Lamar Advertising (LAMR) 10-K 24 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 01, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-36756
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			$ 7,547,230,179
Documents Incorporated by Reference	Document Parts into Which Incorporated Proxy Statement for the Annual Meeting of Stockholders scheduled to be held on May 10, 2023 (Proxy Statement) Part III
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001090425
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		87,327,832
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 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
Entity Registrant Name	LAMAR MEDIA CORP/DE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 52,619	$ 99,788
Receivables, net of allowance for doubtful accounts of $11,418 and $11,195 as of 2022 and 2021, respectively	285,039	269,917
Other current assets	26,894	18,902
Total current assets	364,552	388,607
Property, plant and equipment (note 5)	4,109,146	3,782,288
Less accumulated depreciation and amortization	(2,609,447)	(2,445,014)
Net property, plant and equipment	1,499,699	1,337,274
Operating lease right of use assets	1,271,631	1,224,672
Financing lease right of use assets	14,037	16,890
Goodwill	2,035,269	1,936,426
Intangible assets, net (note 6)	1,206,625	1,045,177
Other assets	83,401	98,448
Total assets	6,475,214	6,047,494
Current liabilities:
Trade accounts payable	19,643	16,429
Current maturities of long-term debt, net of deferred financing costs of $593 and $585 in 2022 and 2021, respectively (note 9)	249,785	174,778
Current operating lease liabilities (note 7)	205,838	198,286
Current financing lease liabilities (note 7)	1,331	1,331
Accrued expenses (note 8)	117,593	135,038
Deferred income	131,847	137,103
Total current liabilities	726,037	662,965
Long-term debt, net of deferred financing costs of $32,022 and $36,274 in 2022 and 2021, respectively (note 9)	3,063,020	2,838,817
Operating lease liabilities (note 7)	1,035,655	995,356
Financing lease liabilities (note 7)	15,945	17,277
Deferred income tax liabilities (note 12)	9,651	6,416
Asset retirement obligation (note 10)	390,442	269,367
Other liabilities	39,090	40,207
Total liabilities	5,279,840	4,830,405
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 2022 and 2021	0	0
Additional paid-in-capital	2,061,671	2,001,399
Accumulated comprehensive (loss) income	(659)	855
Accumulated deficit	(804,382)	(734,415)
Cost of shares held in treasury, 783,696 and 688,017 shares in 2022 and 2021, respectively	(61,358)	(50,852)
Stockholders’ equity	1,195,374	1,217,089
Total liabilities and stockholders’ equity	6,475,214	6,047,494
Common Class A
Stockholders’ equity (note 14):
Common stock, value	88	88
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, 2022	Dec. 31, 2021
Receivables, allowance for doubtful accounts	$ 11,418	$ 11,195
Deferred financing costs, less current maturities	593	585
Deferred financing costs, excluding current maturities	$ 32,022	$ 36,274
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)	783,696	688,017
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)	88,110,928	87,540,838
Common stock, shares, outstanding (in shares)	87,327,232	86,852,821
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Statements of Income
Net Revenues	$ 2,032,140	$ 1,787,401	$ 1,568,856
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	667,288	576,507	557,661
General and administrative expenses (exclusive of depreciation and amortization)	350,623	326,951	287,874
Corporate expenses (exclusive of depreciation and amortization)	102,500	93,577	70,944
Depreciation and amortization	349,449	271,294	251,296
Gain on disposition of assets	(15,721)	(2,115)	(9,026)
Total operating expenses	1,454,139	1,266,214	1,158,749
Operating income	578,001	521,187	410,107
Other expense (income):
Loss on extinguishment of debt	0	21,604	25,235
Interest income	(1,293)	(763)	(797)
Interest expense	127,510	106,384	137,623
Equity in earnings of investee	(4,315)	(3,384)	0
Total other expense (income)	121,902	123,841	162,061
Income before income tax expense	456,099	397,346	248,046
Income tax expense (note 12)	17,452	9,256	4,660
Net income	438,647	388,090	243,386
Preferred stock dividends	365	365	365
Net income applicable to common stock	$ 438,282	$ 387,725	$ 243,021
Earnings per share:
Basic earnings per share (in usd per share)	$ 4.32	$ 3.83	$ 2.41
Diluted earnings per share (in usd per share)	4.31	3.83	2.41
Cash dividends declared per share of common stock (in usd per share)	$ 5	$ 4	$ 2.50
Weighted average common shares used in computing earnings per share:
Weighted average number of shares outstanding basic (in shares)	101,527,778	101,133,269	100,756,361
Weighted average common shares outstanding diluted (in shares)	101,634,543	101,349,865	100,902,700
Statements of Comprehensive Income
Net income	$ 438,647	$ 388,090	$ 243,386
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(1,514)	(79)	249
Comprehensive income	$ 437,133	$ 388,011	$ 243,635

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Series AA Preferred Stock	Common Stock Common Class A	Common Stock Common Class B	Treasury Stock	Additional Paid-In Capital	Accumulated Comprehensive Income (Loss)	Accumulated Deficit
Beginning 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		1			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)
Increase (Decrease) in Stockholders' Equity
Non-cash compensation	11,012					11,012
Issuance of common stock through stock awards	30,366					30,366
Exercise of stock options	8,671					8,671
Issuance of common stock through employee purchase plan	10,223					10,223
Purchase of treasury stock	(10,506)				(10,506)
Foreign currency translation	(1,514)						(1,514)
Net income	438,647							438,647
Dividends/distributions to common shareholders	(508,249)							(508,249)
Dividends, preferred stock	(365)							(365)
Ending balance at Dec. 31, 2022	$ 1,195,374	$ 0	$ 88	$ 14	$ (61,358)	$ 2,061,671	$ (659)	$ (804,382)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock awards (in shares)	248,947	158,985	298,124
Exercise of stock options (in shares)	194,035	156,491	61,949
Common stock purchase plan (in shares)	127,108	114,035	154,756
Purchase of treasury stock (in shares)	95,679	68,336	116,483
Cash dividends declared per share of common stock (in usd per share)	$ 5	$ 4	$ 2.50
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 438,647,000	$ 388,090,000	$ 243,386,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	349,449,000	271,294,000	251,296,000
Stock-based compensation	23,136,000	37,368,000	18,772,000
Amortization included in interest expense	6,158,000	5,877,000	5,909,000
Gain on disposition of assets	(15,721,000)	(2,115,000)	(9,026,000)
Loss on extinguishment of debt	0	21,604,000	25,235,000
Equity in earnings of investee	(4,315,000)	(3,384,000)	0
Deferred income tax expense (benefit)	3,212,000	1,574,000	(797,000)
Provision for doubtful accounts	9,013,000	4,527,000	12,729,000
(Increase) decrease in:
Receivables	(22,511,000)	(24,684,000)	1,287,000
Prepaid expenses	(906,000)	(5,493,000)	591,000
Other assets	2,711,000	5,030,000	7,629,000
Increase (decrease) in:
Trade accounts payable	1,176,000	1,308,000	841,000
Accrued expenses	(10,773,000)	9,553,000	10,052,000
Operating lease liabilities	7,198,000	3,819,000	24,549,000
Other liabilities	(4,862,000)	20,049,000	(22,580,000)
Cash flows provided by operating activities	781,612,000	734,417,000	569,873,000
Cash flows from investing activities:
Capital expenditures	(167,078,000)	(126,090,000)	(62,272,000)
Acquisitions	(479,766,000)	(312,257,000)	(45,584,000)
Payment for investments in equity securities	0	(30,000,000)	0
Decrease in notes receivable	12,124,000	107,000	0
Proceeds from disposition of assets and investments	15,649,000	6,480,000	10,968,000
Cash flows used in investing activities	(619,071,000)	(461,760,000)	(96,888,000)
Cash flows from financing activities:
Net proceeds from issuance of common stock	18,894,000	19,042,000	11,148,000
Cash used for purchase of treasury shares	(10,506,000)	(6,066,000)	(10,492,000)
Proceeds received from revolving credit facility	445,000,000	200,000,000	725,000,000
Payments on revolving credit facility	(575,000,000)	(25,000,000)	(875,000,000)
Principal payments on long-term debt	(365,000)	(378,000)	(9,112,000)
Borrowings on long-term debt	0	0	8,750,000
Principal payments on financing leases	(1,331,000)	(1,331,000)	0
Proceeds received from senior credit facility term loans	350,000,000	0	598,500,000
Payments on senior credit facility term loans	0	0	(978,097,000)
Proceeds received from accounts receivable securitization program	265,000,000	180,000,000	122,500,000
Payments on accounts receivable securitization program	(190,000,000)	(127,500,000)	(175,000,000)
Proceeds received from note offering	0	550,000,000	1,549,250,000
Redemption of senior notes and senior subordinated notes	0	(668,688,000)	(1,058,596,000)
Debt issuance costs	(1,583,000)	(8,823,000)	(32,950,000)
Distributions to non-controlling interest	(814,000)	(601,000)	(1,509,000)
Dividends/distributions	(508,614,000)	(405,174,000)	(252,309,000)
Cash flows used in financing activities	(209,319,000)	(294,519,000)	(377,917,000)
Effect of exchange rate changes in cash and cash equivalents	(391,000)	81,000	313,000
Net (decrease) increase in cash and cash equivalents	(47,169,000)	(21,781,000)	95,381,000
Cash and cash equivalents at beginning of period	99,788,000	121,569,000	26,188,000
Cash and cash equivalents at end of period	52,619,000	99,788,000	121,569,000
Supplemental disclosures of cash flow information:
Cash paid for interest	120,000,000	112,080,000	130,864,000
Cash paid for state and federal income taxes	$ 16,325,000	$ 8,388,000	$ 4,033,000

Consolidated Balance Sheets (Su

Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 52,619	$ 99,788
Receivables, net of allowance for doubtful accounts of $11,418 and $11,195 as of 2022 and 2021, respectively	285,039	269,917
Other current assets	26,894	18,902
Total current assets	364,552	388,607
Property, plant and equipment	4,109,146	3,782,288
Less accumulated depreciation and amortization	(2,609,447)	(2,445,014)
Net property, plant and equipment	1,499,699	1,337,274
Operating lease right of use assets	1,271,631	1,224,672
Financing lease right of use assets	14,037	16,890
Goodwill	2,035,269	1,936,426
Intangible assets, net (note 3)	1,206,625	1,045,177
Other assets	83,401	98,448
Total assets	6,475,214	6,047,494
Current liabilities:
Trade accounts payable	19,643	16,429
Current maturities of long-term debt	249,785	174,778
Current operating lease liabilities	205,838	198,286
Current financing lease liabilities	1,331	1,331
Accrued expenses (note 4)	117,593	135,038
Deferred income	131,847	137,103
Total current liabilities	726,037	662,965
Long-term debt, net of deferred financing costs of $32,022 and $36,274 in 2022 and 2021, respectively (note 9)	3,063,020	2,838,817
Operating lease liabilities (note 7)	1,035,655	995,356
Financing lease liabilities	15,945	17,277
Deferred income tax liabilities	9,651	6,416
Asset retirement obligation	390,442	269,367
Other liabilities	39,090	40,207
Total liabilities	5,279,840	4,830,405
Stockholder’s equity:
Additional paid-in-capital	2,061,671	2,001,399
Accumulated comprehensive (loss) income	(659)	855
Accumulated deficit	(804,382)	(734,415)
Stockholders’ equity	1,195,374	1,217,089
Total liabilities and stockholders’ equity	6,475,214	6,047,494
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	52,119	99,288
Receivables, net of allowance for doubtful accounts of $11,418 and $11,195 as of 2022 and 2021, respectively	285,039	269,917
Other current assets	26,894	18,902
Total current assets	364,052	388,107
Property, plant and equipment	4,109,146	3,782,288
Less accumulated depreciation and amortization	(2,609,447)	(2,445,014)
Net property, plant and equipment	1,499,699	1,337,274
Operating lease right of use assets	1,271,631	1,224,672
Financing lease right of use assets	14,037	16,890
Goodwill	2,025,117	1,926,274
Intangible assets, net (note 3)	1,206,158	1,044,709
Other assets	77,778	93,105
Total assets	6,458,472	6,031,031
Current liabilities:
Trade accounts payable	19,643	16,429
Current maturities of long-term debt	249,785	174,778
Current operating lease liabilities	205,838	198,286
Current financing lease liabilities	1,331	1,331
Accrued expenses (note 4)	108,724	127,318
Deferred income	131,847	137,103
Total current liabilities	717,168	655,245
Long-term debt, net of deferred financing costs of $32,022 and $36,274 in 2022 and 2021, respectively (note 9)	3,063,020	2,838,817
Operating lease liabilities (note 7)	1,035,655	995,356
Financing lease liabilities	15,945	17,277
Deferred income tax liabilities	9,651	6,416
Asset retirement obligation	390,442	269,367
Other liabilities	39,090	40,207
Total liabilities	5,270,971	4,822,685
Stockholder’s equity:
Common stock, $0.01 par value, authorized 3,000 shares; 100 shares issued and outstanding at 2022 and 2021	0	0
Additional paid-in-capital	3,132,178	3,071,905
Accumulated comprehensive (loss) income	(659)	855
Accumulated deficit	(1,944,018)	(1,864,414)
Stockholders’ equity	1,187,501	1,208,346
Total liabilities and stockholders’ equity	$ 6,458,472	$ 6,031,031

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Subsidiary) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables, allowance for doubtful accounts	$ 11,418	$ 11,195
Deferred financing costs, less current maturities	593	585
Deferred financing costs, excluding current maturities	32,022	36,274
LAMAR MEDIA CORP. AND SUBSIDIARIES
Receivables, allowance for doubtful accounts	11,418	11,195
Deferred financing costs, less current maturities	593	585
Deferred financing costs, excluding current maturities	$ 32,022	$ 36,274
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Statements of Income
Net Revenues	$ 2,032,140	$ 1,787,401	$ 1,568,856
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	667,288	576,507	557,661
General and administrative expenses (exclusive of depreciation and amortization)	350,623	326,951	287,874
Corporate expenses (exclusive of depreciation and amortization)	102,500	93,577	70,944
Depreciation and amortization	349,449	271,294	251,296
Gain on disposition of assets	(15,721)	(2,115)	(9,026)
Total operating expenses	1,454,139	1,266,214	1,158,749
Operating income	578,001	521,187	410,107
Other expense (income):
Loss on extinguishment of debt	0	21,604	25,235
Interest income	(1,293)	(763)	(797)
Interest expense	127,510	106,384	137,623
Equity in earnings of investee	(4,315)	(3,384)	0
Total other expense (income)	121,902	123,841	162,061
Income before income tax expense	456,099	397,346	248,046
Income tax expense	17,452	9,256	4,660
Net income	438,647	388,090	243,386
Statements of Comprehensive Income
Net income	438,647	388,090	243,386
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(1,514)	(79)	249
Comprehensive income	437,133	388,011	243,635
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net Revenues	2,032,140	1,787,401	1,568,856
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	667,288	576,507	557,661
General and administrative expenses (exclusive of depreciation and amortization)	350,623	326,636	287,874
Corporate expenses (exclusive of depreciation and amortization)	101,998	93,074	70,457
Depreciation and amortization	349,449	271,294	251,296
Gain on disposition of assets	(15,721)	(2,115)	(9,026)
Total operating expenses	1,453,637	1,265,396	1,158,262
Operating income	578,503	522,005	410,594
Other expense (income):
Loss on extinguishment of debt	0	21,604	25,235
Interest income	(1,293)	(763)	(797)
Interest expense	127,510	106,384	137,623
Equity in earnings of investee	(4,315)	(3,384)	0
Total other expense (income)	121,902	123,841	162,061
Income before income tax expense	456,601	398,164	248,533
Income tax expense	17,452	9,256	4,660
Net income	439,149	388,908	243,873
Statements of Comprehensive Income
Net income	439,149	388,908	243,873
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(1,514)	(79)	249
Comprehensive income	$ 437,635	$ 388,829	$ 244,122

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 SUBSIDIARIES Common Stock	LAMAR MEDIA CORP. AND SUBSIDIARIES Additional Paid-In Capital	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Comprehensive Income (Loss)	LAMAR MEDIA CORP. AND SUBSIDIARIES Accumulated Deficit
Beginning 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)
Increase (Decrease) in Stockholders' Equity
Contribution from parent					60,273		60,273
Foreign currency translation adjustments					(1,514)			(1,514)
Net income	438,647			438,647	439,149				439,149
Dividend To Parent					(518,753)				(518,753)
Ending balance at Dec. 31, 2022	$ 1,195,374	$ 2,061,671	$ (659)	$ (804,382)	$ 1,187,501	$ 0	$ 3,132,178	$ (659)	$ (1,944,018)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Subsidiary) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 438,647,000	$ 388,090,000	$ 243,386,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	349,449,000	271,294,000	251,296,000
Stock-based compensation	23,136,000	37,368,000	18,772,000
Amortization included in interest expense	6,158,000	5,877,000	5,909,000
Gain on disposition of assets	(15,721,000)	(2,115,000)	(9,026,000)
Loss on extinguishment of debt	0	21,604,000	25,235,000
Equity in earnings of investee	(4,315,000)	(3,384,000)	0
Deferred income tax expense (benefit)	3,212,000	1,574,000	(797,000)
Provision for doubtful accounts	9,013,000	4,527,000	12,729,000
(Increase) decrease in:
Receivables	(22,511,000)	(24,684,000)	1,287,000
Prepaid expenses	(906,000)	(5,493,000)	591,000
Other assets	2,711,000	5,030,000	7,629,000
Increase (decrease) in:
Trade accounts payable	1,176,000	1,308,000	841,000
Accrued expenses	(10,773,000)	9,553,000	10,052,000
Operating lease liabilities	7,198,000	3,819,000	24,549,000
Other liabilities	(4,862,000)	20,049,000	(22,580,000)
Cash flows provided by operating activities	781,612,000	734,417,000	569,873,000
Cash flows from investing activities:
Capital expenditures	(167,078,000)	(126,090,000)	(62,272,000)
Acquisitions	(479,766,000)	(312,257,000)	(45,584,000)
Payment for investments in equity securities	0	(30,000,000)	0
Decrease in notes receivable	12,124,000	107,000	0
Proceeds from disposition of assets and investments	15,649,000	6,480,000	10,968,000
Cash flows used in investing activities	(619,071,000)	(461,760,000)	(96,888,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	445,000,000	200,000,000	725,000,000
Payments on revolving credit facility	(575,000,000)	(25,000,000)	(875,000,000)
Principal payments on long-term debt	(365,000)	(378,000)	(9,112,000)
Borrowings on long-term debt	0	0	8,750,000
Principal payments on financing leases	(1,331,000)	(1,331,000)	0
Proceeds received from senior credit facility term loans	350,000,000	0	598,500,000
Proceeds received from accounts receivable securitization program	265,000,000	180,000,000	122,500,000
Payments on accounts receivable securitization program	(190,000,000)	(127,500,000)	(175,000,000)
Debt issuance costs	(1,583,000)	(8,823,000)	(32,950,000)
Proceeds received from note offering	0	550,000,000	1,549,250,000
Redemption of senior notes and senior subordinated notes	0	(668,688,000)	(1,058,596,000)
Payments on senior credit facility term loans	0	0	(978,097,000)
Distributions to non-controlling interest	(814,000)	(601,000)	(1,509,000)
Cash flows used in financing activities	(209,319,000)	(294,519,000)	(377,917,000)
Effect of exchange rate changes in cash and cash equivalents	(391,000)	81,000	313,000
Net (decrease) increase in cash and cash equivalents	(47,169,000)	(21,781,000)	95,381,000
Cash and cash equivalents at beginning of period	99,788,000	121,569,000	26,188,000
Cash and cash equivalents at end of period	52,619,000	99,788,000	121,569,000
Supplemental disclosures of cash flow information:
Cash paid for interest	120,000,000	112,080,000	130,864,000
Cash paid for state and federal income taxes	16,325,000	8,388,000	4,033,000
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	439,149,000	388,908,000	243,873,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	349,449,000	271,294,000	251,296,000
Stock-based compensation	23,136,000	37,368,000	18,772,000
Amortization included in interest expense	6,158,000	5,877,000	5,909,000
Gain on disposition of assets	(15,721,000)	(2,115,000)	(9,026,000)
Loss on extinguishment of debt	0	21,604,000	25,235,000
Equity in earnings of investee	(4,315,000)	(3,384,000)	0
Deferred income tax expense (benefit)	3,212,000	1,574,000	(797,000)
Provision for doubtful accounts	9,013,000	4,527,000	12,729,000
(Increase) decrease in:
Receivables	(22,511,000)	(24,684,000)	1,287,000
Prepaid expenses	(906,000)	(5,493,000)	591,000
Other assets	2,711,000	5,030,000	7,629,000
Increase (decrease) in:
Trade accounts payable	1,176,000	1,308,000	841,000
Accrued expenses	(10,773,000)	9,553,000	10,052,000
Operating lease liabilities	7,198,000	3,819,000	24,549,000
Other liabilities	(47,110,000)	360,000	(53,911,000)
Cash flows provided by operating activities	739,866,000	715,546,000	539,029,000
Cash flows from investing activities:
Capital expenditures	(167,078,000)	(126,090,000)	(62,272,000)
Acquisitions	(479,766,000)	(312,257,000)	(45,584,000)
Payment for investments in equity securities	0	(30,000,000)	0
Decrease in notes receivable	12,124,000	107,000	0
Proceeds from disposition of assets and investments	15,649,000	6,480,000	10,968,000
Cash flows used in investing activities	(619,071,000)	(461,760,000)	(96,888,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	445,000,000	200,000,000	725,000,000
Payments on revolving credit facility	(575,000,000)	(25,000,000)	(875,000,000)
Principal payments on long-term debt	(365,000)	(378,000)	(9,112,000)
Borrowings on long-term debt	0	0	8,750,000
Principal payments on financing leases	(1,331,000)	(1,331,000)	0
Proceeds received from senior credit facility term loans	350,000,000	0	598,500,000
Proceeds received from accounts receivable securitization program	265,000,000	180,000,000	122,500,000
Payments on accounts receivable securitization program	(190,000,000)	(127,500,000)	(175,000,000)
Debt issuance costs	(1,583,000)	(8,823,000)	(32,950,000)
Proceeds received from note offering	0	550,000,000	1,549,250,000
Redemption of senior notes and senior subordinated notes	0	(668,688,000)	(1,058,596,000)
Payments on senior credit facility term loans	0	0	(978,097,000)
Distributions to non-controlling interest	(814,000)	(601,000)	(1,509,000)
Dividends to parent	(518,753,000)	(410,875,000)	(262,437,000)
Contributions from parent	60,273,000	37,548,000	41,628,000
Cash flows used in financing activities	(167,573,000)	(275,648,000)	(347,073,000)
Effect of exchange rate changes in cash and cash equivalents	(391,000)	81,000	313,000
Net (decrease) increase in cash and cash equivalents	(47,169,000)	(21,781,000)	95,381,000
Cash and cash equivalents at beginning of period	99,288,000	121,069,000	25,688,000
Cash and cash equivalents at end of period	52,119,000	99,288,000	121,069,000
Supplemental disclosures of cash flow information:
Cash paid for interest	120,000,000	112,080,000	130,864,000
Cash paid for state and federal income taxes	$ 16,325,000	$ 8,388,000	$ 4,033,000

Description of the Business and

Description of the Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
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 160,200 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 47,500 transit advertising displays in 24 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. On July 1, 2022, the Company's direct wholly owned subsidiary Lamar Media Corp. ("Lamar Media") entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements. (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, 2022 and 2021; 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: 2022 2021 2020 Net revenues $ 8,775 $ 7,718 $ 8,088 Direct advertising expenses $ 4,044 $ 4,014 $ 3,971 General and administrative expenses $ 3,904 $ 3,112 $ 3,144 (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, 2022, 2021 and 2020, the Company declared and paid distributions of its REIT taxable income of $508,249 or $5.00 per share, $404,809 or $4.00 per share and $251,944 or $2.50 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, the impact of general economic conditions on the Company's operations and other factors that the Board of Directors may deem relevant. During each of the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020 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, 2022, 2021, and 2020 were $23,136, $37,368 and $18,772, respectively. The $23,136 expensed during the year ended December 31, 2022 consists of (i) $4,929 related to stock options and the employee stock purchase plan, (ii) $11,545 related to stock grants made under the Company’s performance-based stock incentive program in 2022, (iii) $5,897 related to LTIP Units issued to the Company's executive officers, (iv) $161 related to non-performance restricted stock awards and (v) $604 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. Adjustments are made to the asset retirement obligation liability to reflect changes in the estimates of the retirement period and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company's asset retirement obligations include the retirement period, cost of asset dismantlement, credit-adjusted risk-free interest rates, inflation and market risk. 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 Sheets. For the years ended December 31, 2022 and 2021, related to this investment, the Company recorded $4,284 and $3,384, respectively, in equity in earnings of investee on the Consolidated Statements 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, 2022
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, Leases 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, 2022 and 2021, we capitalized $25,078 and $25,642, respectively, of costs to fulfill contracts, which is included in other current assets on the Consolidated Balance Sheets, net of expensed costs of $24,546 and $25,197, 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, 2022, 2021 and 2020. 2022 2021 2020 Billboard Advertising $ 1,813,995 $ 1,613,554 $ 1,403,239 Logo Advertising 80,145 78,180 82,944 Transit Advertising 138,000 95,667 82,673 Net Revenues $ 2,032,140 $ 1,787,401 $ 1,568,856

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Year Ended December 31, 2022 During the year ended December 31, 2022, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $479,766, net of cash acquired of $6,904. Included within this total purchase price were the acquisitions of Burkhart Advertising Inc. for an aggregate purchase price of $130,000 as well as Fairway Outdoor and Standard Outdoor for an aggregate purchase price of $92,650. 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, 2022, our fair value allocation of the assets acquired and liabilities assumed from Fairway Outdoor and Standard Outdoor in the business combination completed December 9, 2022 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 $92,650. We expect to finalize these amounts as soon as possible but not later than the end of 2023. 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 $34,066, $28,130 and $30,458, 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 9, 2022. Total Property, plant and equipment $ 87,312 Goodwill 99,003 Site locations 246,288 Non-competition agreements 2,328 Customer lists and contracts 43,339 Asset acquisition costs 903 Current assets 2,177 Current liabilities (12,677) Operating lease right of use assets 79,960 Operating lease liabilities (68,867) $ 479,766 Total acquired intangible assets for the year ended December 31, 2022 were $391,861, of which $99,003 was assigned to goodwill. Goodwill is not amortized for financial statement purposes and $456 of goodwill related to 2022 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 $43,339 (7 year weighted average useful life) and site locations of $246,288 (15 year weighted average useful life). The aggregate amortization expense related to the 2022 acquisitions for the year ended December 31, 2022 was $14,605. As of December 31, 2022, we finalized our fair value allocation of the assets acquired and liabilities assumed from a business combination completed on December 3, 2021. The changes to our updated fair value allocation of this business combination were considered immaterial and recorded during the year ended December 31, 2022. The following unaudited pro forma financial information for the Company gives effect to the 2022 and 2021 acquisitions as if they had occurred on January 1, 2021. 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. 2022 2021 (unaudited) Net revenues $ 2,063,800 $ 1,879,002 Net income applicable to common stock $ 429,726 $ 373,476 Net income per common share — basic $ 4.23 $ 3.69 Net income per common share — diluted $ 4.23 $ 3.69 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 was considered preliminary and subject to revision, which could result in adjustments to this allocation. The aggregate purchase price of this business combination was $75,000. 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. As discussed above, we finalized this fair value allocation during 2022. 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 approximately $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

Non-cash Financing and Investin

Non-cash Financing and Investing Activities	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Non-cash Financing and Investing Activities	Non-cash Financing and Investing ActivitiesFor the years ended December 31, 2022, 2021 and 2020, 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, 2022 and 2021.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Major categories of property, plant and equipment at December 31, 2022 and 2021 are as follows: Estimated Life 2022 2021 Land — $ 459,370 $ 428,849 Building and improvements 10 — 39 220,468 206,870 Advertising structures 5 — 15 3,285,636 3,010,769 Automotive and other equipment 3 — 7 143,672 135,800 $ 4,109,146 $ 3,782,288

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: Estimated 2022 2021 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 — 10 $ 720,051 $ 614,840 $ 676,846 $ 587,056 Non-competition agreements 3 — 15 71,599 65,647 69,276 64,941 Site locations 15 2,864,854 1,781,164 2,619,531 1,680,333 Other 2 — 15 52,164 40,392 51,261 39,407 $ 3,708,668 $ 2,502,043 $ 3,416,914 $ 2,371,737 Unamortizable Intangible Assets: Goodwill $ 2,288,805 $ 253,536 $ 2,189,962 $ 253,536 The changes in the gross carrying amount of goodwill for the years ended December 31, 2022 and 2021 are as follows: 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 Goodwill acquired during the year 99,003 Purchase price adjustments and other (160) Balance as of December 31, 2022 $ 2,288,805 Amortization expense for the years ended December 31, 2022, 2021 and 2020 was $134,256, $114,319 and $110,201, respectively. The following is a summary of the estimated amortization expense for future years: 2023 $ 132,937 2024 129,031 2025 125,563 2026 117,573 2027 113,580 Thereafter 587,941 Total $ 1,206,625

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. 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, 2022, we had base operating lease costs of $306,825 and variable operating lease costs of $59,651, for a total operating lease cost of $366,476. During the year ended December 31, 2021, we had base operating lease costs of $290,036 and variable operating lease costs of $51,628, for a total operating lease cost of $341,664. During the year ended December 31, 2020, we had base operating lease costs of $298,135 and variable lease costs of $43,572, for a total operating lease cost of $341,707. Our operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the years ended December 31, 2022, 2021 and 2020, we recorded a (gain) loss of ($824), $241 and ($451) respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $307,581, $296,460 and $286,575 were made reducing our operating lease liabilities for the years ended December 31, 2022, 2021 and 2020, 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 $7,478, $6,184 and $4,953 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the years ended December 31, 2022, 2021 and 2020, respectively. Our operating leases have a weighted-average remaining lease term of 12.5 years. The weighted-average discount rate of our operating leases is 4.7%. During the years ended December 31, 2022 and 2021, we obtained $79,095 and $49,927, 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 $5,090 and $5,697 reduction to operating lease liabilities for the years ended December 31, 2022 and 2021, respectively. The following is a summary of the maturities of our operating lease liabilities as of December 31, 2022: 2023 $ 240,637 2024 190,435 2025 162,408 2026 137,712 2027 115,284 Thereafter 837,686 Total undiscounted operating lease payments 1,684,162 Less: Imputed interest (442,669) Total operating lease liabilities $ 1,241,493 During the years ended December 31, 2022 and 2021, we obtained no new leased assets in exchange for new financing lease liabilities. Our financing leases have a weighted-average remaining lease term of 4.9 years and a weighted-average discount rate of 3.1%. For the years ended December 31, 2022, 2021 and 2020, amortization expense of $2,853, $2,853 and $222 was recorded within depreciation and amortization, respectively, and interest expense of $544, $585 and $47, was recorded within interest expense, respectively, on the Consolidated Statements of Income and Comprehensive Income in relation to these financing lease liabilities. Cash payments of $1,331 were made reducing our financing lease liabilities for the years ended December 31, 2022 and 2021 and are included in cash flows used in financing activities in the Consolidated Statements of Cash Flows. We had no cash payments related to financing lease liabilities for the year ended December 31, 2020. 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 do not meet the criteria of a lease under ASC 842, therefore they are no longer accounted for as a lease. For the years ended December 31, 2022, 2021 and 2020, non-lease variable transit payments were $78,877, $47,054 and $25,670, respectively. These transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Consolidated Statements of Income and Comprehensive Income.
Leases	Leases The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. 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, 2022, we had base operating lease costs of $306,825 and variable operating lease costs of $59,651, for a total operating lease cost of $366,476. During the year ended December 31, 2021, we had base operating lease costs of $290,036 and variable operating lease costs of $51,628, for a total operating lease cost of $341,664. During the year ended December 31, 2020, we had base operating lease costs of $298,135 and variable lease costs of $43,572, for a total operating lease cost of $341,707. Our operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the years ended December 31, 2022, 2021 and 2020, we recorded a (gain) loss of ($824), $241 and ($451) respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $307,581, $296,460 and $286,575 were made reducing our operating lease liabilities for the years ended December 31, 2022, 2021 and 2020, 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 $7,478, $6,184 and $4,953 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the years ended December 31, 2022, 2021 and 2020, respectively. Our operating leases have a weighted-average remaining lease term of 12.5 years. The weighted-average discount rate of our operating leases is 4.7%. During the years ended December 31, 2022 and 2021, we obtained $79,095 and $49,927, 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 $5,090 and $5,697 reduction to operating lease liabilities for the years ended December 31, 2022 and 2021, respectively. The following is a summary of the maturities of our operating lease liabilities as of December 31, 2022: 2023 $ 240,637 2024 190,435 2025 162,408 2026 137,712 2027 115,284 Thereafter 837,686 Total undiscounted operating lease payments 1,684,162 Less: Imputed interest (442,669) Total operating lease liabilities $ 1,241,493 During the years ended December 31, 2022 and 2021, we obtained no new leased assets in exchange for new financing lease liabilities. Our financing leases have a weighted-average remaining lease term of 4.9 years and a weighted-average discount rate of 3.1%. For the years ended December 31, 2022, 2021 and 2020, amortization expense of $2,853, $2,853 and $222 was recorded within depreciation and amortization, respectively, and interest expense of $544, $585 and $47, was recorded within interest expense, respectively, on the Consolidated Statements of Income and Comprehensive Income in relation to these financing lease liabilities. Cash payments of $1,331 were made reducing our financing lease liabilities for the years ended December 31, 2022 and 2021 and are included in cash flows used in financing activities in the Consolidated Statements of Cash Flows. We had no cash payments related to financing lease liabilities for the year ended December 31, 2020. 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 do not meet the criteria of a lease under ASC 842, therefore they are no longer accounted for as a lease. For the years ended December 31, 2022, 2021 and 2020, non-lease variable transit payments were $78,877, $47,054 and $25,670, respectively. These transit expenses are recorded in direct advertising expenses (exclusive of depreciation and amortization) on the Consolidated Statements of Income and Comprehensive Income.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The following is a summary of accrued expenses at December 31, 2022 and 2021: 2022 2021 Payroll $ 24,601 $ 36,531 Interest 23,360 22,009 Insurance benefits 10,008 11,205 Accrued variable lease and contract expense 28,117 21,487 Stock-based compensation 12,216 30,450 Other 19,291 13,356 $ 117,593 $ 135,038

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt consists of the following at December 31, 2022 and 2021: December 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 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 Long-term debt contractual maturities are as follows: Debt Deferred Debt, net of 2023 $ 378 $ — $ 378 2024 $ 400 $ — $ 400 2025 $ 645,420 $ 3,995 $ 641,425 2026 $ 442 $ — $ 442 2027 $ 599,316 $ 4,769 $ 594,547 Thereafter $ 2,099,464 $ 23,851 $ 2,075,613 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. On July 29, 2022, Lamar Media entered into Amendment No. 2 (the "Amendment No. 2") to 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. Amendment No. 2 establishes a new $350,000 Senior Secured Term Loan A loan (the "Term A loans") as a new class of incremental term loans. The Term A loans will mature on February 6, 2025 with no required amortization payments prior to maturity and bear interest at rates based on the Term Secured Overnight Financing Rate ("Term SOFR") plus 1.25% and a credit spread adjustment of 0.10%. The covenants, events of default and other terms of the senior credit facility apply to the Term A loans. Lamar Media borrowed all $350,000 in Term A loans on July 29, 2022. The entire amount of the Term A loans will be payable at maturity. Proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program. As of December 31, 2022, there were $45,000 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 $10,989 in letters of credit outstanding as of December 31, 2022 resulting in $694,011 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 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term SOFR based interest rate mechanics for the Accounts Receivable Securitization Program. As of December 31, 2022, there was $250,000 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, 2022. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the year ended December 31, 2022. The Accounts Receivable Securitization Program will mature on July 21, 2025. 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, 2022.

Asset Retirement Obligation

Asset Retirement Obligation	12 Months Ended
	Dec. 31, 2022
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, 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 Additions to asset retirement obligations 9,676 Revision in estimates 110,321 Accretion expense 4,894 Liabilities settled (3,816) Balance at December 31, 2022 $ 390,442 Revision in estimates in December 31, 2022 and 2021 of $110,321 and $41,644, respectively, 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, 2022
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, 2022 2021 2020 Direct advertising expenses $ 330,357 $ 253,850 $ 236,054 General and administrative expenses 5,242 4,691 4,996 Corporate expenses 13,850 12,753 10,246 $ 349,449 $ 271,294 $ 251,296

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Commencing 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, 2022 U.S. federal $ 5,663 $ 2,073 $ 7,736 State and local 3,376 (136) 3,240 Foreign 5,201 1,275 6,476 $ 14,240 $ 3,212 $ 17,452 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 As of December 31, 2022 and 2021, the Company had income taxes payable of $4,104 and $5,915, 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: 2022 2021 2020 U.S. $ 446,395 $ 395,800 $ 249,714 Foreign 9,704 1,546 (1,668) Total $ 456,099 $ 397,346 $ 248,046 A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 21 percent to income before taxes for the 2022, 2021 and 2020 tax years is as follows: 2022 2021 2020 Income tax expense at U.S. federal statutory rate $ 95,781 $ 83,443 $ 52,090 Tax adjustment related to REIT (a) (86,793) (83,153) (50,395) State and local income taxes, net of federal income tax benefit 2,850 2,917 1,222 Book expenses not deductible for tax purposes 3,042 1,893 3,156 Stock-based compensation (3,336) 3,555 (2,033) Valuation allowance (b) (14,984) (1,564) (1,031) Rate change (c) — — (182) Undistributed earnings of foreign subsidiaries (d) (84) 292 (78) Other differences, net (e) 20,976 1,873 1,911 Income tax expense $ 17,452 $ 9,256 $ 4,660 (a) Includes dividend paid deduction of $106,129, $85,087 and $52,985 for the tax years ended December 31, 2022, 2021 and 2020, respectively. (b) For the years ended December 31, 2022, 2021 and 2020, a non-cash valuation allowance of ($14,984), ($1,564) and ($1,031), respectively, was recorded to income tax expense 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 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, 2022, 2021 and 2020, we recognized a deferred tax (benefit) expense of ($84), $292 and ($78), respectively, for future foreign withholding taxes related to undistributed earnings. (e) Under Section 1031.01(b)(10) of the 2011 Puerto Rico Code, net operating losses and the tax basis of any other assets shall be reduced for forgiveness of debt to the extent by which the taxpayer is insolvent. As a result, a non-cash expense of $15,201 was recorded to income tax expense for the reduction of Puerto Rico deferred tax assets for the year ended December 31, 2022. The Puerto Rico income tax withholding rate applicable on the accrued interest of the debt is 29%. As a result, a cash expense of $5,068 was recorded to income tax expense. The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 423 $ 493 Accrued liabilities not deducted for tax purposes — 3,071 Net operating loss carry forwards 5,068 16,488 Tax credit carry forwards 1,364 692 Charitable contributions carry forward 1 3 Investment in partnerships — 228 Gross deferred tax assets 6,856 20,975 Less: valuation allowance (4,435) (19,433) Net deferred tax assets 2,421 1,542 Deferred tax liabilities: Intangibles (5,016) (5,209) Accrued liabilities not deducted for tax purposes (2,222) — Investment in partnerships (1,758) — Property, plant and equipment (2,234) (1,765) Undistributed earnings of foreign subsidiaries (842) (984) Gross deferred tax liabilities (12,072) (7,958) Net deferred tax liabilities $ (9,651) $ (6,416) As of December 31, 2022, we have approximately $103,854 of U.S. net operating loss carry forwards to offset future taxable income. Of this amount, $20,950 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 2030 through 2037. In addition, we have $1,205 of various credits available to offset future U.S. federal income tax. As of December 31, 2022, we have approximately $1,140,720 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 $82 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, 2022 and 2021 was $0 and $334, respectively. The net changes in the total state valuation allowance for the years ended December 31, 2022 and 2021 was a (decrease) increase of ($334) and $13, respectively. As of December 31, 2022, we had approximately $4,413 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, 2022, we had approximately $8,651 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 in 2032. In addition, we have $850 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, 2022 and 2021 was $4,435 and $19,099, respectively. The net change in the total valuation allowance for the years ended December 31, 2022 and 2021 was a decrease of $14,664 and $1,577, 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, 2022, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $16,835. Management does not designate these earnings as permanently reinvested and has recognized a deferred tax liability of approximately $842 related to foreign withholding taxes on these earnings. We have recognized a current year tax benefit of $84 related to 2022 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, 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 Additions for tax positions related to current year 718 Additions for tax positions related to prior years 1,142 Lapse of statute of limitations (1,441) Balance as of December 31, 2022 $ 5,544 Included in the balance of unrecognized benefits at December 31, 2022 is $5,544 of tax benefits that, if recognized in future periods, would impact our effective tax rate. During the years ended December 31, 2022 and 2021, we recognized interest and penalties of $212 and ($42), respectively, as a component of income tax expense 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 $1,732 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, 2022
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, 2022 and 2021, 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 $228 and $315 for the years ended December 31, 2022 and 2021, respectively. The Company was also contracted by EATEL to provide advertising services in the aggregate amount of $154 and $139 for the years ended December 31, 2022 and 2021, respectively. The Company had $158 and $1,066 receivables from employees or executive officers at December 31, 2022 and 2021, 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 years ended December 31, 2022 and 2021, the Company recognized revenue of $13,074 and $10,586, respectively, from advertisements generated through Vistar's programmatic technology platform. We also incurred expenses of $1,167 and $880 related to these advertisements for the years ended December 31, 2022 and 2021, respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
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, 2022 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, 2022, 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, 2022. 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, 2022, 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, 2022.

Stock Compensation Plans

Stock Compensation Plans	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021, the Company recorded a liability, in accrued expenses, of $12,216 and $30,450, 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 2022 5% 45% 2% 6 2021 5% 45% 2% 6 2020 5% 45% 2% 6 Information regarding the 1996 Plan for the year ended December 31, 2022 is as follows: Shares Weighted Weighted Outstanding, beginning of year 518,935 $ 65.36 Granted 174,000 96.59 Exercised (194,035) 44.69 Outstanding, end of year 498,900 $ 84.29 5.66 Exercisable at end of year 247,400 $ 75.40 5.70 At December 31, 2022 there was $3,172 of unrecognized compensation cost related to stock options granted which is expected to be recognized over a weighted-average period of 1.85 years. Shares available for future stock option and restricted share grants to employees and directors under existing plans were 1,940,913 at December 31, 2022. The aggregate intrinsic value of options outstanding as of December 31, 2022 was $7,219, and the aggregate intrinsic value of options exercisable was $5,316. Total intrinsic value of options exercised was $10,475 for the year ended December 31, 2022. Stock Purchase Plan. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The number of shares of Class A common stock available for issuance under the 2019 ESPP was automatically increased by 86,853 shares on January 1, 2022 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, 2022: Shares Available for future purchases, January 1, 2022 342,226 Additional shares reserved under 2019 ESPP 86,853 Purchases (127,108) Available for future purchases, December 31, 2022 301,971 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 2022. 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 2022 results and are issued in the first half of 2023. 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, 2022, the Company recorded $11,545 as stock-based compensation expense related to these agreements. LTIP Units. In addition to performance-based compensation, the Company may issue LTIP Units of the OP, a subsidiary of the Company, to certain officers, employees and directors under the 1996 Plan. Such LTIP Units are subject to vesting and forfeiture conditions based on performance criteria approved by the Compensation Committee, which mirrors the performance criteria applicable to the Company's performance-based compensation, as described above. LTIP Units are a class of units intended to qualify as "profits interests" of the OP. The LTIP Units convert into Common Units of the OP upon the occurrence of certain events. Common Units are redeemable by the holder for shares of the Company's Class A common stock after a holding period of twelve months, or may be paid out in cash at the option of the general partner of the OP. On July 1, 2022, the OP issued a total of 88,000 LTIP Units to the Company's executive officers. For the year ended December 31, 2022, the Company recorded $5,897 as stock-based compensation expense related to these LTIP Units.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2022
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, 2022, the Company maintained $7,461 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 $6,780, $5,811 and $5,714 for the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020, the Company contributed $1,637, $1,540 and $1,616, respectively. On December 8, 2005, the Company’s Board of Directors approved an amendment to the Lamar Deferred Compensation Plan in order to (1) to comply with the requirements of Section 409A of the Internal Revenue Code (“Section 409A”) applicable to deferred compensation and (2) to reflect changes in the administration of the plan. The Company’s Board of Directors also approved the adoption of a grantor trust pursuant to which amounts may be set aside, but remain subject to claims of the Company’s creditors, for payments of liabilities under the new plan, including amounts contributed under the old plan. The plan was further amended in August 2007 to make certain amendments to reflect Section 409A regulations issued on April 10, 2007. An additional clarifying amendment was made to the plan in December 2013.

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2022
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. 2023 $ 43,419 2024 $ 38,543 2025 $ 34,448 2026 $ 24,180 2027 $ 16,442 Thereafter $ 49,590 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, 2022
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, 2022 and 2021, 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 $4,187,593 and $3,921,979, respectively. As of December 31, 2022, 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, 2022, 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, 2022, 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 $2,938,073.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsAt December 31, 2022 and 2021, 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 $3,054,174, which is less than both the gross and carrying amount of $3,345,420 as of December 31, 2022. 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, 2022
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $29,465, $24,354 and $22,819 for the years ended December 31, 2022, 2021 and 2020, respectively. Net carrying value of long-lived assets located in foreign countries totaled $11,763 and $11,318 as of December 31, 2022 and 2021, 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, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements 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, 2022, the Company has modified the Accounts Receivable Securitization Program to provide for the replacement of LIBOR-based interest rates with Term SOFR based interest rates. The Term A loans established July 29, 2022 also bear interest using Term SOFR rates. This modification is not expected to have a material impact on the Company's consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which provides guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if the acquirer had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We do not anticipate the adoption of this guidance will have a material impact on the Company's consolidated financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 23, 2023, the Company’s Board of Directors authorized the renewal to repurchase up to $250 million of the Company’s Class A common stock through September 30, 2024. The Board of Directors also authorized the renewal of Lamar Media’s ability to repurchase up to $250 million outstanding senior notes and other indebtedness outstanding through September 30, 2024.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	SCHEDULE II LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended December 31, 2022, 2021 and 2020 (In thousands) Balance at Charged to Deductions Balance at Year ended December 31, 2022 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 11,195 9,013 8,790 $ 11,418 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 19,433 — 14,998 $ 4,435 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

Schedule of Real Estate and Acc

Schedule of Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule of Real Estate and Accumulated Depreciation	SCHEDULE III LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Schedule of Real Estate and Accumulated Depreciation December 31, 2022, 2021 and 2020 (In thousands) Description (1) Encumbrances Initial Cost (2) Gross Carrying Amount (3) Accumulated Construction Acquisition Useful Lives 363,044 Displays — — $ 3,745,006 $ (2,440,956) Various Various 5 to 20 years (1) No single asset exceeded 5% of the total gross carrying amount at December 31, 2022 (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, 2022 December 31, 2021 December 31, 2020 Gross real estate assets: Balance at the beginning of the year $ 3,439,618 $ 3,293,778 $ 3,333,590 Capital expenditures on new advertising displays (4) 85,972 45,427 21,598 Capital expenditures on improvements/redevelopments of existing advertising displays 23,850 21,287 13,021 Capital expenditures other recurring (5) 141,030 88,697 12,631 Land acquisitions (6) 31,061 17,151 8,980 Acquisition of advertising displays (7) 64,223 17,662 4,446 Assets sold or written-off (39,149) (44,466) (100,906) Foreign exchange (1,599) 82 418 Balance at the end of the year $ 3,745,006 $ 3,439,618 $ 3,293,778 Accumulated depreciation: Balance at the beginning of the year $ 2,287,590 $ 2,192,700 $ 2,166,579 Depreciation 185,820 126,805 111,049 Assets sold or written-off (31,514) (31,971) (85,267) Foreign exchange (940) 56 339 Balance at the end of the year $ 2,440,956 $ 2,287,590 $ 2,192,700 (4) Includes non-cash amounts of $2,367, $1,541 and $621 at December 31, 2022, 2021 and 2020, respectively (5) Includes non-cash amounts of $103,019 and $48,848 at December 31, 2022 and 2021, respectively, related to the revision in cost estimate included in the calculation of asset retirement obligations (6) Includes preliminary allocation of assets acquired during 2022 and 2021 (7) Includes non-cash amounts of $11,132 and $3,843 at December 31, 2022 and 2021, respectively

Description of the Business a_2

Description of the Business and Significant Accounting Policies (Subsidiary)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies [Line Items]
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 160,200 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 47,500 transit advertising displays in 24 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. On July 1, 2022, the Company's direct wholly owned subsidiary Lamar Media Corp. ("Lamar Media") entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements. (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, 2022 and 2021; 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: 2022 2021 2020 Net revenues $ 8,775 $ 7,718 $ 8,088 Direct advertising expenses $ 4,044 $ 4,014 $ 3,971 General and administrative expenses $ 3,904 $ 3,112 $ 3,144 (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, 2022, 2021 and 2020, the Company declared and paid distributions of its REIT taxable income of $508,249 or $5.00 per share, $404,809 or $4.00 per share and $251,944 or $2.50 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, the impact of general economic conditions on the Company's operations and other factors that the Board of Directors may deem relevant. During each of the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020 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, 2022, 2021, and 2020 were $23,136, $37,368 and $18,772, respectively. The $23,136 expensed during the year ended December 31, 2022 consists of (i) $4,929 related to stock options and the employee stock purchase plan, (ii) $11,545 related to stock grants made under the Company’s performance-based stock incentive program in 2022, (iii) $5,897 related to LTIP Units issued to the Company's executive officers, (iv) $161 related to non-performance restricted stock awards and (v) $604 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. Adjustments are made to the asset retirement obligation liability to reflect changes in the estimates of the retirement period and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company's asset retirement obligations include the retirement period, cost of asset dismantlement, credit-adjusted risk-free interest rates, inflation and market risk. 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 Sheets. For the years ended December 31, 2022 and 2021, related to this investment, the Company recorded $4,284 and $3,384, respectively, in equity in earnings of investee on the Consolidated Statements 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
Significant Accounting Policies [Line Items]
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 160,200 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. On July 1, 2022, Lamar Media entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements. 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, 21 and 22 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 subsidiary, Lamar Advertising Limited Partnership, and Lamar Advertising Limited Partnerships' 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, 2022
Non-Cash Financing Activities [Line Items]
Non-cash Financing Activities	Non-cash Financing and Investing ActivitiesFor the years ended December 31, 2022, 2021 and 2020, 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, 2022 and 2021.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Non-Cash Financing Activities [Line Items]
Non-cash Financing 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, 2022 and 2021.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Subsidiary)	12 Months Ended
	Dec. 31, 2022
Goodwill [Line Items]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following is a summary of intangible assets at December 31, 2022 and 2021: Estimated 2022 2021 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 — 10 $ 720,051 $ 614,840 $ 676,846 $ 587,056 Non-competition agreements 3 — 15 71,599 65,647 69,276 64,941 Site locations 15 2,864,854 1,781,164 2,619,531 1,680,333 Other 2 — 15 52,164 40,392 51,261 39,407 $ 3,708,668 $ 2,502,043 $ 3,416,914 $ 2,371,737 Unamortizable Intangible Assets: Goodwill $ 2,288,805 $ 253,536 $ 2,189,962 $ 253,536 The changes in the gross carrying amount of goodwill for the years ended December 31, 2022 and 2021 are as follows: 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 Goodwill acquired during the year 99,003 Purchase price adjustments and other (160) Balance as of December 31, 2022 $ 2,288,805 Amortization expense for the years ended December 31, 2022, 2021 and 2020 was $134,256, $114,319 and $110,201, respectively. The following is a summary of the estimated amortization expense for future years: 2023 $ 132,937 2024 129,031 2025 125,563 2026 117,573 2027 113,580 Thereafter 587,941 Total $ 1,206,625
LAMAR MEDIA CORP. AND SUBSIDIARIES
Goodwill [Line Items]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following is a summary of intangible assets at December 31, 2022 and 2021: Estimated Life (Years) 2022 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets: Customer lists and contracts 7—10 $ 720,051 $ 614,840 $ 676,846 $ 587,056 Non-competition agreement 3—15 71,599 65,647 69,276 64,942 Site locations 15 2,864,854 1,781,164 2,619,531 1,680,333 Other 2—15 51,619 40,314 50,716 39,329 $ 3,708,123 $ 2,501,965 $ 3,416,369 $ 2,371,660 Unamortizable Intangible Assets: Goodwill $ 2,277,784 $ 252,667 $ 2,178,941 $ 252,667 The changes in the gross carrying amount of goodwill for the years ended December 31, 2022 and 2021 are as follows: 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 Goodwill acquired during the year 99,003 Purchase price adjustments and other (160) Balance as of December 31, 2022 $ 2,277,784

Accrued Expenses (Subsidiary)

Accrued Expenses (Subsidiary)	12 Months Ended
	Dec. 31, 2022
Accrued Expenses [Line Items]
Accrued Expenses	Accrued Expenses The following is a summary of accrued expenses at December 31, 2022 and 2021: 2022 2021 Payroll $ 24,601 $ 36,531 Interest 23,360 22,009 Insurance benefits 10,008 11,205 Accrued variable lease and contract expense 28,117 21,487 Stock-based compensation 12,216 30,450 Other 19,291 13,356 $ 117,593 $ 135,038
LAMAR MEDIA CORP. AND SUBSIDIARIES
Accrued Expenses [Line Items]
Accrued Expenses	Accrued Expenses The following is a summary of accrued expenses at December 31, 2022 and 2021: 2022 2021 Payroll $ 24,601 $ 36,531 Interest 23,360 22,009 Accrued variable lease and contract expense 28,117 21,487 Non-cash compensation 12,216 30,450 Other 20,430 16,841 $ 108,724 $ 127,318

Long-term Debt (Subsidiary)

Long-term Debt (Subsidiary)	12 Months Ended
	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt	Long-term Debt Long-term debt consists of the following at December 31, 2022 and 2021: December 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 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 Long-term debt contractual maturities are as follows: Debt Deferred Debt, net of 2023 $ 378 $ — $ 378 2024 $ 400 $ — $ 400 2025 $ 645,420 $ 3,995 $ 641,425 2026 $ 442 $ — $ 442 2027 $ 599,316 $ 4,769 $ 594,547 Thereafter $ 2,099,464 $ 23,851 $ 2,075,613 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. On July 29, 2022, Lamar Media entered into Amendment No. 2 (the "Amendment No. 2") to 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. Amendment No. 2 establishes a new $350,000 Senior Secured Term Loan A loan (the "Term A loans") as a new class of incremental term loans. The Term A loans will mature on February 6, 2025 with no required amortization payments prior to maturity and bear interest at rates based on the Term Secured Overnight Financing Rate ("Term SOFR") plus 1.25% and a credit spread adjustment of 0.10%. The covenants, events of default and other terms of the senior credit facility apply to the Term A loans. Lamar Media borrowed all $350,000 in Term A loans on July 29, 2022. The entire amount of the Term A loans will be payable at maturity. Proceeds from the Term A loans were used to repay outstanding balances on the revolving credit facility and a portion of the outstanding balance on the Accounts Receivable Securitization Program. As of December 31, 2022, there were $45,000 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 $10,989 in letters of credit outstanding as of December 31, 2022 resulting in $694,011 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 24, 2022, Lamar Media and the Special Purpose Subsidiaries entered into the Sixth Amendment (the "Sixth Amendment") to the Receivables Financing Agreement. The Sixth Amendment increased the Accounts Receivable Securitization Program from $175,000 to $250,000 and extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2025. Additionally, the Sixth Amendment provides for the replacement of LIBOR-based interest rate mechanics with Term SOFR based interest rate mechanics for the Accounts Receivable Securitization Program. As of December 31, 2022, there was $250,000 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, 2022. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the year ended December 31, 2022. The Accounts Receivable Securitization Program will mature on July 21, 2025. 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, 2022.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Long-term Debt	Long-term Debt Long-term debt consists of the following at December 31, 2022 and 2021: December 31, 2022 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 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 Long-term debt contractual maturities are as follows: Debt Deferred financing costs Debt, net of deferred financing costs 2023 $ 378 $ — $ 378 2024 $ 400 $ — $ 400 2025 $ 645,420 $ 3,995 $ 641,425 2026 $ 442 $ — $ 442 2027 $ 599,316 $ 4,769 $ 594,547 Later years $ 2,099,464 $ 23,851 $ 2,075,613

Related Party Transactions (Sub

Related Party Transactions (Subsidiary)	12 Months Ended
	Dec. 31, 2022
Related Party Transaction [Line Items]
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, 2022 and 2021, 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 $228 and $315 for the years ended December 31, 2022 and 2021, respectively. The Company was also contracted by EATEL to provide advertising services in the aggregate amount of $154 and $139 for the years ended December 31, 2022 and 2021, respectively. The Company had $158 and $1,066 receivables from employees or executive officers at December 31, 2022 and 2021, 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 years ended December 31, 2022 and 2021, the Company recognized revenue of $13,074 and $10,586, respectively, from advertisements generated through Vistar's programmatic technology platform. We also incurred expenses of $1,167 and $880 related to these advertisements for the years ended December 31, 2022 and 2021, respectively.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Related Party Transaction [Line Items]
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, 2022 and 2021, there was a payable to Lamar Advertising Company, its parent, in the amount of $1,871 and $3,018, respectively. Effective December 31, 2022 and 2021, Lamar Advertising Company contributed $60,273 and $37,548, 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, 2022
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, 2022 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 39,829 $ 36,667 $ 287,556 $ — $ 364,052 Net property, plant and equipment — 1,483,395 16,304 — 1,499,699 Operating lease right of use assets — 1,252,414 19,217 — 1,271,631 Intangibles and goodwill, net — 3,214,284 16,991 — 3,231,275 Other assets 4,514,221 325,052 250,056 (4,997,514) 91,815 Total assets $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 378 $ 249,407 $ — $ 249,785 Current operating lease liabilities — 198,320 7,518 — 205,838 Other current liabilities 23,360 222,871 15,314 — 261,545 Total current liabilities 23,360 421,569 272,239 — 717,168 Long-term debt 3,061,385 1,635 — — 3,063,020 Operating lease liabilities — 1,025,385 10,270 — 1,035,655 Other noncurrent liabilities 281,804 418,163 301,957 (546,796) 455,128 Total liabilities 3,366,549 1,866,752 584,466 (546,796) 5,270,971 Stockholder's equity 1,187,501 4,445,060 5,658 (4,450,718) 1,187,501 Total liabilities and stockholder's equity $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 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 Statements of Income and Comprehensive Income for the Year Ended December 31, 2022 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income Net revenues $ — $ 1,992,900 $ 41,789 $ (2,549) $ 2,032,140 Operating expenses (income) Direct advertising expenses (1) — 639,948 29,889 (2,549) 667,288 General and administrative expenses (1) — 343,188 7,435 — 350,623 Corporate expenses (1) — 99,392 2,606 — 101,998 Depreciation and amortization — 345,857 3,592 — 349,449 Gain on disposition of assets — (3,235) (12,486) — (15,721) — 1,425,150 31,036 (2,549) 1,453,637 Operating income — 567,750 10,753 — 578,503 Loss on debt extinguishment — — — — — Equity in (earnings) loss of subsidiaries (561,545) — — 561,545 — Interest expense (income), net 122,396 (531) 4,352 — 126,217 Equity in earnings of investee — (4,315) — — (4,315) Income (loss) before income tax expense 439,149 572,596 6,401 (561,545) 456,601 Income tax expense (2) — 10,970 6,482 — 17,452 Net income (loss) $ 439,149 $ 561,626 $ (81) $ (561,545) $ 439,149 Statement of Comprehensive Income Net income (loss) $ 439,149 $ 561,626 $ (81) $ (561,545) $ 439,149 Total other comprehensive loss, net of tax — — (1,514) — (1,514) Total comprehensive income (loss) $ 439,149 $ 561,626 $ (1,595) $ (561,545) $ 437,635 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. Condensed Consolidating Statements of 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 Statement of Cash Flows for the Year Ended December 31, 2022 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 $ 586,773 $ 875,208 $ (20,112) $ (702,003) $ 739,866 Cash flows from investing activities: Capital expenditures — (162,515) (4,563) — (167,078) Acquisitions — (479,766) — — (479,766) Proceeds from disposition of assets and investments — 3,358 12,291 — 15,649 Investment in subsidiaries (479,766) — — 479,766 — Decrease (increase) in intercompany notes receivable 81,526 — — (81,526) — Decrease in notes receivable — 58 12,066 — 12,124 Net cash (used in) provided by investing activities (398,240) (638,865) 19,794 398,240 (619,071) Cash flows from financing activities: Proceeds received from revolving credit facility 445,000 — — — 445,000 Payment on revolving credit facility (575,000) — — — (575,000) Principal payments on long-term debt — (365) — — (365) Principal payments on financing leases — (1,331) — — (1,331) Proceeds received from senior credit facility term loans 350,000 — — — 350,000 Payment on accounts receivable securitization program — — (190,000) — (190,000) Proceeds received from accounts receivable securitization program — — 265,000 — 265,000 Debt issuance costs (1,347) — (236) — (1,583) Intercompany loan (payments) proceeds — (14,619) (66,907) 81,526 — Distributions to non-controlling interest — — (814) — (814) Dividends (to) from parent (518,753) (702,003) — 702,003 (518,753) Contributions from (to) parent 60,273 479,766 — (479,766) 60,273 Net cash (used in) provided by financing activities (239,827) (238,552) 7,043 303,763 (167,573) Effect of exchange rate changes in cash and cash equivalents — — (391) — (391) Net (decrease) increase in cash and cash equivalents (51,294) (2,209) 6,334 — (47,169) Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 39,729 $ 1,285 $ 11,105 $ — $ 52,119 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) Proceeds received from accounts receivable securitization program — — 180,000 — 180,000 Payment on accounts receivable securitization program — — (127,500) — (127,500) 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: Acquisitions 577 (46,161) — — (45,584) Capital expenditures — (56,772) (5,500) — (62,272) 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 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) 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) Intercompany loan (payments) proceeds — (9,176) 69,359 (60,183) — Distributions to non-controlling interest — — (1,509) — (1,509) Contributions from (to) parent 41,628 46,161 — (46,161) 41,628 Dividends (to) from parent (262,437) (619,877) — 619,877 (262,437) 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

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Subsidiary)	12 Months Ended
	Dec. 31, 2022
Valuation and Qualifying Accounts	SCHEDULE II LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended December 31, 2022, 2021 and 2020 (In thousands) Balance at Charged to Deductions Balance at Year ended December 31, 2022 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 11,195 9,013 8,790 $ 11,418 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 19,433 — 14,998 $ 4,435 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
LAMAR MEDIA CORP. AND SUBSIDIARIES
Valuation and Qualifying Accounts	SCHEDULE II LAMAR MEDIA CORP. AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended December 31, 2022, 2021 and 2020 (In thousands) Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period Year ended December 31, 2022 Deducted in balance sheet from trade accounts receivable: Allowance for doubtful accounts $ 11,195 9,013 8,790 $ 11,418 Deducted in balance sheet from deferred tax assets: Valuation allowance $ 19,433 — 14,998 $ 4,435 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

Schedule of Real Estate and A_2

Schedule of Real Estate and Accumulated Depreciation (Subsidiary)	12 Months Ended
	Dec. 31, 2022
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Schedule of Real Estate and Accumulated Depreciation	SCHEDULE III LAMAR ADVERTISING COMPANY AND SUBSIDIARIES Schedule of Real Estate and Accumulated Depreciation December 31, 2022, 2021 and 2020 (In thousands) Description (1) Encumbrances Initial Cost (2) Gross Carrying Amount (3) Accumulated Construction Acquisition Useful Lives 363,044 Displays — — $ 3,745,006 $ (2,440,956) Various Various 5 to 20 years (1) No single asset exceeded 5% of the total gross carrying amount at December 31, 2022 (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, 2022 December 31, 2021 December 31, 2020 Gross real estate assets: Balance at the beginning of the year $ 3,439,618 $ 3,293,778 $ 3,333,590 Capital expenditures on new advertising displays (4) 85,972 45,427 21,598 Capital expenditures on improvements/redevelopments of existing advertising displays 23,850 21,287 13,021 Capital expenditures other recurring (5) 141,030 88,697 12,631 Land acquisitions (6) 31,061 17,151 8,980 Acquisition of advertising displays (7) 64,223 17,662 4,446 Assets sold or written-off (39,149) (44,466) (100,906) Foreign exchange (1,599) 82 418 Balance at the end of the year $ 3,745,006 $ 3,439,618 $ 3,293,778 Accumulated depreciation: Balance at the beginning of the year $ 2,287,590 $ 2,192,700 $ 2,166,579 Depreciation 185,820 126,805 111,049 Assets sold or written-off (31,514) (31,971) (85,267) Foreign exchange (940) 56 339 Balance at the end of the year $ 2,440,956 $ 2,287,590 $ 2,192,700 (4) Includes non-cash amounts of $2,367, $1,541 and $621 at December 31, 2022, 2021 and 2020, respectively (5) Includes non-cash amounts of $103,019 and $48,848 at December 31, 2022 and 2021, respectively, related to the revision in cost estimate included in the calculation of asset retirement obligations (6) Includes preliminary allocation of assets acquired during 2022 and 2021 (7) Includes non-cash amounts of $11,132 and $3,843 at December 31, 2022 and 2021, respectively
LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Schedule of Real Estate and Accumulated Depreciation	SCHEDULE III LAMAR MEDIA CORP. AND SUBSIDIARIES Schedule of Real Estate and Accumulated Depreciation December 31, 2022, 2021 and 2020 (In thousands) Description (1) Encumbrances Initial Cost (2) Gross Carrying Amount (3) Accumulated Depreciation Construction Date Acquisition Date Useful Lives 363,044 Displays — — $ 3,745,006 $ (2,440,956) Various Various 5 to 20 years (1) No single asset exceeded 5% of the total gross carrying amount at December 31, 2022 (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, 2022 December 31, 2021 December 31, 2020 Gross real estate assets: Balance at the beginning of the year $ 3,439,618 $ 3,293,778 $ 3,333,590 Capital expenditures on new advertising displays (4) 85,972 45,427 21,598 Capital expenditures on improvements/redevelopments of existing advertising displays 23,850 21,287 13,021 Capital expenditures other recurring (5) 141,030 88,697 12,631 Land acquisitions (6) 31,061 17,151 8,980 Acquisition of advertising displays (7) 64,223 17,662 4,446 Assets sold or written-off (39,149) (44,466) (100,906) Foreign exchange (1,599) 82 418 Balance at the end of the year $ 3,745,006 $ 3,439,618 $ 3,293,778 Accumulated depreciation: Balance at the beginning of the year $ 2,287,590 $ 2,192,700 $ 2,166,579 Depreciation 185,820 126,805 111,049 Assets sold or written-off (31,514) (31,971) (85,267) Foreign exchange (940) 56 339 Balance at the end of the year $ 2,440,956 $ 2,287,590 $ 2,192,700 (4) Includes non-cash amounts of $2,367, $1,541 and $621 at December 31, 2022, 2021 and 2020, respectively (5) Includes non-cash amounts of $103,019 and $48,848 at December 31, 2022 and 2021, respectively, related to the revision in cost estimate included in the calculation of asset retirement obligations (6) Includes preliminary allocation of assets acquired during 2022 and 2021 (7) Includes non-cash amounts of $11,132 and $3,843 and at December 31, 2022 and 2021, respectively

Description of the Business a_3

Description of the Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Nature of Business	Nature of Business Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 160,200 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 47,500 transit advertising displays in 24 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. On July 1, 2022, the Company's direct wholly owned subsidiary Lamar Media Corp. ("Lamar Media") entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements.
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 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, 2022 and 2021; 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	AcquisitionsThe 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 RecognitionThe 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.
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, 2022, 2021 and 2020, the Company declared and paid distributions of its REIT taxable income of $508,249 or $5.00 per share, $404,809 or $4.00 per share and $251,944 or $2.50 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, the impact of general economic conditions on the Company's operations and other factors that the Board of Directors may deem relevant.
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, 2022, 2021 and 2020 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, 2022, 2021, and 2020 were $23,136, $37,368 and $18,772, respectively. The $23,136 expensed during the year ended December 31, 2022 consists of (i) $4,929 related to stock options and the employee stock purchase plan, (ii) $11,545 related to stock grants made under the Company’s performance-based stock incentive program in 2022, (iii) $5,897 related to LTIP Units issued to the Company's executive officers, (iv) $161 related to non-performance restricted stock awards and (v) $604 related to restricted stock awards to directors.
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. Adjustments are made to the asset retirement obligation liability to reflect changes in the estimates of the retirement period and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company's asset retirement obligations include the retirement period, cost of asset dismantlement, credit-adjusted risk-free interest rates, inflation and market risk. 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 Sheets.
Subsequent Events	Subsequent EventsThe Company has performed an evaluation of subsequent events through the date on which the financial statements are issued.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Significant Accounting Policies [Line Items]
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 160,200 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. On July 1, 2022, Lamar Media entered into the Amended and Restated Limited Partnership Agreement (the "Partnership Agreement") of Lamar Advertising Limited Partnership (the "OP") as the initial limited partner, along with its wholly owned subsidiary, Lamar Advertising General Partner, LLC, as the general partner of the OP (the "General Partner"). Lamar Media formed the OP and contributed all of its assets to the OP in connection with the Company's reorganization (the "Reorganization") as a specific type of REIT known as an Umbrella Partnership Real Estate Investment Trust ("UPREIT"). The Company completed the Reorganization to facilitate tax-deferred contributions of properties to the OP in exchange for limited partnership interests in the OP. The Reorganization did not have a material impact on our consolidated financial statements. 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, 21 and 22 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 subsidiary, Lamar Advertising Limited Partnership, and Lamar Advertising Limited Partnerships' 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_4

Description of the Business and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
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: 2022 2021 2020 Net revenues $ 8,775 $ 7,718 $ 8,088 Direct advertising expenses $ 4,044 $ 4,014 $ 3,971 General and administrative expenses $ 3,904 $ 3,112 $ 3,144

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation Revenue	The following table presents our disaggregated revenue by source for the years ended December 31, 2022, 2021 and 2020. 2022 2021 2020 Billboard Advertising $ 1,813,995 $ 1,613,554 $ 1,403,239 Logo Advertising 80,145 78,180 82,944 Transit Advertising 138,000 95,667 82,673 Net Revenues $ 2,032,140 $ 1,787,401 $ 1,568,856

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
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 9, 2022. Total Property, plant and equipment $ 87,312 Goodwill 99,003 Site locations 246,288 Non-competition agreements 2,328 Customer lists and contracts 43,339 Asset acquisition costs 903 Current assets 2,177 Current liabilities (12,677) Operating lease right of use assets 79,960 Operating lease liabilities (68,867) $ 479,766 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. 2022 2021 (unaudited) Net revenues $ 2,063,800 $ 1,879,002 Net income applicable to common stock $ 429,726 $ 373,476 Net income per common share — basic $ 4.23 $ 3.69 Net income per common share — diluted $ 4.23 $ 3.69 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

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of Major Categories of Property, Plant and Equipment	Major categories of property, plant and equipment at December 31, 2022 and 2021 are as follows: Estimated Life 2022 2021 Land — $ 459,370 $ 428,849 Building and improvements 10 — 39 220,468 206,870 Advertising structures 5 — 15 3,285,636 3,010,769 Automotive and other equipment 3 — 7 143,672 135,800 $ 4,109,146 $ 3,782,288

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following is a summary of intangible assets at December 31, 2022 and 2021: Estimated 2022 2021 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 — 10 $ 720,051 $ 614,840 $ 676,846 $ 587,056 Non-competition agreements 3 — 15 71,599 65,647 69,276 64,941 Site locations 15 2,864,854 1,781,164 2,619,531 1,680,333 Other 2 — 15 52,164 40,392 51,261 39,407 $ 3,708,668 $ 2,502,043 $ 3,416,914 $ 2,371,737 Unamortizable Intangible Assets: Goodwill $ 2,288,805 $ 253,536 $ 2,189,962 $ 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, 2022 and 2021 are as follows: 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 Goodwill acquired during the year 99,003 Purchase price adjustments and other (160) Balance as of December 31, 2022 $ 2,288,805
Summary of Estimated Amortization Expense	The following is a summary of the estimated amortization expense for future years: 2023 $ 132,937 2024 129,031 2025 125,563 2026 117,573 2027 113,580 Thereafter 587,941 Total $ 1,206,625

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022: 2023 $ 240,637 2024 190,435 2025 162,408 2026 137,712 2027 115,284 Thereafter 837,686 Total undiscounted operating lease payments 1,684,162 Less: Imputed interest (442,669) Total operating lease liabilities $ 1,241,493

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses	The following is a summary of accrued expenses at December 31, 2022 and 2021: 2022 2021 Payroll $ 24,601 $ 36,531 Interest 23,360 22,009 Insurance benefits 10,008 11,205 Accrued variable lease and contract expense 28,117 21,487 Stock-based compensation 12,216 30,450 Other 19,291 13,356 $ 117,593 $ 135,038

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consists of the following at December 31, 2022 and 2021: December 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 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
Summary of Long-Term Debt Contractual Maturities	Long-term debt contractual maturities are as follows: Debt Deferred Debt, net of 2023 $ 378 $ — $ 378 2024 $ 400 $ — $ 400 2025 $ 645,420 $ 3,995 $ 641,425 2026 $ 442 $ — $ 442 2027 $ 599,316 $ 4,769 $ 594,547 Thereafter $ 2,099,464 $ 23,851 $ 2,075,613

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	12 Months Ended
	Dec. 31, 2022
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, 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 Additions to asset retirement obligations 9,676 Revision in estimates 110,321 Accretion expense 4,894 Liabilities settled (3,816) Balance at December 31, 2022 $ 390,442

Depreciation and Amortization (

Depreciation and Amortization (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 Direct advertising expenses $ 330,357 $ 253,850 $ 236,054 General and administrative expenses 5,242 4,691 4,996 Corporate expenses 13,850 12,753 10,246 $ 349,449 $ 271,294 $ 251,296

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	Income tax expense (benefit) consists of the following: Current Deferred Total Year ended December 31, 2022 U.S. federal $ 5,663 $ 2,073 $ 7,736 State and local 3,376 (136) 3,240 Foreign 5,201 1,275 6,476 $ 14,240 $ 3,212 $ 17,452 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
U.S. and Foreign Components of Earnings Before Income Taxes	The U.S. and foreign components of earnings before income taxes are as follows: 2022 2021 2020 U.S. $ 446,395 $ 395,800 $ 249,714 Foreign 9,704 1,546 (1,668) Total $ 456,099 $ 397,346 $ 248,046
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 21 percent to income before taxes for the 2022, 2021 and 2020 tax years is as follows: 2022 2021 2020 Income tax expense at U.S. federal statutory rate $ 95,781 $ 83,443 $ 52,090 Tax adjustment related to REIT (a) (86,793) (83,153) (50,395) State and local income taxes, net of federal income tax benefit 2,850 2,917 1,222 Book expenses not deductible for tax purposes 3,042 1,893 3,156 Stock-based compensation (3,336) 3,555 (2,033) Valuation allowance (b) (14,984) (1,564) (1,031) Rate change (c) — — (182) Undistributed earnings of foreign subsidiaries (d) (84) 292 (78) Other differences, net (e) 20,976 1,873 1,911 Income tax expense $ 17,452 $ 9,256 $ 4,660 (a) Includes dividend paid deduction of $106,129, $85,087 and $52,985 for the tax years ended December 31, 2022, 2021 and 2020, respectively. (b) For the years ended December 31, 2022, 2021 and 2020, a non-cash valuation allowance of ($14,984), ($1,564) and ($1,031), respectively, was recorded to income tax expense 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 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, 2022, 2021 and 2020, we recognized a deferred tax (benefit) expense of ($84), $292 and ($78), respectively, for future foreign withholding taxes related to undistributed earnings. (e) Under Section 1031.01(b)(10) of the 2011 Puerto Rico Code, net operating losses and the tax basis of any other assets shall be reduced for forgiveness of debt to the extent by which the taxpayer is insolvent. As a result, a non-cash expense of $15,201 was recorded to income tax expense for the reduction of Puerto Rico deferred tax assets for the year ended December 31, 2022. The Puerto Rico income tax withholding rate applicable on the accrued interest of the debt is 29%. As a result, a cash expense of $5,068 was recorded to income tax expense.
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: 2022 2021 Deferred tax assets: Allowance for doubtful accounts $ 423 $ 493 Accrued liabilities not deducted for tax purposes — 3,071 Net operating loss carry forwards 5,068 16,488 Tax credit carry forwards 1,364 692 Charitable contributions carry forward 1 3 Investment in partnerships — 228 Gross deferred tax assets 6,856 20,975 Less: valuation allowance (4,435) (19,433) Net deferred tax assets 2,421 1,542 Deferred tax liabilities: Intangibles (5,016) (5,209) Accrued liabilities not deducted for tax purposes (2,222) — Investment in partnerships (1,758) — Property, plant and equipment (2,234) (1,765) Undistributed earnings of foreign subsidiaries (842) (984) Gross deferred tax liabilities (12,072) (7,958) Net deferred tax liabilities $ (9,651) $ (6,416)
Reconciliation Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 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 Additions for tax positions related to current year 718 Additions for tax positions related to prior years 1,142 Lapse of statute of limitations (1,441) Balance as of December 31, 2022 $ 5,544

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022 5% 45% 2% 6 2021 5% 45% 2% 6 2020 5% 45% 2% 6
Stock Option Transactions under Various Stock-Based Employee Compensation Plans	Information regarding the 1996 Plan for the year ended December 31, 2022 is as follows: Shares Weighted Weighted Outstanding, beginning of year 518,935 $ 65.36 Granted 174,000 96.59 Exercised (194,035) 44.69 Outstanding, end of year 498,900 $ 84.29 5.66 Exercisable at end of year 247,400 $ 75.40 5.70
Summary of ESPP Share Activity	The following is a summary of 2019 ESPP share activity for the year ended December 31, 2022: Shares Available for future purchases, January 1, 2022 342,226 Additional shares reserved under 2019 ESPP 86,853 Purchases (127,108) Available for future purchases, December 31, 2022 301,971

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Minimum Payments Related to Agreements	The following is a summary of the minimum payments related to these agreements. 2023 $ 43,419 2024 $ 38,543 2025 $ 34,448 2026 $ 24,180 2027 $ 16,442 Thereafter $ 49,590

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Subsidiary) (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill [Line Items]
Summary of Intangible Assets	The following is a summary of intangible assets at December 31, 2022 and 2021: Estimated 2022 2021 Gross Carrying Accumulated Gross Carrying Accumulated Amortizable Intangible Assets: Customer lists and contracts 7 — 10 $ 720,051 $ 614,840 $ 676,846 $ 587,056 Non-competition agreements 3 — 15 71,599 65,647 69,276 64,941 Site locations 15 2,864,854 1,781,164 2,619,531 1,680,333 Other 2 — 15 52,164 40,392 51,261 39,407 $ 3,708,668 $ 2,502,043 $ 3,416,914 $ 2,371,737 Unamortizable Intangible Assets: Goodwill $ 2,288,805 $ 253,536 $ 2,189,962 $ 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, 2022 and 2021 are as follows: 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 Goodwill acquired during the year 99,003 Purchase price adjustments and other (160) Balance as of December 31, 2022 $ 2,288,805
LAMAR MEDIA CORP. AND SUBSIDIARIES
Goodwill [Line Items]
Summary of Intangible Assets	The following is a summary of intangible assets at December 31, 2022 and 2021: Estimated Life (Years) 2022 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizable Intangible Assets: Customer lists and contracts 7—10 $ 720,051 $ 614,840 $ 676,846 $ 587,056 Non-competition agreement 3—15 71,599 65,647 69,276 64,942 Site locations 15 2,864,854 1,781,164 2,619,531 1,680,333 Other 2—15 51,619 40,314 50,716 39,329 $ 3,708,123 $ 2,501,965 $ 3,416,369 $ 2,371,660 Unamortizable Intangible Assets: Goodwill $ 2,277,784 $ 252,667 $ 2,178,941 $ 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, 2022 and 2021 are as follows: 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 Goodwill acquired during the year 99,003 Purchase price adjustments and other (160) Balance as of December 31, 2022 $ 2,277,784

Accrued Expenses (Subsidiary) (

Accrued Expenses (Subsidiary) (Tables)	12 Months Ended
	Dec. 31, 2022
Accrued Expenses [Line Items]
Summary of Accrued Expenses	The following is a summary of accrued expenses at December 31, 2022 and 2021: 2022 2021 Payroll $ 24,601 $ 36,531 Interest 23,360 22,009 Insurance benefits 10,008 11,205 Accrued variable lease and contract expense 28,117 21,487 Stock-based compensation 12,216 30,450 Other 19,291 13,356 $ 117,593 $ 135,038
LAMAR MEDIA CORP. AND SUBSIDIARIES
Accrued Expenses [Line Items]
Summary of Accrued Expenses	The following is a summary of accrued expenses at December 31, 2022 and 2021: 2022 2021 Payroll $ 24,601 $ 36,531 Interest 23,360 22,009 Accrued variable lease and contract expense 28,117 21,487 Non-cash compensation 12,216 30,450 Other 20,430 16,841 $ 108,724 $ 127,318

Long-term Debt (Tables)_2

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Instrument [Line Items]
Long-Term Debt	Long-term debt consists of the following at December 31, 2022 and 2021: December 31, 2022 Debt Deferred Debt, net of Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 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
Summary of Long-Term Debt Contractual Maturities	Long-term debt contractual maturities are as follows: Debt Deferred Debt, net of 2023 $ 378 $ — $ 378 2024 $ 400 $ — $ 400 2025 $ 645,420 $ 3,995 $ 641,425 2026 $ 442 $ — $ 442 2027 $ 599,316 $ 4,769 $ 594,547 Thereafter $ 2,099,464 $ 23,851 $ 2,075,613
LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Long-Term Debt	Long-term debt consists of the following at December 31, 2022 and 2021: December 31, 2022 Debt Deferred financing costs Debt, net of deferred financing costs Senior Credit Facility $ 993,970 $ 8,171 $ 985,799 Accounts Receivable Securitization Program 250,000 593 249,407 3 3/4% Senior Notes 600,000 6,000 594,000 3 5/8% Senior Notes 550,000 6,982 543,018 4% Senior Notes 549,437 6,459 542,978 4 7/8% Senior Notes 400,000 4,410 395,590 Other notes with various rates and terms 2,013 — 2,013 3,345,420 32,615 3,312,805 Less current maturities (250,378) (593) (249,785) Long-term debt, excluding current maturities $ 3,095,042 $ 32,022 $ 3,063,020 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
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 2023 $ 378 $ — $ 378 2024 $ 400 $ — $ 400 2025 $ 645,420 $ 3,995 $ 641,425 2026 $ 442 $ — $ 442 2027 $ 599,316 $ 4,769 $ 594,547 Later years $ 2,099,464 $ 23,851 $ 2,075,613

Summarized Financial Informat_2

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES	12 Months Ended
	Dec. 31, 2022
Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet as of December 31, 2022 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated ASSETS Total current assets $ 39,829 $ 36,667 $ 287,556 $ — $ 364,052 Net property, plant and equipment — 1,483,395 16,304 — 1,499,699 Operating lease right of use assets — 1,252,414 19,217 — 1,271,631 Intangibles and goodwill, net — 3,214,284 16,991 — 3,231,275 Other assets 4,514,221 325,052 250,056 (4,997,514) 91,815 Total assets $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current maturities of long-term debt $ — $ 378 $ 249,407 $ — $ 249,785 Current operating lease liabilities — 198,320 7,518 — 205,838 Other current liabilities 23,360 222,871 15,314 — 261,545 Total current liabilities 23,360 421,569 272,239 — 717,168 Long-term debt 3,061,385 1,635 — — 3,063,020 Operating lease liabilities — 1,025,385 10,270 — 1,035,655 Other noncurrent liabilities 281,804 418,163 301,957 (546,796) 455,128 Total liabilities 3,366,549 1,866,752 584,466 (546,796) 5,270,971 Stockholder's equity 1,187,501 4,445,060 5,658 (4,450,718) 1,187,501 Total liabilities and stockholder's equity $ 4,554,050 $ 6,311,812 $ 590,124 $ (4,997,514) $ 6,458,472 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 Statements of Income and Comprehensive Income	Condensed Consolidating Statements of Income and Comprehensive Income for the Year Ended December 31, 2022 Lamar Media Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Lamar Media Consolidated Statement of Income Net revenues $ — $ 1,992,900 $ 41,789 $ (2,549) $ 2,032,140 Operating expenses (income) Direct advertising expenses (1) — 639,948 29,889 (2,549) 667,288 General and administrative expenses (1) — 343,188 7,435 — 350,623 Corporate expenses (1) — 99,392 2,606 — 101,998 Depreciation and amortization — 345,857 3,592 — 349,449 Gain on disposition of assets — (3,235) (12,486) — (15,721) — 1,425,150 31,036 (2,549) 1,453,637 Operating income — 567,750 10,753 — 578,503 Loss on debt extinguishment — — — — — Equity in (earnings) loss of subsidiaries (561,545) — — 561,545 — Interest expense (income), net 122,396 (531) 4,352 — 126,217 Equity in earnings of investee — (4,315) — — (4,315) Income (loss) before income tax expense 439,149 572,596 6,401 (561,545) 456,601 Income tax expense (2) — 10,970 6,482 — 17,452 Net income (loss) $ 439,149 $ 561,626 $ (81) $ (561,545) $ 439,149 Statement of Comprehensive Income Net income (loss) $ 439,149 $ 561,626 $ (81) $ (561,545) $ 439,149 Total other comprehensive loss, net of tax — — (1,514) — (1,514) Total comprehensive income (loss) $ 439,149 $ 561,626 $ (1,595) $ (561,545) $ 437,635 (1) Caption is exclusive of depreciation and amortization. (2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. Condensed Consolidating Statements of 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 Cash Flows	es. Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2022 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 $ 586,773 $ 875,208 $ (20,112) $ (702,003) $ 739,866 Cash flows from investing activities: Capital expenditures — (162,515) (4,563) — (167,078) Acquisitions — (479,766) — — (479,766) Proceeds from disposition of assets and investments — 3,358 12,291 — 15,649 Investment in subsidiaries (479,766) — — 479,766 — Decrease (increase) in intercompany notes receivable 81,526 — — (81,526) — Decrease in notes receivable — 58 12,066 — 12,124 Net cash (used in) provided by investing activities (398,240) (638,865) 19,794 398,240 (619,071) Cash flows from financing activities: Proceeds received from revolving credit facility 445,000 — — — 445,000 Payment on revolving credit facility (575,000) — — — (575,000) Principal payments on long-term debt — (365) — — (365) Principal payments on financing leases — (1,331) — — (1,331) Proceeds received from senior credit facility term loans 350,000 — — — 350,000 Payment on accounts receivable securitization program — — (190,000) — (190,000) Proceeds received from accounts receivable securitization program — — 265,000 — 265,000 Debt issuance costs (1,347) — (236) — (1,583) Intercompany loan (payments) proceeds — (14,619) (66,907) 81,526 — Distributions to non-controlling interest — — (814) — (814) Dividends (to) from parent (518,753) (702,003) — 702,003 (518,753) Contributions from (to) parent 60,273 479,766 — (479,766) 60,273 Net cash (used in) provided by financing activities (239,827) (238,552) 7,043 303,763 (167,573) Effect of exchange rate changes in cash and cash equivalents — — (391) — (391) Net (decrease) increase in cash and cash equivalents (51,294) (2,209) 6,334 — (47,169) Cash and cash equivalents at beginning of period 91,023 3,494 4,771 — 99,288 Cash and cash equivalents at end of period $ 39,729 $ 1,285 $ 11,105 $ — $ 52,119 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) Proceeds received from accounts receivable securitization program — — 180,000 — 180,000 Payment on accounts receivable securitization program — — (127,500) — (127,500) 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: Acquisitions 577 (46,161) — — (45,584) Capital expenditures — (56,772) (5,500) — (62,272) 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 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) 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) Intercompany loan (payments) proceeds — (9,176) 69,359 (60,183) — Distributions to non-controlling interest — — (1,509) — (1,509) Contributions from (to) parent 41,628 46,161 — (46,161) 41,628 Dividends (to) from parent (262,437) (619,877) — 619,877 (262,437) 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

Description of the Business a_5

Description of the Business and Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) transit state billboard reportingUnit $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Jul. 12, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of advertising displays | billboard	160,200
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	47,500
Number of states in which the company operates transit advertising displays | state	24
Number of reporting units | reportingUnit	2
REIT threshold percentage of taxable income to be distributed to stockholders	90%
Dividends declared and paid	$ 508,249	$ 404,809	$ 251,944
Cash dividends declared per share of common stock (in usd per share) | $ / shares	$ 5	$ 4	$ 2.50
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	$ 23,136	$ 37,368	$ 18,772
Investment maturity period	3 months
Equity in earnings of investee	$ 4,284	$ 3,384
Vistar Media
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity method investment				$ 30,000
Minority interest, percentage				20%
Stock Options and Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,929
Performance-Based Stock Incentive Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	11,545
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	5,897
Non-Performance Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	161
Restricted Stock Awards to Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 604
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	$ 5	$ 4	$ 2.50
Cash dividends declared per share of common stock (in usd per share) | $ / shares	$ 5	$ 4	$ 2.50
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Life (Years)	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Life (Years)	15 years

Description of the Business a_6

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Net revenues	$ 8,775	$ 7,718	$ 8,088
Direct advertising expenses	4,044	4,014	3,971
General and administrative expenses	$ 3,904	$ 3,112	$ 3,144

Revenues - Additional Informati

Revenues - Additional Information (Details) - ASC 606 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Direct Advertising Expenses (Exclusive of Depreciation and Amortization)
Capitalized Contract Cost [Line Items]
Contract cost expense net	$ 24,546	$ 25,197
Other Current Assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net current	$ 25,078	$ 25,642

Revenues - Disaggregation Reven

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net Revenues	$ 2,032,140	$ 1,787,401	$ 1,568,856
Billboard Advertising
Disaggregation of Revenue [Line Items]
Net Revenues	1,813,995	1,613,554	1,403,239
Logo Advertising
Disaggregation of Revenue [Line Items]
Net Revenues	80,145	78,180	82,944
Transit Advertising
Disaggregation of Revenue [Line Items]
Net Revenues	$ 138,000	$ 95,667	$ 82,673

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Dec. 09, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 03, 2021
Business Acquisition [Line Items]
Total acquired intangible assets			$ 266,288
Portion of acquired intangible assets assigned to goodwill		$ 2,035,269	1,936,426
Purchase price, non cash consideration			24,089
2022 Acquisitions
Business Acquisition [Line Items]
Business combination, consideration transferred		479,766
Purchase price, cash		6,904
Property, plant and equipment	$ 87,312
Total acquired intangible assets		391,861
Portion of acquired intangible assets assigned to goodwill	99,003	99,003
Amount deductible for tax purposes		$ 456
Weighted average useful life		14 years
Aggregate amortization expense related to acquisition		$ 14,605
2022 Acquisitions | Customer lists and contracts
Business Acquisition [Line Items]
Weighted average useful life		7 years
Total acquired intangible assets	43,339	$ 43,339
2022 Acquisitions | Site locations
Business Acquisition [Line Items]
Weighted average useful life		15 years
Total acquired intangible assets	246,288	$ 246,288
December 9, 2022 Acquisition
Business Acquisition [Line Items]
Business combination, consideration transferred	92,650
Property, plant and equipment	34,066
Other intangibles	28,130
Portion of acquired intangible assets assigned to goodwill	$ 30,458
Burkhart Advertising Inc
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 130,000
2021 Acquisitions
Business Acquisition [Line Items]
Business combination, consideration transferred			75,000
Property, plant and equipment			6,022	$ 38,289
Other intangibles			53,775
Portion of acquired intangible assets assigned to goodwill			9,506	24,089
Amount deductible for tax purposes			$ 14,584
Weighted average useful life			14 years
Aggregate amortization expense related to acquisition			$ 4,335
Total purchase price of outdoor advertising assets			312,257
Cash acquired in acquisitions			$ 1,419
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

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Purchase Price (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 09, 2022	Dec. 31, 2021	Dec. 03, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,035,269		$ 1,936,426
2022 Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment		$ 87,312
Goodwill	99,003	99,003
Asset acquisition costs		903
Current assets		2,177
Current liabilities		(12,677)
Operating lease right of use assets		79,960
Operating lease liabilities		(68,867)
Total purchase price of outdoor advertising assets		479,766
2022 Acquisitions | Site locations
Business Acquisition [Line Items]
Finite lived intangible assets	246,288	246,288
2022 Acquisitions | Non-competition agreements
Business Acquisition [Line Items]
Finite lived intangible assets		2,328
2022 Acquisitions | Customer lists and contracts
Business Acquisition [Line Items]
Finite lived intangible assets	$ 43,339	$ 43,339
2021 Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment			6,022	$ 38,289
Goodwill			9,506	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

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
2022 Acquisitions
Business Acquisition [Line Items]
Net revenues	$ 2,063,800	$ 1,879,002
Net income applicable to common stock	$ 429,726	$ 373,476
Net income per common share — basic (in usd per share)	$ 4.23	$ 3.69
Net income per common share — diluted (in usd per share)	$ 4.23	$ 3.69
2021 Acquisitions
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, 2022	Dec. 31, 2021	Dec. 31, 2020
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, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 4,109,146	$ 3,782,288
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	459,370	428,849
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 220,468	206,870
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	$ 3,285,636	3,010,769
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	$ 143,672	$ 135,800
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,708,668	$ 3,416,914
Accumulated Amortization	2,502,043	2,371,737
Goodwill gross carrying amount	2,288,805	2,189,962	$ 2,165,864
Goodwill accumulated amortization	$ 253,536	253,536
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	$ 720,051	676,846
Accumulated Amortization	$ 614,840	587,056
Customer lists and contracts | Minimum
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
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 71,599	69,276
Accumulated Amortization	$ 65,647	64,941
Non-competition agreements | Minimum
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
Site locations
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Gross Carrying Amount	$ 2,864,854	2,619,531
Accumulated Amortization	1,781,164	1,680,333
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	52,164	51,261
Accumulated Amortization	$ 40,392	$ 39,407
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	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, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,189,962	$ 2,165,864
Goodwill acquired during the year	99,003	24,089
Purchase price adjustments and other	(160)	9
Goodwill, ending balance	$ 2,288,805	$ 2,189,962

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 134,256	$ 114,319	$ 110,201

Goodwill and Other Intangible_8

Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 132,937
2024	129,031
2025	125,563
2026	117,573
2027	113,580
Thereafter	587,941
Total	$ 1,206,625	$ 1,045,177

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Base operating lease, cost	$ 306,825,000	$ 290,036,000	$ 298,135,000
Variable operating lease, cost	59,651,000	51,628,000	43,572,000
Operating lease, cost	366,476,000	341,664,000	341,707,000
Gain on disposition of assets	15,721,000	2,115,000	9,026,000
Operating lease, cash payments	307,581,000	296,460,000	286,575,000
Direct advertising expenses (exclusive of depreciation and amortization)	$ 667,288,000	576,507,000	$ 557,661,000
Operating lease, weighted average remaining lease term	12 years 6 months
Operating lease, weighted average discount rate	4.70%
Leased assets obtained in exchange for operating lease liability	$ 79,095,000	49,927,000
Operating lease, liability, reduction due to lease termination	5,090,000	5,697,000
Right-of-Use asset obtained in exchange for finance lease liability	0	0
Finance lease, weighted average remaining lease term			4 years 10 months 24 days
Finance lease, weighted average discount rate, percent			3.10%
Finance lease amortization	2,853,000	2,853,000	$ 222,000
Interest expenses	544,000	585,000	47,000
Principal payments on financing leases	1,331,000	1,331,000	0	$ 0
Non-lease transit payments	78,877,000	47,054,000	25,670,000
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	7,478,000	6,184,000	4,953,000
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ (824,000)	$ 241,000	$ (451,000)

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 240,637
2024	190,435
2025	162,408
2026	137,712
2027	115,284
Thereafter	837,686
Total undiscounted operating lease payments	1,684,162
Less: Imputed interest	(442,669)
Total operating lease liabilities	$ 1,241,493

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Payroll	$ 24,601	$ 36,531
Interest	23,360	22,009
Insurance benefits	10,008	11,205
Accrued variable lease and contract expense	28,117	21,487
Stock-based compensation	12,216	30,450
Other	19,291	13,356
Total accrued expenses	$ 117,593	$ 135,038

Long-term Debt - Long-Term Debt

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jan. 22, 2021	Aug. 19, 2020	May 13, 2020	Feb. 20, 2020	Feb. 06, 2020
Debt Instrument [Line Items]
Debt	$ 3,345,420	$ 3,050,454
Debt, Less current maturities	(250,378)	(175,363)
Debt, excluding current maturities	3,095,042	2,875,091
Deferred financing costs	32,615	36,859
Deferred financing costs, Less current maturities	(593)	(585)
Deferred financing costs, excluding current maturities	32,022	36,274
Debt, net of deferred financing costs	3,312,805	3,013,595
Debt, net of deferred financing costs, Less current maturities	(249,785)	(174,778)
Long-term debt, excluding current maturities	3,063,020	2,838,817
Senior Credit Facility
Debt Instrument [Line Items]
Debt	993,970	773,717
Deferred financing costs	8,171	9,306
Debt, net of deferred financing costs	985,799	764,411
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	250,000	175,000
Deferred financing costs	593	585
Debt, net of deferred financing costs	$ 249,407	$ 174,415
3 3/4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	3.75%	3.75%					3.75%
Debt	$ 600,000	$ 600,000
Deferred financing costs	6,000	7,036
Debt, net of deferred financing costs	$ 594,000	592,964
3 5/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	3.625%		3.625%
Debt	$ 550,000	550,000
Deferred financing costs	6,982	7,711
Debt, net of deferred financing costs	$ 543,018	$ 542,289
4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	4%	4%		4%		4%	4%
Debt	$ 549,437	$ 549,359
Deferred financing costs	6,459	7,208
Debt, net of deferred financing costs	$ 542,978	$ 542,151
4 7/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	4.875%	4.875%			4.875%
Debt	$ 400,000	$ 400,000
Deferred financing costs	4,410	5,013
Debt, net of deferred financing costs	395,590	394,987
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	2,013	2,378
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 2,013	$ 2,378

Long-term Debt - Summary of Lon

Long-term Debt - Summary of Long-Term Debt Contractual Maturities (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Debt
Debt Instrument [Line Items]
2023	$ 378
2024	400
2025	645,420
2026	442
2027	599,316
Thereafter	2,099,464
Deferred financing costs
Debt Instrument [Line Items]
2023	0
2024	0
2025	3,995
2026	0
2027	4,769
Thereafter	23,851
Debt, net of deferred financing costs
Debt Instrument [Line Items]
2023	378
2024	400
2025	641,425
2026	442
2027	594,547
Thereafter	$ 2,075,613

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail)

12 Months Ended

Jul. 29, 2022 USD ($)

Feb. 03, 2021 USD ($)

Jan. 22, 2021 USD ($)

Sep. 16, 2020 USD ($)

Aug. 31, 2020 USD ($)

Aug. 19, 2020 USD ($)

May 13, 2020 USD ($)

Feb. 20, 2020

Feb. 06, 2020 USD ($)

Feb. 01, 2019 USD ($)

Jan. 28, 2016 USD ($)

Jan. 10, 2014 USD ($)

Oct. 30, 2012 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Jun. 24, 2022 USD ($)

Mar. 16, 2020 USD ($)

Dec. 18, 2018 USD ($)

Debt Instrument [Line Items]

Proceeds received from senior credit facility term loans

$ 350,000,000

$ 0

$ 598,500,000

Loss on debt extinguishment

0

21,604,000

25,235,000

Outstanding revolving credit facility

45,000,000

Remaining borrowing capacity under revolving credit facility

694,011,000

Debt

3,345,420,000

3,050,454,000

Letter of Credit

Debt Instrument [Line Items]

Letter of credit outstanding balance

10,989,000

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

$ 250,000,000

$ 175,000,000

Debt

250,000,000

175,000,000

Available borrowing on accounts receivable securitization

0

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)

Stated interest rate

5%

5%

5%

4% Senior Notes

Debt Instrument [Line Items]

Debt

$ 549,437,000

$ 549,359,000

Redemption price percentage of the principal amount to be purchased

101%

Stated interest rate

4%

4%

4%

4%

4%

4% Senior Notes | Prior to February 15, 2023

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

104%

Redemption percentage of aggregate principal amount of senior notes

40%

Redemption percentage of issued notes which remain outstanding

60%

4% Senior Notes | Prior to February 1, 2021

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

100%

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

Stated interest rate

4%

4%

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

Stated interest rate

5.375%

Five Point Three By Four Percent Senior Notes

Debt Instrument [Line Items]

Loss on debt extinguishment

$ 21,604,000

Aggregate principal amount of debt issued

$ 400,000,000

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

Stated interest rate

5.75%

5.75%

Five Point Three By Four Percent 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

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%

Redemption percentage of issued notes which remain outstanding

60%

Stated interest rate

3.75%

3.75%

3.75%

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

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

100%

Redemption price percentage of the principal amount to be purchased

101%

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%

Redemption percentage of issued notes which remain outstanding

60%

Stated interest rate

4.875%

4.875%

4.875%

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

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

100%

Redemption price percentage of the principal amount to be purchased

101%

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

$ 550,000,000

Redeemed percentage of aggregate principal amount

103.625%

Redemption percentage of aggregate principal amount of senior notes

40%

Redemption percentage of issued notes which remain outstanding

60%

Stated interest rate

3.625%

3.625%

3 5/8% Senior Notes | Prior to February 15, 2023

Debt Instrument [Line Items]

Redeemed percentage of aggregate principal amount

100%

Redemption price percentage of the principal amount to be purchased

101%

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

Term A Loan Facility

Debt Instrument [Line Items]

Maximum borrowing limit of incremental loan facility

$ 350,000,000

Debt instrument, variable rate spread adjustment

0.0010

Term A Loan Facility | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Adjusted rate

1.25%

Asset Retirement Obligation - I

Asset Retirement Obligation - Information Related to Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 269,367	$ 222,876
Additions to asset retirement obligations	9,676	3,662
Revision in estimates	110,321	41,644
Accretion expense	4,894	4,476
Liabilities settled	(3,816)	(3,291)
Ending balance	$ 390,442	$ 269,367

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 349,449	$ 271,294	$ 251,296
Direct advertising expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	330,357	253,850	236,054
General and administrative expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	5,242	4,691	4,996
Corporate expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 13,850	$ 12,753	$ 10,246

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal, current	$ 5,663	$ 4,723	$ 2,997
State and local, current	3,376	3,958	1,940
Foreign, current	5,201	(999)	520
Total current	14,240	7,682	5,457
U.S. federal, deferred	2,073	620	(45)
State and local, deferred	(136)	254	311
Foreign, deferred	1,275	700	(1,063)
Total, deferred	3,212	1,574	(797)
U.S. federal, total	7,736	5,343	2,952
State and local, total	3,240	4,212	2,251
Foreign, total	6,476	(299)	(543)
Income tax expense	$ 17,452	$ 9,256	$ 4,660

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax [Line Items]
Taxes payable	$ 4,104	$ 5,915
Net change in total state valuation allowance	14,664	1,577
Valuation allowance for deferred tax assets	4,435	19,433
Undistributed earnings of subsidiaries	16,835
Deferred tax liabilities foreign withholding taxes	842	984
Current income tax expense (benefit) related to current period earnings	84
Unrecognized tax benefits	5,544	5,125	$ 4,966
Income tax penalties and interest expense	212	(42)
Expect to decrease in unrecognized tax benefits in next twelve months	1,732
State and Local Jurisdiction
Income Tax [Line Items]
Net operating loss carry forwards	1,140,720
Amounts of credits available to offset income tax	82
Valuation allowance for deferred tax assets	0	334
Net change in total state valuation allowance	334	(13)
US
Income Tax [Line Items]
Net operating loss carry forwards	103,854
Amounts of credits available to offset income tax	1,205
Internal Revenue Service (IRS)
Income Tax [Line Items]
Net operating loss carry forwards	20,950
Canada Revenue Agency | Foreign Tax Authority
Income Tax [Line Items]
Net operating loss carry forwards	4,413
Puerto Rico
Income Tax [Line Items]
Alternative minimum tax credits	850
Valuation allowance for deferred tax assets	4,435	$ 19,099
Puerto Rico | Foreign Tax Authority
Income Tax [Line Items]
Net operating loss carry forwards	$ 8,651

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S.	$ 446,395	$ 395,800	$ 249,714
Foreign	9,704	1,546	(1,668)
Income before income tax expense	$ 456,099	$ 397,346	$ 248,046

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense at U.S. federal statutory rate	$ 95,781	$ 83,443	$ 52,090
Tax adjustment related to REIT	(86,793)	(83,153)	(50,395)
State and local income taxes, net of federal income tax benefit	2,850	2,917	1,222
Book expenses not deductible for tax purposes	3,042	1,893	3,156
Stock-based compensation	(3,336)	3,555	(2,033)
Valuation allowance	(14,984)	(1,564)	(1,031)
Rate change	0	0	182
Undistributed earnings of foreign subsidiaries	(84)	292	(78)
Other differences, net(e)	20,976	1,873	1,911
Income tax expense	17,452	9,256	4,660
Tax adjustment related dividend paid deduction	106,129	85,087	52,985
Puerto Rico
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Valuation allowance	(14,984)	$ (1,564)	$ (1,031)
Other differences, net(e)	15,201
Income tax expense	$ 5,068

Income Taxes - Components of De

Income Taxes - Components of Deferred Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Allowance for doubtful accounts	$ 423	$ 493
Accrued liabilities not deducted for tax purposes	0	3,071
Net operating loss carry forwards	5,068	16,488
Tax credit carry forwards	1,364	692
Charitable contributions carry forward	1	3
Investment in partnerships	0	228
Gross deferred tax assets	6,856	20,975
Less: valuation allowance	(4,435)	(19,433)
Net deferred tax assets	2,421	1,542
Deferred tax liabilities:
Intangibles	(5,016)	(5,209)
Accrued liabilities not deducted for tax purposes	(2,222)	0
Investment in partnerships	(1,758)	0
Property, plant and equipment	(2,234)	(1,765)
Undistributed earnings of foreign subsidiaries	(842)	(984)
Gross deferred tax liabilities	(12,072)	(7,958)
Net deferred tax liabilities	$ (9,651)	$ (6,416)

Income Taxes - Reconciliation U

Income Taxes - Reconciliation Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 5,125	$ 4,966
Additions for tax positions related to current year	718	1,166
Additions for tax positions related to prior years	1,142	381
Reductions for tax positions related to prior years		(1,388)
Lapse of statute of limitations	(1,441)
Ending balance	$ 5,544	$ 5,125

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jul. 12, 2021
Related Party Transaction [Line Items]
Receivables from employees and executive officers	$ 158	$ 1,066
Vistar Media
Related Party Transaction [Line Items]
Revenues	13,074	10,586
Vistar Media
Related Party Transaction [Line Items]
Equity method investment			$ 30,000
Minority interest, percentage			20%
Advertising expense	$ 1,167	880
Sean E. Reilly and Kevin P. Reilly, Jr. | RTC Holdings, LLC
Related Party Transaction [Line Items]
Ownership interest in limited liability company	100%
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%
Reilly Family, LLC | RTC Holdings, LLC
Related Party Transaction [Line Items]
Ownership interest in limited liability company	11%
EATEL Corp, LLC | RTC Holdings, LLC
Related Party Transaction [Line Items]
Aggregate amount paid on backup-recovery services	$ 228	315
Advertising services aggregate amount	$ 154	$ 139

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)			12 Months Ended
	May 01, 2021 shares	Jul. 16, 1999 $ / shares shares	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Jun. 21, 2021 USD ($)	Mar. 16, 2020 USD ($)	May 01, 2018 USD ($)
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares			5,720	5,720
Preferred stock, par value (in usd per share) | $ / shares			$ 0.001	$ 0.001
Conversion ratio		1
Liquidation value of outstanding preferred stock | $			$ 3,649,000
Shelf Registration
Class of Stock [Line Items]
Common stock shares issued for cash (in shares) | shares				0
Series AA Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares		5,720
Preferred stock, par value (in usd per share) | $ / shares		$ 0.001
Dividends paid to preferred stock (in usd per share) | $ / shares		15.95
Amount entitled (in usd per share) | $ / shares		$ 638
Preferred Class A
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) | shares		1,000,000
Common Class A
Class of Stock [Line Items]
Common stock, number of votes per share | vote			1
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) | 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
	Jan. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued expenses, liability		$ 12,216	$ 30,450
Period of cliff vesting for option valuation		5 years
Period of graded vesting for option valuation		4 years
Expected dividend yield		5%	5%	5%
Total unrecognized compensation cost related to nonvested awards		$ 3,172
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized		1 year 10 months 6 days
Shares available for future stock option and restricted share grants to employees and directors under existing plans (in shares)		1,940,913
Aggregate intrinsic value of options outstanding		$ 7,219
Aggregate intrinsic value of options exercisable		5,316
Total intrinsic value of options exercised		$ 10,475
Shares target dollar amount subject to goals are attained percentage		150%
Share-based compensation arrangement by share-based payment award, vesting percentage of options		20%
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common unit, issued (in shares)					88,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		90%
Volatility rate on publicly traded options		10%
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
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
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%
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%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	86,853
Performance Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements		$ 11,545
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements		$ 5,897

Stock Compensation Plans - Weig

Stock Compensation Plans - Weighted Average Fair Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Dividend Yield	5%	5%	5%
Expected Volatility	45%	45%	45%
Risk Free Interest Rate	2%	2%	2%
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock option activity, shares
Outstanding, beginning of year (in shares)	518,935
Granted (in shares)	174,000
Exercised (in shares)	(194,035)	(156,491)	(61,949)
Outstanding, end of year (in shares)	498,900	518,935
Weighted-average exercise price per stock option
Outstanding, beginning of year, weighted average exercise price (in usd per share)	$ 65.36
Granted, weighted average exercise price (in usd per share)	96.59
Exercised, weighted average exercise price (in usd per share)	44.69
Outstanding, end of year, weighted average exercise price (in usd per share)	$ 84.29	$ 65.36
Exercisable at end of year (in shares)	247,400
Exercisable, at end of year, weighted average exercise price (in usd per share)	$ 75.40
Outstanding, end of year, weighted average remaining contractual term	5 years 7 months 28 days
Exercisable, at end of year, weighted average remaining contractual term	5 years 8 months 12 days

Stock Compensation Plans - Summ

Stock Compensation Plans - Summary of ESPP Share Activity (Detail) - shares		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ESPP share activity
Purchases (in shares)		(127,108)	(114,035)	(154,756)
Available for future purchases, December 31, 2022 (in shares)		1,940,913
2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved (in shares)	86,853
Employee Stock Purchase Plan
ESPP share activity
Available for future purchases, January 1, 2022 (in shares)	342,226	342,226
Purchases (in shares)		(127,108)
Available for future purchases, December 31, 2022 (in shares)		301,971	342,226
Employee Stock Purchase Plan | 2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved (in shares)		86,853

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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%
Employers contribution as percentage of employees compensation	5%
Employees contribution limit	100%
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	6,780	$ 5,811	$ 5,714
Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer's contribution	1,637	$ 1,540	$ 1,616
Benefit Plans
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Letters of credit with bank	$ 7,461

Commitment and Contingencies -

Commitment and Contingencies - Summary of Minimum Payments Related to Agreements (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 43,419
2024	38,543
2025	34,448
2026	24,180
2027	16,442
Thereafter	$ 49,590

Distribution Restrictions - Add

Distribution Restrictions - Additional Information (Detail) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 4,187,593	$ 3,921,979
Debt ratio (less than)	7
Debt ratio related to actual position on senior credit facility (less than)	7
Available cumulative credit	$ 2,938,073
Secured Debt | LAMAR MEDIA CORP
Debt Instrument [Line Items]
Secured debt ratio (less than)	4.5
Secured Debt | Maximum
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) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 3,054,174
Debt	$ 3,345,420	$ 3,050,454

Information about Geographic _2

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 11,763	$ 11,318
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 29,465	$ 24,354	$ 22,819

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Feb. 23, 2023 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 250,000,000

Valuation and Qualifying Acco_3

Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 11,195	$ 14,946	$ 13,185
Charged to Costs and Expenses	9,013	4,527	12,729
Deductions	8,790	8,278	10,968
Balance at End of Period	11,418	11,195	14,946
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	19,433	20,997	22,902
Charged to Costs and Expenses	0	0	0
Deductions	14,998	1,564	1,905
Balance at End of Period	$ 4,435	$ 19,433	$ 20,997

Schedule of Real Estate and A_3

Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Asset Display	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays | Display	363,044
Encumbrances	$ 0
Initial Cost	0
Gross Carrying Amount	3,745,006	$ 3,439,618	$ 3,293,778
Accumulated Depreciation	$ (2,440,956)	(2,287,590)	(2,192,700)
Number of single asset exceeded 5% of the total gross carrying amount | Asset	0
Percentage of asset contribution to total gross carrying amount	5%
Gross real estate assets:
Balance at the beginning of the year	$ 3,439,618	3,293,778	3,333,590
Capital expenditures on new advertising displays	85,972	45,427	21,598
Capital expenditures on improvements/redevelopments of existing advertising displays	23,850	21,287	13,021
Capital expenditures other recurring	141,030	88,697	12,631
Land acquisitions	31,061	17,151	8,980
Acquisition of advertising displays	64,223	17,662	4,446
Assets sold or written-off	(39,149)	(44,466)	(100,906)
Foreign exchange	(1,599)	82	418
Balance at the end of the year	3,745,006	3,439,618	3,293,778
Accumulated depreciation:
Balance at the beginning of the year	2,287,590	2,192,700	2,166,579
Depreciation	185,820	126,805	111,049
Assets sold or written-off	(31,514)	(31,971)	(85,267)
Foreign exchange	(940)	56	339
Balance at the end of the year	2,440,956	2,287,590	2,192,700
Revision in cost estimate in the calculation of asset retirement obligations	103,019	48,848
New Advertising Displays
Accumulated depreciation:
Non-cash amounts	2,367	1,541	$ 621
Acquisition of Advertising Displays
Accumulated depreciation:
Non-cash amounts	$ 11,132	$ 3,843
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_7

Description of the Business and Significant Accounting Policies (Subsidiary) - Additional Information (Detail)	Dec. 31, 2022 state billboard
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of advertising displays | billboard	160,200
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	160,200
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, 2022	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, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,708,668	$ 3,416,914
Accumulated Amortization	2,502,043	2,371,737
Goodwill gross carrying amount	2,288,805	2,189,962	$ 2,165,864
Goodwill accumulated amortization	253,536	253,536
LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,708,123	3,416,369
Accumulated Amortization	2,501,965	2,371,660
Goodwill gross carrying amount	2,277,784	2,178,941	$ 2,154,844
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	$ 720,051	676,846
Accumulated Amortization	614,840	587,056
Customer lists and contracts | LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	720,051	676,846
Accumulated Amortization	$ 614,840	587,056
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	$ 71,599	69,276
Accumulated Amortization	65,647	64,941
Non-competition agreements | LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	71,599	69,276
Accumulated Amortization	$ 65,647	64,942
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	$ 2,864,854	2,619,531
Accumulated Amortization	1,781,164	1,680,333
Site locations | LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,864,854	2,619,531
Accumulated Amortization	$ 1,781,164	1,680,333
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	$ 52,164	51,261
Accumulated Amortization	40,392	39,407
Other | LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	51,619	50,716
Accumulated Amortization	$ 40,314	$ 39,329
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, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,189,962	$ 2,165,864
Goodwill acquired during the year	99,003	24,089
Purchase price adjustments and other	(160)	9
Goodwill, ending balance	2,288,805	2,189,962
LAMAR MEDIA CORP. AND SUBSIDIARIES
Goodwill [Roll Forward]
Goodwill, beginning balance	2,178,941	2,154,844
Goodwill acquired during the year	99,003	24,089
Purchase price adjustments and other	(160)	8
Goodwill, ending balance	$ 2,277,784	$ 2,178,941

Accrued Expenses (Subsidiary) -

Accrued Expenses (Subsidiary) - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable And Accrued Liabilities Current [Line Items]
Payroll	$ 24,601	$ 36,531
Interest	23,360	22,009
Accrued variable lease and contract expense	28,117	21,487
Other	19,291	13,356
Total accrued expenses	117,593	135,038
LAMAR MEDIA CORP. AND SUBSIDIARIES
Accounts Payable And Accrued Liabilities Current [Line Items]
Payroll	24,601	36,531
Interest	23,360	22,009
Accrued variable lease and contract expense	28,117	21,487
Stock-based compensation	12,216	30,450
Other	20,430	16,841
Total accrued expenses	$ 108,724	$ 127,318

Long-term Debt (Subsidiary) - L

Long-term Debt (Subsidiary) - Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt	$ 3,345,420	$ 3,050,454
Debt, Less current maturities	(250,378)	(175,363)
Debt, excluding current maturities	3,095,042	2,875,091
Deferred financing costs	32,615	36,859
Deferred financing costs, Less current maturities	(593)	(585)
Deferred financing costs, excluding current maturities	32,022	36,274
Debt, net of deferred financing costs	3,312,805	3,013,595
Debt, net of deferred financing costs, Less current maturities	(249,785)	(174,778)
Long-term debt, excluding current maturities	3,063,020	2,838,817
LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	3,345,420	3,050,454
Debt, Less current maturities	(250,378)	(175,363)
Debt, excluding current maturities	3,095,042	2,875,091
Deferred financing costs	32,615	36,859
Deferred financing costs, Less current maturities	(593)	(585)
Deferred financing costs, excluding current maturities	32,022	36,274
Debt, net of deferred financing costs	3,312,805	3,013,595
Debt, net of deferred financing costs, Less current maturities	(249,785)	(174,778)
Long-term debt, excluding current maturities	3,063,020	2,838,817
Senior Credit Facility
Debt Instrument [Line Items]
Debt	993,970	773,717
Deferred financing costs	8,171	9,306
Debt, net of deferred financing costs	985,799	764,411
Senior Credit Facility | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	993,970	773,717
Deferred financing costs	8,171	9,306
Debt, net of deferred financing costs	985,799	764,411
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	250,000	175,000
Deferred financing costs	593	585
Debt, net of deferred financing costs	249,407	174,415
Accounts Receivable Securitization Program | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	250,000	175,000
Deferred financing costs	593	585
Debt, net of deferred financing costs	249,407	174,415
3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	6,000	7,036
Debt, net of deferred financing costs	594,000	592,964
3 3/4% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	6,000	7,036
Debt, net of deferred financing costs	594,000	592,964
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt	550,000	550,000
Deferred financing costs	6,982	7,711
Debt, net of deferred financing costs	543,018	542,289
3 5/8% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	550,000	550,000
Deferred financing costs	6,982	7,711
Debt, net of deferred financing costs	543,018	542,289
4% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	549,437	549,359
Deferred financing costs	6,459	7,208
Debt, net of deferred financing costs	542,978	542,151
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt	400,000	400,000
Deferred financing costs	4,410	5,013
Debt, net of deferred financing costs	395,590	394,987
4 7/8% Senior Notes | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	400,000	400,000
Deferred financing costs	4,410	5,013
Debt, net of deferred financing costs	395,590	394,987
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	2,013	2,378
Deferred financing costs	0	0
Debt, net of deferred financing costs	2,013	2,378
Other notes with various rates and terms | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	2,013	2,378
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 2,013	$ 2,378

Long-term Debt (Subsidiary) - S

Long-term Debt (Subsidiary) - Summary of Long-Term Debt Contractual Maturities (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Debt
Debt Instrument [Line Items]
2023	$ 378
2024	400
2025	645,420
2026	442
Thereafter	2,099,464
Debt | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2023	378
2024	400
2025	645,420
2026	442
2027	599,316
Thereafter	2,099,464
Deferred financing costs
Debt Instrument [Line Items]
2023	0
2024	0
2025	3,995
2026	0
Thereafter	23,851
Deferred financing costs | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2023	0
2024	0
2025	3,995
2026	0
2027	4,769
Thereafter	23,851
Debt, net of deferred financing costs
Debt Instrument [Line Items]
2023	378
2024	400
2025	641,425
2026	442
Thereafter	2,075,613
Debt, net of deferred financing costs | LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2023	378
2024	400
2025	641,425
2026	442
2027	594,547
Thereafter	$ 2,075,613

Related Party Transactions (S_2

Related Party Transactions (Subsidiary) - Additional Information (Detail) - LAMAR MEDIA CORP. AND SUBSIDIARIES - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Amount payable to parent company	$ 1,871	$ 3,018
Amount contributed to affiliate	$ 60,273	$ 37,548

Summarized Financial Informat_3

Summarized Financial Information of Subsidiaries - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Total current assets	$ 364,552	$ 388,607
Net property, plant and equipment	1,499,699	1,337,274
Operating lease right of use assets	1,271,631	1,224,672
Other assets	83,401	98,448
Total assets	6,475,214	6,047,494
Current liabilities:
Current maturities of long-term debt	249,785	174,778
Current operating lease liabilities (note 7)	205,838	198,286
Total current liabilities	726,037	662,965
Long-term debt	3,063,020	2,838,817
Operating lease liabilities (note 7)	1,035,655	995,356
Other noncurrent liabilities	39,090	40,207
Total liabilities	5,279,840	4,830,405
Stockholders’ equity	1,195,374	1,217,089	$ 1,202,768	$ 1,180,306
Total liabilities and stockholders’ equity	6,475,214	6,047,494
LAMAR MEDIA CORP. AND SUBSIDIARIES
ASSETS
Total current assets	364,052	388,107
Net property, plant and equipment	1,499,699	1,337,274
Operating lease right of use assets	1,271,631	1,224,672
Intangibles and goodwill, net	3,231,275	2,970,983
Other assets	91,815	109,995
Total assets	6,458,472	6,031,031
Current liabilities:
Current maturities of long-term debt	249,785	174,778
Current operating lease liabilities (note 7)	205,838	198,286
Other current liabilities	261,545	282,181
Total current liabilities	717,168	655,245
Long-term debt	3,063,020	2,838,817
Operating lease liabilities (note 7)	1,035,655	995,356
Other noncurrent liabilities	455,128	333,267
Total liabilities	5,270,971	4,822,685
Stockholders’ equity	1,187,501	1,208,346
Total liabilities and stockholders’ equity	6,458,472	6,031,031
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Lamar Media Corp.
ASSETS
Total current assets	39,829	91,119
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangibles and goodwill, net	0	0
Other assets	4,514,221	4,188,436
Total assets	4,554,050	4,279,555
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities (note 7)	0	0
Other current liabilities	23,360	22,009
Total current liabilities	23,360	22,009
Long-term debt	3,061,385	2,836,801
Operating lease liabilities (note 7)	0	0
Other noncurrent liabilities	281,804	212,399
Total liabilities	3,366,549	3,071,209
Stockholders’ equity	1,187,501	1,208,346
Total liabilities and stockholders’ equity	4,554,050	4,279,555
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries
ASSETS
Total current assets	36,667	29,379
Net property, plant and equipment	1,483,395	1,321,526
Operating lease right of use assets	1,252,414	1,198,934
Intangibles and goodwill, net	3,214,284	2,953,600
Other assets	325,052	311,046
Total assets	6,311,812	5,814,485
Current liabilities:
Current maturities of long-term debt	378	363
Current operating lease liabilities (note 7)	198,320	190,748
Other current liabilities	222,871	246,030
Total current liabilities	421,569	437,141
Long-term debt	1,635	2,016
Operating lease liabilities (note 7)	1,025,385	977,463
Other noncurrent liabilities	418,163	292,194
Total liabilities	1,866,752	1,708,814
Stockholders’ equity	4,445,060	4,105,671
Total liabilities and stockholders’ equity	6,311,812	5,814,485
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries
ASSETS
Total current assets	287,556	267,609
Net property, plant and equipment	16,304	15,748
Operating lease right of use assets	19,217	25,738
Intangibles and goodwill, net	16,991	17,383
Other assets	250,056	187,044
Total assets	590,124	513,522
Current liabilities:
Current maturities of long-term debt	249,407	174,415
Current operating lease liabilities (note 7)	7,518	7,538
Other current liabilities	15,314	14,142
Total current liabilities	272,239	196,095
Long-term debt	0	0
Operating lease liabilities (note 7)	10,270	17,893
Other noncurrent liabilities	301,957	292,281
Total liabilities	584,466	506,269
Stockholders’ equity	5,658	7,253
Total liabilities and stockholders’ equity	590,124	513,522
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	(4,997,514)	(4,576,531)
Total assets	(4,997,514)	(4,576,531)
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities (note 7)	0	0
Other current liabilities	0	0
Total current liabilities	0	0
Long-term debt	0	0
Operating lease liabilities (note 7)	0	0
Other noncurrent liabilities	(546,796)	(463,607)
Total liabilities	(546,796)	(463,607)
Stockholders’ equity	(4,450,718)	(4,112,924)
Total liabilities and stockholders’ equity	$ (4,997,514)	$ (4,576,531)

Summarized Financial Informat_4

Summarized Financial Information of Subsidiaries - Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statements of Income
Net Revenues	$ 2,032,140	$ 1,787,401	$ 1,568,856
Operating expenses (income):
Direct advertising expenses	667,288	576,507	557,661
General and administrative expenses	350,623	326,951	287,874
Depreciation and amortization	349,449	271,294	251,296
Gain on disposition of assets	(15,721)	(2,115)	(9,026)
Total operating expenses	1,454,139	1,266,214	1,158,749
Operating income	578,001	521,187	410,107
Loss on extinguishment of debt	0	21,604	25,235
Equity in earnings of investee	(4,315)	(3,384)	0
Income before income tax expense	456,099	397,346	248,046
Income tax expense	17,452	9,256	4,660
Net income	438,647	388,090	243,386
Statements of Comprehensive Income
Net income	438,647	388,090	243,386
Comprehensive income	437,133	388,011	243,635
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net Revenues	2,032,140	1,787,401	1,568,856
Operating expenses (income):
Direct advertising expenses	667,288	576,507	557,661
General and administrative expenses	350,623	326,636	287,874
Corporate expenses	101,998	93,074	70,457
Depreciation and amortization	349,449	271,294	251,296
Gain on disposition of assets	(15,721)	(2,115)	(9,026)
Total operating expenses	1,453,637	1,265,396	1,158,262
Operating income	578,503	522,005	410,594
Loss on extinguishment of debt	0	21,604	25,235
Equity in (earnings) loss of subsidiaries	0	0	0
Interest expense (income), net	126,217	105,621	136,826
Equity in earnings of investee	(4,315)	(3,384)
Income before income tax expense	456,601	398,164	248,533
Income tax expense	17,452	9,256	4,660
Net income	439,149	388,908	243,873
Statements of Comprehensive Income
Net income	439,149	388,908	243,873
Total other comprehensive loss, net of tax	(1,514)	(79)	249
Comprehensive income	437,635	388,829	244,122
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	0	21,604	25,235
Equity in (earnings) loss of subsidiaries	(561,545)	(515,288)	(404,332)
Interest expense (income), net	122,396	104,776	135,224
Equity in earnings of investee	0	0
Income before income tax expense	439,149	388,908	243,873
Income tax expense	0	0	0
Net income	439,149	388,908	243,873
Statements of Comprehensive Income
Net income	439,149	388,908	243,873
Total other comprehensive loss, net of tax	0	0	0
Comprehensive income	439,149	388,908	243,873
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries
Statements of Income
Net Revenues	1,992,900	1,752,106	1,536,534
Operating expenses (income):
Direct advertising expenses	639,948	552,953	533,803
General and administrative expenses	343,188	322,278	281,293
Corporate expenses	99,392	91,479	69,478
Depreciation and amortization	345,857	267,141	249,299
Gain on disposition of assets	(3,235)	(1,965)	(9,036)
Total operating expenses	1,425,150	1,231,886	1,124,837
Operating income	567,750	520,220	411,697
Loss on extinguishment of debt	0	0	0
Equity in (earnings) loss of subsidiaries	0	0	0
Interest expense (income), net	(531)	(44)	(175)
Equity in earnings of investee	(4,315)	(3,384)
Income before income tax expense	572,596	523,648	411,872
Income tax expense	10,970	9,556	5,203
Net income	561,626	514,092	406,669
Statements of Comprehensive Income
Net income	561,626	514,092	406,669
Total other comprehensive loss, net of tax	0	0	0
Comprehensive income	561,626	514,092	406,669
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Non-Guarantor Subsidiaries
Statements of Income
Net Revenues	41,789	37,055	33,965
Operating expenses (income):
Direct advertising expenses	29,889	25,314	25,501
General and administrative expenses	7,435	4,358	6,581
Corporate expenses	2,606	1,595	979
Depreciation and amortization	3,592	4,153	1,997
Gain on disposition of assets	(12,486)	(150)	10
Total operating expenses	31,036	35,270	35,068
Operating income	10,753	1,785	(1,103)
Loss on extinguishment of debt	0	0	0
Equity in (earnings) loss of subsidiaries	0	0	0
Interest expense (income), net	4,352	889	1,777
Equity in earnings of investee	0	0
Income before income tax expense	6,401	896	(2,880)
Income tax expense	6,482	(300)	(543)
Net income	(81)	1,196	(2,337)
Statements of Comprehensive Income
Net income	(81)	1,196	(2,337)
Total other comprehensive loss, net of tax	(1,514)	(79)	249
Comprehensive income	(1,595)	1,117	(2,088)
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations
Statements of Income
Net Revenues	(2,549)	(1,760)	(1,643)
Operating expenses (income):
Direct advertising expenses	(2,549)	(1,760)	(1,643)
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	(2,549)	(1,760)	(1,643)
Operating income	0	0	0
Loss on extinguishment of debt	0	0	0
Equity in (earnings) loss of subsidiaries	561,545	515,288	404,332
Interest expense (income), net	0	0	0
Equity in earnings of investee	0	0
Income before income tax expense	(561,545)	(515,288)	(404,332)
Income tax expense	0	0	0
Net income	(561,545)	(515,288)	(404,332)
Statements of Comprehensive Income
Net income	(561,545)	(515,288)	(404,332)
Total other comprehensive loss, net of tax	0	0	0
Comprehensive income	$ (561,545)	$ (515,288)	$ (404,332)

Summarized Financial Informat_5

Summarized Financial Information of Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 781,612,000	$ 734,417,000	$ 569,873,000
Cash flows from investing activities:
Capital expenditures	(167,078,000)	(126,090,000)	(62,272,000)
Acquisitions	(479,766,000)	(312,257,000)	(45,584,000)
Payment for investments in equity securities	0	(30,000,000)	0
Proceeds from disposition of assets and investments	15,649,000	6,480,000	10,968,000
Cash flows used in investing activities	(619,071,000)	(461,760,000)	(96,888,000)
Cash flows from financing activities:
Payments on revolving credit facility	(575,000,000)	(25,000,000)	(875,000,000)
Principal payments on long-term debt	(365,000)	(378,000)	(9,112,000)
Borrowings on long-term debt	0	0	8,750,000
Principal payments on financing leases	(1,331,000)	(1,331,000)	0	$ 0
Proceeds received from note offering	0	550,000,000	1,549,250,000
Redemption of senior notes and senior subordinated notes	0	(668,688,000)	(1,058,596,000)
Proceeds received from senior credit facility term loans	350,000,000	0	598,500,000
Payments on senior credit facility term loans	0	0	(978,097,000)
Payments on accounts receivable securitization program	(190,000,000)	(127,500,000)	(175,000,000)
Proceeds received from accounts receivable securitization program	265,000,000	180,000,000	122,500,000
Debt issuance costs	(1,583,000)	(8,823,000)	(32,950,000)
Distributions to non-controlling interest	(814,000)	(601,000)	(1,509,000)
Cash flows used in financing activities	(209,319,000)	(294,519,000)	(377,917,000)
Effect of exchange rate changes in cash and cash equivalents	(391,000)	81,000	313,000
Net (decrease) increase in cash and cash equivalents	(47,169,000)	(21,781,000)	95,381,000
Cash and cash equivalents at beginning of period	99,788,000	121,569,000	26,188,000
Cash and cash equivalents at end of period	52,619,000	99,788,000	121,569,000	26,188,000
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net cash provided by (used in) operating activities	739,866,000	715,546,000	539,029,000
Cash flows from investing activities:
Capital expenditures	(167,078,000)	(126,090,000)	(62,272,000)
Acquisitions	(479,766,000)	(312,257,000)	(45,584,000)
Payment for investments in equity securities		(30,000,000)
Proceeds from disposition of assets and investments	15,649,000	6,480,000	10,968,000
Investment in subsidiaries	0	0	0
Decrease (increase) in intercompany notes receivable	0	0	0
Decrease in notes receivable	12,124,000	107,000
Cash flows used in investing activities	(619,071,000)	(461,760,000)	(96,888,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	445,000,000	200,000,000	725,000,000
Payments on revolving credit facility	(575,000,000)	(25,000,000)	(875,000,000)
Principal payments on long-term debt	(365,000)	(378,000)	(9,112,000)
Borrowings on long-term debt			8,750,000
Principal payments on financing leases	(1,331,000)	(1,331,000)
Proceeds received from note offering		550,000,000	1,549,250,000
Redemption of senior notes and senior subordinated notes		(668,688,000)	(1,058,596,000)
Proceeds received from senior credit facility term loans	350,000,000		598,500,000
Payments on senior credit facility term loans			(978,097,000)
Payments on accounts receivable securitization program	(190,000,000)	(127,500,000)	(175,000,000)
Proceeds received from accounts receivable securitization program	265,000,000	180,000,000	122,500,000
Debt issuance costs	(1,583,000)	(8,823,000)	(32,950,000)
Intercompany loan (payments) proceeds	0	0	0
Distributions to non-controlling interest	(814,000)	(601,000)	(1,509,000)
Dividends to parent	(518,753,000)	(410,875,000)	(262,437,000)
Contributions from (to) parent	60,273,000	37,548,000	41,628,000
Cash flows used in financing activities	(167,573,000)	(275,648,000)	(347,073,000)
Effect of exchange rate changes in cash and cash equivalents	(391,000)	81,000	313,000
Net (decrease) increase in cash and cash equivalents	(47,169,000)	(21,781,000)	95,381,000
Cash and cash equivalents at beginning of period	99,288,000	121,069,000	25,688,000
Cash and cash equivalents at end of period	52,119,000	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:
Net cash provided by (used in) operating activities	586,773,000	596,116,000	495,872,000
Cash flows from investing activities:
Capital expenditures	0	0	0
Acquisitions	0	0	577,000
Payment for investments in equity securities		0
Proceeds from disposition of assets and investments	0	0	0
Investment in subsidiaries	(479,766,000)	(342,257,000)	(46,161,000)
Decrease (increase) in intercompany notes receivable	81,526,000	51,976,000	(60,183,000)
Decrease in notes receivable	0	0
Cash flows used in investing activities	(398,240,000)	(290,281,000)	(105,767,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	445,000,000	200,000,000	725,000,000
Payments on revolving credit facility	(575,000,000)	(25,000,000)	(875,000,000)
Principal payments on long-term debt	0	0	0
Borrowings on long-term debt
Principal payments on financing leases	0	0
Proceeds received from note offering		550,000,000	1,549,250,000
Redemption of senior notes and senior subordinated notes		(668,688,000)	(1,058,596,000)
Proceeds received from senior credit facility term loans	350,000,000		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	(1,347,000)	(8,385,000)	(32,950,000)
Intercompany loan (payments) proceeds	0	0	0
Distributions to non-controlling interest	0	0	0
Dividends to parent	(518,753,000)	(410,875,000)	(262,437,000)
Contributions from (to) parent	60,273,000	37,548,000	41,628,000
Cash flows used in financing activities	(239,827,000)	(325,400,000)	(292,702,000)
Effect of exchange rate changes in cash and cash equivalents	0	0	0
Net (decrease) increase in cash and cash equivalents	(51,294,000)	(19,565,000)	97,403,000
Cash and cash equivalents at beginning of period	91,023,000	110,588,000	13,185,000
Cash and cash equivalents at end of period	39,729,000	91,023,000	110,588,000	13,185,000
LAMAR MEDIA CORP. AND SUBSIDIARIES | Reportable Legal Entities | Guarantor Subsidiaries
Cash flows from operating activities:
Net cash provided by (used in) operating activities	875,208,000	849,072,000	668,673,000
Cash flows from investing activities:
Capital expenditures	(162,515,000)	(119,728,000)	(56,772,000)
Acquisitions	(479,766,000)	(312,257,000)	(46,161,000)
Payment for investments in equity securities		(30,000,000)
Proceeds from disposition of assets and investments	3,358,000	6,480,000	10,968,000
Investment in subsidiaries	0	0	0
Decrease (increase) in intercompany notes receivable	0	0	0
Decrease in notes receivable	58,000	107,000
Cash flows used in investing activities	(638,865,000)	(455,398,000)	(91,965,000)
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	(365,000)	(378,000)	(9,112,000)
Borrowings on long-term debt			8,750,000
Principal payments on financing leases	(1,331,000)	(1,331,000)
Proceeds received from note offering		0	0
Redemption of senior notes and senior subordinated notes		0	0
Proceeds received from senior credit facility term loans	0		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	(14,619,000)	(24,119,000)	(9,176,000)
Distributions to non-controlling interest	0	0	0
Dividends to parent	(702,003,000)	(708,341,000)	(619,877,000)
Contributions from (to) parent	479,766,000	342,257,000	46,161,000
Cash flows used in financing activities	(238,552,000)	(391,912,000)	(583,254,000)
Effect of exchange rate changes in cash and cash equivalents	0	0	0
Net (decrease) increase in cash and cash equivalents	(2,209,000)	1,762,000	(6,546,000)
Cash and cash equivalents at beginning of period	3,494,000	1,732,000	8,278,000
Cash and cash equivalents at end of period	1,285,000	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:
Net cash provided by (used in) operating activities	(20,112,000)	(21,301,000)	(5,639,000)
Cash flows from investing activities:
Capital expenditures	(4,563,000)	(6,362,000)	(5,500,000)
Acquisitions	0	0	0
Payment for investments in equity securities
Proceeds from disposition of assets and investments	12,291,000	0	0
Investment in subsidiaries	0	0	0
Decrease (increase) in intercompany notes receivable	0	0	0
Decrease in notes receivable	12,066,000	0
Cash flows used in investing activities	19,794,000	(6,362,000)	(5,500,000)
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
Principal payments on financing leases	0	0
Proceeds received from note offering		0	0
Redemption of senior notes and senior subordinated notes		0	0
Proceeds received from senior credit facility term loans	0		0
Payments on senior credit facility term loans			0
Payments on accounts receivable securitization program	(190,000,000)	(127,500,000)	(175,000,000)
Proceeds received from accounts receivable securitization program	265,000,000	180,000,000	122,500,000
Debt issuance costs	(236,000)	(438,000)	0
Intercompany loan (payments) proceeds	(66,907,000)	(27,857,000)	69,359,000
Distributions to non-controlling interest	(814,000)	(601,000)	(1,509,000)
Dividends to parent	0	0	0
Contributions from (to) parent	0	0	0
Cash flows used in financing activities	7,043,000	23,604,000	15,350,000
Effect of exchange rate changes in cash and cash equivalents	(391,000)	81,000	313,000
Net (decrease) increase in cash and cash equivalents	6,334,000	(3,978,000)	4,524,000
Cash and cash equivalents at beginning of period	4,771,000	8,749,000	4,225,000
Cash and cash equivalents at end of period	11,105,000	4,771,000	8,749,000	4,225,000
LAMAR MEDIA CORP. AND SUBSIDIARIES | Eliminations
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(702,003,000)	(708,341,000)	(619,877,000)
Cash flows from investing activities:
Capital expenditures	0	0	0
Acquisitions	0	0	0
Payment for investments in equity securities
Proceeds from disposition of assets and investments	0	0	0
Investment in subsidiaries	479,766,000	342,257,000	46,161,000
Decrease (increase) in intercompany notes receivable	(81,526,000)	(51,976,000)	60,183,000
Decrease in notes receivable	0	0
Cash flows used in investing activities	398,240,000	290,281,000	106,344,000
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
Principal payments on financing leases	0	0
Proceeds received from note offering		0	0
Redemption of senior notes and senior subordinated notes		0	0
Proceeds received from senior credit facility term loans	0		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	81,526,000	51,976,000	(60,183,000)
Distributions to non-controlling interest	0	0	0
Dividends to parent	702,003,000	708,341,000	619,877,000
Contributions from (to) parent	(479,766,000)	(342,257,000)	(46,161,000)
Cash flows used in financing activities	303,763,000	418,060,000	513,533,000
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	$ 0

Valuation and Qualifying Acco_4

Valuation and Qualifying Accounts (Subsidiary) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 11,195	$ 14,946	$ 13,185
Charged to Costs and Expenses	9,013	4,527	12,729
Deductions	8,790	8,278	10,968
Balance at End of Period	11,418	11,195	14,946
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts | LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	11,195	14,946	13,185
Charged to Costs and Expenses	9,013	4,527	12,729
Deductions	8,790	8,278	10,968
Balance at End of Period	11,418	11,195	14,946
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	19,433	20,997	22,902
Charged to Costs and Expenses	0	0	0
Deductions	14,998	1,564	1,905
Balance at End of Period	4,435	19,433	20,997
Deducted in balance sheet from deferred tax assets: valuation allowance | LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	19,433	20,997	22,902
Charged to Costs and Expenses	0	0	0
Deductions	14,998	1,564	1,905
Balance at End of Period	$ 4,435	$ 19,433	$ 20,997

Schedule of Real Estate and A_4

Schedule of Real Estate and Accumulated Depreciation (Details) (Subsidiary) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Asset Display	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays | Display	363,044
Encumbrances	$ 0
Initial Cost	0
Gross Carrying Amount	3,745,006	$ 3,439,618	$ 3,293,778
Accumulated Depreciation	$ (2,440,956)	(2,287,590)	(2,192,700)
Number of single asset exceeded 5% of the total gross carrying amount | Asset	0
Percentage of asset contribution to total gross carrying amount	5%
Gross real estate assets:
Balance at the beginning of the year	$ 3,439,618	3,293,778	3,333,590
Capital expenditures on new advertising displays	85,972	45,427	21,598
Capital expenditures on improvements/redevelopments of existing advertising displays	23,850	21,287	13,021
Capital expenditures other recurring	141,030	88,697	12,631
Land acquisitions	31,061	17,151	8,980
Acquisition of advertising displays	64,223	17,662	4,446
Assets sold or written-off	(39,149)	(44,466)	(100,906)
Foreign exchange	(1,599)	82	418
Balance at the end of the year	3,745,006	3,439,618	3,293,778
Accumulated depreciation:
Balance at the beginning of the year	2,287,590	2,192,700	2,166,579
Depreciation	185,820	126,805	111,049
Assets sold or written-off	(31,514)	(31,971)	(85,267)
Foreign exchange	(940)	56	339
Balance at the end of the year	$ 2,440,956	2,287,590	2,192,700
LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays | Display	363,044
Encumbrances		0
Initial Cost		0
Gross Carrying Amount	$ 3,745,006	3,439,618	3,293,778
Accumulated Depreciation	$ (2,440,956)	(2,287,590)	(2,192,700)
Number of single asset exceeded 5% of the total gross carrying amount | Asset	0
Percentage of asset contribution to total gross carrying amount	5%
Gross real estate assets:
Balance at the beginning of the year	$ 3,439,618	3,293,778	3,333,590
Capital expenditures on new advertising displays	85,972	45,427	21,598
Capital expenditures on improvements/redevelopments of existing advertising displays	23,850	21,287	13,021
Capital expenditures other recurring	141,030	88,697	12,631
Land acquisitions	31,061	17,151	8,980
Acquisition of advertising displays	64,223	17,662	4,446
Assets sold or written-off	(39,149)	(44,466)	(100,906)
Foreign exchange	(1,599)	82	418
Balance at the end of the year	3,745,006	3,439,618	3,293,778
Accumulated depreciation:
Balance at the beginning of the year	2,287,590	2,192,700	2,166,579
Depreciation	185,820	126,805	111,049
Assets sold or written-off	(31,514)	(31,971)	(85,267)
Foreign exchange	(940)	56	339
Balance at the end of the year	2,440,956	2,287,590	2,192,700
Non-cash amounts	103,019	48,848
New Advertising Displays
Accumulated depreciation:
Non-cash amounts	2,367	1,541	621
New Advertising Displays | LAMAR MEDIA CORP. AND SUBSIDIARIES
Accumulated depreciation:
Non-cash amounts	2,367	1,541	$ 621
Acquisition of Advertising Displays
Accumulated depreciation:
Non-cash amounts	11,132	3,843
Acquisition of Advertising Displays | LAMAR MEDIA CORP. AND SUBSIDIARIES
Accumulated depreciation:
Non-cash amounts	$ 11,132	$ 3,843
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