on June 28, 2019. The Fairway assets were initially placed in the TRS. |
Components of Deferred Taxes | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: 2021 2020 Deferred tax assets: Allowance for doubtful accounts $ 493 $ 328 Accrued liabilities not deducted for tax purposes 3,071 3,358 Net operating loss carry forwards 16,488 18,803 Tax credit carry forwards 692 693 Charitable contributions carry forward 3 4 Investment in partnerships 228 367 Gross deferred tax assets 20,975 23,553 Less: valuation allowance (19,433) (20,997) Net deferred tax assets 1,542 2,556 Deferred tax liabilities: Intangibles (5,209) (5,443) Property, plant and equipment (1,765) (911) Undistributed earnings of foreign subsidiaries (984) (1,056) Gross deferred tax liabilities (7,958) (7,410) Net deferred tax liabilities $ (6,416) $ (4,854) |
Reconciliation Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Balance as of December 31, 2019 $ 4,450 Additions for tax positions related to current year 862 Additions for tax positions related to prior years 667 Lapse of statute of limitations (1,013) Balance as of December 31, 2020 $ 4,966 Additions for tax positions related to current year 1,166 Additions for tax positions related to prior years 381 Reductions for tax positions related to prior years (1,388) Balance as of December 31, 2021 $ 5,125 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Weighted Average Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used: Grant Year Dividend Expected Risk Free Expected 2021 5% 45% 2% 6 2020 5% 45% 2% 6 2019 5% 46% 2% 6 |
Stock Option Transactions under Various Stock-Based Employee Compensation Plans | Information regarding the 1996 Plan for the year ended December 31, 2021 is as follows: Shares Weighted Weighted Outstanding, beginning of year 598,926 $ 60.34 Granted 76,500 103.88 Exercised (156,491) 64.99 Outstanding, end of year 518,935 $ 65.36 5.00 Exercisable at end of year 353,035 $ 56.32 3.48 |
Summary of ESPP Share Activity | The following is a summary of 2019 ESPP share activity for the year ended December 31, 2021: Shares Available for future purchases, January 1, 2020 369,771 Additional shares reserved under 2019 ESPP 86,490 Purchases (114,035) Available for future purchases, December 31, 2021 342,226 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Minimum Payments Related to Agreements | Our off balance sheet commitments consist of guaranteed minimum payments to local transit municipalities and airport authorities for agreements which entitle us to rent advertising space to customers, in airports and on buses, benches or shelters. Also included are other contractual agreements that occur in the ordinary course of business which do not meet the criteria of a lease under ASC 842. The following is a summary of the minimum payments related to these agreements. 2022 $ 35,641 2023 $ 28,865 2024 $ 24,526 2025 $ 20,397 2026 $ 8,498 Thereafter $ 20,051 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Subsidiary) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Intangible Assets | The following is a summary of intangible assets at December 31, 2021 and 2020: Estimated 2021 2020 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 — 10 $ 676,846 $ 587,056 $ 645,739 $ 563,135 Non-competition agreements 3 — 15 69,276 64,941 66,156 64,647 Site locations 15 2,619,531 1,680,333 2,412,745 1,593,805 Other 2 — 15 51,261 39,407 50,018 38,625 $ 3,416,914 $ 2,371,737 $ 3,174,658 $ 2,260,212 Unamortizable Intangible Assets: Goodwill $ 2,189,962 $ 253,536 $ 2,165,864 $ 253,536 |
Summary of Changes in Gross Carrying Amount of Goodwill | The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows: Balance as of December 31, 2019 $ 2,165,810 Purchase price adjustments and other 54 Balance as of December 31, 2020 $ 2,165,864 Goodwill acquired during the year 24,089 Purchase price adjustments and other 9 Balance as of December 31, 2021 $ 2,189,962 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Summary of Intangible Assets | The following is a summary of intangible assets at December 31, 2021 and 2020: Estimated Life (Years) 2021 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets: Customer lists and contracts 7—10 $ 676,846 $ 587,056 $ 645,739 $ 563,135 Non-competition agreement 3—15 69,276 64,942 66,156 64,647 Site locations 15 2,619,531 1,680,333 2,412,745 1,593,805 Other 2—15 50,716 39,329 49,472 38,547 $ 3,416,369 $ 2,371,660 $ 3,174,112 $ 2,260,134 Unamortizable Intangible Assets: Goodwill $ 2,178,941 $ 252,667 $ 2,154,844 $ 252,667 |
Summary of Changes in Gross Carrying Amount of Goodwill | The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows: Balance as of December 31, 2019 $ 2,154,790 Purchase price adjustments and other 54 Balance as of December 31, 2020 2,154,844 Goodwill acquired during the year 24,089 Purchase price adjustments and other 8 Balance as of December 31, 2021 $ 2,178,941 |
Accrued Expenses (Subsidiary) (
Accrued Expenses (Subsidiary) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Accrued Expenses | The following is a summary of accrued expenses at December 31, 2021 and 2020: 2021 2020 Payroll $ 36,531 $ 17,034 Interest 22,009 33,583 Insurance benefits 11,205 12,499 Accrued variable lease and contract expense 21,487 19,274 Stock-based compensation 30,450 11,589 Other 13,356 11,309 $ 135,038 $ 105,288 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Summary of Accrued Expenses | The following is a summary of accrued expenses at December 31, 2021 and 2020: 2021 2020 Payroll $ 36,531 $ 17,034 Interest 22,009 33,583 Accrued variable lease and contract expense 21,487 19,274 Non-cash compensation 30,450 11,589 Other 16,841 16,998 $ 127,318 $ 98,478 |
Long-term Debt (Tables)_2
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt | Long-term debt consists of the following at December 31, 2021 and 2020: December 31, 2021 Debt Deferred Debt, net of Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 December 31, 2020 Debt Deferred Debt, net of Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 |
Summary of Long-Term Debt Contractual Maturities | Long-term debt contractual maturities are as follows: Debt Deferred Debt, net of 2022 $ 363 $ — $ 363 2023 $ 381 $ — $ 381 2024 $ 175,400 $ 585 $ 174,815 2025 $ 175,420 $ 3,371 $ 172,049 2026 $ 442 $ — $ 442 Thereafter $ 2,698,448 $ 32,903 $ 2,665,545 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Long-Term Debt | Long-term debt consists of the following at December 31, 2021 and 2020: December 31, 2021 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 773,717 $ 9,306 $ 764,411 Accounts Receivable Securitization Program 175,000 585 174,415 3 3/4% Senior Notes 600,000 7,036 592,964 3 5/8% Senior Notes 550,000 7,711 542,289 4% Senior Notes 549,359 7,208 542,151 4 7/8% Senior Notes 400,000 5,013 394,987 Other notes with various rates and terms 2,378 — 2,378 3,050,454 36,859 3,013,595 Less current maturities (175,363) (585) (174,778) Long-term debt, excluding current maturities $ 2,875,091 $ 36,274 $ 2,838,817 December 31, 2020 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 598,466 $ 11,569 $ 586,897 Accounts Receivable Securitization Program 122,500 445 122,055 3 3/4% Senior Notes 600,000 8,031 591,969 4% Senior Notes 549,280 7,911 541,369 4 7/8% Senior Notes 400,000 5,586 394,414 5 3/4% Senior Notes 653,631 6,575 647,056 Other notes with various rates and terms 2,756 — 2,756 2,926,633 40,117 2,886,516 Less current maturities (122,879) (445) (122,434) Long-term debt, excluding current maturities $ 2,803,754 $ 39,672 $ 2,764,082 |
Summary of Long-Term Debt Contractual Maturities | Long-term debt contractual maturities are as follows: Debt Deferred financing costs Debt, net of deferred financing costs 2022 $ 363 $ — $ 363 2023 $ 381 $ — $ 381 2024 $ 175,400 $ 585 $ 174,815 2025 $ 175,420 $ 3,371 $ 172,049 2026 $ 442 $ — $ 442 Later years $ 2,698,448 $ 32,903 $ 2,665,545 |
Summarized Financial Informat_2
Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet as of December 31, 2021 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 91,119 $ 29,379 $ 267,609 $ — $ 388,107 Net property, plant and equipment — 1,321,526 15,748 — 1,337,274 Operating lease right of use assets — 1,198,934 25,738 — 1,224,672 Intangibles and goodwill, net — 2,953,600 17,383 — 2,970,983 Other assets 4,188,436 311,046 187,044 (4,576,531) 109,995 Total assets $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 363 $ 174,415 $ — $ 174,778 Current operating lease liabilities — 190,748 7,538 — 198,286 Other current liabilities 22,009 246,030 14,142 — 282,181 Total current liabilities 22,009 437,141 196,095 — 655,245 Long-term debt 2,836,801 2,016 — — 2,838,817 Operating lease liabilities — 977,463 17,893 — 995,356 Other noncurrent liabilities 212,399 292,194 292,281 (463,607) 333,267 Total liabilities 3,071,209 1,708,814 506,269 (463,607) 4,822,685 Stockholder's equity 1,208,346 4,105,671 7,253 (4,112,924) 1,208,346 Total liabilities and stockholder's equity $ 4,279,555 $ 5,814,485 $ 513,522 $ (4,576,531) $ 6,031,031 Condensed Consolidating Balance Sheet as of December 31, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 110,678 $ 19,471 $ 249,921 $ — $ 380,070 Net property, plant and equipment — 1,268,765 13,084 — 1,281,849 Operating lease right of use assets — 1,200,115 21,898 — 1,222,013 Intangibles and goodwill, net — 2,798,343 17,812 — 2,816,155 Other assets 3,912,122 258,433 132,448 (4,228,383) 74,620 Total assets $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 379 $ 122,055 $ — $ 122,434 Current operating lease liabilities — 188,712 6,727 — 195,439 Other current liabilities 33,583 170,320 19,286 — 223,189 Total current liabilities 33,583 359,411 148,068 — 541,062 Long-term debt 2,761,705 2,377 — — 2,764,082 Operating lease liabilities — 979,785 13,991 — 993,776 Other noncurrent liabilities 34,668 245,891 266,968 (264,584) 282,943 Total liabilities 2,829,956 1,587,464 429,027 (264,584) 4,581,863 Stockholder's equity 1,192,844 3,957,663 6,136 (3,963,799) 1,192,844 Total liabilities and stockholder's equity $ 4,022,800 $ 5,545,127 $ 435,163 $ (4,228,383) $ 5,774,707 |
Condensed Consolidating Statements of Income and Comprehensive Income | Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2021 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income Net revenues $ — $ 1,752,106 $ 37,055 $ (1,760) $ 1,787,401 Operating expenses (income) Direct advertising expenses (1) — 552,953 25,314 (1,760) 576,507 General and administrative expenses (1) — 322,278 4,358 — 326,636 Corporate expenses (1) — 91,479 1,595 — 93,074 Depreciation and amortization — 267,141 4,153 — 271,294 Gain on disposition of assets — (1,965) (150) — (2,115) — 1,231,886 35,270 (1,760) 1,265,396 Operating income — 520,220 1,785 — 522,005 Loss on debt extinguishment 21,604 — — — 21,604 Equity in (earnings) loss of subsidiaries (515,288) — — 515,288 — Interest expense (income), net 104,776 (44) 889 — 105,621 Equity in earnings of investee — (3,384) — — (3,384) Income (loss) before income tax expense (benefit) 388,908 523,648 896 (515,288) 398,164 Income tax expense (benefit) (2) — 9,556 (300) — 9,256 Net income (loss) $ 388,908 $ 514,092 $ 1,196 $ (515,288) $ 388,908 Statement of Comprehensive Income Net income (loss) $ 388,908 $ 514,092 $ 1,196 $ (515,288) $ 388,908 Total other comprehensive loss, net of tax — — (79) — (79) Total comprehensive income (loss) $ 388,908 $ 514,092 $ 1,117 $ (515,288) $ 388,829 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income Net revenues $ — $ 1,536,534 $ 33,965 $ (1,643) $ 1,568,856 Operating expenses (income) Direct advertising expenses (1) — 533,803 25,501 (1,643) 557,661 General and administrative expenses (1) — 281,293 6,581 — 287,874 Corporate expenses (1) — 69,478 979 — 70,457 Depreciation and amortization — 249,299 1,997 — 251,296 (Gain) loss on disposition of assets — (9,036) 10 — (9,026) — 1,124,837 35,068 (1,643) 1,158,262 Operating income (loss) — 411,697 (1,103) — 410,594 Loss on debt extinguishment 25,235 — — — 25,235 Equity in (earnings) loss of subsidiaries (404,332) — — 404,332 — Interest expense (income), net 135,224 (175) 1,777 — 136,826 Income (loss) before income tax expense (benefit) 243,873 411,872 (2,880) (404,332) 248,533 Income tax expense (benefit) (2) — 5,203 (543) — 4,660 Net income (loss) $ 243,873 $ 406,669 $ (2,337) $ (404,332) $ 243,873 Statement of Comprehensive Income Net income (loss) $ 243,873 $ 406,669 $ (2,337) $ (404,332) $ 243,873 Total other comprehensive income, net of tax — — 249 — 249 Total comprehensive income (loss) $ 243,873 $ 406,669 $ (2,088) $ (404,332) $ 244,122 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income Net revenues $ — $ 1,709,691 $ 46,804 $ (2,851) $ 1,753,644 Operating expenses (income) Direct advertising expenses (1) — 564,877 28,052 (2,851) 590,078 General and administrative expenses (1) — 310,813 7,567 — 318,380 Corporate expenses (1) — 82,652 1,577 — 84,229 Depreciation and amortization — 247,191 2,837 — 250,028 Gain on disposition of assets — (3,103) (4,138) — (7,241) — 1,202,430 35,895 (2,851) 1,235,474 Operating income — 507,261 10,909 — 518,170 Equity in (earnings) loss of subsidiaries (517,516) — — 517,516 — Interest expense (income), net 144,976 (149) 5,025 — 149,852 Income (loss) before income tax (benefit) expense 372,540 507,410 5,884 (517,516) 368,318 Income tax (benefit) expense (2) — (7,360) 3,138 — (4,222) Net income (loss) $ 372,540 $ 514,770 $ 2,746 $ (517,516) $ 372,540 Statement of Comprehensive Income Net income (loss) $ 372,540 $ 514,770 $ 2,746 $ (517,516) $ 372,540 Total other comprehensive income, net of tax — — 673 — 673 Total comprehensive income (loss) $ 372,540 $ 514,770 $ 3,419 $ (517,516) $ 373,213 (1) Caption is exclusive of depreciation and amortization. (2) The income tax (benefit) expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
Condensed Consolidating Statements of Cash Flows | es. Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2021 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 596,116 $ 849,072 $ (21,301) $ (708,341) $ 715,546 Cash flows from investing activities: Capital expenditures — (119,728) (6,362) — (126,090) Acquisitions — (312,257) — — (312,257) Payment for investments in equity securities — (30,000) — — (30,000) Proceeds from disposition of assets and investments — 6,480 — — 6,480 Investment in subsidiaries (342,257) — — 342,257 — Decrease (increase) in intercompany notes receivable 51,976 — — (51,976) — Decrease in notes receivable — 107 — — 107 Net cash (used in) provided by investing activities (290,281) (455,398) (6,362) 290,281 (461,760) Cash flows from financing activities: Proceeds received from revolving credit facility 200,000 — — — 200,000 Payment on revolving credit facility (25,000) — — — (25,000) Principal payments on long-term debt — (378) — — (378) Principal payments on financing leases — (1,331) — — (1,331) Proceeds received from note offering 550,000 — — — 550,000 Redemption of senior notes and senior subordinated notes (668,688) — — — (668,688) Payment on accounts receivable securitization program — — (127,500) — (127,500) Proceeds received from accounts receivable securitization program — — 180,000 — 180,000 Debt issuance costs (8,385) — (438) — (8,823) Intercompany loan (payments) proceeds — (24,119) (27,857) 51,976 — Distributions to non-controlling interest — — (601) — (601) Dividends (to) from parent (410,875) (708,341) — 708,341 (410,875) Contributions from (to) parent 37,548 342,257 — (342,257) 37,548 Net cash (used in) provided by financing activities (325,400) (391,912) 23,604 418,060 (275,648) Effect of exchange rate changes in cash and cash equivalents — — 81 — 81 Net (decrease) increase in cash and cash equivalents (19,565) 1,762 (3,978) — (21,781) Cash and cash equivalents at beginning of period 110,588 1,732 8,749 — 121,069 Cash and cash equivalents at end of period $ 91,023 $ 3,494 $ 4,771 $ — $ 99,288 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2020 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 495,872 $ 668,673 $ (5,639) $ (619,877) $ 539,029 Cash flows from investing activities: Capital expenditures — (56,772) (5,500) — (62,272) Acquisitions 577 (46,161) — — (45,584) Proceeds from disposition of assets and investments — 10,968 — — 10,968 Investment in subsidiaries (46,161) — — 46,161 — (Increase) decrease in intercompany notes receivable (60,183) — — 60,183 — Net cash (used in) provided by investing activities (105,767) (91,965) (5,500) 106,344 (96,888) Cash flows from financing activities: Proceeds received from revolving credit facility 725,000 — — — 725,000 Payment on revolving credit facility (875,000) — — — (875,000) Principal payments on long-term debt — (9,112) — — (9,112) 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) Proceeds received from accounts receivable securitization program — — 122,500 — 122,500 Payment on accounts receivable securitization program — — (175,000) — (175,000) Debt issuance costs (32,950) — — — (32,950) Intercompany loan (payments) proceeds — (9,176) 69,359 (60,183) — Distributions to non-controlling interest — — (1,509) — (1,509) Dividends (to) from parent (262,437) (619,877) — 619,877 (262,437) Contributions from (to) parent 41,628 46,161 — (46,161) 41,628 Net cash (used in) provided by financing activities (292,702) (583,254) 15,350 513,533 (347,073) Effect of exchange rate changes in cash and cash equivalents — — 313 — 313 Net increase (decrease) in cash and cash equivalents 97,403 (6,546) 4,524 — 95,381 Cash and cash equivalents at beginning of period 13,185 8,278 4,225 — 25,688 Cash and cash equivalents at end of period $ 110,588 $ 1,732 $ 8,749 $ — $ 121,069 Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2019 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 469,907 $ 738,030 $ 6,660 $ (609,657) $ 604,940 Cash flows from investing activities: Acquisitions — (226,278) — — (226,278) Capital expenditures — (136,696) (4,260) — (140,956) Proceeds from disposition of assets and investments — 5,438 — — 5,438 Proceeds received from insurance claims — 210 — — 210 Investment in subsidiaries (226,278) — — 226,278 — Decrease (increase) in intercompany notes receivable 3,787 — — (3,787) — Increase in notes receivable (448) — — — (448) Net cash (used in) provided by investing activities (222,939) (357,326) (4,260) 222,491 (362,034) Cash flows from financing activities: Proceeds received from revolving credit facility 495,000 — — — 495,000 Payment on revolving credit facility (625,000) — — — (625,000) Principal payments on long-term debt (34,471) — — — (34,471) Proceeds received from accounts receivable securitization program — — 9,000 — 9,000 Payment on accounts receivable securitization program — — (9,000) — (9,000) Debt issuance costs (4,463) — — — (4,463) Proceeds received from note offering 255,000 — — — 255,000 Intercompany loan (payments) proceeds — (702) (3,085) 3,787 — Distributions to non-controlling interest — — (621) — (621) Contributions from (to) parent 69,822 226,278 — (226,278) 69,822 Dividends (to) from parent (393,700) (609,657) — 609,657 (393,700) Net cash (used in) provided by financing activities (237,812) (384,081) (3,706) 387,166 (238,433) Effect of exchange rate changes in cash and cash equivalents — — 221 — 221 Net increase (decrease) in cash and cash equivalents 9,156 (3,377) (1,085) — 4,694 Cash and cash equivalents at beginning of period 4,029 11,655 5,310 — 20,994 Cash and cash equivalents at end of period $ 13,185 $ 8,278 $ 4,225 $ — $ 25,688 |
Description of the Business a_6
Description of the Business and Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)BillboardTransitStateReporting_Unit$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Jul. 12, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of advertising displays | Billboard | 153,800 | |||
Number of states in which the company operates | State | 45 | |||
Number of states in which the company operates logo sign business | State | 23 | |||
Number of transit advertising displays | Transit | 46,600 | |||
Number of states in which the company operates transit advertising displays | State | 23 | |||
Number of reporting units | Reporting_Unit | 2 | |||
REIT threshold percentage of taxable income to be distributed to stockholders | 90.00% | |||
Dividends declared and paid | $ 404,809 | $ 251,944 | $ 384,817 | |
Cash dividends declared per share of common stock (in usd per share) | $ / shares | $ 4 | $ 2.50 | $ 3.84 | |
Distributions paid, preferred stockholders | $ 365 | $ 365 | $ 365 | |
Distributions paid, preferred stockholders, per share (in usd per share) | $ / shares | $ 63.80 | $ 63.80 | $ 63.80 | |
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares) | shares | 0 | 0 | 0 | |
Stock-based compensation | $ 37,368 | $ 18,772 | $ 29,647 | |
Investment maturity period | three months | |||
Equity in earnings of investee | $ (3,384) | $ 0 | $ 0 | |
Vistar Media | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity method investment | $ 30,000 | |||
Minority interest, percentage | 20.00% | |||
Stock Options and Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 4,348 | |||
Performance-Based Stock Incentive Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 31,776 | |||
Non-Performance Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 622 | |||
Restricted Stock Awards to Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 622 | |||
Taxable Income Distribution | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash dividends paid per share of common stock (in usd per share) | $ / shares | $ 4 | $ 2.50 | $ 3.84 | |
Cash dividends declared per share of common stock (in usd per share) | $ / shares | $ 4 | $ 2.50 | $ 3.84 | |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated useful lives of Intangible assets | 2 years | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated useful lives of Intangible assets | 15 years |
Description of the Business a_7
Description of the Business and Significant Accounting Policies - Revenue and Expense Recognized for Advertising Barter Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Net revenues | $ 7,718 | $ 8,088 | $ 9,636 |
Direct advertising expenses | 4,014 | 3,971 | 3,982 |
General and administrative expenses | $ 3,112 | $ 3,144 | $ 4,986 |
Revenues - Additional Informati
Revenues - Additional Information (Details) - ASC 606 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Direct Advertising Expenses (Exclusive of Depreciation and Amortization) | ||
Capitalized Contract Cost [Line Items] | ||
Contract cost expense net | $ 25,197 | $ 23,085 |
Other Current Assets | ||
Capitalized Contract Cost [Line Items] | ||
Capitalized contract cost, net current | $ 25,642 | $ 22,698 |
Revenues - Disaggregation Reven
Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Net Revenues | $ 1,787,401 | $ 1,568,856 | $ 1,753,644 |
Billboard Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenues | 1,613,554 | 1,403,239 | 1,537,542 |
Logo Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenues | 78,180 | 82,944 | 84,201 |
Transit Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Net Revenues | $ 95,667 | $ 82,673 | $ 131,901 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 03, 2021 | Sep. 08, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Portion of acquired intangible assets assigned to goodwill | $ 1,936,426 | $ 1,912,328 | ||
Total purchase price of outdoor advertising assets | 46,160 | |||
Purchase price, cash | 45,584 | |||
Purchase price, non cash consideration | 576 | |||
2021 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Business combination, consideration transferred | 312,257 | |||
Cash acquired in acquisitions | $ 1,419 | |||
Property, plant and equipment | $ 38,289 | |||
Portion of acquired intangible assets assigned to goodwill | 24,089 | 24,089 | ||
Total purchase price of outdoor advertising assets | 312,257 | |||
Aggregate amortization expense related to acquisition | 4,335 | |||
Total acquired intangible assets | 266,288 | |||
Amount deductible for tax purposes | $ 14,584 | |||
Weighted average useful life | 14 years | |||
2021 Acquisitions | Customer lists and contracts | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 7 years | |||
Total acquired intangible assets | 31,101 | $ 31,101 | ||
2021 Acquisitions | Site locations | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 15 years | |||
Total acquired intangible assets | 206,734 | $ 206,734 | ||
December 3, 2021 Acquisition | ||||
Business Acquisition [Line Items] | ||||
Business combination, consideration transferred | 75,000 | |||
Property, plant and equipment | 6,022 | |||
Other intangibles | 53,775 | |||
Portion of acquired intangible assets assigned to goodwill | $ 9,506 | |||
2020 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment | 13,376 | |||
Total purchase price of outdoor advertising assets | 46,160 | |||
Aggregate amortization expense related to acquisition | $ 1,356 | |||
Weighted average useful life | 14 years | |||
2020 Acquisitions | Customer lists and contracts | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 7 years | |||
Total acquired intangible assets | $ 3,979 | |||
2020 Acquisitions | Site locations | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life | 15 years | |||
Total acquired intangible assets | $ 27,902 |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Purchase Price 2021 (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 03, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,936,426 | $ 1,912,328 | |
2021 Acquisitions | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment | $ 38,289 | ||
Goodwill | 24,089 | 24,089 | |
Other intangibles | 721 | ||
Asset acquisition costs | 523 | ||
Current assets | 9,310 | ||
Current liabilities | (4,406) | ||
Operating lease right of use assets | 32,487 | ||
Operating lease liabilities | (30,197) | ||
Other assets | 486 | ||
Total purchase price of outdoor advertising assets | 312,257 | ||
2021 Acquisitions | Site locations | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets | 206,734 | 206,734 | |
2021 Acquisitions | Non-competition agreements | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets | 3,120 | ||
2021 Acquisitions | Customer lists and contracts | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets | $ 31,101 | $ 31,101 | |
2020 Acquisitions | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment | 13,376 | ||
Asset acquisition costs | 154 | ||
Current assets | 3 | ||
Current liabilities | (295) | ||
Operating lease right of use assets | 7,269 | ||
Operating lease liabilities | (6,368) | ||
Total purchase price of outdoor advertising assets | 46,160 | ||
2020 Acquisitions | Site locations | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets | 27,902 | ||
2020 Acquisitions | Non-competition agreements | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets | 140 | ||
2020 Acquisitions | Customer lists and contracts | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets | $ 3,979 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Financial Information (Detail) - 2021 Acquisitions - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Net revenues | $ 1,826,448 | $ 1,615,855 |
Net income applicable to common stock | $ 379,874 | $ 230,035 |
Net income per common share — basic (in usd per share) | $ 3.76 | $ 2.28 |
Net income per common share — diluted (in usd per share) | $ 3.75 | $ 2.28 |
Non-cash Financing and Invest_2
Non-cash Financing and Investing Activities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Non-cash investing activities | $ 0 | $ 0 | $ 0 |
Non cash financing activities related to financing lease liabilities | 19,891,000 | ||
Non-cash financing activity | $ 0 | $ 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Major Categories of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 3,782,288 | $ 3,615,505 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 428,849 | 413,257 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 206,870 | 187,921 |
Building and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 10 years | |
Building and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 39 years | |
Advertising structures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 3,010,769 | 2,880,521 |
Advertising structures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 5 years | |
Advertising structures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 15 years | |
Automotive and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 135,800 | $ 133,806 |
Automotive and other equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 3 years | |
Automotive and other equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Life (Years) | 7 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 3,416,914 | $ 3,174,658 | |
Accumulated Amortization | 2,371,737 | 2,260,212 | |
Goodwill gross carrying amount | 2,189,962 | 2,165,864 | $ 2,165,810 |
Goodwill accumulated amortization | $ 253,536 | 253,536 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 2 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 15 years | ||
Customer lists and contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 676,846 | 645,739 | |
Accumulated Amortization | $ 587,056 | 563,135 | |
Customer lists and contracts | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 7 years | ||
Customer lists and contracts | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 10 years | ||
Non-competition agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 69,276 | 66,156 | |
Accumulated Amortization | $ 64,941 | 64,647 | |
Non-competition agreements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 3 years | ||
Non-competition agreements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 15 years | ||
Site locations | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 15 years | ||
Gross Carrying Amount | $ 2,619,531 | 2,412,745 | |
Accumulated Amortization | 1,680,333 | 1,593,805 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 51,261 | 50,018 | |
Accumulated Amortization | $ 39,407 | $ 38,625 | |
Other | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 2 years | ||
Other | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of Intangible assets | 15 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Changes in Gross Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 2,165,864 | $ 2,165,810 |
Goodwill acquired during the year | 24,089 | |
Purchase price adjustments and other | 9 | 54 |
Goodwill, ending balance | $ 2,189,962 | $ 2,165,864 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 114,319 | $ 110,201 | $ 113,679 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 120,629 | |
2023 | 110,005 | |
2024 | 106,111 | |
2025 | 102,658 | |
2026 | 94,667 | |
Thereafter | 511,107 | |
Total | $ 1,045,177 | $ 914,446 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Base operating lease, cost | $ 290,036,000 | $ 298,135,000 | $ 312,883,000 |
Variable operating lease, cost | 98,682,000 | 69,242,000 | 76,492,000 |
Non-lease transit payments | 47,054,000 | 25,670,000 | 27,086,000 |
Operating lease, cost | 388,718,000 | 367,377,000 | 389,375,000 |
Gain on disposition of assets | 2,115,000 | 9,026,000 | 7,241,000 |
Operating lease, cash payments | 296,460,000 | 286,575,000 | 316,527,000 |
Direct advertising expenses (exclusive of depreciation and amortization) | $ 576,507,000 | 557,661,000 | 590,078,000 |
Operating lease, weighted average remaining lease term | 12 years | ||
Operating lease, weighted average discount rate | 4.50% | ||
Leased assets obtained in exchange for operating lease liability | $ 49,927,000 | 25,264,000 | |
Operating lease, liability, reduction due to lease termination | 5,697,000 | 23,173,000 | |
Right-of-Use asset obtained in exchange for finance lease liability | $ 19,891,000 | ||
Finance lease, weighted average remaining lease term | 5 years 10 months 24 days | ||
Finance lease, weighted average discount rate, percent | 3.10% | ||
Finance lease amortization | 2,853,000 | $ 222,000 | |
Interest expenses | 585,000 | 47,000 | |
Principal payments on financing leases | 1,331,000 | 0 | 0 |
Advertising | |||
Lessee, Lease, Description [Line Items] | |||
Direct advertising expenses (exclusive of depreciation and amortization) | 6,184,000 | 4,953,000 | 4,691,000 |
Termination of Lease Agreements | |||
Lessee, Lease, Description [Line Items] | |||
Gain on disposition of assets | $ 241,000 | $ (451,000) | $ (4,061,000) |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 229,824 |
2023 | 183,407 |
2024 | 163,324 |
2025 | 138,088 |
2026 | 115,165 |
Thereafter | 758,339 |
Total undiscounted operating lease payments | 1,588,147 |
Less: Imputed interest | (394,505) |
Total operating lease liabilities | $ 1,193,642 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Payroll | $ 36,531 | $ 17,034 |
Interest | 22,009 | 33,583 |
Insurance benefits | 11,205 | 12,499 |
Accrued variable lease and contract expense | 21,487 | 19,274 |
Stock-based compensation | 30,450 | 11,589 |
Other | 13,356 | 11,309 |
Total accrued expenses | $ 135,038 | $ 105,288 |
Long-term Debt - Long-Term Debt
Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Debt | $ 3,050,454 | $ 2,926,633 |
Debt, Less current maturities | (175,363) | (122,879) |
Debt, excluding current maturities | 2,875,091 | 2,803,754 |
Deferred financing costs | 36,859 | 40,117 |
Deferred financing costs, Less current maturities | (585) | (445) |
Deferred financing costs, excluding current maturities | 36,274 | 39,672 |
Debt, net of deferred financing costs | 3,013,595 | 2,886,516 |
Debt, net of deferred financing costs, Less current maturities | (174,778) | (122,434) |
Long-term debt, net of deferred financing costs | 2,838,817 | 2,764,082 |
Senior Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt | 773,717 | 598,466 |
Deferred financing costs | 9,306 | 11,569 |
Debt, net of deferred financing costs | 764,411 | 586,897 |
Accounts Receivable Securitization Program | ||
Debt Instrument [Line Items] | ||
Debt | 175,000 | 122,500 |
Deferred financing costs | 585 | 445 |
Debt, net of deferred financing costs | 174,415 | 122,055 |
3 5/8% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 550,000 | |
Deferred financing costs | 7,711 | |
Debt, net of deferred financing costs | 542,289 | |
3 3/4% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 600,000 | 600,000 |
Deferred financing costs | 7,036 | 8,031 |
Debt, net of deferred financing costs | 592,964 | 591,969 |
4% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 549,359 | 549,280 |
Deferred financing costs | 7,208 | 7,911 |
Debt, net of deferred financing costs | 542,151 | 541,369 |
4 7/8% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 400,000 | 400,000 |
Deferred financing costs | 5,013 | 5,586 |
Debt, net of deferred financing costs | 394,987 | 394,414 |
Other notes with various rates and terms | ||
Debt Instrument [Line Items] | ||
Debt | 2,378 | 2,756 |
Deferred financing costs | 0 | 0 |
Debt, net of deferred financing costs | $ 2,378 | 2,756 |
5 3/4% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 653,631 | |
Deferred financing costs | 6,575 | |
Debt, net of deferred financing costs | $ 647,056 |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-Term Debt Contractual Maturities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Debt | |
Debt Instrument [Line Items] | |
2022 | $ 363 |
2023 | 381 |
2024 | 175,400 |
2025 | 175,420 |
2026 | 442 |
Thereafter | 2,698,448 |
Deferred financing costs | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 585 |
2025 | 3,371 |
2026 | 0 |
Thereafter | 32,903 |
Debt, net of deferred financing costs | |
Debt Instrument [Line Items] | |
2022 | 363 |
2023 | 381 |
2024 | 174,815 |
2025 | 172,049 |
2026 | 442 |
Thereafter | $ 2,665,545 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) | May 24, 2021 | Feb. 03, 2021USD ($) | Jan. 22, 2021USD ($) | Oct. 23, 2020 | Sep. 16, 2020USD ($) | Aug. 31, 2020USD ($) | Aug. 19, 2020USD ($) | Jun. 30, 2020 | May 13, 2020USD ($) | Feb. 20, 2020 | Feb. 06, 2020USD ($) | Feb. 01, 2019USD ($) | Jan. 28, 2016USD ($) | Jan. 10, 2014USD ($) | Oct. 30, 2012USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 16, 2020USD ($) | Dec. 18, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||||
Proceeds received from senior credit facility term loans | $ 0 | $ 598,500,000 | $ 0 | |||||||||||||||||
Loss on debt extinguishment | 21,604,000 | 25,235,000 | $ 0 | |||||||||||||||||
Outstanding revolving credit facility | 175,000,000 | |||||||||||||||||||
Remaining borrowing capacity under revolving credit facility | 562,626,000 | |||||||||||||||||||
Debt | 3,050,454,000 | 2,926,633,000 | ||||||||||||||||||
Letter of Credit | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Letter of credit outstanding balance | 12,374,000 | |||||||||||||||||||
Senior Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loss on debt extinguishment | 5,608,000 | |||||||||||||||||||
Accounts Receivable Securitization Program | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount of debt issued | $ 175,000,000 | |||||||||||||||||||
Increased delinquency ratio, third amendment | 11.00% | |||||||||||||||||||
Delinquency ratio prior to increase, third amendment | 8.00% | |||||||||||||||||||
Increased dilution ratio, third amendment | 7.00% | |||||||||||||||||||
Dilution ratio prior to increase, third amendment | 4.00% | |||||||||||||||||||
Increased days sales outstanding, third amendment | 75 days | |||||||||||||||||||
Number of days sales outstanding prior to increase, third amendment | 65 days | |||||||||||||||||||
Percentage of commitment to maintain minimum borrowings | 50.00% | 70.00% | 50.00% | |||||||||||||||||
Increased delinquency ratio, third amendment | 0.1300 | |||||||||||||||||||
Increased dilution ratio, fourth amendment | 5.00% | |||||||||||||||||||
Debt | 175,000,000 | 122,500,000 | ||||||||||||||||||
Available borrowing on accounts receivable securitization | 0 | |||||||||||||||||||
Accounts Receivable Securitization Program | For Up To Two Additional Periods | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Delinquency ratio prior to increase, fourth amendment | 16.00% | |||||||||||||||||||
5% Senior Subordinated Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loss on debt extinguishment | 7,051,000 | |||||||||||||||||||
Aggregate principal amount of debt issued | $ 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% | ||||||||||||||||||
Cash portion of loss on debt extinguishment | 4,456,000 | |||||||||||||||||||
5 3/8% Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loss on debt extinguishment | 12,576,000 | |||||||||||||||||||
Aggregate principal amount of debt issued | $ 510,000,000 | |||||||||||||||||||
Net proceeds form the issuance of debt | $ 502,300,000 | |||||||||||||||||||
Redeemed percentage of aggregate principal amount | 101.792% | |||||||||||||||||||
Cash portion of loss on debt extinguishment | 9,139,000 | |||||||||||||||||||
5 3/4% Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Loss on debt extinguishment | 21,604,000 | |||||||||||||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | |||||||||||||||||||
Debt | 653,631,000 | |||||||||||||||||||
Net proceeds form the issuance of debt | $ 394,500,000 | |||||||||||||||||||
Debt instrument redemption amount | $ 650,000,000 | |||||||||||||||||||
Redeemed percentage of aggregate principal amount | 102.875% | |||||||||||||||||||
Cash portion of loss on debt extinguishment | 18,700,000 | |||||||||||||||||||
5 3/4% Senior Notes | Private Placement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount of debt issued | $ 250,000,000 | |||||||||||||||||||
Net proceeds form the issuance of debt | $ 251,500,000 | |||||||||||||||||||
4% Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt | 549,359,000 | 549,280,000 | ||||||||||||||||||
Redemption price percentage of the principal amount to be purchased | 101.00% | |||||||||||||||||||
4% Senior Notes | Prior to February 1, 2021 | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Redeemed percentage of aggregate principal amount | 100.00% | |||||||||||||||||||
4% Senior Notes | Prior to February 15, 2023 | ||||||||||||||||||||
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 | Private Placement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
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 | ||||||||||||||||||
3 3/4% Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt | 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 | Prior to February 15, 2023 | ||||||||||||||||||||
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 | Private Placement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount of debt issued | $ 600,000,000 | |||||||||||||||||||
Net proceeds form the issuance of debt | 592,500,000 | |||||||||||||||||||
4 7/8% Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt | 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 | Prior to February 15, 2023 | ||||||||||||||||||||
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 | Private Placement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount of debt issued | $ 400,000,000 | |||||||||||||||||||
Net proceeds form the issuance of debt | $ 395,000,000 | |||||||||||||||||||
3 5/8% Senior Notes | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt | 550,000,000 | |||||||||||||||||||
Redeemed percentage of aggregate principal amount | 103.625% | |||||||||||||||||||
Redemption percentage of aggregate principal amount of senior notes | 40.00% | |||||||||||||||||||
Redemption percentage of issued notes which remain outstanding | 60.00% | |||||||||||||||||||
3 5/8% Senior Notes | Prior to February 15, 2023 | ||||||||||||||||||||
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 5/8% Senior Notes | Private Placement | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount of debt issued | $ 550,000 | |||||||||||||||||||
Net proceeds form the issuance of debt | $ 542,500,000 | |||||||||||||||||||
Senior or Senior Subordinated Notes and other Indebtedness | Debt Instrument Repurchase Program | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt repurchase program, authorized amount | $ 250,000,000 | |||||||||||||||||||
Debt instrument repurchased under the program | $ 0 | |||||||||||||||||||
Senior Credit Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing limit of incremental loan facility | 750,000,000 | |||||||||||||||||||
Term B Loan Facility | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing limit of incremental loan facility | 600,000,000 | |||||||||||||||||||
Proceeds received from senior credit facility term loans | $ 600,000,000 | |||||||||||||||||||
Term B Loan Facility | LIBO Rate | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Adjusted rate | 1.50% | |||||||||||||||||||
Term B Loan Facility | Base Rate | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Adjusted rate | 0.50% | |||||||||||||||||||
Revolving Credit Facility | LIBO Rate | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, covenant, ratio of indebtedness to net capital, maximum | 3.25 | |||||||||||||||||||
Adjusted rate | 1.50% | |||||||||||||||||||
Revolving Credit Facility | LIBO Rate | Debt Ratio Less Than Three Point Two Five | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Adjusted rate | 1.25% | |||||||||||||||||||
Revolving Credit Facility | Base Rate | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, covenant, ratio of indebtedness to net capital, maximum | 3.25 | |||||||||||||||||||
Adjusted rate | 0.50% | |||||||||||||||||||
Revolving Credit Facility | Base Rate | Debt Ratio Less Than Three Point Two Five | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Adjusted rate | 0.25% | |||||||||||||||||||
Revolving Credit Facility | Secured Debt | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt instrument, covenant, ratio of indebtedness to net capital, maximum | 4.50 |
Long-term Debt - Interest Rates
Long-term Debt - Interest Rates on Notes (Detail) | Dec. 31, 2021 | Jan. 22, 2021 | Dec. 31, 2020 | May 13, 2020 | Feb. 06, 2020 | Jan. 28, 2016 | Jan. 10, 2014 | Oct. 30, 2012 |
3 3/4% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on senior notes | 3.75% | 3.75% | ||||||
3 3/4% Senior Notes | Private Placement | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on senior notes | 3.75% | |||||||
4% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on senior notes | 4.00% | 4.00% | 4.00% | |||||
4 7/8% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on senior notes | 4.875% | 4.875% | 4.875% | |||||
5 3/4% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on senior notes | 5.75% | 5.75% | ||||||
5% Senior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on senior notes | 5.00% | |||||||
5 3/8% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on senior notes | 5.375% | |||||||
3 5/8% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate on senior notes | 3.625% | 3.625% |
Asset Retirement Obligation - I
Asset Retirement Obligation - Information Related to Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | $ 222,876 | $ 226,137 |
Additions to asset retirement obligations | 3,662 | 658 |
Accretion expense | 4,476 | 4,135 |
Liabilities settled | (3,291) | (8,054) |
Revision in estimates | 41,644 | |
Ending balance | $ 269,367 | $ 222,876 |
Depreciation and Amortization -
Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation and Amortization Expense [Line Items] | |||
Depreciation and amortization | $ 271,294 | $ 251,296 | $ 250,028 |
Direct advertising expenses | |||
Depreciation and Amortization Expense [Line Items] | |||
Depreciation and amortization | 253,850 | 236,054 | 235,544 |
General and administrative expenses | |||
Depreciation and Amortization Expense [Line Items] | |||
Depreciation and amortization | 4,691 | 4,996 | 4,416 |
Corporate expenses | |||
Depreciation and Amortization Expense [Line Items] | |||
Depreciation and amortization | $ 12,753 | $ 10,246 | $ 10,068 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal, current | $ 4,723 | $ 2,997 | $ 6,045 |
State and local, current | 3,958 | 1,940 | 2,699 |
Foreign, current | (999) | 520 | 1,164 |
Total current | 7,682 | 5,457 | 9,908 |
U.S. federal, deferred | 620 | (45) | (13,450) |
State and local, deferred | 254 | 311 | (2,654) |
Foreign, deferred | 700 | (1,063) | 1,974 |
Total, deferred | 1,574 | (797) | (14,130) |
U.S. federal, total | 5,343 | 2,952 | (7,405) |
State and local, total | 4,212 | 2,251 | 45 |
Foreign, total | (299) | (543) | 3,138 |
Income tax expense (benefit) | $ 9,256 | $ 4,660 | $ (4,222) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | |||
Taxes payable | $ 5,915 | $ 4,707 | |
Income tax rate | 21.00% | 21.00% | 21.00% |
Net change in total state valuation allowance | $ 1,577 | $ 2,226 | |
Valuation allowance for deferred tax assets | 19,433 | 20,997 | |
Undistributed earnings of subsidiaries | 19,682 | ||
Deferred tax liabilities foreign withholding taxes | 984 | 1,056 | |
Current income tax expense (benefit) related to current period earnings | 77 | ||
Unrecognized tax benefits | 5,125 | 4,966 | $ 4,450 |
Income tax penalties and interest expense | (42) | 173 | |
Expect to decrease in unrecognized tax benefits in next twelve months | 1,389 | ||
State and Local Jurisdiction | |||
Income Tax [Line Items] | |||
Net operating loss carry forwards | 1,033,956 | ||
Amounts of credits available to offset income tax | 100 | ||
Valuation allowance for deferred tax assets | 334 | 321 | |
Net change in total state valuation allowance | 13 | 320 | |
US | |||
Income Tax [Line Items] | |||
Net operating loss carry forwards | 149,212 | ||
Amounts of credits available to offset income tax | 1,205 | ||
Internal Revenue Service (IRS) | |||
Income Tax [Line Items] | |||
Net operating loss carry forwards | 29,496 | ||
Canada Revenue Agency | Foreign Tax Authority | |||
Income Tax [Line Items] | |||
Net operating loss carry forwards | 4,047 | ||
Puerto Rico | |||
Income Tax [Line Items] | |||
Alternative minimum tax credits | 178 | ||
Valuation allowance for deferred tax assets | 19,099 | $ 20,676 | |
Puerto Rico | Foreign Tax Authority | |||
Income Tax [Line Items] | |||
Net operating loss carry forwards | $ 39,863 |
Income Taxes - U.S. and Foreign
Income Taxes - U.S. and Foreign Components of Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 395,800 | $ 249,714 | $ 357,445 |
Foreign | 1,546 | (1,668) | 10,444 |
Income before income tax expense (benefit) | $ 397,346 | $ 248,046 | $ 367,889 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Income tax expense at U.S. federal statutory rate | $ 83,443 | $ 52,090 | $ 77,257 |
Tax adjustment related to REIT | (83,153) | (50,395) | (70,619) |
State and local income taxes, net of federal income tax benefit | 2,917 | 1,222 | 2,039 |
Book expenses not deductible for tax purposes | 1,893 | 3,156 | 4,144 |
Stock-based compensation | 3,555 | (2,033) | (1,177) |
Valuation allowance | (1,564) | (1,031) | (1,032) |
Rate change | 0 | (182) | 0 |
Undistributed earnings of foreign subsidiaries | 292 | (78) | (102) |
Deferred tax adjustment due to REIT conversion | 0 | 0 | (17,031) |
Other differences, net | 1,873 | 1,911 | 2,299 |
Income tax expense (benefit) | 9,256 | 4,660 | (4,222) |
Tax adjustment related dividend paid deduction | $ 85,087 | $ 52,985 | $ 76,688 |
Income tax rate | 21.00% | 21.00% | 21.00% |
Puerto Rico | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Valuation allowance | $ (1,564) | $ (1,031) | $ (1,032) |
Puerto Rico | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Rate change | $ 182 | ||
Puerto Rico | Maximum | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Income tax rate | 39.00% | ||
Puerto Rico | Minimum | |||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||
Income tax rate | 37.50% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 493 | $ 328 |
Accrued liabilities not deducted for tax purposes | 3,071 | 3,358 |
Net operating loss carry forwards | 16,488 | 18,803 |
Tax credit carry forwards | 692 | 693 |
Charitable contributions carry forward | 3 | 4 |
Investment in partnerships | 228 | 367 |
Gross deferred tax assets | 20,975 | 23,553 |
Less: valuation allowance | (19,433) | (20,997) |
Net deferred tax assets | 1,542 | 2,556 |
Deferred tax liabilities: | ||
Intangibles | (5,209) | (5,443) |
Property, plant and equipment | (1,765) | (911) |
Undistributed earnings of foreign subsidiaries | (984) | (1,056) |
Gross deferred tax liabilities | (7,958) | (7,410) |
Net deferred tax liabilities | $ (6,416) | $ (4,854) |
Income Taxes - Reconciliation U
Income Taxes - Reconciliation Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 4,966 | $ 4,450 |
Additions for tax positions related to current year | 1,166 | 862 |
Additions for tax positions related to prior years | 381 | 667 |
Lapse of statute of limitations | (1,013) | |
Reductions for tax positions related to prior years | (1,388) | |
Ending balance | $ 5,125 | $ 4,966 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 12, 2021 | |
Related Party Transaction [Line Items] | |||
Receivables from employees and executive officers | $ 1,066,000 | $ 1,066,000 | |
Vistar Media | |||
Related Party Transaction [Line Items] | |||
Equity method investment | $ 30,000,000 | ||
Minority interest, percentage | 20.00% | ||
Revenues | 10,586 | ||
Advertising expense | $ 880 | ||
Sean E. Reilly and Kevin P. Reilly, Jr. | RTC Holdings, LLC | |||
Related Party Transaction [Line Items] | |||
Ownership interest in limited liability company | 100.00% | ||
Chief Executive Officer, Chairman of Board of Directors, President and Families | RTC Holdings, LLC | |||
Related Party Transaction [Line Items] | |||
Ownership interest in limited liability company | 89.00% | ||
Reilly Family, LLC | RTC Holdings, LLC | |||
Related Party Transaction [Line Items] | |||
Ownership interest in limited liability company | 11.00% | ||
EATEL CORP, LLC | RTC Holdings, LLC | |||
Related Party Transaction [Line Items] | |||
Aggregate amount paid on backup-recovery services | $ 315,000 | 311,000 | |
Advertising services aggregate amount | $ 139,000 | $ 134,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | May 01, 2021 | Jul. 16, 1999 | Dec. 31, 2021 | Dec. 31, 2019 | Jun. 21, 2021 | Dec. 31, 2020 | Mar. 16, 2020 | May 01, 2018 |
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized (in shares) | 5,720 | 5,720 | ||||||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 | ||||||
Liquidation value of outstanding preferred stock | $ 3,649,000 | |||||||
Common stock shares issued for cash (in shares) | 266,410 | |||||||
Shelf Registration | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock shares issued for cash (in shares) | 0 | |||||||
Series AA Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized (in shares) | 5,720 | |||||||
Preferred stock, par value (in usd per share) | $ 0.001 | |||||||
Dividends paid to preferred stock (in usd per share) | 15.95 | |||||||
Amount entitled (in usd per share) | $ 638 | |||||||
Preferred Class A | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | |||||||
Common Class A | Sales Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 250,000,000 | |||||||
Stock repurchased during period | $ 0 | |||||||
Common Class A | Equity Distribution Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares sold (in shares) | 842,412 | 0 | ||||||
Amount available to be sold, common stock | $ 400,000,000 | |||||||
Common Class A | Maximum | Equity Distribution Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate offering price of common stock issuable | $ 400,000,000 | $ 400,000,000 |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued expenses, liability | $ 30,450 | $ 11,589 | |
Period of cliff vesting for option valuation | 5 years | ||
Period of graded vesting for option valuation | 4 years | ||
Expected dividend yield | 5.00% | 5.00% | 5.00% |
Total unrecognized compensation cost related to nonvested awards | $ 2,785 | ||
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized | 1 year 9 months 10 days | ||
Shares available for future stock option and restricted share grants to employees and directors under existing plans (in shares) | 2,268,181 | ||
Aggregate intrinsic value of options outstanding | $ 29,032 | ||
Aggregate intrinsic value of options exercisable | 22,941 | ||
Total intrinsic value of options exercised | $ 5,572 | ||
Common Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Volatility | 90.00% | ||
Volatility rate on publicly traded options | 10.00% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 5 years | ||
1996 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance to directors and employees (in shares) | 17,500,000 | ||
1996 Equity Incentive Plan | Minimum | |||
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 | Maximum | |||
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 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares reserved (in shares) | 86,490 | ||
Performance Based Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to performance based compensation agreements | $ 29,324 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period of options granted under equity incentive plan (in years) | 10 years |
Stock Compensation Plans - Weig
Stock Compensation Plans - Weighted Average Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Dividend Yield | 5.00% | 5.00% | 5.00% |
Expected Volatility | 45.00% | 45.00% | 46.00% |
Risk Free Interest Rate | 2.00% | 2.00% | 2.00% |
Expected Lives | 6 years | 6 years | 6 years |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock Option Transactions Under Various Stock-Based Employee Compensation Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock option activity, shares | |||
Outstanding, beginning of year (in shares) | 598,926 | ||
Granted (in shares) | 76,500 | ||
Exercised (in shares) | (156,491) | (61,949) | (340,684) |
Outstanding, end of year (in shares) | 518,935 | 598,926 | |
Exercisable at end of year (in shares) | 353,035 | ||
Weighted-average exercise price per stock option | |||
Outstanding, beginning of year, weighted average exercise price (in usd per share) | $ 60.34 | ||
Granted, weighted average exercise price (in usd per share) | 103.88 | ||
Exercised, weighted average exercise price (in usd per share) | 64.99 | ||
Outstanding, end of year, weighted average exercise price (in usd per share) | 65.36 | $ 60.34 | |
Exercisable, at end of year, weighted average exercise price (in usd per share) | $ 56.32 | ||
Outstanding, end of year, weighted average remaining contractual term | 5 years | ||
Exercisable, at end of year, weighted average remaining contractual term | 3 years 5 months 23 days |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of ESPP Share Activity (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
ESPP share activity | |||
Purchases (in shares) | (114,035) | (154,756) | (129,972) |
Available for future purchases, December 31, 2020 (in shares) | 2,268,181 | ||
2019 Employee Stock Purchase Plan | |||
ESPP share activity | |||
Additional shares reserved (in shares) | 86,490 | ||
Employee Stock Purchase Plan | |||
ESPP share activity | |||
Available for future purchases, January 1, 2020 (in shares) | 369,771 | ||
Purchases (in shares) | (114,035) | ||
Available for future purchases, December 31, 2020 (in shares) | 342,226 | 369,771 | |
Employee Stock Purchase Plan | 2019 Employee Stock Purchase Plan | |||
ESPP share activity | |||
Additional shares reserved (in shares) | 86,490 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Minimum years of service required to participate in Company sponsored saving and profit sharing plan | 1 year | ||
Minimum age required to participate in Company sponsored saving and profit sharing plan | 21 years | ||
Employers contribution as percentage of employees contribution | 50.00% | ||
Employers contribution as percentage of employees compensation | 5.00% | ||
Employees contribution limit | 100.00% | ||
Fully vesting period of contribution | 3 years | ||
Minimum age for entitlement to benefit of deferred compensation plan | 30 years | ||
Minimum years of experience to attain the benefit of deferred compensation plan | 10 years | ||
Deferred compensation arrangement with individual employees contribution minimum | $ 3 | ||
Deferred compensation arrangement with individual employees contribution maximum | 8 | ||
Deferred Profit Sharing | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer's contribution | 5,811 | $ 5,714 | $ 5,688 |
Deferred Compensation Plan | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Employer's contribution | 1,540 | $ 1,616 | $ 1,675 |
Benefit Plans | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Letters of credit with bank | $ 8,164 |
Commitment and Contingencies -
Commitment and Contingencies - Summary of Minimum Payments Related to Agreements (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 35,641 |
2023 | 28,865 |
2024 | 24,526 |
2025 | 20,397 |
2026 | 8,498 |
Thereafter | $ 20,051 |
Distribution Restrictions - Add
Distribution Restrictions - Additional Information (Detail) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||
Balance of permitted transfers to parent company | $ 3,921,979 | $ 3,625,712 |
Debt ratio (less than) | 7 | |
Debt ratio related to actual position on senior credit facility (less than) | 7 | |
Available cumulative credit | $ 2,672,459 | |
Secured Debt | Maximum | ||
Debt Instrument [Line Items] | ||
Secured debt ratio (less than) | 4.5 | |
LAMAR MEDIA CORP | Secured Debt | ||
Debt Instrument [Line Items] | ||
Secured debt ratio (less than) | 4.5 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Estimated fair value of long-term debt (including current maturities) | $ 3,059,961 |
Information about Geographic _2
Information about Geographic Areas - Additional Information (Detail) - Foreign Countries - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net carrying value of long lived assets | $ 11,318 | $ 8,727 | |
External Customers | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from external customers | $ 24,354 | $ 22,819 | $ 34,517 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 14,946 | $ 13,185 | $ 11,161 |
Charged to Costs and Expenses | 4,527 | 12,729 | 11,608 |
Deductions | 8,278 | 10,968 | 9,584 |
Balance at End of Period | 11,195 | 14,946 | 13,185 |
Deducted in balance sheet from deferred tax assets: valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 20,997 | 22,902 | 23,934 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Deductions | 1,564 | 1,905 | 1,032 |
Balance at End of Period | $ 19,433 | $ 20,997 | $ 22,902 |
Schedule III - Schedule of Re_3
Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2021, 2020 and 2019 (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)AssetDisplay | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of advertising displays | Display | 354,053 | ||
Encumbrances | $ 0 | ||
Initial Cost | 0 | ||
Gross Carrying Amount | 3,439,618 | $ 3,293,778 | $ 3,333,590 |
Accumulated Depreciation | $ (2,287,590) | (2,192,700) | (2,166,579) |
Number of single asset exceeded 5% of the total gross carrying amount | Asset | 0 | ||
Percentage of asset contribution to total gross carrying amount | 5.00% | ||
Gross real estate assets: | |||
Balance at the beginning of the year | $ 3,293,778 | 3,333,590 | 3,201,434 |
Capital expenditures on new advertising displays | 45,427 | 21,598 | 59,604 |
Capital expenditures on improvements/redevelopments of existing advertising displays | 21,287 | 13,021 | 25,025 |
Capital expenditures other recurring | 88,697 | 12,631 | 36,354 |
Land acquisitions | 17,151 | 8,980 | 22,965 |
Acquisition of advertising displays | 17,662 | 4,446 | 23,589 |
Assets sold or written-off | (44,466) | (100,906) | (35,320) |
Foreign exchange | 82 | 418 | (61) |
Balance at the end of the year | 3,439,618 | 3,293,778 | 3,333,590 |
Revision in cost estimate in the calculation of asset retirement obligations | 48,848 | ||
Accumulated depreciation: | |||
Balance at the beginning of the year | 2,192,700 | 2,166,579 | 2,082,335 |
Depreciation | 126,805 | 111,049 | 111,531 |
Assets sold or written-off | (31,971) | (85,267) | (27,890) |
Foreign exchange | 56 | 339 | 603 |
Balance at the end of the year | 2,287,590 | 2,192,700 | 2,166,579 |
New Advertising Displays | |||
Gross real estate assets: | |||
Non-cash amounts | 1,541 | $ 621 | 554 |
Acquisition of Advertising Displays | |||
Gross real estate assets: | |||
Non-cash amounts | $ 3,843 | $ 1,928 | |
Minimum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 5 years | ||
Maximum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 20 years |
Description of the Business a_8
Description of the Business and Significant Accounting Policies (Subsidiary) - Additional Information (Detail) | Dec. 31, 2021BillboardState |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of advertising displays | Billboard | 153,800 |
Number of states in which the company operates | 45 |
Number of states in which the company operates logo sign business | 23 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of advertising displays | Billboard | 153,800 |
Number of states in which the company operates | 45 |
Number of states in which the company operates logo sign business | 23 |
Non-cash Financing Activities -
Non-cash Financing Activities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Non cash financing activities related to financing lease liabilities | $ 19,891,000 | |
Non-cash financing activity | $ 0 | $ 0 |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets (Subsidiary) - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 3,416,914 | $ 3,174,658 | |
Accumulated Amortization | 2,371,737 | 2,260,212 | |
Goodwill gross carrying amount | 2,189,962 | 2,165,864 | $ 2,165,810 |
Goodwill accumulated amortization | 253,536 | 253,536 | |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 3,416,369 | 3,174,112 | |
Accumulated Amortization | 2,371,660 | 2,260,134 | |
Goodwill gross carrying amount | 2,178,941 | 2,154,844 | $ 2,154,790 |
Goodwill accumulated amortization | $ 252,667 | 252,667 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 2 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 15 years | ||
Customer lists and contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 676,846 | 645,739 | |
Accumulated Amortization | 587,056 | 563,135 | |
Customer lists and contracts | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 676,846 | 645,739 | |
Accumulated Amortization | $ 587,056 | 563,135 | |
Customer lists and contracts | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 7 years | ||
Customer lists and contracts | Minimum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 7 years | ||
Customer lists and contracts | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 10 years | ||
Customer lists and contracts | Maximum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 10 years | ||
Non-competition agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 69,276 | 66,156 | |
Accumulated Amortization | 64,941 | 64,647 | |
Non-competition agreements | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 69,276 | 66,156 | |
Accumulated Amortization | $ 64,942 | 64,647 | |
Non-competition agreements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 3 years | ||
Non-competition agreements | Minimum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 3 years | ||
Non-competition agreements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 15 years | ||
Non-competition agreements | Maximum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 15 years | ||
Site locations | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 15 years | ||
Gross Carrying Amount | $ 2,619,531 | 2,412,745 | |
Accumulated Amortization | 1,680,333 | 1,593,805 | |
Site locations | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,619,531 | 2,412,745 | |
Accumulated Amortization | $ 1,680,333 | 1,593,805 | |
Site locations | Maximum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 15 years | ||
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 51,261 | 50,018 | |
Accumulated Amortization | 39,407 | 38,625 | |
Other | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 50,716 | 49,472 | |
Accumulated Amortization | $ 39,329 | $ 38,547 | |
Other | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 2 years | ||
Other | Minimum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 2 years | ||
Other | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 15 years | ||
Other | Maximum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life (Years) | 15 years |
Goodwill and Other Intangibl_10
Goodwill and Other Intangible Assets (Subsidiary) - Summary of Changes in Gross Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 2,165,864 | $ 2,165,810 |
Goodwill acquired during the year | 24,089 | |
Purchase price adjustments and other | 9 | 54 |
Goodwill, ending balance | 2,189,962 | 2,165,864 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 2,154,844 | 2,154,790 |
Goodwill acquired during the year | 24,089 | |
Purchase price adjustments and other | 8 | 54 |
Goodwill, ending balance | $ 2,178,941 | $ 2,154,844 |
Accrued Expenses (Subsidiary) -
Accrued Expenses (Subsidiary) - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Payroll | $ 36,531 | $ 17,034 |
Interest | 22,009 | 33,583 |
Accrued variable lease and contract expense | 21,487 | 19,274 |
Other | 13,356 | 11,309 |
Total accrued expenses | 135,038 | 105,288 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ||
Payroll | 36,531 | 17,034 |
Interest | 22,009 | 33,583 |
Accrued variable lease and contract expense | 21,487 | 19,274 |
Stock-based compensation | 30,450 | 11,589 |
Other | 16,841 | 16,998 |
Total accrued expenses | $ 127,318 | $ 98,478 |
Long-term Debt (Subsidiary) - L
Long-term Debt (Subsidiary) - Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Debt | $ 3,050,454 | $ 2,926,633 |
Debt, Less current maturities | (175,363) | (122,879) |
Debt, excluding current maturities | 2,875,091 | 2,803,754 |
Deferred financing costs | 36,859 | 40,117 |
Deferred financing costs, Less current maturities | (585) | (445) |
Deferred financing costs, excluding current maturities | 36,274 | 39,672 |
Debt, net of deferred financing costs | 3,013,595 | 2,886,516 |
Debt, net of deferred financing costs, Less current maturities | (174,778) | (122,434) |
Long-term debt, net of deferred financing costs | 2,838,817 | 2,764,082 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 3,050,454 | 2,926,633 |
Debt, Less current maturities | (175,363) | (122,879) |
Debt, excluding current maturities | 2,875,091 | 2,803,754 |
Deferred financing costs | 36,859 | 40,117 |
Deferred financing costs, Less current maturities | (585) | (445) |
Deferred financing costs, excluding current maturities | 36,274 | 39,672 |
Debt, net of deferred financing costs | 3,013,595 | 2,886,516 |
Debt, net of deferred financing costs, Less current maturities | (174,778) | (122,434) |
Long-term debt, net of deferred financing costs | 2,838,817 | 2,764,082 |
Senior Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt | 773,717 | 598,466 |
Deferred financing costs | 9,306 | 11,569 |
Debt, net of deferred financing costs | 764,411 | 586,897 |
Senior Credit Facility | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 773,717 | 598,466 |
Deferred financing costs | 9,306 | 11,569 |
Debt, net of deferred financing costs | 764,411 | 586,897 |
Accounts Receivable Securitization Program | ||
Debt Instrument [Line Items] | ||
Debt | 175,000 | 122,500 |
Deferred financing costs | 585 | 445 |
Debt, net of deferred financing costs | 174,415 | 122,055 |
Accounts Receivable Securitization Program | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 175,000 | 122,500 |
Deferred financing costs | 585 | 445 |
Debt, net of deferred financing costs | 174,415 | 122,055 |
3 3/4% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 600,000 | 600,000 |
Deferred financing costs | 7,036 | 8,031 |
Debt, net of deferred financing costs | 592,964 | 591,969 |
3 3/4% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 600,000 | 600,000 |
Deferred financing costs | 7,036 | 8,031 |
Debt, net of deferred financing costs | 592,964 | 591,969 |
3 5/8% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 550,000 | |
Deferred financing costs | 7,711 | |
Debt, net of deferred financing costs | 542,289 | |
3 5/8% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 550,000 | |
Deferred financing costs | 7,711 | |
Debt, net of deferred financing costs | 542,289 | |
4% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 549,359 | 549,280 |
Deferred financing costs | 7,208 | 7,911 |
Debt, net of deferred financing costs | 542,151 | 541,369 |
4 7/8% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 400,000 | 400,000 |
Deferred financing costs | 5,013 | 5,586 |
Debt, net of deferred financing costs | 394,987 | 394,414 |
4 7/8% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 400,000 | 400,000 |
Deferred financing costs | 5,013 | 5,586 |
Debt, net of deferred financing costs | 394,987 | 394,414 |
Other notes with various rates and terms | ||
Debt Instrument [Line Items] | ||
Debt | 2,378 | 2,756 |
Deferred financing costs | 0 | 0 |
Debt, net of deferred financing costs | 2,378 | 2,756 |
Other notes with various rates and terms | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 2,378 | 2,756 |
Deferred financing costs | 0 | 0 |
Debt, net of deferred financing costs | $ 2,378 | 2,756 |
5 3/4% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt | 653,631 | |
Deferred financing costs | 6,575 | |
Debt, net of deferred financing costs | 647,056 | |
5 3/4% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | ||
Debt Instrument [Line Items] | ||
Debt | 653,631 | |
Deferred financing costs | 6,575 | |
Debt, net of deferred financing costs | $ 647,056 |
Long-term Debt (Subsidiary) - S
Long-term Debt (Subsidiary) - Summary of Long-Term Debt Contractual Maturities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Debt | |
Debt Instrument [Line Items] | |
2022 | $ 363 |
2023 | 381 |
2024 | 175,400 |
2025 | 175,420 |
Thereafter | 2,698,448 |
Debt | LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Debt Instrument [Line Items] | |
2022 | 363 |
2023 | 381 |
2024 | 175,400 |
2025 | 175,420 |
2026 | 442 |
Thereafter | 2,698,448 |
Deferred financing costs | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 585 |
2025 | 3,371 |
Thereafter | 32,903 |
Deferred financing costs | LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 585 |
2025 | 3,371 |
2026 | 0 |
Thereafter | 32,903 |
Debt, net of deferred financing costs | |
Debt Instrument [Line Items] | |
2022 | 363 |
2023 | 381 |
2024 | 174,815 |
2025 | 172,049 |
Thereafter | 2,665,545 |
Debt, net of deferred financing costs | LAMAR MEDIA CORP. AND SUBSIDIARIES | |
Debt Instrument [Line Items] | |
2022 | 363 |
2023 | 381 |
2024 | 174,815 |
2025 | 172,049 |
2026 | 442 |
Thereafter | $ 2,665,545 |
Long-term Debt (Subsidiary) - I
Long-term Debt (Subsidiary) - Interest Rates on Notes (Detail) | Dec. 31, 2021 | Jan. 22, 2021 | Dec. 31, 2020 | May 13, 2020 | Jan. 28, 2016 |
3 3/4% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 3.75% | 3.75% | |||
3 3/4% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 3.75% | 3.75% | |||
4 7/8% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 4.875% | 4.875% | 4.875% | ||
4 7/8% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 4.875% | 4.875% | |||
5 3/4% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 5.75% | 5.75% | |||
5 3/4% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 5.75% | ||||
4% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 4.00% | 4.00% | |||
3 5/8% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 3.625% | 3.625% | |||
3 5/8% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||||
Debt Instrument [Line Items] | |||||
Interest rate on senior notes | 3.625% |
Related Party Transactions (S_2
Related Party Transactions (Subsidiary) - Additional Information (Detail) - LAMAR MEDIA CORP. AND SUBSIDIARIES - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Amount payable to parent company | $ 3,018 | $ 3,928 |
Amount contributed to affiliate | $ 37,548 | $ 41,628 |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Total current assets | $ 388,607 | $ 380,570 | ||
Net property, plant and equipment | 1,337,274 | 1,281,849 | ||
Operating lease right of use assets | 1,224,672 | 1,222,013 | ||
Other assets | 98,448 | 60,565 | ||
Total assets | 6,047,494 | 5,791,441 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 174,778 | 122,434 | ||
Current operating lease liabilities | 198,286 | 195,439 | ||
Total current liabilities | 662,965 | 547,872 | ||
Long-term debt | 2,838,817 | 2,764,082 | ||
Operating lease liabilities | 995,356 | 993,776 | ||
Other noncurrent liabilities | 40,207 | 36,605 | ||
Total liabilities | 4,830,405 | 4,588,673 | ||
Stockholders’ equity | 1,217,089 | 1,202,768 | $ 1,180,306 | $ 1,131,784 |
Total liabilities and stockholders’ equity | 6,047,494 | 5,791,441 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES | ||||
ASSETS | ||||
Total current assets | 388,107 | 380,070 | ||
Net property, plant and equipment | 1,337,274 | 1,281,849 | ||
Operating lease right of use assets | 1,224,672 | 1,222,013 | ||
Intangibles and goodwill, net | 2,970,983 | 2,816,155 | ||
Other assets | 109,995 | 74,620 | ||
Total assets | 6,031,031 | 5,774,707 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 174,778 | 122,434 | ||
Current operating lease liabilities | 198,286 | 195,439 | ||
Other current liabilities | 282,181 | 223,189 | ||
Total current liabilities | 655,245 | 541,062 | ||
Long-term debt | 2,838,817 | 2,764,082 | ||
Operating lease liabilities | 995,356 | 993,776 | ||
Other noncurrent liabilities | 333,267 | 282,943 | ||
Total liabilities | 4,822,685 | 4,581,863 | ||
Stockholders’ equity | 1,208,346 | 1,192,844 | ||
Total liabilities and stockholders’ equity | 6,031,031 | 5,774,707 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media Corp. | ||||
ASSETS | ||||
Total current assets | 91,119 | 110,678 | ||
Net property, plant and equipment | 0 | 0 | ||
Operating lease right of use assets | 0 | 0 | ||
Intangibles and goodwill, net | 0 | 0 | ||
Other assets | 4,188,436 | 3,912,122 | ||
Total assets | 4,279,555 | 4,022,800 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Current operating lease liabilities | 0 | 0 | ||
Other current liabilities | 22,009 | 33,583 | ||
Total current liabilities | 22,009 | 33,583 | ||
Long-term debt | 2,836,801 | 2,761,705 | ||
Operating lease liabilities | 0 | 0 | ||
Other noncurrent liabilities | 212,399 | 34,668 | ||
Total liabilities | 3,071,209 | 2,829,956 | ||
Stockholders’ equity | 1,208,346 | 1,192,844 | ||
Total liabilities and stockholders’ equity | 4,279,555 | 4,022,800 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries | ||||
ASSETS | ||||
Total current assets | 29,379 | 19,471 | ||
Net property, plant and equipment | 1,321,526 | 1,268,765 | ||
Operating lease right of use assets | 1,198,934 | 1,200,115 | ||
Intangibles and goodwill, net | 2,953,600 | 2,798,343 | ||
Other assets | 311,046 | 258,433 | ||
Total assets | 5,814,485 | 5,545,127 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 363 | 379 | ||
Current operating lease liabilities | 190,748 | 188,712 | ||
Other current liabilities | 246,030 | 170,320 | ||
Total current liabilities | 437,141 | 359,411 | ||
Long-term debt | 2,016 | 2,377 | ||
Operating lease liabilities | 977,463 | 979,785 | ||
Other noncurrent liabilities | 292,194 | 245,891 | ||
Total liabilities | 1,708,814 | 1,587,464 | ||
Stockholders’ equity | 4,105,671 | 3,957,663 | ||
Total liabilities and stockholders’ equity | 5,814,485 | 5,545,127 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Total current assets | 267,609 | 249,921 | ||
Net property, plant and equipment | 15,748 | 13,084 | ||
Operating lease right of use assets | 25,738 | 21,898 | ||
Intangibles and goodwill, net | 17,383 | 17,812 | ||
Other assets | 187,044 | 132,448 | ||
Total assets | 513,522 | 435,163 | ||
Current liabilities: | ||||
Current maturities of long-term debt | 174,415 | 122,055 | ||
Current operating lease liabilities | 7,538 | 6,727 | ||
Other current liabilities | 14,142 | 19,286 | ||
Total current liabilities | 196,095 | 148,068 | ||
Long-term debt | 0 | 0 | ||
Operating lease liabilities | 17,893 | 13,991 | ||
Other noncurrent liabilities | 292,281 | 266,968 | ||
Total liabilities | 506,269 | 429,027 | ||
Stockholders’ equity | 7,253 | 6,136 | ||
Total liabilities and stockholders’ equity | 513,522 | 435,163 | ||
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations | ||||
ASSETS | ||||
Total current assets | 0 | 0 | ||
Net property, plant and equipment | 0 | 0 | ||
Operating lease right of use assets | 0 | 0 | ||
Intangibles and goodwill, net | 0 | 0 | ||
Other assets | (4,576,531) | (4,228,383) | ||
Total assets | (4,576,531) | (4,228,383) | ||
Current liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Current operating lease liabilities | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Operating lease liabilities | 0 | 0 | ||
Other noncurrent liabilities | (463,607) | (264,584) | ||
Total liabilities | (463,607) | (264,584) | ||
Stockholders’ equity | (4,112,924) | (3,963,799) | ||
Total liabilities and stockholders’ equity | $ (4,576,531) | $ (4,228,383) |
Condensed Consolidating Stateme
Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements of Income | |||
Net Revenues | $ 1,787,401 | $ 1,568,856 | $ 1,753,644 |
Operating expenses (income): | |||
Direct advertising expenses | 576,507 | 557,661 | 590,078 |
General and administrative expenses | 326,951 | 287,874 | 318,380 |
Depreciation and amortization | 271,294 | 251,296 | 250,028 |
Gain on disposition of assets | (2,115) | (9,026) | (7,241) |
Total operating expenses | 1,266,214 | 1,158,749 | 1,235,903 |
Operating income | 521,187 | 410,107 | 517,741 |
Loss on extinguishment of debt | 21,604 | 25,235 | 0 |
Equity in earnings of investee | (3,384) | 0 | 0 |
Income before income tax expense (benefit) | 397,346 | 248,046 | 367,889 |
Income tax expense (benefit) | 9,256 | 4,660 | (4,222) |
Net income | 388,090 | 243,386 | 372,111 |
Statements of Comprehensive Income | |||
Net income | 388,090 | 243,386 | 372,111 |
Comprehensive income | 388,011 | 243,635 | 372,784 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Statements of Income | |||
Net Revenues | 1,787,401 | 1,568,856 | 1,753,644 |
Operating expenses (income): | |||
Direct advertising expenses | 576,507 | 557,661 | 590,078 |
General and administrative expenses | 326,636 | 287,874 | 318,380 |
Corporate expenses | 93,074 | 70,457 | 84,229 |
Depreciation and amortization | 271,294 | 251,296 | 250,028 |
Gain on disposition of assets | (2,115) | (9,026) | (7,241) |
Total operating expenses | 1,265,396 | 1,158,262 | 1,235,474 |
Operating income | 522,005 | 410,594 | 518,170 |
Loss on extinguishment of debt | 21,604 | 25,235 | |
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 |
Interest expense (income), net | 105,621 | 136,826 | 149,852 |
Equity in earnings of investee | (3,384) | ||
Income before income tax expense (benefit) | 398,164 | 248,533 | 368,318 |
Income tax expense (benefit) | 9,256 | 4,660 | (4,222) |
Net income | 388,908 | 243,873 | 372,540 |
Statements of Comprehensive Income | |||
Net income | 388,908 | 243,873 | 372,540 |
Total other comprehensive loss, net of tax | (79) | 249 | 673 |
Comprehensive income | 388,829 | 244,122 | 373,213 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media Corp. | |||
Statements of Income | |||
Net Revenues | 0 | 0 | 0 |
Operating expenses (income): | |||
Direct advertising expenses | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Gain on disposition of assets | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 |
Loss on extinguishment of debt | 21,604 | 25,235 | |
Equity in (earnings) loss of subsidiaries | (515,288) | (404,332) | (517,516) |
Interest expense (income), net | 104,776 | 135,224 | 144,976 |
Equity in earnings of investee | 0 | ||
Income before income tax expense (benefit) | 388,908 | 243,873 | 372,540 |
Income tax expense (benefit) | 0 | 0 | 0 |
Net income | 388,908 | 243,873 | 372,540 |
Statements of Comprehensive Income | |||
Net income | 388,908 | 243,873 | 372,540 |
Total other comprehensive loss, net of tax | 0 | 0 | 0 |
Comprehensive income | 388,908 | 243,873 | 372,540 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries | |||
Statements of Income | |||
Net Revenues | 1,752,106 | 1,536,534 | 1,709,691 |
Operating expenses (income): | |||
Direct advertising expenses | 552,953 | 533,803 | 564,877 |
General and administrative expenses | 322,278 | 281,293 | 310,813 |
Corporate expenses | 91,479 | 69,478 | 82,652 |
Depreciation and amortization | 267,141 | 249,299 | 247,191 |
Gain on disposition of assets | (1,965) | (9,036) | (3,103) |
Total operating expenses | 1,231,886 | 1,124,837 | 1,202,430 |
Operating income | 520,220 | 411,697 | 507,261 |
Loss on extinguishment of debt | 0 | 0 | |
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 |
Interest expense (income), net | (44) | (175) | (149) |
Equity in earnings of investee | (3,384) | ||
Income before income tax expense (benefit) | 523,648 | 411,872 | 507,410 |
Income tax expense (benefit) | 9,556 | 5,203 | (7,360) |
Net income | 514,092 | 406,669 | 514,770 |
Statements of Comprehensive Income | |||
Net income | 514,092 | 406,669 | 514,770 |
Total other comprehensive loss, net of tax | 0 | 0 | 0 |
Comprehensive income | 514,092 | 406,669 | 514,770 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Statements of Income | |||
Net Revenues | 37,055 | 33,965 | 46,804 |
Operating expenses (income): | |||
Direct advertising expenses | 25,314 | 25,501 | 28,052 |
General and administrative expenses | 4,358 | 6,581 | 7,567 |
Corporate expenses | 1,595 | 979 | 1,577 |
Depreciation and amortization | 4,153 | 1,997 | 2,837 |
Gain on disposition of assets | (150) | 10 | (4,138) |
Total operating expenses | 35,270 | 35,068 | 35,895 |
Operating income | 1,785 | (1,103) | 10,909 |
Loss on extinguishment of debt | 0 | 0 | |
Equity in (earnings) loss of subsidiaries | 0 | 0 | 0 |
Interest expense (income), net | 889 | 1,777 | 5,025 |
Equity in earnings of investee | 0 | ||
Income before income tax expense (benefit) | 896 | (2,880) | 5,884 |
Income tax expense (benefit) | (300) | (543) | 3,138 |
Net income | 1,196 | (2,337) | 2,746 |
Statements of Comprehensive Income | |||
Net income | 1,196 | (2,337) | 2,746 |
Total other comprehensive loss, net of tax | (79) | 249 | 673 |
Comprehensive income | 1,117 | (2,088) | 3,419 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations | |||
Statements of Income | |||
Net Revenues | (1,760) | (1,643) | (2,851) |
Operating expenses (income): | |||
Direct advertising expenses | (1,760) | (1,643) | (2,851) |
General and administrative expenses | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Gain on disposition of assets | 0 | 0 | 0 |
Total operating expenses | (1,760) | (1,643) | (2,851) |
Operating income | 0 | 0 | 0 |
Loss on extinguishment of debt | 0 | 0 | |
Equity in (earnings) loss of subsidiaries | 515,288 | 404,332 | 517,516 |
Interest expense (income), net | 0 | 0 | 0 |
Equity in earnings of investee | 0 | ||
Income before income tax expense (benefit) | (515,288) | (404,332) | (517,516) |
Income tax expense (benefit) | 0 | 0 | 0 |
Net income | (515,288) | (404,332) | (517,516) |
Statements of Comprehensive Income | |||
Net income | (515,288) | (404,332) | (517,516) |
Total other comprehensive loss, net of tax | 0 | 0 | 0 |
Comprehensive income | $ (515,288) | $ (404,332) | $ (517,516) |
Condensed Consolidating State_2
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Cash flows provided by operating activities | $ 734,417,000 | $ 569,873,000 | $ 630,865,000 |
Cash flows from investing activities: | |||
Capital expenditures | (126,090,000) | (62,272,000) | (140,956,000) |
Acquisitions | (312,257,000) | (45,584,000) | (226,278,000) |
Payment for investments in equity securities | (30,000,000) | 0 | 0 |
Proceeds from disposition of assets and investments | 6,480,000 | 10,968,000 | 5,438,000 |
Proceeds received from property insurance claims | 0 | 0 | 210,000 |
Cash flows used in investing activities | (461,760,000) | (96,888,000) | (362,034,000) |
Cash flows from financing activities: | |||
Payments on revolving credit facility | (25,000,000) | (875,000,000) | (625,000,000) |
Principal payments on long-term debt | (378,000) | (9,112,000) | (34,471,000) |
Borrowings on long-term debt | 0 | 8,750,000 | 0 |
Principal payments on financing leases | (1,331,000) | 0 | 0 |
Proceeds received from note offering | 550,000,000 | 1,549,250,000 | 255,000,000 |
Redemption of senior notes and senior subordinated notes | (668,688,000) | (1,058,596,000) | 0 |
Proceeds received from senior credit facility term loans | 0 | 598,500,000 | 0 |
Payments on senior credit facility term loans | 0 | (978,097,000) | 0 |
Payments on accounts receivable securitization program | (127,500,000) | (175,000,000) | (9,000,000) |
Proceeds received from accounts receivable securitization program | 180,000,000 | 122,500,000 | 9,000,000 |
Debt issuance costs | (8,823,000) | (32,950,000) | (4,463,000) |
Distributions to non-controlling interest | (601,000) | (1,509,000) | (621,000) |
Cash flows used in financing activities | (294,519,000) | (377,917,000) | (264,357,000) |
Effect of exchange rate changes in cash and cash equivalents | 81,000 | 313,000 | 220,000 |
Net (decrease) increase in cash and cash equivalents | (21,781,000) | 95,381,000 | 4,694,000 |
Cash and cash equivalents at beginning of period | 121,569,000 | 26,188,000 | 21,494,000 |
Cash and cash equivalents at end of period | 99,788,000 | 121,569,000 | 26,188,000 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Cash flows from operating activities: | |||
Cash flows provided by operating activities | 715,546,000 | 539,029,000 | 604,940,000 |
Cash flows from investing activities: | |||
Capital expenditures | (126,090,000) | (62,272,000) | (140,956,000) |
Acquisitions | (312,257,000) | (45,584,000) | (226,278,000) |
Payment for investments in equity securities | (30,000,000) | ||
Proceeds from disposition of assets and investments | 6,480,000 | 10,968,000 | 5,438,000 |
Proceeds received from property insurance claims | 210,000 | ||
Investment in subsidiaries | 0 | 0 | 0 |
Decrease (increase) in intercompany notes receivable | 0 | 0 | 0 |
Decrease (increase) in notes receivable | 107,000 | (448,000) | |
Cash flows used in investing activities | (461,760,000) | (96,888,000) | (362,034,000) |
Cash flows from financing activities: | |||
Proceeds received from revolving credit facility | 200,000,000 | 725,000,000 | 495,000,000 |
Payments on revolving credit facility | (25,000,000) | (875,000,000) | (625,000,000) |
Principal payments on long-term debt | (378,000) | (9,112,000) | (34,471,000) |
Borrowings on long-term debt | 8,750,000 | ||
Principal payments on financing leases | (1,331,000) | ||
Proceeds received from note offering | 550,000,000 | 1,549,250,000 | 255,000,000 |
Redemption of senior notes and senior subordinated notes | (668,688,000) | (1,058,596,000) | |
Proceeds received from senior credit facility term loans | 598,500,000 | ||
Payments on senior credit facility term loans | (978,097,000) | ||
Payments on accounts receivable securitization program | (127,500,000) | (175,000,000) | (9,000,000) |
Proceeds received from accounts receivable securitization program | 180,000,000 | 122,500,000 | 9,000,000 |
Debt issuance costs | (8,823,000) | (32,950,000) | (4,463,000) |
Intercompany loan (payments) proceeds | 0 | 0 | 0 |
Distributions to non-controlling interest | (601,000) | (1,509,000) | (621,000) |
Dividends to parent | (410,875,000) | (262,437,000) | (393,700,000) |
Contributions from (to) parent | 37,548,000 | 41,628,000 | 69,822,000 |
Cash flows used in financing activities | (275,648,000) | (347,073,000) | (238,433,000) |
Effect of exchange rate changes in cash and cash equivalents | 81,000 | 313,000 | 221,000 |
Net (decrease) increase in cash and cash equivalents | (21,781,000) | 95,381,000 | 4,694,000 |
Cash and cash equivalents at beginning of period | 121,069,000 | 25,688,000 | 20,994,000 |
Cash and cash equivalents at end of period | 99,288,000 | 121,069,000 | 25,688,000 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media Corp. | |||
Cash flows from operating activities: | |||
Cash flows provided by operating activities | 596,116,000 | 495,872,000 | 469,907,000 |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 577,000 | 0 |
Payment for investments in equity securities | 0 | ||
Proceeds from disposition of assets and investments | 0 | 0 | 0 |
Proceeds received from property insurance claims | 0 | ||
Investment in subsidiaries | (342,257,000) | (46,161,000) | (226,278,000) |
Decrease (increase) in intercompany notes receivable | 51,976,000 | (60,183,000) | 3,787,000 |
Decrease (increase) in notes receivable | 0 | (448,000) | |
Cash flows used in investing activities | (290,281,000) | (105,767,000) | (222,939,000) |
Cash flows from financing activities: | |||
Proceeds received from revolving credit facility | 200,000,000 | 725,000,000 | 495,000,000 |
Payments on revolving credit facility | (25,000,000) | (875,000,000) | (625,000,000) |
Principal payments on long-term debt | 0 | 0 | (34,471,000) |
Borrowings on long-term debt | 0 | ||
Principal payments on financing leases | 0 | ||
Proceeds received from note offering | 550,000,000 | 1,549,250,000 | 255,000,000 |
Redemption of senior notes and senior subordinated notes | (668,688,000) | (1,058,596,000) | |
Proceeds received from senior credit facility term loans | 598,500,000 | ||
Payments on senior credit facility term loans | (978,097,000) | ||
Payments on accounts receivable securitization program | 0 | 0 | 0 |
Proceeds received from accounts receivable securitization program | 0 | 0 | 0 |
Debt issuance costs | (8,385,000) | (32,950,000) | (4,463,000) |
Intercompany loan (payments) proceeds | 0 | 0 | 0 |
Distributions to non-controlling interest | 0 | 0 | 0 |
Dividends to parent | (410,875,000) | (262,437,000) | (393,700,000) |
Contributions from (to) parent | 37,548,000 | 41,628,000 | 69,822,000 |
Cash flows used in financing activities | (325,400,000) | (292,702,000) | (237,812,000) |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | (19,565,000) | 97,403,000 | 9,156,000 |
Cash and cash equivalents at beginning of period | 110,588,000 | 13,185,000 | 4,029,000 |
Cash and cash equivalents at end of period | 91,023,000 | 110,588,000 | 13,185,000 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries | |||
Cash flows from operating activities: | |||
Cash flows provided by operating activities | 849,072,000 | 668,673,000 | 738,030,000 |
Cash flows from investing activities: | |||
Capital expenditures | (119,728,000) | (56,772,000) | (136,696,000) |
Acquisitions | (312,257,000) | (46,161,000) | (226,278,000) |
Payment for investments in equity securities | (30,000,000) | ||
Proceeds from disposition of assets and investments | 6,480,000 | 10,968,000 | 5,438,000 |
Proceeds received from property insurance claims | 210,000 | ||
Investment in subsidiaries | 0 | 0 | 0 |
Decrease (increase) in intercompany notes receivable | 0 | 0 | 0 |
Decrease (increase) in notes receivable | 107,000 | 0 | |
Cash flows used in investing activities | (455,398,000) | (91,965,000) | (357,326,000) |
Cash flows from financing activities: | |||
Proceeds received from revolving credit facility | 0 | 0 | 0 |
Payments on revolving credit facility | 0 | 0 | 0 |
Principal payments on long-term debt | (378,000) | (9,112,000) | 0 |
Borrowings on long-term debt | 8,750,000 | ||
Principal payments on financing leases | (1,331,000) | ||
Proceeds received from note offering | 0 | 0 | 0 |
Redemption of senior notes and senior subordinated notes | 0 | 0 | |
Proceeds received from senior credit facility term loans | 0 | ||
Payments on senior credit facility term loans | 0 | ||
Payments on accounts receivable securitization program | 0 | 0 | 0 |
Proceeds received from accounts receivable securitization program | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Intercompany loan (payments) proceeds | (24,119,000) | (9,176,000) | (702,000) |
Distributions to non-controlling interest | 0 | 0 | 0 |
Dividends to parent | (708,341,000) | (619,877,000) | (609,657,000) |
Contributions from (to) parent | 342,257,000 | 46,161,000 | 226,278,000 |
Cash flows used in financing activities | (391,912,000) | (583,254,000) | (384,081,000) |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 1,762,000 | (6,546,000) | (3,377,000) |
Cash and cash equivalents at beginning of period | 1,732,000 | 8,278,000 | 11,655,000 |
Cash and cash equivalents at end of period | 3,494,000 | 1,732,000 | 8,278,000 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Cash flows from operating activities: | |||
Cash flows provided by operating activities | (21,301,000) | (5,639,000) | 6,660,000 |
Cash flows from investing activities: | |||
Capital expenditures | (6,362,000) | (5,500,000) | (4,260,000) |
Acquisitions | 0 | 0 | 0 |
Payment for investments in equity securities | 0 | ||
Proceeds from disposition of assets and investments | 0 | 0 | 0 |
Proceeds received from property insurance claims | 0 | ||
Investment in subsidiaries | 0 | 0 | 0 |
Decrease (increase) in intercompany notes receivable | 0 | 0 | 0 |
Decrease (increase) in notes receivable | 0 | 0 | |
Cash flows used in investing activities | (6,362,000) | (5,500,000) | (4,260,000) |
Cash flows from financing activities: | |||
Proceeds received from revolving credit facility | 0 | 0 | 0 |
Payments on revolving credit facility | 0 | 0 | 0 |
Principal payments on long-term debt | 0 | 0 | 0 |
Borrowings on long-term debt | 0 | ||
Principal payments on financing leases | 0 | ||
Proceeds received from note offering | 0 | 0 | 0 |
Redemption of senior notes and senior subordinated notes | 0 | 0 | |
Proceeds received from senior credit facility term loans | 0 | ||
Payments on senior credit facility term loans | 0 | ||
Payments on accounts receivable securitization program | (127,500,000) | (175,000,000) | (9,000,000) |
Proceeds received from accounts receivable securitization program | 180,000,000 | 122,500,000 | 9,000,000 |
Debt issuance costs | (438,000) | 0 | 0 |
Intercompany loan (payments) proceeds | (27,857,000) | 69,359,000 | (3,085,000) |
Distributions to non-controlling interest | (601,000) | (1,509,000) | (621,000) |
Dividends to parent | 0 | 0 | 0 |
Contributions from (to) parent | 0 | 0 | 0 |
Cash flows used in financing activities | 23,604,000 | 15,350,000 | (3,706,000) |
Effect of exchange rate changes in cash and cash equivalents | 81,000 | 313,000 | 221,000 |
Net (decrease) increase in cash and cash equivalents | (3,978,000) | 4,524,000 | (1,085,000) |
Cash and cash equivalents at beginning of period | 8,749,000 | 4,225,000 | 5,310,000 |
Cash and cash equivalents at end of period | 4,771,000 | 8,749,000 | 4,225,000 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations | |||
Cash flows from operating activities: | |||
Cash flows provided by operating activities | (708,341,000) | (619,877,000) | (609,657,000) |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | 0 |
Acquisitions | 0 | 0 | 0 |
Payment for investments in equity securities | 0 | ||
Proceeds from disposition of assets and investments | 0 | 0 | 0 |
Proceeds received from property insurance claims | 0 | ||
Investment in subsidiaries | 342,257,000 | 46,161,000 | 226,278,000 |
Decrease (increase) in intercompany notes receivable | (51,976,000) | 60,183,000 | (3,787,000) |
Decrease (increase) in notes receivable | 0 | 0 | |
Cash flows used in investing activities | 290,281,000 | 106,344,000 | 222,491,000 |
Cash flows from financing activities: | |||
Proceeds received from revolving credit facility | 0 | 0 | 0 |
Payments on revolving credit facility | 0 | 0 | 0 |
Principal payments on long-term debt | 0 | 0 | 0 |
Borrowings on long-term debt | 0 | ||
Principal payments on financing leases | 0 | ||
Proceeds received from note offering | 0 | 0 | 0 |
Redemption of senior notes and senior subordinated notes | 0 | 0 | |
Proceeds received from senior credit facility term loans | 0 | ||
Payments on senior credit facility term loans | 0 | ||
Payments on accounts receivable securitization program | 0 | 0 | 0 |
Proceeds received from accounts receivable securitization program | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Intercompany loan (payments) proceeds | 51,976,000 | (60,183,000) | 3,787,000 |
Distributions to non-controlling interest | 0 | 0 | 0 |
Dividends to parent | 708,341,000 | 619,877,000 | 609,657,000 |
Contributions from (to) parent | (342,257,000) | (46,161,000) | (226,278,000) |
Cash flows used in financing activities | 418,060,000 | 513,533,000 | 387,166,000 |
Effect of exchange rate changes in cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 | $ 0 |
Schedule II - Valuation and Q_4
Schedule II - Valuation and Qualifying Accounts (Subsidiary) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 14,946 | $ 13,185 | $ 11,161 |
Charged to Costs and Expenses | 4,527 | 12,729 | 11,608 |
Deductions | 8,278 | 10,968 | 9,584 |
Balance at End of Period | 11,195 | 14,946 | 13,185 |
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 14,946 | 13,185 | 11,161 |
Charged to Costs and Expenses | 4,527 | 12,729 | 11,608 |
Deductions | 8,278 | 10,968 | 9,584 |
Balance at End of Period | 11,195 | 14,946 | 13,185 |
Deducted in balance sheet from deferred tax assets: valuation allowance | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 20,997 | 22,902 | 23,934 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Deductions | 1,564 | 1,905 | 1,032 |
Balance at End of Period | 19,433 | 20,997 | 22,902 |
Deducted in balance sheet from deferred tax assets: valuation allowance | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 20,997 | 22,902 | 23,934 |
Charged to Costs and Expenses | 0 | 0 | 0 |
Deductions | 1,564 | 1,905 | 1,032 |
Balance at End of Period | $ 19,433 | $ 20,997 | $ 22,902 |
Schedule III - Schedule of Re_4
Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2020, 2019 and 2018 (Details) (Subsidiary) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)DisplayAsset | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of advertising displays | Display | 354,053 | ||
Encumbrances | $ 0 | ||
Initial Cost | 0 | ||
Gross Carrying Amount | 3,439,618 | $ 3,293,778 | $ 3,333,590 |
Accumulated Depreciation | $ (2,287,590) | (2,192,700) | (2,166,579) |
Number of single asset exceeded 5% of the total gross carrying amount | Asset | 0 | ||
Percentage of asset contribution to total gross carrying amount | 5.00% | ||
Gross real estate assets: | |||
Balance at the beginning of the year | $ 3,293,778 | 3,333,590 | 3,201,434 |
Capital expenditures on new advertising displays | 45,427 | 21,598 | 59,604 |
Capital expenditures on improvements/redevelopments of existing advertising displays | 21,287 | 13,021 | 25,025 |
Capital expenditures other recurring | 88,697 | 12,631 | 36,354 |
Land acquisitions | 17,151 | 8,980 | 22,965 |
Acquisition of advertising displays | 17,662 | 4,446 | 23,589 |
Assets sold or written-off | (44,466) | (100,906) | (35,320) |
Foreign exchange | (82) | (418) | 61 |
Balance at the end of the year | 3,439,618 | 3,293,778 | 3,333,590 |
Accumulated depreciation: | |||
Balance at the beginning of the year | 2,192,700 | 2,166,579 | 2,082,335 |
Depreciation | 126,805 | 111,049 | 111,531 |
Assets sold or written-off | (31,971) | (85,267) | (27,890) |
Foreign exchange | (56) | (339) | (603) |
Balance at the end of the year | $ 2,287,590 | 2,192,700 | 2,166,579 |
LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Number of advertising displays | Display | 354,053 | ||
Encumbrances | 0 | ||
Initial Cost | 0 | ||
Gross Carrying Amount | $ 3,439,618 | 3,293,778 | 3,333,590 |
Accumulated Depreciation | $ (2,287,590) | (2,192,700) | (2,166,579) |
Number of single asset exceeded 5% of the total gross carrying amount | Asset | 0 | ||
Percentage of asset contribution to total gross carrying amount | 5.00% | ||
Gross real estate assets: | |||
Balance at the beginning of the year | $ 3,293,778 | 3,333,590 | 3,201,434 |
Capital expenditures on new advertising displays | 45,427 | 21,598 | 59,604 |
Capital expenditures on improvements/redevelopments of existing advertising displays | 21,287 | 13,021 | 25,025 |
Capital expenditures other recurring | 88,697 | 12,631 | 36,354 |
Land acquisitions | 17,151 | 8,980 | 22,965 |
Acquisition of advertising displays | 17,662 | 4,446 | 23,589 |
Assets sold or written-off | (44,466) | (100,906) | (35,320) |
Foreign exchange | (82) | (418) | 61 |
Balance at the end of the year | 3,439,618 | 3,293,778 | 3,333,590 |
Non-cash amounts | 48,848 | ||
Accumulated depreciation: | |||
Balance at the beginning of the year | 2,192,700 | 2,166,579 | 2,082,335 |
Depreciation | 126,805 | 111,049 | 111,531 |
Assets sold or written-off | (31,971) | (85,267) | (27,890) |
Foreign exchange | (56) | (339) | (603) |
Balance at the end of the year | 2,287,590 | 2,192,700 | 2,166,579 |
New Advertising Displays | |||
Gross real estate assets: | |||
Non-cash amounts | 1,541 | 621 | 554 |
New Advertising Displays | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Gross real estate assets: | |||
Non-cash amounts | 1,541 | $ 621 | 554 |
Acquisition of Advertising Displays | |||
Gross real estate assets: | |||
Non-cash amounts | 3,843 | 1,928 | |
Acquisition of Advertising Displays | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
Gross real estate assets: | |||
Non-cash amounts | $ 3,843 | $ 1,928 | |
Minimum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 5 years | ||
Minimum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 5 years | ||
Maximum | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 20 years | ||
Maximum | LAMAR MEDIA CORP. AND SUBSIDIARIES | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Lives | 20 years |