0001628280-22-003948 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 99,788	$ 121,569
Receivables, net of allowance for doubtful accounts of $11,195 and $14,946 as of 2021 and 2020, respectively	269,917	240,854
Other current assets	18,902	18,147
Total current assets	388,107	380,070
Property, plant and equipment (note 5)	3,782,288	3,615,505
Less accumulated depreciation and amortization	(2,445,014)	(2,333,656)
Net property, plant and equipment	1,337,274	1,281,849
Operating lease right of use assets	1,224,672	1,222,013
Financing lease right of use assets	16,890	19,670
Goodwill	1,936,426	1,912,328
Intangible assets, net (note 6)	1,045,177	914,446
Other assets	109,995	74,620
Total assets	6,031,031	5,774,707
Current liabilities:
Trade accounts payable	16,429	12,017
Current maturities of long-term debt, net of deferred financing costs of $585 and $445 in 2021 and 2020, respectively (note 9)	174,778	122,434
Current operating lease liabilities	198,286	195,439
Current financing lease liabilities (note 7)	1,331	1,331
Accrued expenses (note 8)	135,038	105,288
Deferred income	137,103	111,363
Total current liabilities	655,245	541,062
Long-term debt, net of deferred financing costs	2,838,817	2,764,082
Operating lease liabilities	995,356	993,776
Financing lease liabilities (note 7)	17,277	18,608
Deferred income tax liabilities (note 12)	6,416	4,854
Asset retirement obligation (note 10)	269,367	222,876
Other liabilities	333,267	282,943
Total liabilities	4,822,685	4,581,863
Stockholders’ equity (note 14):
Series AA preferred stock, par value $0.001, $63.80 cumulative dividends, authorized 5,720 shares; 5,720 shares issued and outstanding at 2021 and 2020	0	0
Additional paid-in-capital	2,001,399	1,963,850
Accumulated comprehensive income	855	934
Accumulated deficit	(734,415)	(717,331)
Cost of shares held in treasury, 688,017 and 619,681 shares in 2021 and 2020, respectively	(50,852)	(44,786)
Stockholders’ equity	1,208,346	1,192,844
Total liabilities and stockholders’ equity	6,031,031	5,774,707
Common Class A
Stockholders’ equity (note 14):
Common stock, value	88	87
Common Class B
Stockholders’ equity (note 14):
Common stock, value	$ 14	$ 14

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables, allowance for doubtful accounts	$ 11,195	$ 14,946
Deferred financing costs, less current maturities	585	445
Deferred financing costs, excluding current maturities	$ 36,274	$ 39,672
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, cumulative dividends (in usd per share)	$ 63.80	$ 63.80
Preferred stock, shares authorized (in shares)	5,720	5,720
Preferred stock, shares issued (in shares)	5,720	5,720
Preferred stock, shares outstanding (in shares)	5,720	5,720
Shares held in treasury (in shares)	688,017	619,681
Common Class A
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	362,500,000	362,500,000
Common stock, shares issued (in shares)	87,540,838	87,111,327
Common stock, shares, outstanding (in shares)	86,852,821	86,491,646
Common Class B
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	37,500,000	37,500,000
Common stock, shares issued (in shares)	14,420,085	14,420,085
Common stock, shares, outstanding (in shares)	14,420,085	14,420,085

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statements of Income
Net Revenues	$ 1,787,401	$ 1,568,856	$ 1,753,644
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	576,507	557,661	590,078
General and administrative expenses (exclusive of depreciation and amortization)	326,636	287,874	318,380
Corporate expenses (exclusive of depreciation and amortization)	93,577	70,944	84,658
Depreciation and amortization	271,294	251,296	250,028
Gain on disposition of assets	(2,115)	(9,026)	(7,241)
Total operating expenses	1,265,396	1,158,262	1,235,474
Operating income	522,005	410,594	518,170
Other expense (income):
Loss on extinguishment of debt	21,604	25,235	0
Interest income	(763)	(797)	(764)
Interest expense	106,384	137,623	150,616
Equity in earnings of investee	(3,384)	0	0
Total other expense (income)	123,841	162,061	149,852
Income before income tax expense (benefit)	398,164	248,533	368,318
Income tax expense (benefit) (note 12)	9,256	4,660	(4,222)
Net income	388,908	243,873	372,540
Preferred stock dividends	365	365	365
Net income applicable to common stock, basic	$ 387,725	$ 243,021	$ 371,746
Earnings per share:
Basic earnings per share (in usd per share)	$ 3.83	$ 2.41	$ 3.71
Diluted earnings per share (in usd per share)	3.83	2.41	3.71
Cash dividends declared per share of common stock (in usd per share)	$ 4.00	$ 2.50	$ 3.84
Weighted average common shares used in computing earnings per share:
Weighted average number of shares outstanding basic (in shares)	101,133,269	100,756,361	100,130,721
Weighted average common shares outstanding diluted (in shares)	101,349,865	100,902,700	100,320,574
Statements of Comprehensive Income
Net income	$ 388,908	$ 243,873	$ 372,540
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(79)	249	673
Comprehensive income	$ 388,829	$ 244,122	$ 373,213

Consolidated Statements of 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, 2018	$ 1,131,784	$ 0	$ 86	$ 14	$ (25,412)	$ 1,852,421	$ 12	$ (695,337)
Increase (Decrease) in Stockholders' Equity
Non-cash compensation	4,604					4,604
Issuance of common stock through stock awards	20,956					20,956
Exercise of stock options	14,984		0			14,984
Issuance of common stock through employee purchase plan	8,060					8,060
Issuance of common stock for cash	21,198		1			21,197
Purchase of treasury stock	(8,882)				(8,882)
Foreign currency translation	673						673
Net income	372,540							372,111
Dividends/distributions to common shareholders	(384,817)							(384,817)
Dividends, preferred stock	(365)							(365)
Ending balance at Dec. 31, 2019	1,180,306	0	87	14	(34,294)	1,922,222	685	(708,408)
Increase (Decrease) in Stockholders' Equity
Non-cash compensation	4,669					4,669
Issuance of common stock through stock awards	25,811					25,811
Exercise of stock options	3,138					3,138
Issuance of common stock through employee purchase plan	8,010					8,010
Purchase of treasury stock	(10,492)				(10,492)
Foreign currency translation	249						249
Net income	243,873							243,386
Dividends/distributions to common shareholders	(251,944)							(251,944)
Dividends, preferred stock	(365)							(365)
Ending balance at Dec. 31, 2020	1,192,844	0	87	14	(44,786)	1,963,850	934	(717,331)
Increase (Decrease) in Stockholders' Equity
Non-cash compensation	4,942					4,942
Issuance of common stock through stock awards	13,566					13,565
Exercise of stock options	10,170					10,170
Issuance of common stock through employee purchase plan	8,872					8,872
Purchase of treasury stock	(6,066)				(6,066)
Foreign currency translation	(79)						(79)
Net income	388,908							388,090
Dividends/distributions to common shareholders	(404,809)							(404,809)
Dividends, preferred stock	(365)							(365)
Ending balance at Dec. 31, 2021	$ 1,208,346	$ 0	$ 88	$ 14	$ (50,852)	$ 2,001,399	$ 855	$ (734,415)

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock awards (in shares)	158,985	298,124	302,507
Exercise of stock options (in shares)	156,491	61,949	340,684
Common stock purchase plan (in shares)	114,035	154,756	129,972
Common stock shares issued for cash (in shares)			266,410
Purchase of treasury stock (in shares)	68,336	116,483	114,295
Cash dividends declared per share of common stock (in usd per share)	$ 4.00	$ 2.50	$ 3.84
Preferred stock dividend shares (in usd per shares)	$ 63.80	$ 63.80	$ 63.80

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 388,090,000	$ 243,386,000	$ 372,111,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	271,294,000	251,296,000	250,028,000
Stock-based compensation	37,368,000	18,772,000	29,647,000
Amortization included in interest expense	5,877,000	5,909,000	5,365,000
Gain on disposition of assets	(2,115,000)	(9,026,000)	(7,241,000)
Loss on extinguishment of debt	21,604,000	25,235,000	0
Equity in earnings of investee	(3,384,000)	0	0
Deferred income tax expense (benefit)	1,574,000	(797,000)	(14,130,000)
Provision for doubtful accounts	4,527,000	12,729,000	10,608,000
(Increase) decrease in:
Receivables	(24,684,000)	1,287,000	(28,357,000)
Prepaid expenses	(5,493,000)	591,000	275,000
Other assets	5,030,000	7,629,000	(11,257,000)
Increase (decrease) in:
Trade accounts payable	1,308,000	841,000	700,000
Accrued expenses	9,553,000	10,052,000	(1,597,000)
Operating lease liabilities	3,819,000	24,549,000	9,102,000
Other liabilities	20,049,000	(22,580,000)	15,611,000
Cash flows provided by operating activities	715,546,000	539,029,000	604,940,000
Cash flows from investing activities:
Capital expenditures	(126,090,000)	(62,272,000)	(140,956,000)
Acquisitions	(312,257,000)	(45,584,000)	(226,278,000)
Payment for investments in equity securities	(30,000,000)	0	0
Decrease (increase) in notes receivable	107,000	0
Decrease (increase) in notes receivable			(448,000)
Proceeds received from property insurance claims	0	0	210,000
Proceeds from disposition of assets and investments	6,480,000	10,968,000	5,438,000
Cash flows used in investing activities	(461,760,000)	(96,888,000)	(362,034,000)
Cash flows from financing activities:
Net proceeds from issuance of common stock	19,042,000	11,148,000	44,262,000
Cash used for purchase of treasury shares	(6,066,000)	(10,492,000)	(8,882,000)
Proceeds received from revolving credit facility	200,000,000	725,000,000	495,000,000
Payments on revolving credit facility	(25,000,000)	(875,000,000)	(625,000,000)
Principal payments on long-term debt	(378,000)	(9,112,000)	(34,471,000)
Borrowings on long-term debt	0	8,750,000	0
Principal payments on financing leases	(1,331,000)	0	0
Proceeds received from senior credit facility term loans	0	598,500,000	0
Payments on senior credit facility term loans	0	(978,097,000)	0
Proceeds received from accounts receivable securitization program	180,000,000	122,500,000	9,000,000
Payments on accounts receivable securitization program	(127,500,000)	(175,000,000)	(9,000,000)
Proceeds received from note offering	550,000,000	1,549,250,000	255,000,000
Redemption of senior notes and senior subordinated notes	(668,688,000)	(1,058,596,000)	0
Debt issuance costs	(8,823,000)	(32,950,000)	(4,463,000)
Distributions to non-controlling interest	(601,000)	(1,509,000)	(621,000)
Dividends/distributions	(405,174,000)	(252,309,000)	(385,182,000)
Cash flows used in financing activities	(275,648,000)	(347,073,000)	(238,433,000)
Effect of exchange rate changes in cash and cash equivalents	81,000	313,000	221,000
Net (decrease) increase in cash and cash equivalents	(21,781,000)	95,381,000	4,694,000
Cash and cash equivalents at beginning of period	121,069,000	25,688,000	20,994,000
Cash and cash equivalents at end of period	99,288,000	121,069,000	25,688,000
Supplemental disclosures of cash flow information:
Cash paid for interest	112,080,000	130,864,000	139,585,000
Cash paid for state and federal income taxes	$ 8,388,000	$ 4,033,000	$ 14,449,000

Consolidated Balance Sheets (Subsidiary) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 99,788	$ 121,569
Receivables, net of allowance for doubtful accounts of $11,195 and $14,946 as of 2021 and 2020, respectively	269,917	240,854
Other current assets	18,902	18,147
Total current assets	388,107	380,070
Property, plant and equipment	3,782,288	3,615,505
Less accumulated depreciation and amortization	(2,445,014)	(2,333,656)
Net property, plant and equipment	1,337,274	1,281,849
Operating lease right of use assets	1,224,672	1,222,013
Financing lease right of use assets	16,890	19,670
Goodwill	1,936,426	1,912,328
Intangible assets, net (note 3)	1,045,177	914,446
Other assets	109,995	74,620
Total assets	6,031,031	5,774,707
Current liabilities:
Trade accounts payable	16,429	12,017
Current maturities of long-term debt	174,778	122,434
Current operating lease liabilities	198,286	195,439
Current financing lease liabilities	1,331	1,331
Accrued expenses (note 4)	135,038	105,288
Deferred income	137,103	111,363
Total current liabilities	655,245	541,062
Long-term debt, net of deferred financing costs	2,838,817	2,764,082
Operating lease liabilities	995,356	993,776
Financing lease liabilities	17,277	18,608
Deferred income tax liabilities	6,416	4,854
Asset retirement obligation	269,367	222,876
Other liabilities	333,267	282,943
Total liabilities	4,822,685	4,581,863
Stockholder’s equity:
Additional paid-in-capital	2,001,399	1,963,850
Accumulated comprehensive income	855	934
Accumulated deficit	(734,415)	(717,331)
Stockholders’ equity	1,208,346	1,192,844
Total liabilities and stockholders’ equity	6,031,031	5,774,707
LAMAR MEDIA CORP. AND SUBSIDIARIES
Current assets:
Cash and cash equivalents	99,288	121,069
Receivables, net of allowance for doubtful accounts of $11,195 and $14,946 as of 2021 and 2020, respectively	269,917	240,854
Other current assets	18,902	18,147
Total current assets	388,107	380,070
Property, plant and equipment	3,782,288	3,615,505
Less accumulated depreciation and amortization	(2,445,014)	(2,333,656)
Net property, plant and equipment	1,337,274	1,281,849
Operating lease right of use assets	1,224,672	1,222,013
Financing lease right of use assets	16,890	19,670
Goodwill	1,926,274	1,902,177
Intangible assets, net (note 3)	1,044,709	913,978
Other assets	93,105	54,950
Total assets	6,031,031	5,774,707
Current liabilities:
Trade accounts payable	16,429	12,017
Current maturities of long-term debt	174,778	122,434
Current operating lease liabilities	198,286	195,439
Current financing lease liabilities	1,331	1,331
Accrued expenses (note 4)	127,318	98,478
Deferred income	137,103	111,363
Total current liabilities	655,245	541,062
Long-term debt, net of deferred financing costs	2,838,817	2,764,082
Operating lease liabilities	995,356	993,776
Financing lease liabilities	17,277	18,608
Deferred income tax liabilities	6,416	4,854
Asset retirement obligation	269,367	222,876
Other liabilities	40,207	36,605
Total liabilities	4,822,685	4,581,863
Stockholder’s equity:
Common stock, $0.01 par value, authorized 3,000 shares; 100 shares issued and outstanding at 2021 and 2020	0	0
Additional paid-in-capital	3,071,905	3,034,357
Accumulated comprehensive income	855	934
Accumulated deficit	(1,864,414)	(1,842,447)
Stockholders’ equity	1,208,346	1,192,844
Total liabilities and stockholders’ equity	$ 6,031,031	$ 5,774,707

Consolidated Balance Sheets (Subsidiary) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables, allowance for doubtful accounts	$ 11,195	$ 14,946
Deferred financing costs, less current maturities	585	445
Deferred financing costs, excluding current maturities	36,274	39,672
LAMAR MEDIA CORP. AND SUBSIDIARIES
Receivables, allowance for doubtful accounts	11,195	14,946
Deferred financing costs, less current maturities	585	445
Deferred financing costs, excluding current maturities	$ 36,274	$ 39,672
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	100	100
Common stock, shares, outstanding (in shares)	100	100

Consolidated Statements of Income and Comprehensive Income (Subsidiary) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statements of Income
Net Revenues	$ 1,787,401	$ 1,568,856	$ 1,753,644
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	576,507	557,661	590,078
General and administrative expenses (exclusive of depreciation and amortization)	326,636	287,874	318,380
Corporate expenses (exclusive of depreciation and amortization)	93,577	70,944	84,658
Depreciation and amortization	271,294	251,296	250,028
Gain on disposition of assets	(2,115)	(9,026)	(7,241)
Total operating expenses	1,265,396	1,158,262	1,235,474
Operating income	522,005	410,594	518,170
Other expense (income):
Loss on extinguishment of debt	21,604	25,235	0
Interest income	(763)	(797)	(764)
Interest expense	106,384	137,623	150,616
Equity in earnings of investee	(3,384)	0	0
Total other expense (income)	123,841	162,061	149,852
Income before income tax expense (benefit)	398,164	248,533	368,318
Income tax expense (benefit)	9,256	4,660	(4,222)
Net income	388,908	243,873	372,540
Statements of Comprehensive Income
Net income	388,908	243,873	372,540
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(79)	249	673
Comprehensive income	388,829	244,122	373,213
LAMAR MEDIA CORP. AND SUBSIDIARIES
Statements of Income
Net Revenues	1,787,401	1,568,856	1,753,644
Operating expenses (income):
Direct advertising expenses (exclusive of depreciation and amortization)	576,507	557,661	590,078
General and administrative expenses (exclusive of depreciation and amortization)	326,636	287,874	318,380
Corporate expenses (exclusive of depreciation and amortization)	93,074	70,457	84,229
Depreciation and amortization	271,294	251,296	250,028
Gain on disposition of assets	(2,115)	(9,026)	(7,241)
Total operating expenses	1,265,396	1,158,262	1,235,474
Operating income	522,005	410,594	518,170
Other expense (income):
Loss on extinguishment of debt	21,604	25,235	0
Interest income	(763)	(797)	(764)
Interest expense	106,384	137,623	150,616
Equity in earnings of investee	(3,384)	0	0
Total other expense (income)	123,841	162,061	149,852
Income before income tax expense (benefit)	398,164	248,533	368,318
Income tax expense (benefit)	9,256	4,660	(4,222)
Net income	388,908	243,873	372,540
Statements of Comprehensive Income
Net income	388,908	243,873	372,540
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(79)	249	673
Comprehensive income	$ 388,829	$ 244,122	$ 373,213

Consolidated Statements of 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, 2018	$ 1,131,784	$ 1,852,421	$ 12	$ (695,337)	$ 1,120,196	$ 0	$ 2,922,907	$ 12	$ (1,802,723)
Increase (Decrease) in Stockholders' Equity
Contribution from parent					69,822		69,822
Foreign currency translation adjustments					673			673
Net income	372,540			372,111	372,540				372,540
Dividend To Parent					(393,700)				(393,700)
Ending balance at Dec. 31, 2019	1,180,306	1,922,222	685	(708,408)	1,169,531	0	2,992,729	685	(1,823,883)
Increase (Decrease) in Stockholders' Equity
Contribution from parent					41,628		41,628
Foreign currency translation adjustments					249			249
Net income	243,873			243,386	243,873				243,873
Dividend To Parent					(262,437)				(262,437)
Ending balance at Dec. 31, 2020	1,192,844	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	388,908			388,090	388,908				388,908
Dividend To Parent					(410,875)				(410,875)
Ending balance at Dec. 31, 2021	$ 1,208,346	$ 2,001,399	$ 855	$ (734,415)	$ 1,208,346	$ 0	$ 3,071,905	$ 855	$ (1,864,414)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Consolidated Statements of Cash Flows (Subsidiary) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 388,090,000	$ 243,386,000	$ 372,111,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	271,294,000	251,296,000	250,028,000
Stock-based compensation	37,368,000	18,772,000	29,647,000
Amortization included in interest expense	5,877,000	5,909,000	5,365,000
Gain on disposition of assets	(2,115,000)	(9,026,000)	(7,241,000)
Loss on extinguishment of debt	21,604,000	25,235,000	0
Equity in earnings of investee	(3,384,000)	0	0
Deferred income tax expense (benefit)	1,574,000	(797,000)	(14,130,000)
Provision for doubtful accounts	4,527,000	12,729,000	10,608,000
(Increase) decrease in:
Receivables	(24,684,000)	1,287,000	(28,357,000)
Prepaid expenses	(5,493,000)	591,000	275,000
Other assets	5,030,000	7,629,000	(11,257,000)
Increase (decrease) in:
Trade accounts payable	1,308,000	841,000	700,000
Accrued expenses	9,553,000	10,052,000	(1,597,000)
Operating lease liabilities	3,819,000	24,549,000	9,102,000
Other liabilities	20,049,000	(22,580,000)	15,611,000
Cash flows provided by operating activities	715,546,000	539,029,000	604,940,000
Cash flows from investing activities:
Capital expenditures	(126,090,000)	(62,272,000)	(140,956,000)
Acquisitions	(312,257,000)	(45,584,000)	(226,278,000)
Payment for investments in equity securities	(30,000,000)	0	0
Decrease (increase) in notes receivable	107,000	0
Decrease (increase) in notes receivable			(448,000)
Proceeds received from property insurance claims	0	0	210,000
Proceeds from disposition of assets and investments	6,480,000	10,968,000	5,438,000
Cash flows used in investing activities	(461,760,000)	(96,888,000)	(362,034,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	200,000,000	725,000,000	495,000,000
Payments on revolving credit facility	(25,000,000)	(875,000,000)	(625,000,000)
Principal payments on long-term debt	(378,000)	(9,112,000)	(34,471,000)
Borrowings on long-term debt	0	8,750,000	0
Principal payments on financing leases	(1,331,000)	0	0
Proceeds received from senior credit facility term loans	0	598,500,000	0
Proceeds received from accounts receivable securitization program	180,000,000	122,500,000	9,000,000
Payments on accounts receivable securitization program	(127,500,000)	(175,000,000)	(9,000,000)
Debt issuance costs	(8,823,000)	(32,950,000)	(4,463,000)
Proceeds received from note offering	550,000,000	1,549,250,000	255,000,000
Redemption of senior notes and senior subordinated notes	(668,688,000)	(1,058,596,000)	0
Payments on senior credit facility term loans	0	(978,097,000)	0
Distributions to non-controlling interest	(601,000)	(1,509,000)	(621,000)
Dividends to parent	(410,875,000)	(262,437,000)	(393,700,000)
Cash flows used in financing activities	(275,648,000)	(347,073,000)	(238,433,000)
Effect of exchange rate changes in cash and cash equivalents	81,000	313,000	221,000
Net (decrease) increase in cash and cash equivalents	(21,781,000)	95,381,000	4,694,000
Cash and cash equivalents at beginning of period	121,069,000	25,688,000	20,994,000
Cash and cash equivalents at end of period	99,288,000	121,069,000	25,688,000
Supplemental disclosures of cash flow information:
Cash paid for interest	112,080,000	130,864,000	139,585,000
Cash paid for state and federal income taxes	8,388,000	4,033,000	14,449,000
LAMAR MEDIA CORP. AND SUBSIDIARIES
Cash flows from operating activities:
Net income	388,908,000	243,873,000	372,540,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	271,294,000	251,296,000	250,028,000
Stock-based compensation	37,368,000	18,772,000	29,647,000
Amortization included in interest expense	5,877,000	5,909,000	5,365,000
Gain on disposition of assets	(2,115,000)	(9,026,000)	(7,241,000)
Loss on extinguishment of debt	21,604,000	25,235,000	0
Equity in earnings of investee	(3,384,000)	0	0
Deferred income tax expense (benefit)	1,574,000	(797,000)	(14,130,000)
Provision for doubtful accounts	4,527,000	12,729,000	10,608,000
(Increase) decrease in:
Receivables	(24,684,000)	1,287,000	(28,357,000)
Prepaid expenses	(5,493,000)	591,000	275,000
Other assets	5,030,000	7,629,000	(11,257,000)
Increase (decrease) in:
Trade accounts payable	1,308,000	841,000	700,000
Accrued expenses	9,553,000	10,052,000	(1,597,000)
Operating lease liabilities	3,819,000	24,549,000	9,102,000
Other liabilities	360,000	(53,911,000)	(10,743,000)
Cash flows provided by operating activities	715,546,000	539,029,000	604,940,000
Cash flows from investing activities:
Capital expenditures	(126,090,000)	(62,272,000)	(140,956,000)
Acquisitions	(312,257,000)	(45,584,000)	(226,278,000)
Payment for investments in equity securities	(30,000,000)	0	0
Decrease (increase) in notes receivable	107,000	0
Decrease (increase) in notes receivable			(448,000)
Proceeds received from property insurance claims	0	0	210,000
Proceeds from disposition of assets and investments	6,480,000	10,968,000	5,438,000
Cash flows used in investing activities	(461,760,000)	(96,888,000)	(362,034,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	200,000,000	725,000,000	495,000,000
Payments on revolving credit facility	(25,000,000)	(875,000,000)	(625,000,000)
Principal payments on long-term debt	(378,000)	(9,112,000)	(34,471,000)
Borrowings on long-term debt	0	8,750,000	0
Principal payments on financing leases	(1,331,000)	0	0
Proceeds received from senior credit facility term loans	0	598,500,000	0
Proceeds received from accounts receivable securitization program	180,000,000	122,500,000	9,000,000
Payments on accounts receivable securitization program	(127,500,000)	(175,000,000)	(9,000,000)
Debt issuance costs	(8,823,000)	(32,950,000)	(4,463,000)
Proceeds received from note offering	550,000,000	1,549,250,000	255,000,000
Redemption of senior notes and senior subordinated notes	(668,688,000)	(1,058,596,000)	0
Payments on senior credit facility term loans	0	(978,097,000)	0
Distributions to non-controlling interest	(601,000)	(1,509,000)	(621,000)
Dividends to parent	(410,875,000)	(262,437,000)	(393,700,000)
Contributions from parent	37,548,000	41,628,000	69,822,000
Cash flows used in financing activities	(275,648,000)	(347,073,000)	(238,433,000)
Effect of exchange rate changes in cash and cash equivalents	81,000	313,000	221,000
Net (decrease) increase in cash and cash equivalents	(21,781,000)	95,381,000	4,694,000
Cash and cash equivalents at beginning of period	121,069,000	25,688,000	20,994,000
Cash and cash equivalents at end of period	99,288,000	121,069,000	25,688,000
Supplemental disclosures of cash flow information:
Cash paid for interest	112,080,000	130,864,000	139,585,000
Cash paid for state and federal income taxes	$ 8,388,000	$ 4,033,000	$ 14,449,000

Description of the Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of the Business and Significant Accounting Policies

(a)Nature of Business

Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 153,800 billboard advertising displays in 45 states and Canada. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves.

In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates approximately 46,600 transit advertising displays in 23 states and Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves.

The Company operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes and generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted.

(b)Principles of Consolidation

The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media Corp. (Lamar Media), and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation.

An operating segment is a component of an enterprise:

•that engages in business activities from which it may earn revenues and incur expenses;

•whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and

•for which discrete financial information is available.

We define the term ‘chief operating decision maker’ to be our executive management group, which consist of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Currently, all operations are reviewed on a consolidated basis for budget and business plan performance by our executive management group. Additionally, operational performance at the end of each reporting period is viewed in the aggregate by our management group. Any decisions related to changes in invested capital, personnel, operational improvement or training, or to allocate other company resources are made based on the combined results.

We operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals.

(c)Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.

(d)Goodwill and Intangible Assets

Goodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has identified two reporting units, Billboard operations and Logo operations, by assigning the

assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company is required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. To the extent the carrying amount of a reporting unit exceeds the fair value of the reporting unit, the Company would be required to book an impairment loss.

The Company conducts a qualitative assessment by examining relevant events and circumstances which could have a negative impact on the Company’s goodwill, which includes macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, reporting unit dispositions and acquisitions, the market capitalization of the Company and other relevant events specific to the Company. If, after assessing the totality of events or circumstances described above, the Company determines that it is more likely than not that the fair value of either of the Company's reporting units is less than its carrying amount, the Company will perform a quantitative impairment test. If industry and economic conditions deteriorate, the Company may be required to assess goodwill impairment before the next annual test, which could result in impairment charges.

The Company performed its annual measurement for impairment of the goodwill of its reporting units and concluded the fair value of each reporting unit exceeded its carrying amount at its annual impairment test date on December 31, 2021 and 2020; therefore, the Company was not required to recognize an impairment loss.

Intangible assets, consisting primarily of site locations, customer lists and contracts, and non-competition agreements are amortized using the straight-line method over the assets' estimated useful lives, generally from 2 to 15 years.

(e)Impairment of Long-Lived Assets

Long-lived assets, such as property, plant and equipment, lease right of use assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset or asset group before interest expense. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset or asset group. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposed group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet.

(f)Acquisitions

The Company accounts for transactions that meet the definition of a business and group asset purchases as acquisitions. For transactions that meet the definition of a business combination, the Company allocates the purchase price, including any contingent consideration, to the assets acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition with any excess of the purchase price paid over the estimated fair value of net assets acquired recorded as goodwill. The determination of the final purchase price and the acquisition-date fair value of identifiable assets acquired and liabilities assumed may extend over more than one period and result in adjustments to the preliminary estimate recognized in the prior period financial statements. For transactions that meet the definition of asset group purchases, the Company proportionally allocates the purchase price to the assets based on relative fair value acquired and the liabilities assumed at their estimated fair values as of the date of the acquisition. If a transaction is determined to be a group of assets, any direct acquisition costs are capitalized. Transaction costs for transactions determined to be a business combination are expensed as incurred.

The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset, adjusted for an estimated reduction in fair value due to age of the asset, and the economic useful life. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future cash flows.

(g)Lease Liabilities

The Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification as part of the adoption of ASC 842, Leases, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease.

Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the consolidated statements of income and comprehensive income. Interest related to financing lease liabilities is recorded in interest expense on the consolidated statements of income and comprehensive income.

The key estimates for our leases include (1) the discount rate used to discount the unpaid lease payment to present value and (2) lease term. Our leases generally do not include a readily determinable implicit rate, therefore, using a portfolio approach, we determine our collateralized incremental borrowing rate to discount the lease payment based on the information available at lease commencement. Our lease terms include the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. The Company has determined we are not reasonably certain to exercise renewals or termination options, and as a result we use the lease’s initial stated term as the lease term for our lease population.

(h)Deferred Income

Deferred income consists principally of advertising revenue invoiced in advance. Deferred advertising revenue is recognized in income over the term of the contract.

(i)Revenue Recognition

The Company recognizes outdoor advertising revenue on an accrual basis ratably over the term of the contracts. Production revenue and the related expense for the advertising copy are recognized upon satisfaction of its performance obligation.

The Company engages in barter transactions where the Company trades advertising space for goods and services. The Company recognizes revenues and expenses from barter transactions at fair value, which is determined based on the Company’s own historical practice of receiving cash for similar advertising space from buyers unrelated to the party in the barter transaction. The amount of revenue and expense recognized for advertising barter transactions is as follows:


	2021		2020		2019
Net revenues	$	7,718	$	8,088	$	9,636
Direct advertising expenses	$	4,014	$	3,971	$	3,982
General and administrative expenses	$	3,112	$	3,144	$	4,986

(j)Income Taxes

As a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective

tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date.

(k)Dividends/Distributions

As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the years ended December 31, 2021, 2020 and 2019, the Company declared and paid distributions of its REIT taxable income of $404,809 or $4.00 per share, $251,944 or $2.50 per share and $384,817 or $3.84 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in its existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During each of the years ended December 31, 2021, 2020 and 2019, the Company paid dividend distributions to holders of its Series AA Preferred Stock of $365 or $63.80 per share.

(l)Earnings Per Share

The calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. For the years ended December 31, 2021, 2020 and 2019 there were no dilutive shares excluded from the calculation.

(m)Stock Based Compensation

Compensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2021, 2020, and 2019 were $37,368, $18,772 and $29,647, respectively. The $37,368 expensed during the year ended December 31, 2021 consists of (i) $4,348 related to stock options and the employee stock purchase plan, (ii) $31,776 related to stock grants made under the Company’s performance-based stock incentive program in 2021, (iii) $622 related to non-performance restricted stock awards and (iv) $622 related to restricted stock awards to directors. See Note 15 for information on the assumptions used to calculate the fair value of stock-based compensation.

(n)Cash and Cash Equivalents

The Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents.

(o)Credit Losses

The Company estimates credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends.

(p)Foreign Currency Translation

Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income and as a component of accumulated comprehensive income in the Consolidated Statements of Stockholders’ Equity.

(q)Asset Retirement Obligations

The Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its leased properties.

(r)Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(s)Comprehensive Income

Total comprehensive income is presented in the Consolidated Statements of Income and Comprehensive Income and the components of accumulated comprehensive income are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive income is composed of foreign currency translation effects.

(t)Fair Value Measurements

The Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

(u) Investments

On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Consolidated Balance Sheet. For the year ended December 31, 2021, the Company recorded $3,384 in equity in earnings of investee on the Consolidated Statement of Income and Comprehensive Income.

(v) Subsequent Events

The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued.

Revenues

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

Revenue

Revenue Recognition

Advertising revenues: The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, are accounted for under ASC 606, Revenue from Contracts with Customers. The majority of our advertising space contracts do not meet the definition of a lease under ASC 842 and are therefore accounted for under ASC 606. The contract revenues are recognized ratably over their contract life. Costs to fulfill a contract, which include our costs to install advertising copy onto billboards, are capitalized and amortized to direct advertising expenses (exclusive of depreciation and amortization) in the Consolidated Statements of Income and Comprehensive Income. During the years ended December 31, 2021 and 2020, we capitalized $25,642 and $22,698, respectively, of costs to fulfill contracts, which is included in other current assets on the Consolidated Balance Sheets, net of expensed costs of $25,197 and $23,085, respectively.

Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts are recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week.

Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin.

Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months.

Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within direct advertising expense (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer.

The following table presents our disaggregated revenue by source for the years ended December 31, 2021, 2020 and 2019.


	2021		2020		2019
Billboard Advertising	$	1,613,554	$	1,403,239	$	1,537,542
Logo Advertising	78,180		82,944		84,201
Transit Advertising	95,667		82,673		131,901
Net Revenues	$	1,787,401	$	1,568,856	$	1,753,644

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Year Ended December 31, 2021

During the year ended December 31, 2021, the Company completed several acquisitions of outdoor and transit advertising assets for a total cash purchase price of $312,257, net of cash acquired of $1,419.

Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been allocated to assets acquired and liabilities assumed based on fair market value estimates at the dates of acquisition.

As of December 31, 2021, our fair value allocation of the assets acquired and liabilities assumed in a business combination completed December 3, 2021 is considered preliminary and is subject to revision, which may result in adjustments to this allocation. The aggregate purchase price of this business combination was $75,000. We expect to finalize these amounts as soon as possible but not later than the end of 2022. In order to develop our preliminary fair values, the Company utilized asset information received from the acquired company and fair value allocation benchmarks from similar completed transactions. Our preliminary allocation of these assets includes property, plant and equipment, intangibles and goodwill of $6,022, $53,775 and $9,506, respectively.

The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on December 3, 2021.


	Total
Property, plant and equipment	$	38,289
Goodwill	24,089
Site locations	206,734
Non-competition agreements	3,120
Customer lists and contracts	31,101
Other intangibles	721
Asset acquisition costs	523
Current assets	9,310
Current liabilities	(4,406)
Operating lease right of use assets	32,487
Operating lease liabilities	(30,197)
Other assets	486
	$	312,257

Total acquired intangible assets for the year ended December 31, 2021 were $266,288, of which $24,089 was assigned to goodwill. Goodwill is not amortized for financial statement purposes and $14,584 of goodwill related to 2021 acquisitions is expected to be deductible for tax purposes. The acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $31,101 (7 year weighted average useful life) and site locations of $206,734 (15 year weighted average useful life). The aggregate amortization expense related to the 2021 acquisitions for the year ended December 31, 2021 was $4,335.

The following unaudited pro forma financial information for the Company gives effect to the 2021 and 2020 acquisitions as if they had occurred on January 1, 2020. These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period.


	2021		2020
	(unaudited)
Net revenues	$	1,826,448	$	1,615,855
Net income applicable to common stock	$	379,874	$	230,035
Net income per common share — basic	$	3.76	$	2.28
Net income per common share — diluted	$	3.75	$	2.28

Year Ended December 31, 2020

During the year ended December 31, 2020, the Company completed several acquisitions of outdoor advertising assets for a total purchase price of $46,160, of which $45,584 was in cash and $576 in non-cash consideration.

Each of these acquisitions was accounted for under the acquisition method of accounting, and, accordingly, the accompanying consolidated financial statements include the results of operations of each acquired entity from the date of acquisition. The acquisition purchase price has been proportionally allocated to assets based on relative fair value acquired and liabilities assumed based on fair market value at the dates of acquisition.

The following is a summary of the allocation of the purchase price in the above transactions.


	Total
Property, plant and equipment	$	13,376
Site locations	27,902
Non-competition agreements	140
Customer lists and contracts	3,979
Asset acquisition costs	154
Current assets	3
Current liabilities	(295)
Operating right of use assets	7,269
Operating lease liabilities	(6,368)
	$	46,160

The total amount of acquired intangible assets have a weighted average useful life of approximately 14 years. The intangible assets include customer lists and contracts of $3,979 (7 year weighted average useful life) and site locations of $27,902 (15 year weighted average useful life). The aggregate amortization expense related to the 2020 acquisitions for the year ended December 31, 2020 was approximately $1,356.

Non-cash Financing and Investing Activities	12 Months Ended
Non-cash Financing and Investing Activities	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Non-cash Financing and Investing Activities	Non-cash Financing and Investing ActivitiesFor the years ended December 31, 2021, 2020 and 2019, there were no significant non-cash investing activities. For the year ended December 31, 2020, the Company had non-cash financing activities related to financing lease liabilities of $19,891. There were no significant non-cash financing activities during the years ended December 31, 2021 and 2019.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Major categories of property, plant and equipment at December 31, 2021 and 2020 are as follows:


	Estimated Life (Years)	2021		2020
Land	—	$	428,849	$	413,257
Building and improvements	10 — 39	206,870		187,921
Advertising structures	5 — 15	3,010,769		2,880,521
Automotive and other equipment	3 — 7	135,800		133,806
		$	3,782,288	$	3,615,505

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The following is a summary of intangible assets at December 31, 2021 and 2020:


	Estimated Life (Years)	2021				2020
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 — 10	$	676,846	$	587,056	$	645,739	$	563,135
Non-competition agreements	3 — 15	69,276		64,941		66,156		64,647
Site locations	15	2,619,531		1,680,333		2,412,745		1,593,805
Other	2 — 15	51,261		39,407		50,018		38,625
		$	3,416,914	$	2,371,737	$	3,174,658	$	2,260,212
Unamortizable Intangible Assets:
Goodwill		$	2,189,962	$	253,536	$	2,165,864	$	253,536

The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:


Balance as of December 31, 2019	$	2,165,810

Purchase price adjustments and other	54

Balance as of December 31, 2020	$	2,165,864
Goodwill acquired during the year	24,089
Purchase price adjustments and other	9

Balance as of December 31, 2021	$	2,189,962

Amortization expense for the years ended December 31, 2021, 2020 and 2019 was $114,319, $110,201 and $113,679, respectively. The following is a summary of the estimated amortization expense for future years:


2022	$	120,629
2023	110,005
2024	106,111
2025	102,658
2026	94,667
Thereafter	511,107
Total	$	1,045,177

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

LeasesThe Company is party to various operating leases for production facilities, vehicles and sites upon which advertising structures are built, including our billboard land leases, leases of logo structures and leases of transit advertising space. The leases expire at various dates, have varying options to renew and cancel, and may contain escalation provisions. We expense our non-variable lease payments ratably over the lease term. Also, certain of our leases contain variable lease payments based on percentage of revenue or consumer price index or other inflation-based indices. The variable lease costs are expensed in the period incurred. Due to our election not to reassess conclusions about lease identification, as part of the adoption of ASC 842, our transit agreements were accounted for as leases on January 1, 2019. As we enter into new or renew current transit agreements, those agreements will not likely meet the criteria of a lease under ASC 842, therefore they will no longer be accounted for as a lease.

Financing lease right of use assets are amortized over the life of the lease which is recorded in depreciation and amortization on the Consolidated Statements of Income and Comprehensive Income. Interest related to financing lease liabilities is recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income.

During the year ended December 31, 2021, we had base operating lease costs of $290,036 and variable operating lease costs of $98,682, for a total operating lease cost of $388,718. During the year ended December 31, 2020, we had base operating lease costs of $298,135 and variable operating lease costs of $69,242, for a total operating lease cost of $367,377. During the year ended December 31, 2019, we had base operating lease costs of $312,883 and variable lease costs of $76,492, for a total operating lease cost of $389,375. Variable operating lease costs above include non-lease transit payments of $47,054, $25,670 and $27,086 for the years ended December 31, 2021, 2020 and 2019, respectively. Our operating lease costs are recorded in direct advertising expenses (exclusive of depreciation and amortization). Also, for the years ended December 31, 2021, 2020 and 2019, we recorded a loss (gain) of $241, ($451) and ($4,061) respectively, in gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $296,460, $286,575 and $316,527 were made reducing our operating lease liabilities for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in cash flows provided by operating activities in the Consolidated Statements of Cash Flows.

We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets or lease liabilities for agreements with a term of twelve months or less. We recorded $6,184, $4,953 and $4,691 in direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the years ended December 31, 2021, 2020 and 2019, respectively.

Our operating leases have a weighted-average remaining lease term of 12.0 years. The weighted-average discount rate of our operating leases is 4.5%. During the years ended December 31, 2021 and 2020, we obtained $49,927 and $25,264, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions. Lease terminations during the year resulted in a $5,697 and $23,173 reduction to operating lease liabilities for the years ended December 31, 2021 and 2020, respectively.

The following is a summary of the maturities of our operating lease liabilities as of December 31, 2021:


2022	$	229,824
2023	183,407
2024	163,324
2025	138,088
2026	115,165
Thereafter	758,339
Total undiscounted operating lease payments	1,588,147
Less: Imputed interest	(394,505)
Total operating lease liabilities	$	1,193,642

During the year ended December 31, 2020, we obtained $19,891 of leased assets in exchange for new financing lease liabilities. Our financing leases have a weighted-average remaining lease term of 5.9 years and a weighted-average discount rate of 3.1%. For the years ended December 31, 2021 and 2020, amortization expense of $2,853 and $222 was recorded within depreciation and amortization, respectively, and interest expense of $585 and $47 was recorded within interest expense, respectively, on the Consolidated Statements of Income and Comprehensive Income in relation to these financing lease

liabilities. Cash payments of $1,331 were made reducing our financing lease liabilities for the year ended December 31, 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 years ended December 31, 2020 and 2019. We had no expenses relating to the financing lease liabilities for the year ended December 31, 2019.

Leases

The following is a summary of the maturities of our operating lease liabilities as of December 31, 2021:


2022	$	229,824
2023	183,407
2024	163,324
2025	138,088
2026	115,165
Thereafter	758,339
Total undiscounted operating lease payments	1,588,147
Less: Imputed interest	(394,505)
Total operating lease liabilities	$	1,193,642

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

The following is a summary of accrued expenses at December 31, 2021 and 2020:


	2021		2020
Payroll	$	36,531	$	17,034
Interest	22,009		33,583
Insurance benefits	11,205		12,499
Accrued variable lease and contract expense	21,487		19,274
Stock-based compensation	30,450		11,589
Other	13,356		11,309
	$	135,038	$	105,288

Long-term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt consists of the following at December 31, 2021 and 2020:


	December 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	773,717	$	9,306	$	764,411
Accounts Receivable Securitization Program	175,000		585		174,415
3 3/4% Senior Notes	600,000		7,036		592,964
3 5/8% Senior Notes	550,000		7,711		542,289
4% Senior Notes	549,359		7,208		542,151
4 7/8% Senior Notes	400,000		5,013		394,987
Other notes with various rates and terms	2,378		—		2,378
	3,050,454		36,859		3,013,595
Less current maturities	(175,363)		(585)		(174,778)
Long-term debt, excluding current maturities	$	2,875,091	$	36,274	$	2,838,817


	December 31, 2020
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	598,466	$	11,569	$	586,897
Accounts Receivable Securitization Program	122,500		445		122,055
3 3/4% Senior Notes	600,000		8,031		591,969
4% Senior Notes	549,280		7,911		541,369
4 7/8% Senior Notes	400,000		5,586		394,414
5 3/4% Senior Notes	653,631		6,575		647,056
Other notes with various rates and terms	2,756		—		2,756
	2,926,633		40,117		2,886,516
Less current maturities	(122,879)		(445)		(122,434)
Long-term debt, excluding current maturities	$	2,803,754	$	39,672	$	2,764,082

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2022	$	363	$	—	$	363
2023	$	381	$	—	$	381
2024	$	175,400	$	585	$	174,815
2025	$	175,420	$	3,371	$	172,049
2026	$	442	$	—	$	442
Thereafter	$	2,698,448	$	32,903	$	2,665,545

Senior Credit Facility

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

The senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a $600,000 Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with borrowings under the revolving portion of the senior credit facility and a portion of the proceeds of the issuance of the 3 3/4% Senior Notes due 2028 and 4% Senior Notes due 2030 (both as described below), were used to repay all outstanding amounts under the Third Amended and Restated Credit Agreement, and all revolving commitments under that facility were terminated. As a result of refinancing our credit facility the Company incurred a loss on debt extinguishment of $5,608 for the year ended December 31, 2020.

The Term B loans mature on February 6, 2027 with no required amortization payments. The Term B loans bear interest at rates based on the Adjusted LIBO Rate (“Eurodollar term loans”) or the Adjusted Base Rate (“Base Rate term loans”), at Lamar Media’s option. Eurodollar term loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50%. Base Rate term loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50%.

The revolving credit facility bears interest at rates based on the Adjusted LIBO Rate (“Eurodollar revolving loans”) or the Adjusted Base Rate (“Base Rate revolving loans”), at Lamar Media’s option. Eurodollar revolving loans bear interest at a rate per annum equal to the Adjusted LIBO Rate plus 1.50% (or the Adjusted LIBO Rate plus 1.25% at any time the Total Debt Ratio is less than or equal to 3.25 to 1). Base Rate revolving loans bear interest at a rate per annum equal to the Adjusted Base Rate plus 0.50% (or the Adjusted Base Rate plus 0.25% at any time the total debt ratio is less than or equal to 3.25 to 1). The guarantees, covenants, events of default and other terms of the senior credit facility apply to the Term B loans and revolving credit facility.

As of December 31, 2021, there were $175,000 in outstanding borrowings under the revolving credit facility. Availability under the revolving credit facility is reduced by the amount of any letters of credit outstanding. Lamar Media had $12,374 in letters of credit outstanding as of December 31, 2021 resulting in $562,626 of availability under the revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025.

The terms of Lamar Media’s senior credit facility and the indentures relating to Lamar Media’s outstanding notes restrict, among other things, the ability of Lamar Advertising and Lamar Media to:

•dispose of assets;

•incur or repay debt;

•create liens;

•make investments; and

•pay dividends.

The senior credit facility contains provisions that allow Lamar Media to conduct its affairs in a manner that allows Lamar Advertising to qualify and remain qualified as a REIT, including by allowing Lamar Media to make distributions to Lamar Advertising required for the Company to qualify and remain qualified for taxation as a REIT, subject to certain restrictions.

Lamar Media’s ability to make distributions to Lamar Advertising is also restricted under the terms of these agreements. Under the senior credit facility, the Company must maintain a specified secured debt ratio as long as a revolving credit commitment, revolving loan or letter of credit remains outstanding, and in addition, must satisfy a total debt ratio in order to incur debt, make distributions or make certain investments.

Lamar Advertising and Lamar Media were in compliance with all of the terms of their indentures and the senior credit facility provisions during the periods presented.

Accounts Receivable Securitization Program

On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the "Receivable Financing Agreement") with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) (the "Accounts Receivable Securitization Program"). The Accounts Receivable Securitization Program is limited to the availability of eligible accounts receivable collateralizing the borrowings under the agreements governing the Accounts Receivable Securitization Program.

Pursuant to two separate Purchase and Sale Agreements dated December 18, 2018, each of which is among Lamar Media as initial Servicer, certain of Lamar Media’s subsidiaries and a Special Purpose Subsidiary, the subsidiaries sold substantially all of their existing and future accounts receivable balances to the Special Purpose Subsidiaries. The Special Purpose Subsidiaries use the accounts receivable balances to collateralize loans pursuant to the Accounts Receivable Securitization Program. Lamar Media retains the responsibility of servicing the accounts receivable balances pledged as collateral under the Accounts Receivable Securitization Program and provides a performance guaranty.

On June 30, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Third Amendment (the “Third Amendment”) to the Receivables Financing Agreement. The Third Amendment increased the maximum three month average

Delinquency Ratio, Dilution Ratio and Days’ Sales Outstanding to 11.00% (from 8.00%), 7.00% (from 4.00%) and 75 days (from 65 days), respectively, for each of the months of June, July and August 2020. The Third Amendment did not modify any other financial covenant. Additionally, the Third Amendment established a new Minimum Funding Threshold, which requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election.

On October 23, 2020, Lamar Media and the Special Purpose Subsidiaries entered into the Fourth Amendment (the “Fourth Amendment”) to the Receivables Financing Agreement. The Fourth Amendment increased the maximum three month average Delinquency Ratio generally to 13.00% (and up to 16.00% for up to two additional periods upon written notice from Lamar Media), and increased the maximum three month average Dilution Ratio to 5.00% for the remaining term of the Accounts Receivable Securitization Program. Additionally, the Fourth Amendment increased the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 70.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, though the Special Purpose Subsidiaries had the right to borrow less than the Minimum Funding Threshold during certain periods prior to December 21, 2020 at their election.

On May 24, 2021, Lamar Media and the Special Purpose Subsidiaries entered into the Fifth Amendment (the "Fifth Amendment") to the Receivables Financing Agreement. The Fifth Amendment extended the maturity date of the Accounts Receivable Securitization Program to July 21, 2024. Additionally, the Fifth Amendment decreased the Minimum Funding Threshold which, as amended, requires the Special Purpose Subsidiaries to maintain minimum borrowings under the Accounts Receivable Securitization Program on any day equal to the lesser of (i) 50.00% of the aggregate Commitment of all Lenders or (ii) the Borrowing Base, provided that the Minimum Funding Threshold shall be zero on any day that is a Minimum Funding Threshold Holiday which, as amended, provides for an annual holiday from the requirement of up to sixty days per year. The Fifth Amendment also provides for updated LIBOR replacement procedures.

As of December 31, 2021, there was $175,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had no additional availability for borrowing under the Accounts Receivable Securitization Program as of December 31, 2021. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the year ended December 31, 2021.

The Accounts Receivable Securitization Program will mature on July 21, 2024. Lamar Media may amend the facility to extend the maturity date, enter into a new securitization facility with a different maturity date, or refinance the indebtedness outstanding under the Accounts Receivable Securitization Program using borrowings under its senior credit facility or from other financing sources.

The Accounts Receivable Securitization Program is accounted for as a collateralized financing activity, rather than a sale of assets, and therefore: (i) accounts receivable balances pledged as collateral are presented as assets and the borrowings are presented as liabilities on our Consolidated Balance Sheets, (ii) our Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Consolidated Statements of Cash Flows.

5% Senior Subordinated Notes

On October 30, 2012, Lamar Media completed an institutional private placement of $535,000 aggregate principal amount of 5% Senior Subordinated Notes due 2023 (the “5% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $527,100.

On August 31, 2020, Lamar Media redeemed $267,500 in aggregate principal amount of the outstanding 5% Notes at a redemption price of 100.833%, plus accrued and unpaid interest up to but not including the redemption date. On September 16, 2020 Lamar Media redeemed the remaining aggregate principal amount of $267,500 of the outstanding 5% Notes at a redemption price of 100.833%, plus accrued and unpaid interest up to but not including the redemption date. These redemptions

were funded using cash on hand, borrowings under the revolving credit facility and the Accounts Receivable Securitization Program and proceeds from the additional 4% Senior Notes issued on August 19, 2020. These redemptions combined resulted in a loss on debt extinguishment of $7,051, of which $4,456 was cash, for the year ended December 31, 2020.

5 3/8% Senior Notes

On January 10, 2014, Lamar Media completed an institutional private placement of $510,000 aggregate principal amount of 5 3/8% Senior Notes due 2024 (the “5 3/8% Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $502,300. Lamar Media used the proceeds from the 4% Senior Notes (defined below) and 3 3/4% Senior Notes (defined below) to redeem in full all of the 5 3/8% Notes on February 20, 2020 at a redemption price of 101.792% of the aggregate principal amounts of the outstanding 5 3/8% Notes, plus accrued and unpaid interest up to but not including the redemption date. In conjunction with the redemption, the Company recorded a loss on debt extinguishment of $12,576, of which $9,139 was cash, for the year ended December 31, 2020.

5 3/4% Senior Notes

On January 28, 2016, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 5 3/4% Senior Notes due 2026 (the “Original 5 3/4 % Notes”). The institutional private placement resulted in net proceeds to Lamar Media of approximately $394,500.

On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount under its 5 3/4% Notes (the “Additional 5 3/4% Notes”, and together with the Original 5 3/4% Notes, the "5 3/4% Notes"). Other than with respect to the date of issuance, issue price and CUSIP number, the Additional 5 3/4% Notes have the same terms as the Original 5 3/4% Notes. The net proceeds after underwriting fees and expenses, was approximately $251,500.

On February 3, 2021, Lamar Media redeemed in full all $650,000 aggregate principal amount 5 3/4% Notes. The 5 3/4% Notes redemption was completed using the proceeds received from the 3 5/8% Notes offering completed on January 22, 2021 (as described below), together with cash on hand and borrowings under the revolving credit facility and Accounts Receivable Securitization Program. The 5 3/4% Notes were redeemed at a redemption price equal to 102.875% of the aggregate principal amount of the outstanding notes, plus accrued and unpaid interest to (but not including) the redemption date. During the year ended December 31, 2021, the Company recorded a loss on debt extinguishment of approximately $21,604 related to the note redemption, of which $18,700 was in cash.

4% Senior Notes

On February 6, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4% Senior Notes due 2030 (the “Original 4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.

On August 19, 2020, Lamar Media completed an institutional private placement of an additional $150,000 aggregate principal amount of its 4% Notes (the “Additional 4% Notes”, and together with the "Original 4% Notes, the "4% Notes"). Other than with respect to the date of issuance and issue price, the Additional 4% Notes have the same terms as the Original 4% Notes. The institutional private placement on August 19, 2020 resulted in net proceeds to Lamar Media of approximately $146,900.

Lamar Media may redeem up to 40% of the aggregate principal amount of the 4% Notes, at any time and from time to time, at a price equal to 104% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2025, Lamar Media may redeem some or all of the 4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2025, Lamar Media may redeem the 4% Notes, in whole or in part, in cash at redemption prices specified in the 4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4% Notes at a price equal to 101% of the principal amount of the 4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

3 3/4% Senior Notes

On February 6, 2020, Lamar Media completed an institutional private placement of $600,000 aggregate principal amount of 3 3/4% Senior Notes due 2028 (the “3 3/4% Notes”). The institutional private placement on February 6, 2020 resulted in net proceeds to Lamar Media of approximately $592,500.

Lamar Media may redeem up to 40% of the aggregate principal amount of 3 3/4% Notes, at any time and from time to time, at a price equal to 103.75% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before February 15, 2023, provided that following the redemption, at least 60% of the 3 3/4% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to February 15, 2023, Lamar Media may redeem some or all of the 3 3/4% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after February 15, 2023, Lamar Media may redeem the 3 3/4% Notes, in whole or in part, in cash at redemption prices specified in the 3 3/4% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 3 3/4% Notes at a price equal to 101% of the principal amount of the 3 3/4% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

4 7/8% Senior Notes

On May 13, 2020, Lamar Media completed an institutional private placement of $400,000 aggregate principal amount of 4 7/8% Senior Notes due 2029 (the “4 7/8% Notes”). The institutional private placement on May 13, 2020 resulted in net proceeds to Lamar Media of approximately $395,000.

Lamar Media may redeem up to 40% of the aggregate principal amount of the 4 7/8% Notes, at any time and from time to time, at a price equal to 104.875% of the aggregate principal amount redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before May 15, 2023, provided that following the redemption, at least 60% of the 4 7/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2024, Lamar Media may redeem some or all of the 4 7/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2024, Lamar Media may redeem the 4 7/8% Notes, in whole or in part, in cash at redemption prices specified in the 4 7/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder’s 4 7/8% Notes at a price equal to 101% of the principal amount of the 4 7/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

3 5/8% Senior Notes

On January 22, 2021, Lamar Media completed an institutional private placement of $550,000 aggregate principal amount of 3 5/8% Senior Notes due 2031 (the "3 5/8% Notes"). The institutional private placement on January 22, 2021 resulted in net proceeds to Lamar Media of approximately $542,500.

Lamar Media may redeem up to 40% of the aggregate principal amount of the 3 5/8% Notes, at any time and from time to time, at a price equal to 103.625% of the aggregate principal amount so redeemed, plus accrued and unpaid interest thereon, with the net cash proceeds of certain public equity offerings completed before January 15, 2024 provided that following the redemption, at least 60% of the 3 5/8% Notes that were originally issued remain outstanding and any such redemption occurs within 120 days following the closing of any such public equity offering. At any time prior to January 15, 2026, Lamar Media may redeem some or all of the 3 5/8% Notes at a price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest thereon and a make-whole premium. On or after January 15, 2026, Lamar Media may redeem the 3 5/8% Notes, in whole or in part, in cash at redemption prices specified in the 3 5/8% Notes. In addition, if the Company or Lamar Media undergoes a change of control, Lamar Media may be required to make an offer to purchase each holder's 3 5/8% Notes at a price equal to 101% of the principal amount of the 3 5/8% Notes, plus accrued and unpaid interest, up to but not including the repurchase date.

Debt Repurchase Program

On March 16, 2020, the Company’s Board of Directors authorized Lamar Media to repurchase up to $250,000 outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. On September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of December 31, 2021.

Asset Retirement Obligation

12 Months Ended

Dec. 31, 2021

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

The Company’s asset retirement obligation includes the costs associated with the removal of its structures, resurfacing of the land and retirement cost, if applicable, related to the Company’s outdoor advertising portfolio. The following table reflects information related to our asset retirement obligations:


Balance at December 31, 2019	$	226,137
Additions to asset retirement obligations	658
Accretion expense	4,135
Liabilities settled	(8,054)
Balance at December 31, 2020	$	222,876
Additions to asset retirement obligations	3,662
Revision in estimates	41,644
Accretion expense	4,476
Liabilities settled	(3,291)
Balance at December 31, 2021	$	269,367

Revision in estimates of $41,644 reflects changes in cost estimates to remove structures and resurface land for structures that reside on leased land in the Company's outdoor advertising portfolio.

Depreciation and Amortization

12 Months Ended

Dec. 31, 2021

Depreciation, Depletion and Amortization [Abstract]

Depreciation and Amortization

The Company includes all categories of depreciation and amortization on a separate line in its Consolidated Statements of Income and Comprehensive Income. The amounts of depreciation and amortization expense excluded from the following operating expenses in its Consolidated Statements of Income and Comprehensive Income are as follows:


	Year Ended December 31,
	2021		2020		2019
Direct advertising expenses	$	253,850	$	236,054	$	235,544
General and administrative expenses	4,691		4,996		4,416
Corporate expenses	12,753		10,246		10,068
	$	271,294	$	251,296	$	250,028

The increase in the amount of depreciation and amortization expense excluded from direct advertising expense for the year ended December 31, 2021 as compared to the year ended December 31, 2020 is due to the revision in the cost estimate included in the calculation of asset retirement obligations during the period.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesCommencing January 1, 2014, the Company began operating as a REIT for U.S. income tax purposes. Since operating as a REIT, the Company filed, and intends to continue to file, as a REIT, and its TRSs filed, and intend to continue to file, as C corporations. The Company also files tax returns in various states and countries. The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state. The following information pertains to the Company’s income taxes on a consolidated basis.

Income tax expense (benefit) consists of the following:


	Current		Deferred		Total
Year ended December 31, 2021
U.S. federal	$	4,723	$	620	$	5,343
State and local	3,958		254		4,212
Foreign	(999)		700		(299)
	$	7,682	$	1,574	$	9,256
Year ended December 31, 2020
U.S. federal	$	2,997	$	(45)	$	2,952
State and local	1,940		311		2,251
Foreign	520		(1,063)		(543)
	$	5,457	$	(797)	$	4,660
Year ended December 31, 2019
U.S. federal	$	6,045	$	(13,450)	$	(7,405)
State and local	2,699		(2,654)		45
Foreign	1,164		1,974		3,138
	$	9,908	$	(14,130)	$	(4,222)

As of December 31, 2021 and 2020, the Company had income taxes payable of $5,915 and $4,707, respectively, which was recorded within accrued expenses on the Consolidated Balance Sheets.

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


	2021		2020		2019
U.S.	$	395,800	$	249,714	$	357,445
Foreign	1,546		(1,668)		10,444
Total	$	397,346	$	248,046	$	367,889

A reconciliation of significant differences between the reported amount of income tax expense (benefit) and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 21 percent to income before taxes for the 2021, 2020 and 2019 tax years is as follows:


	2021		2020		2019
Income tax expense at U.S. federal statutory rate	$	83,443	$	52,090	$	77,257
Tax adjustment related to REIT(a)	(83,153)		(50,395)		(70,619)
State and local income taxes, net of federal income tax benefit	2,917		1,222		2,039
Book expenses not deductible for tax purposes	1,893		3,156		4,144
Stock-based compensation	3,555		(2,033)		(1,177)
Valuation allowance(b)	(1,564)		(1,031)		(1,032)
Rate change(c)	—		(182)		—
Undistributed earnings of foreign subsidiaries(d)	292		(78)		(102)
Deferred tax adjustment due to REIT conversion(e)	—		—		(17,031)
Other differences, net	1,873		1,911		2,299
Income tax expense (benefit)	$	9,256	$	4,660	$	(4,222)

(a)Includes dividend paid deduction of $85,087, $52,985 and $76,688 for the tax years ended December 31, 2021, 2020 and 2019, respectively.

(b)For the years ended December 31, 2021, 2020 and 2019, a non-cash valuation allowance of ($1,564), ($1,031) and ($1,032), respectively, was recorded to income tax expense (benefit) due to our limited ability to utilize Puerto Rico deferred tax assets in future years.

(c)Under Act 257, the Puerto Rico corporate income tax rate was lowered from 39% to 37.5%. As a result, a non-cash benefit of $182 to income tax expense (benefit) was recorded for the reduction of the Puerto Rico net deferred tax liability for the year ended December 31, 2020.

(d)Management does not assert that the undistributed earnings of our Canadian subsidiaries will be permanently reinvested. For the years ended December 31, 2021, 2020 and 2019, we recognized a deferred tax expense (benefit) of $292, ($78) and ($102), respectively, for future foreign withholding taxes related to undistributed earnings.

(e)The income tax provision for the year ended December 31, 2019 is net of the deferred tax benefit of $17,031, which relates to the transfer of assets purchased from Fairway into our qualifying REIT subsidiary on June 28, 2019. The Fairway assets were initially placed in the TRS.

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


	2021		2020
Deferred tax assets:
Allowance for doubtful accounts	$	493	$	328
Accrued liabilities not deducted for tax purposes	3,071		3,358
Net operating loss carry forwards	16,488		18,803
Tax credit carry forwards	692		693
Charitable contributions carry forward	3		4
Investment in partnerships	228		367
Gross deferred tax assets	20,975		23,553
Less: valuation allowance	(19,433)		(20,997)
Net deferred tax assets	1,542		2,556
Deferred tax liabilities:
Intangibles	(5,209)		(5,443)
Property, plant and equipment	(1,765)		(911)
Undistributed earnings of foreign subsidiaries	(984)		(1,056)
Gross deferred tax liabilities	(7,958)		(7,410)
Net deferred tax liabilities	$	(6,416)	$	(4,854)

As of December 31, 2021, we have approximately $149,212 of U.S. net operating loss carry forwards to offset future taxable income. Of this amount, $29,496 is subject to Internal Revenue Code §382 limitation but will be available to be fully utilized by no later than 2027. These carry forwards expire between 2028 through 2037. In addition, we have $1,205 of various credits available to offset future U.S. federal income tax.

As of December 31, 2021, we have approximately $1,033,956 of state net operating loss carry forwards before valuation allowances. These state net operating losses are available to reduce future taxable income and expire at various times and amounts. In addition, we have $100 of various credits available to offset future state income tax. The valuation allowance related to state net operating loss carry forwards as of December 31, 2021 and 2020 was $334 and $321, respectively. The net changes in the total state valuation allowance for the years ended December 31, 2021 and 2020 was an increase of $13 and $320, respectively.

As of December 31, 2021, we had approximately $4,047 of Canadian net operating loss carry forwards before valuation allowances. These Canadian net operating losses are available to offset future taxable income. These carry forwards expire between 2040 and 2041.

As of December 31, 2021, we had approximately $39,863 of Puerto Rico net operating loss carry forwards before valuation allowances. These Puerto Rico net operating losses are available to offset future taxable income. These carry forwards expire between 2022 and 2029. In addition, we have $178 of alternative minimum tax credits available to offset future Puerto Rico income tax.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those jurisdictions during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry back and carry forward periods), projected future taxable income, and tax-planning strategies in making this assessment. In order to fully realize the deferred tax assets, the Company will need to generate future taxable income before the expiration of the carry forwards governed by the tax code. Based on the current level of pretax earnings, the Company will not generate the minimum amount of future taxable income to support the realization of the deferred tax assets. As a result, management has determined that a valuation allowance related to Puerto Rico net operating loss carry forwards and other deferred tax assets is necessary. The valuation allowance for these deferred tax assets as of December 31, 2021 and 2020 was $19,099 and $20,676, respectively. The net change in the total valuation allowance for the years ended December 31, 2021 and 2020 was a decrease of $1,577 and $2,226, respectively. The amount of the deferred tax asset considered realizable, however, could be adjusted in the near term if estimates of future taxable income during the carry forward period increase.

As of December 31, 2021, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $19,682. Management does not designate these earnings as permanently reinvested and has recognized a deferred tax liability of approximately $984 related to foreign withholding taxes on these earnings. We have recognized a current year tax benefit of $77 related to 2021 earnings.

Under ASC 740, Income Taxes, we provide for uncertain tax positions, and the related interest, and adjust recognized tax benefits and accrued interest accordingly. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


Balance as of December 31, 2019	$	4,450
Additions for tax positions related to current year	862
Additions for tax positions related to prior years	667

Lapse of statute of limitations	(1,013)

Balance as of December 31, 2020	$	4,966
Additions for tax positions related to current year	1,166
Additions for tax positions related to prior years	381
Reductions for tax positions related to prior years	(1,388)


Balance as of December 31, 2021	$	5,125

Included in the balance of unrecognized benefits at December 31, 2021 is $5,125 of tax benefits that, if recognized in future periods, would impact our effective tax rate. During the years ended December 31, 2021 and 2020, we recognized interest and penalties of ($42) and $173, respectively, as a component of income tax expense (benefit) in connection with our liabilities related to uncertain tax positions.

Within the next twelve months, we expect to decrease our unrecognized tax benefits by approximately $1,389 as a result of the expiration of statute of limitations.

We are subject to income taxes in the U.S. and nearly all states. In addition, the Company is subject to income taxes in Canada and the Commonwealth of Puerto Rico. We are no longer subject to U.S federal income tax examinations by tax authorities for years prior to 2018, or for any U.S. state income tax audit prior to 2015. With respect to Canada and Puerto Rico, we are no longer subject to income tax audits for years before 2018 and 2017, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Advertising Company or its subsidiaries through common ownership and directorate control. RTC Holdings, LLC (“RTC”), a telecommunications company, is 100% owned by entities owned by members of the Reilly family. Entities owned by Sean E. Reilly, President and Chief Executive Officer of the Company; Kevin P. Reilly, Jr., Executive Chairman of the Board of Directors; and members of their respective immediate families hold a majority stake in RTC of approximately 89%. The Reilly Family, LLC, which is owned by Sean E. Reilly, Kevin P. Reilly, Jr., members of our Board of Directors Anna Reilly and Wendell Reilly, and entities owned by each of them and members of their respective immediate families, holds the remaining minority stake in RTC of approximately 11%. On May 31, 2019, RTC acquired EATELCORP, LLC (“EATEL”) and its subsidiaries. EATEL provides phone and internet services to consumers and businesses in Louisiana. EATEL also provides data back-up and recovery services to businesses. During the years ended December 31, 2021 and 2020, the Company was a customer of EATEL for data back-up and recovery services. The aggregate amount paid by the Company to EATEL for such services was $315 and $311 for the years ended December 31, 2021 and 2020, respectively. The Company was also contracted by EATEL to provide advertising services in the aggregate amount of $139 and $134 for the years ended December 31, 2021 and 2020, respectively. The Company had $1,066 and no receivables from employees or executive officers at December 31, 2021 and 2020, respectively. On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global developer of programmatic technology for the digital out-of-home sector. For the year ended December 31, 2021, the Company recognized revenue of $10,586 from advertisements generated through Vistar's programmatic technology platform. We also incurred expenses of $880 related to these advertisements for the year ended December 31, 2021.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity On July 16, 1999, the Board of Directors designated 5,720 shares of the 1,000,000 shares of previously undesignated preferred stock, par value $.001, as Series AA preferred stock, which shares were subsequently exchanged on a one for one basis in the REIT conversion. The Series AA preferred stock ranks senior to the Class A common stock and Class B common stock with respect to dividends and upon liquidation. Holders of Series AA preferred stock are entitled to receive, on a pari passu basis, dividends at the rate of $15.95 per share per quarter when, as and if declared by the Board of Directors. The Series AA preferred stock is entitled to receive, on a pari passu basis, $638 plus a further amount equal to any dividend accrued and unpaid to the date of distribution before any payments are made or assets distributed to the Class A common stock or Class B stock upon voluntary or involuntary liquidation, dissolution or winding up of the Company. The liquidation value of the outstanding Series AA preferred stock at December 31, 2021 was $3,649. The Series AA preferred stock is entitled to one vote per share. All of the outstanding shares of common stock are fully paid and nonassessable. In the event of the liquidation or dissolution of the Company, following any required distribution to the holders of outstanding shares of preferred stock, the holders of common stock are entitled to share pro rata in any balance of the corporate assets available for distribution to them. The Company may pay dividends if, when and as declared by the Board of Directors from funds legally available therefore, subject to the restrictions set forth in the Company’s existing indentures and the senior credit facility. Subject to the preferential rights of the holders of any class of preferred stock, holders of shares of common stock are entitled to receive such dividends as may be declared by the Company’s Board of Directors out of funds legally available for such purpose. No dividend may be declared or paid in cash or property on any share of either class of common stock unless simultaneously the same dividend is declared or paid on each share of the other class of common stock, provided that, in the event of stock dividends, holders of a specific class of common stock shall be entitled to receive only additional shares of such class. The rights of the Class A and Class B common stock are equal in all respects, except holders of Class B common stock have ten votes per share on all matters in which the holders of common stock are entitled to vote and holders of Class A common stock have one vote per share on such matters. The Class B common stock will convert automatically into Class A common stock upon the sale or transfer to persons other than permitted transferees (as defined in the Company’s certificate of incorporation, as amended). On May 1, 2018, the Company entered into an equity distribution agreement (the “Sales Agreement”) with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, and SunTrust Robinson Humphrey, Inc. as its sales agents. Under the terms of the Sales Agreement, the Company could have, from time to time, issued and sold shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the sales agents party thereto as either agents or principals. The Sales Agreement expired by its terms on May 1, 2021 and as of that date, 842,412 shares of our Class A common stock were sold under the Sales Agreement. On June 21, 2021, the Company entered into a new equity distribution agreement (the "2021 Sales Agreement") with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. and Scotia Capital (USA) Inc. as our sales agents (each a "Sales Agent", and collectively, the "Sales Agents"), which replaced the prior Sales Agreement with substantially similar terms. Under the terms of the 2021 Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A Common Stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A Common Stock, or sales made to or through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A common stock under the 2021 Sales Agreement and may at any time suspend solicitations and offers under the 2021 Sales Agreement. As of December 31, 2021, no shares of our Class A common stock have been sold under the 2021 Sales Agreement and accordingly $400,000 remained available to be sold under the 2021 Sales Agreement as of December 31, 2021. On August 6, 2018, the Company filed an automatically effective shelf registration statement that registered the offer and sale of an indeterminate amount of additional shares of our Class A common stock, which expired in August 2021. There were no shares issued under this shelf registration during the year ended December 31, 2021. On June 21, 2021, the Company filed a new automatically effective shelf registration statement that allows Lamar Advertising to offer and sell an indeterminate amount of additional shares of its Class A common stock on similar terms as the prior registration statement. As of December 31, 2021, the Company did not issue any shares under this shelf registration. On March 16, 2020, the Company’s Board of Directors authorized the repurchase of up to $250,000 of the Company’s Class A common stock. On September 20, 2021, the Board of Directors authorized the extension of the repurchase program through March 31, 2023. There were no repurchases under the program as of December 31, 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock Compensation Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

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 to five years which primarily includes 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the Nasdaq Global Select Market on the date of grant.

In February 2013, the 1996 Plan was amended to eliminate the provision that limited the amount of Class A common stock, including shares retained from an award, that could be withheld to satisfy tax withholding obligations to the minimum tax obligations required by law (except with respect to option awards). In accordance with ASC 718, Compensation – Stock Compensation, the Company is required to classify the awards affected by the amendment as liability-classified awards at fair value each period prior to their settlement. As of December 31, 2021 and 2020, the Company recorded a liability, in accrued expenses, of $30,450 and $11,589, respectively, related to its equity incentive awards affected by this amendment.

We use a Black-Scholes-Merton option pricing model to estimate the fair value of share-based awards. The Black-Scholes-Merton option pricing model incorporates various highly subjective assumptions, including expected term and

expected volatility. We have reviewed our historical pattern of option exercises and have determined that meaningful differences in option exercise activity existed among vesting schedules. Therefore, for all stock options granted after January 1, 2006, we have categorized these awards into two groups of vesting 1) 5-year cliff vest and 2) 4-year graded vest, for valuation purposes. We have determined there were no meaningful differences in employee activity under our ESPP due to the nature of the plan.

We estimate the expected term of options granted using an implied life derived from the results of a hypothetical mid-point settlement scenario, which incorporates our historical exercise, expiration and post-vesting employment termination patterns, while accommodating for partial life cycle effects. We believe these estimates will approximate future behavior.

We estimate the expected volatility of our Class A common stock at the grant date using a blend of 90% historical volatility of our Class A common stock and 10% implied volatility of publicly traded options with maturities greater than six months on our Class A common stock as of the option grant date. Our decision to use a blend of historical and implied volatility was based upon the volume of actively traded options on our common stock and our belief that historical volatility alone may not be completely representative of future stock price trends.

Our risk-free interest rate assumption is determined using the Federal Reserve nominal rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. We assumed an expected dividend yield of 5%.

We estimate option forfeitures at the time of grant and periodically revise those estimates in subsequent periods if actual forfeitures differ from those estimates. We record stock based compensation expense only for those awards expected to vest using an estimated forfeiture rate based on our historical forfeiture data.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:


Grant Year	Dividend Yield	Expected Volatility	Risk Free Interest Rate	Expected Lives
2021	5%	45%	2%	6
2020	5%	45%	2%	6
2019	5%	46%	2%	6

Information regarding the 1996 Plan for the year ended December 31, 2021 is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Contractual Life
Outstanding, beginning of year	598,926	$	60.34
Granted	76,500	103.88
Exercised	(156,491)	64.99


Outstanding, end of year	518,935	$	65.36	5.00
Exercisable at end of year	353,035	$	56.32	3.48

At December 31, 2021 there was $2,785 of unrecognized compensation cost related to stock options granted which is expected to be recognized over a weighted-average period of 1.78 years.

Shares available for future stock option and restricted share grants to employees and directors under existing plans were 2,268,181 at December 31, 2021. The aggregate intrinsic value of options outstanding as of December 31, 2021 was $29,032, and the aggregate intrinsic value of options exercisable was $22,941. Total intrinsic value of options exercised was $5,572 for the year ended December 31, 2021.

Stock Purchase Plan. Lamar Advertising’s 2009 Employee Stock Purchase Plan (the “2009 ESPP”), approved by our shareholders on May 28, 2009, expired by its terms on June 30, 2019. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The 2019 ESPP became effective upon the expiration of the 2009 ESPP. The number of shares of Class A common stock available for issuance under the 2019 ESPP was automatically increased by 86,490 shares on January 1, 2021 pursuant to the automatic increase provisions of the 2019 ESPP.

The following is a summary of 2019 ESPP share activity for the year ended December 31, 2021:


			Shares
Available for future purchases, January 1, 2020			369,771
Additional shares reserved under 2019 ESPP			86,490
Purchases			(114,035)
Available for future purchases, December 31, 2021			342,226

Performance-based compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under our 1996 Plan based on certain Company performance measures for fiscal year 2021. The number of shares to be issued, if any, are dependent on the level of achievement of these performance measures as determined by the Company’s Compensation Committee based on our 2021 results and are issued in the first half of 2022. The shares subject to these awards generally can range from a minimum of 0% to a maximum of either 100% of the target number of shares or 150% of a target dollar amount depending on the level at which the goals are attained. Based on the Company’s performance measures achieved through December 31, 2021, the Company has accrued $29,324 as stock-based compensation expense related to these agreements.

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2021
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans The Company sponsors a partially self-insured group health insurance program. The Company is obligated to pay all claims under the program, which are in excess of premiums, up to program limits. The Company is also self-insured with respect to its income disability benefits and against casualty losses on advertising structures. Amounts for expected losses, including a provision for losses incurred but not reported, is included in accrued expenses in the accompanying consolidated financial statements. As of December 31, 2021, the Company maintained $8,164 in letters of credit with a bank to meet requirements of the Company’s worker’s compensation and general liability insurance carrier. Savings and Profit Sharing Plan The Company sponsors The Lamar Corporation Savings and Profit Sharing Plan covering eligible employees who have completed one year of service and are at least 21 years of age. The Company has the option to match 50% of employees’ contributions up to 5% of eligible compensation. Employees can contribute up to 100% of compensation. Full vesting on the Company’s matched contributions occurs after three years for contributions made after January 1, 2002. Annually, at the Company’s discretion, an additional profit sharing contribution may be made on behalf of each eligible employee. The Company matched contributions of $5,811, $5,714 and $5,688 for the years ended December 31, 2021, 2020 and 2019, respectively. Deferred Compensation Plan The Company sponsors a Deferred Compensation Plan for the benefit of certain of its board-elected officers who meet specific age and years of service and other criteria. Officers that have attained the age of 30 and have a minimum of 10 years of service to the Company and satisfy additional eligibility guidelines are eligible for annual contributions to the plan generally ranging from $3 to $8, depending on the employee’s length of service. The Company’s contributions to the plan are maintained in a rabbi trust and, accordingly, the assets and liabilities of the plan are reflected in the balance sheet of the Company in other assets and other liabilities. Upon termination, death or disability, participating employees are eligible to receive an amount equal to the fair market value of the assets in the employee’s deferred compensation account. For the years ended December 31, 2021, 2020 and 2019, the Company contributed $1,540, $1,616 and $1,675, respectively. 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.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Commitment and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

Off balance sheet arrangements

Our off balance sheet commitments consist of guaranteed minimum payments to local transit municipalities and airport authorities for agreements which entitle us to rent advertising space to customers, in airports and on buses, benches or shelters. Also included are other contractual agreements that occur in the ordinary course of business which do not meet the criteria of a lease under ASC 842. The following is a summary of the minimum payments related to these agreements.


2022	$	35,641
2023	$	28,865
2024	$	24,526
2025	$	20,397
2026	$	8,498
Thereafter	$	20,051

Legal matters

The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity.

Distribution Restrictions	12 Months Ended
Distribution Restrictions	Dec. 31, 2021
Distribution Restrictions [Abstract]
Distribution Restrictions	Distribution Restrictions Lamar Media’s ability to make distributions to Lamar Advertising is restricted under both the terms of the indentures relating to Lamar Media’s outstanding notes and by the terms of the senior credit facility. As of December 31, 2021 and 2020, Lamar Media was permitted under the terms of its outstanding senior subordinated and senior notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $3,921,979 and $3,625,712, respectively. As of December 31, 2021, the senior credit facility allows Lamar Media to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of December 31, 2021, transfers to Lamar Advertising are permitted under the senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of December 31, 2021, the total debt ratio was less than 7.0 to 1 and Lamar Media’s secured debt ratio was less than 4.5 to 1, and the available cumulative credit was $2,672,459.

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsAt December 31, 2021 and 2020, the Company’s financial instruments included cash and cash equivalents, marketable securities, accounts receivable, investments, accounts payable and borrowings. The fair values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings and current portion of long-term debt approximated carrying values because of the short-term nature of these instruments. Investments and initial recognition of asset retirement obligations are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long-term debt (including current maturities) was $3,059,961, which is greater than both the gross and carrying amount of $3,050,454 as of December 31, 2021. The majority of the fair value is determined using observed prices of publicly traded debt (level 1 in the fair value hierarchy) and the remaining is valued based on quoted prices for similar debt (level 2 in the fair value hierarchy).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Information about Geographic Areas	12 Months Ended
Information about Geographic Areas	Dec. 31, 2021
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $24,354, $22,819 and $34,517 for the years ended December 31, 2021, 2020 and 2019, respectively. Net carrying value of long-lived assets located in foreign countries totaled $11,318 and $8,727 as of December 31, 2021 and 2020, respectively. All other revenues from external customers and long-lived assets relate to domestic operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing specific exceptions to the general principles in Topic 740 - Income Taxes. This guidance is effective for years beginning after December 15, 2020. The Company adopted this guidance on January 1, 2021 and the impact of the adoption is not material to the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting which provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate if certain criteria are met. In January 2021, the FASB clarified the scope of this guidance with the issuance of ASU 2021-01, Reference Rate Reform: Scope. ASU 2020-04 may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of December 31, 2021, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years Ended December 31, 2021, 2020 and 2019

(In thousands)


	Balance at Beginning of Period		Charged to Costs and Expenses	Deductions	Balance at End of Period
Year ended December 31, 2021
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	14,946	4,527	8,278	$	11,195
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	20,997	—	1,564	$	19,433
Year ended December 31, 2020
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	13,185	12,729	10,968	$	14,946
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	22,902	—	1,905	$	20,997
Year ended December 31, 2019
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,161	11,608	9,584	$	13,185
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	23,934	—	1,032	$	22,902

Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2021, 2020 and 2019

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2021, 2020 and 2019

(In thousands)

Description(1)

Encumbrances

Initial Cost(2)

Gross Carrying

Amount(3)

Accumulated
Depreciation

Construction
Date

Acquisition
Date

Useful Lives

354,053 Displays

—

3,439,618

(2,287,590)

Various

5 to 20 years

(1)No single asset exceeded 5% of the total gross carrying amount at December 31, 2021

(2)This information is omitted, as it would be impracticable to compile such information on a site-by-site basis

(3)Includes sites under construction

The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation.


	December 31, 2021		December 31, 2020		December 31, 2019
Gross real estate assets:
Balance at the beginning of the year	$	3,293,778	$	3,333,590	$	3,201,434
Capital expenditures on new advertising displays(4)	45,427		21,598		59,604
Capital expenditures on improvements/redevelopments of existing advertising displays	21,287		13,021		25,025
Capital expenditures other recurring(5)	88,697		12,631		36,354
Land acquisitions(6)	17,151		8,980		22,965
Acquisition of advertising displays(7)	17,662		4,446		23,589
Assets sold or written-off	(44,466)		(100,906)		(35,320)
Foreign exchange	82		418		(61)
Balance at the end of the year	$	3,439,618	$	3,293,778	$	3,333,590
Accumulated depreciation:
Balance at the beginning of the year	$	2,192,700	$	2,166,579	$	2,082,335
Depreciation	126,805		111,049		111,531
Assets sold or written-off	(31,971)		(85,267)		(27,890)
Foreign exchange	56		339		603
Balance at the end of the year	$	2,287,590	$	2,192,700	$	2,166,579

(4)Includes non-cash amounts of $1,541, $621 and $554 at December 31, 2021, 2020 and 2019, respectively

(5)Includes non-cash amounts of $48,848 at December 31, 2021 related to the revision in cost estimate included in the calculation of asset retirement obligations

(6)Includes preliminary allocation of assets acquired during 2021

(7)Includes non-cash amounts of $3,843 and $1,928 at December 31, 2021 and 2019, respectively

Description of the Business and Significant Accounting Policies (Subsidiary)

12 Months Ended

Dec. 31, 2021

Description of the Business and Significant Accounting Policies

(a)Nature of Business

(b)Principles of 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 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

(e)Impairment of Long-Lived Assets

(f)Acquisitions

(g)Lease Liabilities

(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


	2021		2020		2019
Net revenues	$	7,718	$	8,088	$	9,636
Direct advertising expenses	$	4,014	$	3,971	$	3,982
General and administrative expenses	$	3,112	$	3,144	$	4,986

(j)Income Taxes

(k)Dividends/Distributions

(l)Earnings Per Share

(m)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

(p)Foreign Currency Translation

(q)Asset Retirement Obligations

(r)Use of Estimates

(s)Comprehensive Income

(t)Fair Value Measurements

(u) Investments

(v) Subsequent Events

The Company has performed an evaluation of subsequent events through the date on which the financial statements are issued.

LAMAR MEDIA CORP. AND SUBSIDIARIES

Description of the Business and Significant Accounting Policies

(a)Nature of Business

Lamar Media Corp. (“Lamar Media”) is a wholly owned subsidiary of Lamar Advertising Company. Lamar Media is engaged in the outdoor advertising business operating approximately 153,800 outdoor advertising displays in 45 states and Canada. Lamar Media’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves.

In addition, Lamar Media operates a logo sign business in 23 states throughout the United States as well as the province of Ontario, Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves.

Certain footnotes are not provided for the accompanying financial statements as the information in notes 2, 3, 5, 7, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, and 21 and portions of note 1 to the consolidated financial statements of Lamar Advertising Company included elsewhere in this filing are substantially equivalent to that required for the consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for the operating results of Lamar Media Corp. as it is a wholly owned subsidiary of Lamar Advertising Company.

(b)Principles of Consolidation

The accompanying consolidated financial statements include Lamar Media, its wholly owned subsidiaries, The Lamar Company, L.L.C., Lamar Central Outdoor, LLC, Lamar TRS Holdings, LLC, Lamar Advertising Southwest, Inc., Interstate Logos, L.L.C., Lamar Obie Company, LLC, Lamar Canadian Outdoor Company, Lamar Advertising of Puerto Rico, Inc., Lamar QRS Receivables, LLC, Fairway Media Group, LCC, Ashby Street Outdoor Holdings, LLC and their majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation.

Non-cash Financing Activities	12 Months Ended
Non-cash Financing Activities	Dec. 31, 2021
Non-cash Financing and Investing Activities	Non-cash Financing and Investing ActivitiesFor the years ended December 31, 2021, 2020 and 2019, there were no significant non-cash investing activities. For the year ended December 31, 2020, the Company had non-cash financing activities related to financing lease liabilities of $19,891. There were no significant non-cash financing activities during the years ended December 31, 2021 and 2019.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Non-cash Financing and Investing Activities	Non-cash Financing ActivitiesDuring the year ended December 31, 2020, the Company had non-cash financing activities related to financing lease liabilities of $19,891. There were no significant non-cash financing activities during the years ended December 31, 2021 and 2019.

Goodwill and Other Intangible Assets (Subsidiary)

12 Months Ended

Dec. 31, 2021

Goodwill and Other Intangible Assets

The following is a summary of intangible assets at December 31, 2021 and 2020:


	Estimated Life (Years)	2021				2020
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 — 10	$	676,846	$	587,056	$	645,739	$	563,135
Non-competition agreements	3 — 15	69,276		64,941		66,156		64,647
Site locations	15	2,619,531		1,680,333		2,412,745		1,593,805
Other	2 — 15	51,261		39,407		50,018		38,625
		$	3,416,914	$	2,371,737	$	3,174,658	$	2,260,212
Unamortizable Intangible Assets:
Goodwill		$	2,189,962	$	253,536	$	2,165,864	$	253,536

The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:


Balance as of December 31, 2019	$	2,165,810

Purchase price adjustments and other	54

Balance as of December 31, 2020	$	2,165,864
Goodwill acquired during the year	24,089
Purchase price adjustments and other	9

Balance as of December 31, 2021	$	2,189,962


2022	$	120,629
2023	110,005
2024	106,111
2025	102,658
2026	94,667
Thereafter	511,107
Total	$	1,045,177

LAMAR MEDIA CORP. AND SUBSIDIARIES

Goodwill and Other Intangible Assets

The following is a summary of intangible assets at December 31, 2021 and 2020:


	Estimated Life (Years)	2021				2020
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7—10	$	676,846	$	587,056	$	645,739	$	563,135
Non-competition agreement	3—15	69,276		64,942		66,156		64,647
Site locations	15	2,619,531		1,680,333		2,412,745		1,593,805
Other	2—15	50,716		39,329		49,472		38,547
		$	3,416,369	$	2,371,660	$	3,174,112	$	2,260,134
Unamortizable Intangible Assets:
Goodwill		$	2,178,941	$	252,667	$	2,154,844	$	252,667

The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:


Balance as of December 31, 2019	$	2,154,790

Purchase price adjustments and other	54

Balance as of December 31, 2020	2,154,844
Goodwill acquired during the year	24,089
Purchase price adjustments and other	8

Balance as of December 31, 2021	$	2,178,941

Accrued Expenses (Subsidiary)

12 Months Ended

Dec. 31, 2021

Accrued Expenses

The following is a summary of accrued expenses at December 31, 2021 and 2020:


	2021		2020
Payroll	$	36,531	$	17,034
Interest	22,009		33,583
Insurance benefits	11,205		12,499
Accrued variable lease and contract expense	21,487		19,274
Stock-based compensation	30,450		11,589
Other	13,356		11,309
	$	135,038	$	105,288

LAMAR MEDIA CORP. AND SUBSIDIARIES

Accrued Expenses

The following is a summary of accrued expenses at December 31, 2021 and 2020:


	2021		2020
Payroll	$	36,531	$	17,034
Interest	22,009		33,583
Accrued variable lease and contract expense	21,487		19,274
Non-cash compensation	30,450		11,589
Other	16,841		16,998
	$	127,318	$	98,478

Long-term Debt (Subsidiary)

12 Months Ended

Dec. 31, 2021

Long-term Debt

Long-term debt consists of the following at December 31, 2021 and 2020:


	December 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	773,717	$	9,306	$	764,411
Accounts Receivable Securitization Program	175,000		585		174,415
3 3/4% Senior Notes	600,000		7,036		592,964
3 5/8% Senior Notes	550,000		7,711		542,289
4% Senior Notes	549,359		7,208		542,151
4 7/8% Senior Notes	400,000		5,013		394,987
Other notes with various rates and terms	2,378		—		2,378
	3,050,454		36,859		3,013,595
Less current maturities	(175,363)		(585)		(174,778)
Long-term debt, excluding current maturities	$	2,875,091	$	36,274	$	2,838,817


	December 31, 2020
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	598,466	$	11,569	$	586,897
Accounts Receivable Securitization Program	122,500		445		122,055
3 3/4% Senior Notes	600,000		8,031		591,969
4% Senior Notes	549,280		7,911		541,369
4 7/8% Senior Notes	400,000		5,586		394,414
5 3/4% Senior Notes	653,631		6,575		647,056
Other notes with various rates and terms	2,756		—		2,756
	2,926,633		40,117		2,886,516
Less current maturities	(122,879)		(445)		(122,434)
Long-term debt, excluding current maturities	$	2,803,754	$	39,672	$	2,764,082

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2022	$	363	$	—	$	363
2023	$	381	$	—	$	381
2024	$	175,400	$	585	$	174,815
2025	$	175,420	$	3,371	$	172,049
2026	$	442	$	—	$	442
Thereafter	$	2,698,448	$	32,903	$	2,665,545

Senior Credit Facility

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.

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

5% Senior Subordinated Notes

5 3/8% Senior Notes

5 3/4% Senior Notes

4% Senior Notes

3 3/4% Senior Notes

4 7/8% Senior Notes

3 5/8% Senior Notes

Debt Repurchase Program

LAMAR MEDIA CORP. AND SUBSIDIARIES

Long-term Debt

Long-term debt consists of the following at December 31, 2021 and 2020:


	December 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	773,717	$	9,306	$	764,411
Accounts Receivable Securitization Program	175,000		585		174,415
3 3/4% Senior Notes	600,000		7,036		592,964
3 5/8% Senior Notes	550,000		7,711		542,289
4% Senior Notes	549,359		7,208		542,151
4 7/8% Senior Notes	400,000		5,013		394,987
Other notes with various rates and terms	2,378		—		2,378
	3,050,454		36,859		3,013,595
Less current maturities	(175,363)		(585)		(174,778)
Long-term debt, excluding current maturities	$	2,875,091	$	36,274	$	2,838,817


	December 31, 2020
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	598,466	$	11,569	$	586,897
Accounts Receivable Securitization Program	122,500		445		122,055
3 3/4% Senior Notes	600,000		8,031		591,969
4% Senior Notes	549,280		7,911		541,369
4 7/8% Senior Notes	400,000		5,586		394,414
5 3/4% Senior Notes	653,631		6,575		647,056
Other notes with various rates and terms	2,756		—		2,756
	2,926,633		40,117		2,886,516
Less current maturities	(122,879)		(445)		(122,434)
Long-term debt, excluding current maturities	$	2,803,754	$	39,672	$	2,764,082

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2022	$	363	$	—	$	363
2023	$	381	$	—	$	381
2024	$	175,400	$	585	$	174,815
2025	$	175,420	$	3,371	$	172,049
2026	$	442	$	—	$	442
Later years	$	2,698,448	$	32,903	$	2,665,545

Related Party Transactions (Subsidiary)	12 Months Ended
Related Party Transactions (Subsidiary)	Dec. 31, 2021
Related Party Transactions	Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Advertising Company or its subsidiaries through common ownership and directorate control. RTC Holdings, LLC (“RTC”), a telecommunications company, is 100% owned by entities owned by members of the Reilly family. Entities owned by Sean E. Reilly, President and Chief Executive Officer of the Company; Kevin P. Reilly, Jr., Executive Chairman of the Board of Directors; and members of their respective immediate families hold a majority stake in RTC of approximately 89%. The Reilly Family, LLC, which is owned by Sean E. Reilly, Kevin P. Reilly, Jr., members of our Board of Directors Anna Reilly and Wendell Reilly, and entities owned by each of them and members of their respective immediate families, holds the remaining minority stake in RTC of approximately 11%. On May 31, 2019, RTC acquired EATELCORP, LLC (“EATEL”) and its subsidiaries. EATEL provides phone and internet services to consumers and businesses in Louisiana. EATEL also provides data back-up and recovery services to businesses. During the years ended December 31, 2021 and 2020, the Company was a customer of EATEL for data back-up and recovery services. The aggregate amount paid by the Company to EATEL for such services was $315 and $311 for the years ended December 31, 2021 and 2020, respectively. The Company was also contracted by EATEL to provide advertising services in the aggregate amount of $139 and $134 for the years ended December 31, 2021 and 2020, respectively. The Company had $1,066 and no receivables from employees or executive officers at December 31, 2021 and 2020, respectively. On July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global developer of programmatic technology for the digital out-of-home sector. For the year ended December 31, 2021, the Company recognized revenue of $10,586 from advertisements generated through Vistar's programmatic technology platform. We also incurred expenses of $880 related to these advertisements for the year ended December 31, 2021.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Related Party Transactions	Related Party Transactions Affiliates, as used within these statements, are persons or entities that are affiliated with Lamar Media Corp. or its subsidiaries through common ownership and directorate control. As of December 31, 2021 and 2020, there was a payable to Lamar Advertising Company, its parent, in the amount of $3,018 and $3,928, respectively. Effective December 31, 2021 and 2020, Lamar Advertising Company contributed $37,548 and $41,628, respectively, to Lamar Media which resulted in an increase in Lamar Media’s additional paid-in capital.

Summarized Financial Information of Subsidiaries

12 Months Ended

Dec. 31, 2021

LAMAR MEDIA CORP. AND SUBSIDIARIES

Summarized Financial Information of Subsidiaries

Summarized Financial Information of Subsidiaries Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries are presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries.

Condensed Consolidating Balance Sheet as of December 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
ASSETS
Total current assets	$	91,119	$	29,379	$	267,609	$	—	$	388,107
Net property, plant and equipment	—		1,321,526		15,748		—		1,337,274
Operating lease right of use assets	—		1,198,934		25,738		—		1,224,672
Intangibles and goodwill, net	—		2,953,600		17,383		—		2,970,983
Other assets	4,188,436		311,046		187,044		(4,576,531)		109,995
Total assets	$	4,279,555	$	5,814,485	$	513,522	$	(4,576,531)	$	6,031,031
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	363	$	174,415	$	—	$	174,778
Current operating lease liabilities	—		190,748		7,538		—		198,286
Other current liabilities	22,009		246,030		14,142		—		282,181
Total current liabilities	22,009		437,141		196,095		—		655,245
Long-term debt	2,836,801		2,016		—		—		2,838,817
Operating lease liabilities	—		977,463		17,893		—		995,356
Other noncurrent liabilities	212,399		292,194		292,281		(463,607)		333,267
Total liabilities	3,071,209		1,708,814		506,269		(463,607)		4,822,685
Stockholder's equity	1,208,346		4,105,671		7,253		(4,112,924)		1,208,346
Total liabilities and stockholder's equity	$	4,279,555	$	5,814,485	$	513,522	$	(4,576,531)	$	6,031,031

Condensed Consolidating Balance Sheet as of December 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
ASSETS
Total current assets	$	110,678	$	19,471	$	249,921	$	—	$	380,070
Net property, plant and equipment	—		1,268,765		13,084		—		1,281,849
Operating lease right of use assets	—		1,200,115		21,898		—		1,222,013
Intangibles and goodwill, net	—		2,798,343		17,812		—		2,816,155
Other assets	3,912,122		258,433		132,448		(4,228,383)		74,620
Total assets	$	4,022,800	$	5,545,127	$	435,163	$	(4,228,383)	$	5,774,707
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	379	$	122,055	$	—	$	122,434
Current operating lease liabilities	—		188,712		6,727		—		195,439
Other current liabilities	33,583		170,320		19,286		—		223,189
Total current liabilities	33,583		359,411		148,068		—		541,062
Long-term debt	2,761,705		2,377		—		—		2,764,082
Operating lease liabilities	—		979,785		13,991		—		993,776
Other noncurrent liabilities	34,668		245,891		266,968		(264,584)		282,943
Total liabilities	2,829,956		1,587,464		429,027		(264,584)		4,581,863
Stockholder's equity	1,192,844		3,957,663		6,136		(3,963,799)		1,192,844
Total liabilities and stockholder's equity	$	4,022,800	$	5,545,127	$	435,163	$	(4,228,383)	$	5,774,707

Condensed Consolidating Statements of Income and Comprehensive Income

for the Year Ended December 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income
Net revenues	$	—	$	1,752,106	$	37,055	$	(1,760)	$	1,787,401
Operating expenses (income)
Direct advertising expenses(1)	—		552,953		25,314		(1,760)		576,507
General and administrative expenses(1)	—		322,278		4,358		—		326,636
Corporate expenses(1)	—		91,479		1,595		—		93,074
Depreciation and amortization	—		267,141		4,153		—		271,294
Gain on disposition of assets	—		(1,965)		(150)		—		(2,115)
	—		1,231,886		35,270		(1,760)		1,265,396
Operating income	—		520,220		1,785		—		522,005
Loss on debt extinguishment	21,604		—		—		—		21,604
Equity in (earnings) loss of subsidiaries	(515,288)		—		—		515,288		—
Interest expense (income), net	104,776		(44)		889		—		105,621
Equity in earnings of investee	—		(3,384)		—		—		(3,384)
Income (loss) before income tax expense (benefit)	388,908		523,648		896		(515,288)		398,164
Income tax expense (benefit)(2)	—		9,556		(300)		—		9,256
Net income (loss)	$	388,908	$	514,092	$	1,196	$	(515,288)	$	388,908
Statement of Comprehensive Income
Net income (loss)	$	388,908	$	514,092	$	1,196	$	(515,288)	$	388,908
Total other comprehensive loss, net of tax	—		—		(79)		—		(79)
Total comprehensive income (loss)	$	388,908	$	514,092	$	1,117	$	(515,288)	$	388,829

(1)Caption is exclusive of depreciation and amortization.

(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Income and Comprehensive Income

for the Year Ended December 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income
Net revenues	$	—	$	1,536,534	$	33,965	$	(1,643)	$	1,568,856
Operating expenses (income)
Direct advertising expenses(1)	—		533,803		25,501		(1,643)		557,661
General and administrative expenses(1)	—		281,293		6,581		—		287,874
Corporate expenses(1)	—		69,478		979		—		70,457
Depreciation and amortization	—		249,299		1,997		—		251,296
(Gain) loss on disposition of assets	—		(9,036)		10		—		(9,026)
	—		1,124,837		35,068		(1,643)		1,158,262
Operating income (loss)	—		411,697		(1,103)		—		410,594
Loss on debt extinguishment	25,235		—		—		—		25,235
Equity in (earnings) loss of subsidiaries	(404,332)		—		—		404,332		—
Interest expense (income), net	135,224		(175)		1,777		—		136,826
Income (loss) before income tax expense (benefit)	243,873		411,872		(2,880)		(404,332)		248,533
Income tax expense (benefit)(2)	—		5,203		(543)		—		4,660
Net income (loss)	$	243,873	$	406,669	$	(2,337)	$	(404,332)	$	243,873
Statement of Comprehensive Income
Net income (loss)	$	243,873	$	406,669	$	(2,337)	$	(404,332)	$	243,873
Total other comprehensive income, net of tax	—		—		249		—		249
Total comprehensive income (loss)	$	243,873	$	406,669	$	(2,088)	$	(404,332)	$	244,122

(1)Caption is exclusive of depreciation and amortization.

(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Income and Comprehensive Income

for the Year Ended December 31, 2019


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income
Net revenues	$	—	$	1,709,691	$	46,804	$	(2,851)	$	1,753,644
Operating expenses (income)
Direct advertising expenses(1)	—		564,877		28,052		(2,851)		590,078
General and administrative expenses(1)	—		310,813		7,567		—		318,380
Corporate expenses(1)	—		82,652		1,577		—		84,229
Depreciation and amortization	—		247,191		2,837		—		250,028
Gain on disposition of assets	—		(3,103)		(4,138)		—		(7,241)
	—		1,202,430		35,895		(2,851)		1,235,474
Operating income	—		507,261		10,909		—		518,170
Equity in (earnings) loss of subsidiaries	(517,516)		—		—		517,516		—
Interest expense (income), net	144,976		(149)		5,025		—		149,852

Income (loss) before income tax (benefit) expense	372,540		507,410		5,884		(517,516)		368,318
Income tax (benefit) expense(2)	—		(7,360)		3,138		—		(4,222)
Net income (loss)	$	372,540	$	514,770	$	2,746	$	(517,516)	$	372,540
Statement of Comprehensive Income
Net income (loss)	$	372,540	$	514,770	$	2,746	$	(517,516)	$	372,540
Total other comprehensive income, net of tax	—		—		673		—		673
Total comprehensive income (loss)	$	372,540	$	514,770	$	3,419	$	(517,516)	$	373,213

(1)Caption is exclusive of depreciation and amortization.

(2)The income tax (benefit) expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	596,116	$	849,072	$	(21,301)	$	(708,341)	$	715,546
Cash flows from investing activities:
Capital expenditures	—		(119,728)		(6,362)		—		(126,090)
Acquisitions	—		(312,257)		—		—		(312,257)
Payment for investments in equity securities	—		(30,000)		—		—		(30,000)
Proceeds from disposition of assets and investments	—		6,480		—		—		6,480
Investment in subsidiaries	(342,257)		—		—		342,257		—
Decrease (increase) in intercompany notes receivable	51,976		—		—		(51,976)		—
Decrease in notes receivable	—		107		—		—		107
Net cash (used in) provided by investing activities	(290,281)		(455,398)		(6,362)		290,281		(461,760)
Cash flows from financing activities:
Proceeds received from revolving credit facility	200,000		—		—		—		200,000
Payment on revolving credit facility	(25,000)		—		—		—		(25,000)
Principal payments on long-term debt	—		(378)		—		—		(378)

Principal payments on financing leases	—		(1,331)		—		—		(1,331)
Proceeds received from note offering	550,000		—		—		—		550,000
Redemption of senior notes and senior subordinated notes	(668,688)		—		—		—		(668,688)


Payment on accounts receivable securitization program	—		—		(127,500)		—		(127,500)
Proceeds received from accounts receivable securitization program	—		—		180,000		—		180,000
Debt issuance costs	(8,385)		—		(438)		—		(8,823)
Intercompany loan (payments) proceeds	—		(24,119)		(27,857)		51,976		—
Distributions to non-controlling interest	—		—		(601)		—		(601)
Dividends (to) from parent	(410,875)		(708,341)		—		708,341		(410,875)
Contributions from (to) parent	37,548		342,257		—		(342,257)		37,548
Net cash (used in) provided by financing activities	(325,400)		(391,912)		23,604		418,060		(275,648)
Effect of exchange rate changes in cash and cash equivalents	—		—		81		—		81
Net (decrease) increase in cash and cash equivalents	(19,565)		1,762		(3,978)		—		(21,781)
Cash and cash equivalents at beginning of period	110,588		1,732		8,749		—		121,069
Cash and cash equivalents at end of period	$	91,023	$	3,494	$	4,771	$	—	$	99,288

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	495,872	$	668,673	$	(5,639)	$	(619,877)	$	539,029
Cash flows from investing activities:
Capital expenditures	—		(56,772)		(5,500)		—		(62,272)
Acquisitions	577		(46,161)		—		—		(45,584)
Proceeds from disposition of assets and investments	—		10,968		—		—		10,968

Investment in subsidiaries	(46,161)		—		—		46,161		—
(Increase) decrease in intercompany notes receivable	(60,183)		—		—		60,183		—

Net cash (used in) provided by investing activities	(105,767)		(91,965)		(5,500)		106,344		(96,888)
Cash flows from financing activities:
Proceeds received from revolving credit facility	725,000		—		—		—		725,000
Payment on revolving credit facility	(875,000)		—		—		—		(875,000)
Principal payments on long-term debt	—		(9,112)		—		—		(9,112)
Borrowings on long-term debt	—		8,750		—		—		8,750
Proceeds received from note offering	1,549,250		—		—		—		1,549,250
Redemption of senior notes and senior subordinated notes	(1,058,596)		—		—		—		(1,058,596)
Proceeds received from senior credit facility term loans	598,500		—		—		—		598,500
Payments on senior credit facility term loans	(978,097)		—		—		—		(978,097)
Proceeds received from accounts receivable securitization program	—		—		122,500		—		122,500
Payment on accounts receivable securitization program	—		—		(175,000)		—		(175,000)
Debt issuance costs	(32,950)		—		—		—		(32,950)

Intercompany loan (payments) proceeds	—		(9,176)		69,359		(60,183)		—
Distributions to non-controlling interest	—		—		(1,509)		—		(1,509)
Dividends (to) from parent	(262,437)		(619,877)		—		619,877		(262,437)
Contributions from (to) parent	41,628		46,161		—		(46,161)		41,628
Net cash (used in) provided by financing activities	(292,702)		(583,254)		15,350		513,533		(347,073)
Effect of exchange rate changes in cash and cash equivalents	—		—		313		—		313
Net increase (decrease) in cash and cash equivalents	97,403		(6,546)		4,524		—		95,381
Cash and cash equivalents at beginning of period	13,185		8,278		4,225		—		25,688
Cash and cash equivalents at end of period	$	110,588	$	1,732	$	8,749	$	—	$	121,069

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2019


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	469,907	$	738,030	$	6,660	$	(609,657)	$	604,940
Cash flows from investing activities:
Acquisitions	—		(226,278)		—		—		(226,278)
Capital expenditures	—		(136,696)		(4,260)		—		(140,956)
Proceeds from disposition of assets and investments	—		5,438		—		—		5,438
Proceeds received from insurance claims	—		210		—		—		210
Investment in subsidiaries	(226,278)		—		—		226,278		—
Decrease (increase) in intercompany notes receivable	3,787		—		—		(3,787)		—
Increase in notes receivable	(448)		—		—		—		(448)
Net cash (used in) provided by investing activities	(222,939)		(357,326)		(4,260)		222,491		(362,034)
Cash flows from financing activities:
Proceeds received from revolving credit facility	495,000		—		—		—		495,000
Payment on revolving credit facility	(625,000)		—		—		—		(625,000)
Principal payments on long-term debt	(34,471)		—		—		—		(34,471)

Proceeds received from accounts receivable securitization program	—		—		9,000		—		9,000
Payment on accounts receivable securitization program	—		—		(9,000)		—		(9,000)
Debt issuance costs	(4,463)		—		—		—		(4,463)
Proceeds received from note offering	255,000		—		—		—		255,000

Intercompany loan (payments) proceeds	—		(702)		(3,085)		3,787		—
Distributions to non-controlling interest	—		—		(621)		—		(621)
Contributions from (to) parent	69,822		226,278		—		(226,278)		69,822
Dividends (to) from parent	(393,700)		(609,657)		—		609,657		(393,700)
Net cash (used in) provided by financing activities	(237,812)		(384,081)		(3,706)		387,166		(238,433)
Effect of exchange rate changes in cash and cash equivalents	—		—		221		—		221
Net increase (decrease) in cash and cash equivalents	9,156		(3,377)		(1,085)		—		4,694
Cash and cash equivalents at beginning of period	4,029		11,655		5,310		—		20,994
Cash and cash equivalents at end of period	$	13,185	$	8,278	$	4,225	$	—	$	25,688

Schedule II - Valuation and Qualifying Accounts (Subsidiary)

12 Months Ended

Dec. 31, 2021

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years Ended December 31, 2021, 2020 and 2019

(In thousands)


	Balance at Beginning of Period		Charged to Costs and Expenses	Deductions	Balance at End of Period
Year ended December 31, 2021
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	14,946	4,527	8,278	$	11,195
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	20,997	—	1,564	$	19,433
Year ended December 31, 2020
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	13,185	12,729	10,968	$	14,946
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	22,902	—	1,905	$	20,997
Year ended December 31, 2019
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,161	11,608	9,584	$	13,185
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	23,934	—	1,032	$	22,902

LAMAR MEDIA CORP. AND SUBSIDIARIES

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Valuation and Qualifying Accounts

Years Ended December 31, 2021, 2020 and 2019

(In thousands)


	Balance at Beginning of Period		Charged to Costs and Expenses	Deductions	Balance at End of Period
Year ended December 31, 2021
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	14,946	4,527	8,278	$	11,195
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	20,997	—	1,564	$	19,433
Year ended December 31, 2020
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	13,185	12,729	10,968	$	14,946
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	22,902	—	1,905	$	20,997
Year ended December 31, 2019
Deducted in balance sheet from trade accounts receivable:
Allowance for doubtful accounts	$	11,161	11,608	9,584	$	13,185
Deducted in balance sheet from deferred tax assets:
Valuation allowance	$	23,934	—	1,032	$	22,902

Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2020, 2019 and 2018 (Subsidiary)

12 Months Ended

Dec. 31, 2021

SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III

LAMAR ADVERTISING COMPANY

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2021, 2020 and 2019

(In thousands)

Description(1)

Encumbrances

Initial Cost(2)

Gross Carrying

Amount(3)

Accumulated
Depreciation

Construction
Date

Acquisition
Date

Useful Lives

354,053 Displays

—

3,439,618

(2,287,590)

Various

5 to 20 years

(1)No single asset exceeded 5% of the total gross carrying amount at December 31, 2021

(2)This information is omitted, as it would be impracticable to compile such information on a site-by-site basis

(3)Includes sites under construction

The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation.


	December 31, 2021		December 31, 2020		December 31, 2019
Gross real estate assets:
Balance at the beginning of the year	$	3,293,778	$	3,333,590	$	3,201,434
Capital expenditures on new advertising displays(4)	45,427		21,598		59,604
Capital expenditures on improvements/redevelopments of existing advertising displays	21,287		13,021		25,025
Capital expenditures other recurring(5)	88,697		12,631		36,354
Land acquisitions(6)	17,151		8,980		22,965
Acquisition of advertising displays(7)	17,662		4,446		23,589
Assets sold or written-off	(44,466)		(100,906)		(35,320)
Foreign exchange	82		418		(61)
Balance at the end of the year	$	3,439,618	$	3,293,778	$	3,333,590
Accumulated depreciation:
Balance at the beginning of the year	$	2,192,700	$	2,166,579	$	2,082,335
Depreciation	126,805		111,049		111,531
Assets sold or written-off	(31,971)		(85,267)		(27,890)
Foreign exchange	56		339		603
Balance at the end of the year	$	2,287,590	$	2,192,700	$	2,166,579

(4)Includes non-cash amounts of $1,541, $621 and $554 at December 31, 2021, 2020 and 2019, respectively

(5)Includes non-cash amounts of $48,848 at December 31, 2021 related to the revision in cost estimate included in the calculation of asset retirement obligations

(6)Includes preliminary allocation of assets acquired during 2021

(7)Includes non-cash amounts of $3,843 and $1,928 at December 31, 2021 and 2019, respectively

LAMAR MEDIA CORP. AND SUBSIDIARIES

SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Schedule of Real Estate and Accumulated Depreciation

December 31, 2021, 2020 and 2019

(In thousands)

Description(1)

Encumbrances

Initial Cost(2)

Gross Carrying Amount(3)

Accumulated Depreciation

Construction Date

Acquisition Date

Useful Lives

354,053 Displays

—

3,439,618

(2,287,590)

Various

5 to 20 years

(1)No single asset exceeded 5% of the total gross carrying amount at December 31, 2021

(2)This information is omitted, as it would be impracticable to compile such information on a site-by-site basis

(3)Includes sites under construction

The following table summarizes activity for the Company’s real estate assets, which consists of advertising displays and the related accumulated depreciation.


	December 31, 2021		December 31, 2020		December 31, 2019
Gross real estate assets:
Balance at the beginning of the year	$	3,293,778	$	3,333,590	$	3,201,434
Capital expenditures on new advertising displays(4)	45,427		21,598		59,604
Capital expenditures on improvements/redevelopments of existing advertising displays	21,287		13,021		25,025
Capital expenditures other recurring(5)	88,697		12,631		36,354
Land acquisitions(6)	17,151		8,980		22,965
Acquisition of advertising displays(7)	17,662		4,446		23,589
Assets sold or written-off	(44,466)		(100,906)		(35,320)
Foreign exchange	82		418		(61)
Balance at the end of the year	$	3,439,618	$	3,293,778	$	3,333,590
Accumulated depreciation:
Balance at the beginning of the year	$	2,192,700	$	2,166,579	$	2,082,335
Depreciation	126,805		111,049		111,531
Assets sold or written-off	(31,971)		(85,267)		(27,890)
Foreign exchange	56		339		603
Balance at the end of the year	$	2,287,590	$	2,192,700	$	2,166,579

(4)Includes non-cash amounts of $1,541, $621 and $554 at December 31, 2021, 2020 and 2019, respectively

(5)Includes non-cash amounts of $48,848 at December 31, 2021 related to the revision in cost estimate included in the calculation of asset retirement obligations

(6)Includes preliminary allocation of assets acquired during 2021

(7)Includes non-cash amounts of $3,843 and $1,928 and at December 31, 2021 and 2019, respectively

Description of the Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Nature of Business

Principles of 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 operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals.

Property, Plant and Equipment

Property, Plant and EquipmentProperty, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.

Goodwill and Intangible Assets

Goodwill and Intangible AssetsGoodwill is subject to an annual impairment test. The Company designated December 31 as the date of its annual goodwill impairment test. The Company is required to identify its reporting units and determine the carrying value of each reporting unit. The Company has identified two reporting units, Billboard operations and Logo operations, by assigning the

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

Lease Liabilities

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


	2021		2020		2019
Net revenues	$	7,718	$	8,088	$	9,636
Direct advertising expenses	$	4,014	$	3,971	$	3,982
General and administrative expenses	$	3,112	$	3,144	$	4,986

Income Taxes

Income TaxesAs a REIT, the Company is generally not subject to federal income taxes on income and gains distributed to the Company’s stockholders. However, the Company remains obligated to pay income taxes on earnings from domestic TRSs. In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or where those operations are conducted, including those designated as Qualified REIT Subsidiaries, or QRSs, for federal income tax purposes. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date.

Dividends/Distributions

Dividends/DistributionsAs a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). During the years ended December 31, 2021, 2020 and 2019, the Company declared and paid distributions of its REIT taxable income of $404,809 or $4.00 per share, $251,944 or $2.50 per share and $384,817 or $3.84 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including the financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in its existing and future debt instruments, the Company’s ability to utilize net operating losses (“NOLs”) to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. During each of the years ended December 31, 2021, 2020 and 2019, the Company paid dividend distributions to holders of its Series AA Preferred Stock of $365 or $63.80 per share.

Earnings Per Share

Earnings Per ShareThe calculation of basic earnings per share excludes any dilutive effect of stock options, while diluted earnings per share includes the dilutive effect of stock options. For the years ended December 31, 2021, 2020 and 2019 there were no dilutive shares excluded from the calculation.

Share Based Compensation

Stock Based CompensationCompensation expense for share-based awards is recognized based on the grant date fair value of those awards. Stock based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on a straight-line basis, which generally commensurate with the vesting term. Non-cash compensation expense recognized during the years ended December 31, 2021, 2020, and 2019 were $37,368, $18,772 and $29,647, respectively. The $37,368 expensed during the year ended December 31, 2021 consists of (i) $4,348 related to stock options and the employee stock purchase plan, (ii) $31,776 related to stock grants made under the Company’s performance-based stock incentive program in 2021, (iii) $622 related to non-performance restricted stock awards and (iv) $622 related to restricted stock awards to directors. See Note 15 for information on the assumptions used to calculate the fair value of stock-based compensation.

Cash and Cash Equivalents

Cash and Cash EquivalentsThe Company considers all highly-liquid investments with original maturities of three months or less to be cash equivalents.

Credit Losses

Credit LossesThe Company estimates credit losses on financial instruments based on amounts expected to be collected. The allowance for doubtful accounts is estimated based on historical collections, accounts receivable aging, economic indicators, and expected future trends.

Foreign Currency Translation

Foreign Currency TranslationLocal currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at year-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the year. Foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income and as a component of accumulated comprehensive income in the Consolidated Statements of Stockholders’ Equity.

Asset Retirement Obligations

Asset Retirement ObligationsThe Company is required to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The liability is capitalized as part of the related long-lived asset’s carrying amount. Over time, accretion of the liability is recognized as an operating expense and the capitalized cost is depreciated over the expected useful life of the related asset. The Company’s asset retirement obligations relate primarily to the dismantlement, removal, site reclamation and similar activities of its leased properties.

Use of Estimates

Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Comprehensive Income

Comprehensive IncomeTotal comprehensive income is presented in the Consolidated Statements of Income and Comprehensive Income and the components of accumulated comprehensive income are presented in the Consolidated Statements of Stockholders’ Equity. Comprehensive income is composed of foreign currency translation effects.

Fair Value Measurements

Fair Value MeasurementsThe Company determines the fair value of its financial instruments using the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Investments

InvestmentsOn July 12, 2021, Lamar invested $30,000 to acquire a 20% minority interest in Vistar Media, a leading global provider of programmatic technology for the digital out-of-home sector. This investment is accounted for as an equity method investment and is included in other assets on the Consolidated Balance Sheet. For the year ended December 31, 2021, the Company recorded $3,384 in equity in earnings of investee on the Consolidated Statement of Income and Comprehensive Income.

Subsequent Events

Subsequent EventsThe Company has performed an evaluation of subsequent events through the date on which the financial statements are issued.

Description of the Business and Significant Accounting Policies (Subsidiary) (Policies)	12 Months Ended
	Dec. 31, 2021
Nature of Business	Nature of Business Lamar Advertising Company (the Company) is engaged in the outdoor advertising business, operating approximately 153,800 billboard advertising displays in 45 states and Canada. The Company’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, the Company operates a logo sign business in 23 states throughout the United States and the province of Ontario, Canada and operates approximately 46,600 transit advertising displays in 23 states and Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. The Company operates as a Real Estate Investment Trust (“REIT”) for U.S. federal income tax purposes and generally will not be subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from advertising rental revenue. However, even as a REIT, the Company will remain obligated to pay income taxes on earnings from the assets of its taxable REIT subsidiaries (“TRSs”). In addition, the Company’s foreign assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include Lamar Advertising Company, its wholly owned subsidiary, Lamar Media Corp. (Lamar Media), and its majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. An operating segment is a component of an enterprise: •that engages in business activities from which it may earn revenues and incur expenses; •whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and •for which discrete financial information is available. We define the term ‘chief operating decision maker’ to be our executive management group, which consist of our Executive Chairman, President and Chief Executive Officer, and Chief Financial Officer. Currently, all operations are reviewed on a consolidated basis for budget and business plan performance by our executive management group. Additionally, operational performance at the end of each reporting period is viewed in the aggregate by our management group. Any decisions related to changes in invested capital, personnel, operational improvement or training, or to allocate other company resources are made based on the combined results. We operate in a single operating and reporting segment, advertising. We rent advertising space on billboards, buses, shelters, benches, logo plates and in airport terminals.
LAMAR MEDIA CORP. AND SUBSIDIARIES
Nature of Business	Nature of Business Lamar Media Corp. (“Lamar Media”) is a wholly owned subsidiary of Lamar Advertising Company. Lamar Media is engaged in the outdoor advertising business operating approximately 153,800 outdoor advertising displays in 45 states and Canada. Lamar Media’s operating strategy is to be the leading provider of outdoor advertising services in the markets it serves. In addition, Lamar Media operates a logo sign business in 23 states throughout the United States as well as the province of Ontario, Canada. Logo signs are erected pursuant to state-awarded service contracts on public rights-of-way near highway exits and deliver brand name information on available gas, food, lodging and camping services. Included in the Company’s logo sign business are tourism signing contracts. The Company provides transit advertising in airport terminals, on bus shelters, benches and buses in the markets it serves. Certain footnotes are not provided for the accompanying financial statements as the information in notes 2, 3, 5, 7, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, and 21 and portions of note 1 to the consolidated financial statements of Lamar Advertising Company included elsewhere in this filing are substantially equivalent to that required for the consolidated financial statements of Lamar Media Corp. Earnings per share data is not provided for the operating results of Lamar Media Corp. as it is a wholly owned subsidiary of Lamar Advertising Company.
Principles of Consolidation	Principles of ConsolidationThe accompanying consolidated financial statements include Lamar Media, its wholly owned subsidiaries, The Lamar Company, L.L.C., Lamar Central Outdoor, LLC, Lamar TRS Holdings, LLC, Lamar Advertising Southwest, Inc., Interstate Logos, L.L.C., Lamar Obie Company, LLC, Lamar Canadian Outdoor Company, Lamar Advertising of Puerto Rico, Inc., Lamar QRS Receivables, LLC, Fairway Media Group, LCC, Ashby Street Outdoor Holdings, LLC and their majority-owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation.

Description of the Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Revenue and Expense Recognized for Advertising Barter Transactions

The amount of revenue and expense recognized for advertising barter transactions is as follows:


	2021		2020		2019
Net revenues	$	7,718	$	8,088	$	9,636
Direct advertising expenses	$	4,014	$	3,971	$	3,982
General and administrative expenses	$	3,112	$	3,144	$	4,986

Revenues (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation Revenue

The following table presents our disaggregated revenue by source for the years ended December 31, 2021, 2020 and 2019.


	2021		2020		2019
Billboard Advertising	$	1,613,554	$	1,403,239	$	1,537,542
Logo Advertising	78,180		82,944		84,201
Transit Advertising	95,667		82,673		131,901
Net Revenues	$	1,787,401	$	1,568,856	$	1,753,644

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

2021 Acquisitions

Summary of Allocation of Purchase Price/Acquisition Costs

The following is a summary of the allocation of the purchase price in the above transactions, which includes the preliminary values for a business combination completed on December 3, 2021.


	Total
Property, plant and equipment	$	38,289
Goodwill	24,089
Site locations	206,734
Non-competition agreements	3,120
Customer lists and contracts	31,101
Other intangibles	721
Asset acquisition costs	523
Current assets	9,310
Current liabilities	(4,406)
Operating lease right of use assets	32,487
Operating lease liabilities	(30,197)
Other assets	486
	$	312,257

Summary of Unaudited Pro Forma Financial Information

These pro forma results do not purport to be indicative of the results of operations which actually would have resulted had the acquisitions occurred on such date or to project the Company’s results of operations for any future period.


	2021		2020
	(unaudited)
Net revenues	$	1,826,448	$	1,615,855
Net income applicable to common stock	$	379,874	$	230,035
Net income per common share — basic	$	3.76	$	2.28
Net income per common share — diluted	$	3.75	$	2.28

2020 Acquisitions

Summary of Allocation of Purchase Price/Acquisition Costs

The following is a summary of the allocation of the purchase price in the above transactions.


	Total
Property, plant and equipment	$	13,376
Site locations	27,902
Non-competition agreements	140
Customer lists and contracts	3,979
Asset acquisition costs	154
Current assets	3
Current liabilities	(295)
Operating right of use assets	7,269
Operating lease liabilities	(6,368)
	$	46,160

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Major Categories of Property, Plant and Equipment

Major categories of property, plant and equipment at December 31, 2021 and 2020 are as follows:


	Estimated Life (Years)	2021		2020
Land	—	$	428,849	$	413,257
Building and improvements	10 — 39	206,870		187,921
Advertising structures	5 — 15	3,010,769		2,880,521
Automotive and other equipment	3 — 7	135,800		133,806
		$	3,782,288	$	3,615,505

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following is a summary of intangible assets at December 31, 2021 and 2020:


	Estimated Life (Years)	2021				2020
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 — 10	$	676,846	$	587,056	$	645,739	$	563,135
Non-competition agreements	3 — 15	69,276		64,941		66,156		64,647
Site locations	15	2,619,531		1,680,333		2,412,745		1,593,805
Other	2 — 15	51,261		39,407		50,018		38,625
		$	3,416,914	$	2,371,737	$	3,174,658	$	2,260,212
Unamortizable Intangible Assets:
Goodwill		$	2,189,962	$	253,536	$	2,165,864	$	253,536

Summary of Changes in Gross Carrying Amount of Goodwill

The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:


Balance as of December 31, 2019	$	2,165,810

Purchase price adjustments and other	54

Balance as of December 31, 2020	$	2,165,864
Goodwill acquired during the year	24,089
Purchase price adjustments and other	9

Balance as of December 31, 2021	$	2,189,962

Summary of Estimated Amortization Expense

The following is a summary of the estimated amortization expense for future years:


2022	$	120,629
2023	110,005
2024	106,111
2025	102,658
2026	94,667
Thereafter	511,107
Total	$	1,045,177

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Maturities of Operating Lease Liabilities

The following is a summary of the maturities of our operating lease liabilities as of December 31, 2021:


2022	$	229,824
2023	183,407
2024	163,324
2025	138,088
2026	115,165
Thereafter	758,339
Total undiscounted operating lease payments	1,588,147
Less: Imputed interest	(394,505)
Total operating lease liabilities	$	1,193,642

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of Accrued Expenses

The following is a summary of accrued expenses at December 31, 2021 and 2020:


	2021		2020
Payroll	$	36,531	$	17,034
Interest	22,009		33,583
Insurance benefits	11,205		12,499
Accrued variable lease and contract expense	21,487		19,274
Stock-based compensation	30,450		11,589
Other	13,356		11,309
	$	135,038	$	105,288

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following at December 31, 2021 and 2020:


	December 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	773,717	$	9,306	$	764,411
Accounts Receivable Securitization Program	175,000		585		174,415
3 3/4% Senior Notes	600,000		7,036		592,964
3 5/8% Senior Notes	550,000		7,711		542,289
4% Senior Notes	549,359		7,208		542,151
4 7/8% Senior Notes	400,000		5,013		394,987
Other notes with various rates and terms	2,378		—		2,378
	3,050,454		36,859		3,013,595
Less current maturities	(175,363)		(585)		(174,778)
Long-term debt, excluding current maturities	$	2,875,091	$	36,274	$	2,838,817


	December 31, 2020
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	598,466	$	11,569	$	586,897
Accounts Receivable Securitization Program	122,500		445		122,055
3 3/4% Senior Notes	600,000		8,031		591,969
4% Senior Notes	549,280		7,911		541,369
4 7/8% Senior Notes	400,000		5,586		394,414
5 3/4% Senior Notes	653,631		6,575		647,056
Other notes with various rates and terms	2,756		—		2,756
	2,926,633		40,117		2,886,516
Less current maturities	(122,879)		(445)		(122,434)
Long-term debt, excluding current maturities	$	2,803,754	$	39,672	$	2,764,082

Summary of Long-Term Debt Contractual Maturities

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2022	$	363	$	—	$	363
2023	$	381	$	—	$	381
2024	$	175,400	$	585	$	174,815
2025	$	175,420	$	3,371	$	172,049
2026	$	442	$	—	$	442
Thereafter	$	2,698,448	$	32,903	$	2,665,545

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Asset Retirement Obligation (Tables)

12 Months Ended

Dec. 31, 2021

Asset Retirement Obligation Disclosure [Abstract]

The following table reflects information related to our asset retirement obligations:


Balance at December 31, 2019	$	226,137
Additions to asset retirement obligations	658
Accretion expense	4,135
Liabilities settled	(8,054)
Balance at December 31, 2020	$	222,876
Additions to asset retirement obligations	3,662
Revision in estimates	41,644
Accretion expense	4,476
Liabilities settled	(3,291)
Balance at December 31, 2021	$	269,367

Revision in estimates of $41,644 reflects changes in cost estimates to remove structures and resurface land for structures that reside on leased land in the Company's outdoor advertising portfolio.

Depreciation and Amortization (Tables)

12 Months Ended

Dec. 31, 2021

Depreciation, Depletion and Amortization [Abstract]

Depreciation and Amortization Expense Excluded from Operating Expenses in its Consolidated Statements of Income and Comprehensive Income

The amounts of depreciation and amortization expense excluded from the following operating expenses in its Consolidated Statements of Income and Comprehensive Income are as follows:


	Year Ended December 31,
	2021		2020		2019
Direct advertising expenses	$	253,850	$	236,054	$	235,544
General and administrative expenses	4,691		4,996		4,416
Corporate expenses	12,753		10,246		10,068
	$	271,294	$	251,296	$	250,028

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:


	Current		Deferred		Total
Year ended December 31, 2021
U.S. federal	$	4,723	$	620	$	5,343
State and local	3,958		254		4,212
Foreign	(999)		700		(299)
	$	7,682	$	1,574	$	9,256
Year ended December 31, 2020
U.S. federal	$	2,997	$	(45)	$	2,952
State and local	1,940		311		2,251
Foreign	520		(1,063)		(543)
	$	5,457	$	(797)	$	4,660
Year ended December 31, 2019
U.S. federal	$	6,045	$	(13,450)	$	(7,405)
State and local	2,699		(2,654)		45
Foreign	1,164		1,974		3,138
	$	9,908	$	(14,130)	$	(4,222)

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

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


	2021		2020		2019
U.S.	$	395,800	$	249,714	$	357,445
Foreign	1,546		(1,668)		10,444
Total	$	397,346	$	248,046	$	367,889

Schedule of Effective Income Tax Rate Reconciliation


	2021		2020		2019
Income tax expense at U.S. federal statutory rate	$	83,443	$	52,090	$	77,257
Tax adjustment related to REIT(a)	(83,153)		(50,395)		(70,619)
State and local income taxes, net of federal income tax benefit	2,917		1,222		2,039
Book expenses not deductible for tax purposes	1,893		3,156		4,144
Stock-based compensation	3,555		(2,033)		(1,177)
Valuation allowance(b)	(1,564)		(1,031)		(1,032)
Rate change(c)	—		(182)		—
Undistributed earnings of foreign subsidiaries(d)	292		(78)		(102)
Deferred tax adjustment due to REIT conversion(e)	—		—		(17,031)
Other differences, net	1,873		1,911		2,299
Income tax expense (benefit)	$	9,256	$	4,660	$	(4,222)

(a)Includes dividend paid deduction of $85,087, $52,985 and $76,688 for the tax years ended December 31, 2021, 2020 and 2019, respectively.

Components of Deferred Taxes

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


	2021		2020
Deferred tax assets:
Allowance for doubtful accounts	$	493	$	328
Accrued liabilities not deducted for tax purposes	3,071		3,358
Net operating loss carry forwards	16,488		18,803
Tax credit carry forwards	692		693
Charitable contributions carry forward	3		4
Investment in partnerships	228		367
Gross deferred tax assets	20,975		23,553
Less: valuation allowance	(19,433)		(20,997)
Net deferred tax assets	1,542		2,556
Deferred tax liabilities:
Intangibles	(5,209)		(5,443)
Property, plant and equipment	(1,765)		(911)
Undistributed earnings of foreign subsidiaries	(984)		(1,056)
Gross deferred tax liabilities	(7,958)		(7,410)
Net deferred tax liabilities	$	(6,416)	$	(4,854)

Reconciliation Unrecognized Tax Benefits

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


Balance as of December 31, 2019	$	4,450
Additions for tax positions related to current year	862
Additions for tax positions related to prior years	667

Lapse of statute of limitations	(1,013)

Balance as of December 31, 2020	$	4,966
Additions for tax positions related to current year	1,166
Additions for tax positions related to prior years	381
Reductions for tax positions related to prior years	(1,388)


Balance as of December 31, 2021	$	5,125

Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:


Grant Year	Dividend Yield	Expected Volatility	Risk Free Interest Rate	Expected Lives
2021	5%	45%	2%	6
2020	5%	45%	2%	6
2019	5%	46%	2%	6

Stock Option Transactions under Various Stock-Based Employee Compensation Plans

Information regarding the 1996 Plan for the year ended December 31, 2021 is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Contractual Life
Outstanding, beginning of year	598,926	$	60.34
Granted	76,500	103.88
Exercised	(156,491)	64.99


Outstanding, end of year	518,935	$	65.36	5.00
Exercisable at end of year	353,035	$	56.32	3.48

Summary of ESPP Share Activity

The following is a summary of 2019 ESPP share activity for the year ended December 31, 2021:


			Shares
Available for future purchases, January 1, 2020			369,771
Additional shares reserved under 2019 ESPP			86,490
Purchases			(114,035)
Available for future purchases, December 31, 2021			342,226

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Minimum Payments Related to Agreements


2022	$	35,641
2023	$	28,865
2024	$	24,526
2025	$	20,397
2026	$	8,498
Thereafter	$	20,051

Goodwill and Other Intangible Assets (Subsidiary) (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Intangible Assets

The following is a summary of intangible assets at December 31, 2021 and 2020:


	Estimated Life (Years)	2021				2020
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7 — 10	$	676,846	$	587,056	$	645,739	$	563,135
Non-competition agreements	3 — 15	69,276		64,941		66,156		64,647
Site locations	15	2,619,531		1,680,333		2,412,745		1,593,805
Other	2 — 15	51,261		39,407		50,018		38,625
		$	3,416,914	$	2,371,737	$	3,174,658	$	2,260,212
Unamortizable Intangible Assets:
Goodwill		$	2,189,962	$	253,536	$	2,165,864	$	253,536

Summary of Changes in Gross Carrying Amount of Goodwill

The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:


Balance as of December 31, 2019	$	2,165,810

Purchase price adjustments and other	54

Balance as of December 31, 2020	$	2,165,864
Goodwill acquired during the year	24,089
Purchase price adjustments and other	9

Balance as of December 31, 2021	$	2,189,962

LAMAR MEDIA CORP. AND SUBSIDIARIES

Summary of Intangible Assets

The following is a summary of intangible assets at December 31, 2021 and 2020:


	Estimated Life (Years)	2021				2020
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Customer lists and contracts	7—10	$	676,846	$	587,056	$	645,739	$	563,135
Non-competition agreement	3—15	69,276		64,942		66,156		64,647
Site locations	15	2,619,531		1,680,333		2,412,745		1,593,805
Other	2—15	50,716		39,329		49,472		38,547
		$	3,416,369	$	2,371,660	$	3,174,112	$	2,260,134
Unamortizable Intangible Assets:
Goodwill		$	2,178,941	$	252,667	$	2,154,844	$	252,667

Summary of Changes in Gross Carrying Amount of Goodwill

The changes in the gross carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows:


Balance as of December 31, 2019	$	2,154,790

Purchase price adjustments and other	54

Balance as of December 31, 2020	2,154,844
Goodwill acquired during the year	24,089
Purchase price adjustments and other	8

Balance as of December 31, 2021	$	2,178,941

Accrued Expenses (Subsidiary) (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Accrued Expenses

The following is a summary of accrued expenses at December 31, 2021 and 2020:


	2021		2020
Payroll	$	36,531	$	17,034
Interest	22,009		33,583
Insurance benefits	11,205		12,499
Accrued variable lease and contract expense	21,487		19,274
Stock-based compensation	30,450		11,589
Other	13,356		11,309
	$	135,038	$	105,288

LAMAR MEDIA CORP. AND SUBSIDIARIES

Summary of Accrued Expenses

The following is a summary of accrued expenses at December 31, 2021 and 2020:


	2021		2020
Payroll	$	36,531	$	17,034
Interest	22,009		33,583
Accrued variable lease and contract expense	21,487		19,274
Non-cash compensation	30,450		11,589
Other	16,841		16,998
	$	127,318	$	98,478

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Long-Term Debt

Long-term debt consists of the following at December 31, 2021 and 2020:


	December 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	773,717	$	9,306	$	764,411
Accounts Receivable Securitization Program	175,000		585		174,415
3 3/4% Senior Notes	600,000		7,036		592,964
3 5/8% Senior Notes	550,000		7,711		542,289
4% Senior Notes	549,359		7,208		542,151
4 7/8% Senior Notes	400,000		5,013		394,987
Other notes with various rates and terms	2,378		—		2,378
	3,050,454		36,859		3,013,595
Less current maturities	(175,363)		(585)		(174,778)
Long-term debt, excluding current maturities	$	2,875,091	$	36,274	$	2,838,817


	December 31, 2020
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	598,466	$	11,569	$	586,897
Accounts Receivable Securitization Program	122,500		445		122,055
3 3/4% Senior Notes	600,000		8,031		591,969
4% Senior Notes	549,280		7,911		541,369
4 7/8% Senior Notes	400,000		5,586		394,414
5 3/4% Senior Notes	653,631		6,575		647,056
Other notes with various rates and terms	2,756		—		2,756
	2,926,633		40,117		2,886,516
Less current maturities	(122,879)		(445)		(122,434)
Long-term debt, excluding current maturities	$	2,803,754	$	39,672	$	2,764,082

Summary of Long-Term Debt Contractual Maturities

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2022	$	363	$	—	$	363
2023	$	381	$	—	$	381
2024	$	175,400	$	585	$	174,815
2025	$	175,420	$	3,371	$	172,049
2026	$	442	$	—	$	442
Thereafter	$	2,698,448	$	32,903	$	2,665,545

LAMAR MEDIA CORP. AND SUBSIDIARIES

Long-Term Debt

Long-term debt consists of the following at December 31, 2021 and 2020:


	December 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	773,717	$	9,306	$	764,411
Accounts Receivable Securitization Program	175,000		585		174,415
3 3/4% Senior Notes	600,000		7,036		592,964
3 5/8% Senior Notes	550,000		7,711		542,289
4% Senior Notes	549,359		7,208		542,151
4 7/8% Senior Notes	400,000		5,013		394,987
Other notes with various rates and terms	2,378		—		2,378
	3,050,454		36,859		3,013,595
Less current maturities	(175,363)		(585)		(174,778)
Long-term debt, excluding current maturities	$	2,875,091	$	36,274	$	2,838,817


	December 31, 2020
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	598,466	$	11,569	$	586,897
Accounts Receivable Securitization Program	122,500		445		122,055
3 3/4% Senior Notes	600,000		8,031		591,969
4% Senior Notes	549,280		7,911		541,369
4 7/8% Senior Notes	400,000		5,586		394,414
5 3/4% Senior Notes	653,631		6,575		647,056
Other notes with various rates and terms	2,756		—		2,756
	2,926,633		40,117		2,886,516
Less current maturities	(122,879)		(445)		(122,434)
Long-term debt, excluding current maturities	$	2,803,754	$	39,672	$	2,764,082

Summary of Long-Term Debt Contractual Maturities

Long-term debt contractual maturities are as follows:


	Debt		Deferred financing costs		Debt, net of deferred financing costs
2022	$	363	$	—	$	363
2023	$	381	$	—	$	381
2024	$	175,400	$	585	$	174,815
2025	$	175,420	$	3,371	$	172,049
2026	$	442	$	—	$	442
Later years	$	2,698,448	$	32,903	$	2,665,545

- Definition

+ References

+ Details

Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES

12 Months Ended

Dec. 31, 2021

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of December 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
ASSETS
Total current assets	$	91,119	$	29,379	$	267,609	$	—	$	388,107
Net property, plant and equipment	—		1,321,526		15,748		—		1,337,274
Operating lease right of use assets	—		1,198,934		25,738		—		1,224,672
Intangibles and goodwill, net	—		2,953,600		17,383		—		2,970,983
Other assets	4,188,436		311,046		187,044		(4,576,531)		109,995
Total assets	$	4,279,555	$	5,814,485	$	513,522	$	(4,576,531)	$	6,031,031
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	363	$	174,415	$	—	$	174,778
Current operating lease liabilities	—		190,748		7,538		—		198,286
Other current liabilities	22,009		246,030		14,142		—		282,181
Total current liabilities	22,009		437,141		196,095		—		655,245
Long-term debt	2,836,801		2,016		—		—		2,838,817
Operating lease liabilities	—		977,463		17,893		—		995,356
Other noncurrent liabilities	212,399		292,194		292,281		(463,607)		333,267
Total liabilities	3,071,209		1,708,814		506,269		(463,607)		4,822,685
Stockholder's equity	1,208,346		4,105,671		7,253		(4,112,924)		1,208,346
Total liabilities and stockholder's equity	$	4,279,555	$	5,814,485	$	513,522	$	(4,576,531)	$	6,031,031

Condensed Consolidating Balance Sheet as of December 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
ASSETS
Total current assets	$	110,678	$	19,471	$	249,921	$	—	$	380,070
Net property, plant and equipment	—		1,268,765		13,084		—		1,281,849
Operating lease right of use assets	—		1,200,115		21,898		—		1,222,013
Intangibles and goodwill, net	—		2,798,343		17,812		—		2,816,155
Other assets	3,912,122		258,433		132,448		(4,228,383)		74,620
Total assets	$	4,022,800	$	5,545,127	$	435,163	$	(4,228,383)	$	5,774,707
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	379	$	122,055	$	—	$	122,434
Current operating lease liabilities	—		188,712		6,727		—		195,439
Other current liabilities	33,583		170,320		19,286		—		223,189
Total current liabilities	33,583		359,411		148,068		—		541,062
Long-term debt	2,761,705		2,377		—		—		2,764,082
Operating lease liabilities	—		979,785		13,991		—		993,776
Other noncurrent liabilities	34,668		245,891		266,968		(264,584)		282,943
Total liabilities	2,829,956		1,587,464		429,027		(264,584)		4,581,863
Stockholder's equity	1,192,844		3,957,663		6,136		(3,963,799)		1,192,844
Total liabilities and stockholder's equity	$	4,022,800	$	5,545,127	$	435,163	$	(4,228,383)	$	5,774,707

Condensed Consolidating Statements of Income and Comprehensive Income

for the Year Ended December 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income
Net revenues	$	—	$	1,752,106	$	37,055	$	(1,760)	$	1,787,401
Operating expenses (income)
Direct advertising expenses(1)	—		552,953		25,314		(1,760)		576,507
General and administrative expenses(1)	—		322,278		4,358		—		326,636
Corporate expenses(1)	—		91,479		1,595		—		93,074
Depreciation and amortization	—		267,141		4,153		—		271,294
Gain on disposition of assets	—		(1,965)		(150)		—		(2,115)
	—		1,231,886		35,270		(1,760)		1,265,396
Operating income	—		520,220		1,785		—		522,005
Loss on debt extinguishment	21,604		—		—		—		21,604
Equity in (earnings) loss of subsidiaries	(515,288)		—		—		515,288		—
Interest expense (income), net	104,776		(44)		889		—		105,621
Equity in earnings of investee	—		(3,384)		—		—		(3,384)
Income (loss) before income tax expense (benefit)	388,908		523,648		896		(515,288)		398,164
Income tax expense (benefit)(2)	—		9,556		(300)		—		9,256
Net income (loss)	$	388,908	$	514,092	$	1,196	$	(515,288)	$	388,908
Statement of Comprehensive Income
Net income (loss)	$	388,908	$	514,092	$	1,196	$	(515,288)	$	388,908
Total other comprehensive loss, net of tax	—		—		(79)		—		(79)
Total comprehensive income (loss)	$	388,908	$	514,092	$	1,117	$	(515,288)	$	388,829

(1)Caption is exclusive of depreciation and amortization.

(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Income and Comprehensive Income

for the Year Ended December 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income
Net revenues	$	—	$	1,536,534	$	33,965	$	(1,643)	$	1,568,856
Operating expenses (income)
Direct advertising expenses(1)	—		533,803		25,501		(1,643)		557,661
General and administrative expenses(1)	—		281,293		6,581		—		287,874
Corporate expenses(1)	—		69,478		979		—		70,457
Depreciation and amortization	—		249,299		1,997		—		251,296
(Gain) loss on disposition of assets	—		(9,036)		10		—		(9,026)
	—		1,124,837		35,068		(1,643)		1,158,262
Operating income (loss)	—		411,697		(1,103)		—		410,594
Loss on debt extinguishment	25,235		—		—		—		25,235
Equity in (earnings) loss of subsidiaries	(404,332)		—		—		404,332		—
Interest expense (income), net	135,224		(175)		1,777		—		136,826
Income (loss) before income tax expense (benefit)	243,873		411,872		(2,880)		(404,332)		248,533
Income tax expense (benefit)(2)	—		5,203		(543)		—		4,660
Net income (loss)	$	243,873	$	406,669	$	(2,337)	$	(404,332)	$	243,873
Statement of Comprehensive Income
Net income (loss)	$	243,873	$	406,669	$	(2,337)	$	(404,332)	$	243,873
Total other comprehensive income, net of tax	—		—		249		—		249
Total comprehensive income (loss)	$	243,873	$	406,669	$	(2,088)	$	(404,332)	$	244,122

(1)Caption is exclusive of depreciation and amortization.

(2)The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Income and Comprehensive Income

for the Year Ended December 31, 2019


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income
Net revenues	$	—	$	1,709,691	$	46,804	$	(2,851)	$	1,753,644
Operating expenses (income)
Direct advertising expenses(1)	—		564,877		28,052		(2,851)		590,078
General and administrative expenses(1)	—		310,813		7,567		—		318,380
Corporate expenses(1)	—		82,652		1,577		—		84,229
Depreciation and amortization	—		247,191		2,837		—		250,028
Gain on disposition of assets	—		(3,103)		(4,138)		—		(7,241)
	—		1,202,430		35,895		(2,851)		1,235,474
Operating income	—		507,261		10,909		—		518,170
Equity in (earnings) loss of subsidiaries	(517,516)		—		—		517,516		—
Interest expense (income), net	144,976		(149)		5,025		—		149,852

Income (loss) before income tax (benefit) expense	372,540		507,410		5,884		(517,516)		368,318
Income tax (benefit) expense(2)	—		(7,360)		3,138		—		(4,222)
Net income (loss)	$	372,540	$	514,770	$	2,746	$	(517,516)	$	372,540
Statement of Comprehensive Income
Net income (loss)	$	372,540	$	514,770	$	2,746	$	(517,516)	$	372,540
Total other comprehensive income, net of tax	—		—		673		—		673
Total comprehensive income (loss)	$	372,540	$	514,770	$	3,419	$	(517,516)	$	373,213

(1)Caption is exclusive of depreciation and amortization.

(2)The income tax (benefit) expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

Condensed Consolidating Statements of Cash Flows

es.

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	596,116	$	849,072	$	(21,301)	$	(708,341)	$	715,546
Cash flows from investing activities:
Capital expenditures	—		(119,728)		(6,362)		—		(126,090)
Acquisitions	—		(312,257)		—		—		(312,257)
Payment for investments in equity securities	—		(30,000)		—		—		(30,000)
Proceeds from disposition of assets and investments	—		6,480		—		—		6,480
Investment in subsidiaries	(342,257)		—		—		342,257		—
Decrease (increase) in intercompany notes receivable	51,976		—		—		(51,976)		—
Decrease in notes receivable	—		107		—		—		107
Net cash (used in) provided by investing activities	(290,281)		(455,398)		(6,362)		290,281		(461,760)
Cash flows from financing activities:
Proceeds received from revolving credit facility	200,000		—		—		—		200,000
Payment on revolving credit facility	(25,000)		—		—		—		(25,000)
Principal payments on long-term debt	—		(378)		—		—		(378)

Principal payments on financing leases	—		(1,331)		—		—		(1,331)
Proceeds received from note offering	550,000		—		—		—		550,000
Redemption of senior notes and senior subordinated notes	(668,688)		—		—		—		(668,688)


Payment on accounts receivable securitization program	—		—		(127,500)		—		(127,500)
Proceeds received from accounts receivable securitization program	—		—		180,000		—		180,000
Debt issuance costs	(8,385)		—		(438)		—		(8,823)
Intercompany loan (payments) proceeds	—		(24,119)		(27,857)		51,976		—
Distributions to non-controlling interest	—		—		(601)		—		(601)
Dividends (to) from parent	(410,875)		(708,341)		—		708,341		(410,875)
Contributions from (to) parent	37,548		342,257		—		(342,257)		37,548
Net cash (used in) provided by financing activities	(325,400)		(391,912)		23,604		418,060		(275,648)
Effect of exchange rate changes in cash and cash equivalents	—		—		81		—		81
Net (decrease) increase in cash and cash equivalents	(19,565)		1,762		(3,978)		—		(21,781)
Cash and cash equivalents at beginning of period	110,588		1,732		8,749		—		121,069
Cash and cash equivalents at end of period	$	91,023	$	3,494	$	4,771	$	—	$	99,288

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	495,872	$	668,673	$	(5,639)	$	(619,877)	$	539,029
Cash flows from investing activities:
Capital expenditures	—		(56,772)		(5,500)		—		(62,272)
Acquisitions	577		(46,161)		—		—		(45,584)
Proceeds from disposition of assets and investments	—		10,968		—		—		10,968

Investment in subsidiaries	(46,161)		—		—		46,161		—
(Increase) decrease in intercompany notes receivable	(60,183)		—		—		60,183		—

Net cash (used in) provided by investing activities	(105,767)		(91,965)		(5,500)		106,344		(96,888)
Cash flows from financing activities:
Proceeds received from revolving credit facility	725,000		—		—		—		725,000
Payment on revolving credit facility	(875,000)		—		—		—		(875,000)
Principal payments on long-term debt	—		(9,112)		—		—		(9,112)
Borrowings on long-term debt	—		8,750		—		—		8,750
Proceeds received from note offering	1,549,250		—		—		—		1,549,250
Redemption of senior notes and senior subordinated notes	(1,058,596)		—		—		—		(1,058,596)
Proceeds received from senior credit facility term loans	598,500		—		—		—		598,500
Payments on senior credit facility term loans	(978,097)		—		—		—		(978,097)
Proceeds received from accounts receivable securitization program	—		—		122,500		—		122,500
Payment on accounts receivable securitization program	—		—		(175,000)		—		(175,000)
Debt issuance costs	(32,950)		—		—		—		(32,950)

Intercompany loan (payments) proceeds	—		(9,176)		69,359		(60,183)		—
Distributions to non-controlling interest	—		—		(1,509)		—		(1,509)
Dividends (to) from parent	(262,437)		(619,877)		—		619,877		(262,437)
Contributions from (to) parent	41,628		46,161		—		(46,161)		41,628
Net cash (used in) provided by financing activities	(292,702)		(583,254)		15,350		513,533		(347,073)
Effect of exchange rate changes in cash and cash equivalents	—		—		313		—		313
Net increase (decrease) in cash and cash equivalents	97,403		(6,546)		4,524		—		95,381
Cash and cash equivalents at beginning of period	13,185		8,278		4,225		—		25,688
Cash and cash equivalents at end of period	$	110,588	$	1,732	$	8,749	$	—	$	121,069

Condensed Consolidating Statement of Cash Flows for the Year Ended December 31, 2019


	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	469,907	$	738,030	$	6,660	$	(609,657)	$	604,940
Cash flows from investing activities:
Acquisitions	—		(226,278)		—		—		(226,278)
Capital expenditures	—		(136,696)		(4,260)		—		(140,956)
Proceeds from disposition of assets and investments	—		5,438		—		—		5,438
Proceeds received from insurance claims	—		210		—		—		210
Investment in subsidiaries	(226,278)		—		—		226,278		—
Decrease (increase) in intercompany notes receivable	3,787		—		—		(3,787)		—
Increase in notes receivable	(448)		—		—		—		(448)
Net cash (used in) provided by investing activities	(222,939)		(357,326)		(4,260)		222,491		(362,034)
Cash flows from financing activities:
Proceeds received from revolving credit facility	495,000		—		—		—		495,000
Payment on revolving credit facility	(625,000)		—		—		—		(625,000)
Principal payments on long-term debt	(34,471)		—		—		—		(34,471)

Proceeds received from accounts receivable securitization program	—		—		9,000		—		9,000
Payment on accounts receivable securitization program	—		—		(9,000)		—		(9,000)
Debt issuance costs	(4,463)		—		—		—		(4,463)
Proceeds received from note offering	255,000		—		—		—		255,000

Intercompany loan (payments) proceeds	—		(702)		(3,085)		3,787		—
Distributions to non-controlling interest	—		—		(621)		—		(621)
Contributions from (to) parent	69,822		226,278		—		(226,278)		69,822
Dividends (to) from parent	(393,700)		(609,657)		—		609,657		(393,700)
Net cash (used in) provided by financing activities	(237,812)		(384,081)		(3,706)		387,166		(238,433)
Effect of exchange rate changes in cash and cash equivalents	—		—		221		—		221
Net increase (decrease) in cash and cash equivalents	9,156		(3,377)		(1,085)		—		4,694
Cash and cash equivalents at beginning of period	4,029		11,655		5,310		—		20,994
Cash and cash equivalents at end of period	$	13,185	$	8,278	$	4,225	$	—	$	25,688

Description of the Business and Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Billboard State Transit Reporting_Unit $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Jul. 12, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of advertising displays \| Billboard	153,800
Number of states in which the company operates \| State	45
Number of states in which the company operates logo sign business \| State	23
Number of transit advertising displays \| Transit	46,600
Number of states in which the company operates transit advertising displays \| State	23
Number of reporting units \| Reporting_Unit	2
REIT threshold percentage of taxable income to be distributed to stockholders	90.00%
Dividends declared and paid	$ 404,809	$ 251,944	$ 384,817
Cash dividends declared per share of common stock (in usd per share) \| $ / shares	$ 4.00	$ 2.50	$ 3.84
Distributions paid, preferred stockholders	$ 365	$ 365	$ 365
Distributions paid, preferred stockholders, per share (in usd per share) \| $ / shares	$ 63.80	$ 63.80	$ 63.80
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares) \| shares	0	0	0
Stock-based compensation	$ 37,368	$ 18,772	$ 29,647
Investment maturity period	three months
Equity in earnings of investee	$ (3,384)	$ 0	$ 0
Vistar Media
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity method investment				$ 30,000
Minority interest, percentage				20.00%
Stock Options and Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,348
Performance-Based Stock Incentive Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	31,776
Non-Performance Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	622
Restricted Stock Awards to Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 622
Taxable Income Distribution
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividends paid per share of common stock (in usd per share) \| $ / shares	$ 4.00	$ 2.50	$ 3.84
Cash dividends declared per share of common stock (in usd per share) \| $ / shares	$ 4.00	$ 2.50	$ 3.84
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated useful lives of Intangible assets	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated useful lives of Intangible assets	15 years

Description of the Business and Significant Accounting Policies - Revenue and Expense Recognized for Advertising Barter Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net revenues	$ 7,718	$ 8,088	$ 9,636
Direct advertising expenses	4,014	3,971	3,982
General and administrative expenses	$ 3,112	$ 3,144	$ 4,986

Revenues - Additional Information (Details) - ASC 606 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Direct Advertising Expenses (Exclusive of Depreciation and Amortization)
Capitalized Contract Cost [Line Items]
Contract cost expense net	$ 25,197	$ 23,085
Other Current Assets
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net current	$ 25,642	$ 22,698

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net Revenues	$ 1,787,401	$ 1,568,856	$ 1,753,644
Billboard Advertising
Disaggregation of Revenue [Line Items]
Net Revenues	1,613,554	1,403,239	1,537,542
Logo Advertising
Disaggregation of Revenue [Line Items]
Net Revenues	78,180	82,944	84,201
Transit Advertising
Disaggregation of Revenue [Line Items]
Net Revenues	$ 95,667	$ 82,673	$ 131,901

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Dec. 03, 2021	Sep. 08, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Portion of acquired intangible assets assigned to goodwill			$ 1,936,426	$ 1,912,328
Total purchase price of outdoor advertising assets				46,160
Purchase price, cash				45,584
Purchase price, non cash consideration				576
2021 Acquisitions
Business Acquisition [Line Items]
Business combination, consideration transferred			312,257
Cash acquired in acquisitions		$ 1,419
Property, plant and equipment	$ 38,289
Portion of acquired intangible assets assigned to goodwill	24,089		24,089
Total purchase price of outdoor advertising assets	312,257
Aggregate amortization expense related to acquisition			4,335
Total acquired intangible assets			266,288
Amount deductible for tax purposes			$ 14,584
Weighted average useful life			14 years
2021 Acquisitions \| Customer lists and contracts
Business Acquisition [Line Items]
Weighted average useful life			7 years
Total acquired intangible assets	31,101		$ 31,101
2021 Acquisitions \| Site locations
Business Acquisition [Line Items]
Weighted average useful life			15 years
Total acquired intangible assets	206,734		$ 206,734
December 3, 2021 Acquisition
Business Acquisition [Line Items]
Business combination, consideration transferred	75,000
Property, plant and equipment	6,022
Other intangibles	53,775
Portion of acquired intangible assets assigned to goodwill	$ 9,506
2020 Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment				13,376
Total purchase price of outdoor advertising assets				46,160
Aggregate amortization expense related to acquisition				$ 1,356
Weighted average useful life				14 years
2020 Acquisitions \| Customer lists and contracts
Business Acquisition [Line Items]
Weighted average useful life				7 years
Total acquired intangible assets				$ 3,979
2020 Acquisitions \| Site locations
Business Acquisition [Line Items]
Weighted average useful life				15 years
Total acquired intangible assets				$ 27,902

Acquisitions - Summary of Allocation of Purchase Price 2021 (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 03, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,936,426		$ 1,912,328
2021 Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment		$ 38,289
Goodwill	24,089	24,089
Other intangibles		721
Asset acquisition costs		523
Current assets		9,310
Current liabilities		(4,406)
Operating lease right of use assets		32,487
Operating lease liabilities		(30,197)
Other assets		486
Total purchase price of outdoor advertising assets		312,257
2021 Acquisitions \| Site locations
Business Acquisition [Line Items]
Finite lived intangible assets	206,734	206,734
2021 Acquisitions \| Non-competition agreements
Business Acquisition [Line Items]
Finite lived intangible assets		3,120
2021 Acquisitions \| Customer lists and contracts
Business Acquisition [Line Items]
Finite lived intangible assets	$ 31,101	$ 31,101
2020 Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment			13,376
Asset acquisition costs			154
Current assets			3
Current liabilities			(295)
Operating lease right of use assets			7,269
Operating lease liabilities			(6,368)
Total purchase price of outdoor advertising assets			46,160
2020 Acquisitions \| Site locations
Business Acquisition [Line Items]
Finite lived intangible assets			27,902
2020 Acquisitions \| Non-competition agreements
Business Acquisition [Line Items]
Finite lived intangible assets			140
2020 Acquisitions \| Customer lists and contracts
Business Acquisition [Line Items]
Finite lived intangible assets			$ 3,979

Acquisitions - Summary of Unaudited Pro Forma Financial Information (Detail) - 2021 Acquisitions - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Net revenues	$ 1,826,448	$ 1,615,855
Net income applicable to common stock	$ 379,874	$ 230,035
Net income per common share — basic (in usd per share)	$ 3.76	$ 2.28
Net income per common share — diluted (in usd per share)	$ 3.75	$ 2.28

Non-cash Financing and Investing Activities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Non-cash investing activities	$ 0	$ 0	$ 0
Non cash financing activities related to financing lease liabilities	19,891,000
Non-cash financing activity	$ 0	$ 0

Property, Plant and Equipment - Summary of Major Categories of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,782,288	$ 3,615,505
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	428,849	413,257
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 206,870	187,921
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	10 years
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	39 years
Advertising structures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,010,769	2,880,521
Advertising structures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	5 years
Advertising structures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	15 years
Automotive and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 135,800	$ 133,806
Automotive and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	3 years
Automotive and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Life (Years)	7 years

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,416,914	$ 3,174,658
Accumulated Amortization	2,371,737	2,260,212
Goodwill gross carrying amount	2,189,962	2,165,864	$ 2,165,810
Goodwill accumulated amortization	$ 253,536	253,536
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	15 years
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 676,846	645,739
Accumulated Amortization	$ 587,056	563,135
Customer lists and contracts \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	7 years
Customer lists and contracts \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	10 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 69,276	66,156
Accumulated Amortization	$ 64,941	64,647
Non-competition agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	3 years
Non-competition agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	15 years
Site locations
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	15 years
Gross Carrying Amount	$ 2,619,531	2,412,745
Accumulated Amortization	1,680,333	1,593,805
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	51,261	50,018
Accumulated Amortization	$ 39,407	$ 38,625
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives of Intangible assets	15 years

Goodwill and Other Intangible Assets - Summary of Changes in Gross Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,165,864	$ 2,165,810
Goodwill acquired during the year	24,089
Purchase price adjustments and other	9	54
Goodwill, ending balance	$ 2,189,962	$ 2,165,864

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 114,319	$ 110,201	$ 113,679

Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 120,629
2023	110,005
2024	106,111
2025	102,658
2026	94,667
Thereafter	511,107
Total	$ 1,045,177	$ 914,446

Leases - Additional Information (Detail) - USD ($)	12 Months Ended
Leases - Additional Information (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Base operating lease, cost	$ 290,036,000	$ 298,135,000	$ 312,883,000
Variable operating lease, cost	98,682,000	69,242,000	76,492,000
Non-lease transit payments	47,054,000	25,670,000	27,086,000
Operating lease, cost	388,718,000	367,377,000	389,375,000
Gain on disposition of assets	2,115,000	9,026,000	7,241,000
Operating lease, cash payments	296,460,000	286,575,000	316,527,000
Direct advertising expenses (exclusive of depreciation and amortization)	$ 576,507,000	557,661,000	590,078,000
Operating lease, weighted average remaining lease term	12 years
Operating lease, weighted average discount rate	4.50%
Leased assets obtained in exchange for operating lease liability	$ 49,927,000	25,264,000
Operating lease, liability, reduction due to lease termination	5,697,000	23,173,000
Right-of-Use asset obtained in exchange for finance lease liability		$ 19,891,000
Finance lease, weighted average remaining lease term		5 years 10 months 24 days
Finance lease, weighted average discount rate, percent		3.10%
Finance lease amortization	2,853,000	$ 222,000
Interest expenses	585,000	47,000
Principal payments on financing leases	1,331,000	0	0
Advertising
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	6,184,000	4,953,000	4,691,000
Termination of Lease Agreements
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ 241,000	$ (451,000)	$ (4,061,000)

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 229,824
2023	183,407
2024	163,324
2025	138,088
2026	115,165
Thereafter	758,339
Total undiscounted operating lease payments	1,588,147
Less: Imputed interest	(394,505)
Total operating lease liabilities	$ 1,193,642

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Payroll	$ 36,531	$ 17,034
Interest	22,009	33,583
Insurance benefits	11,205	12,499
Accrued variable lease and contract expense	21,487	19,274
Stock-based compensation	30,450	11,589
Other	13,356	11,309
Total accrued expenses	$ 135,038	$ 105,288

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt	$ 3,050,454	$ 2,926,633
Debt, Less current maturities	(175,363)	(122,879)
Debt, excluding current maturities	2,875,091	2,803,754
Deferred financing costs	36,859	40,117
Deferred financing costs, Less current maturities	(585)	(445)
Deferred financing costs, excluding current maturities	36,274	39,672
Debt, net of deferred financing costs	3,013,595	2,886,516
Debt, net of deferred financing costs, Less current maturities	(174,778)	(122,434)
Long-term debt, net of deferred financing costs	2,838,817	2,764,082
Senior Credit Facility
Debt Instrument [Line Items]
Debt	773,717	598,466
Deferred financing costs	9,306	11,569
Debt, net of deferred financing costs	764,411	586,897
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	175,000	122,500
Deferred financing costs	585	445
Debt, net of deferred financing costs	174,415	122,055
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt	550,000
Deferred financing costs	7,711
Debt, net of deferred financing costs	542,289
3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	7,036	8,031
Debt, net of deferred financing costs	592,964	591,969
4% Senior Notes
Debt Instrument [Line Items]
Debt	549,359	549,280
Deferred financing costs	7,208	7,911
Debt, net of deferred financing costs	542,151	541,369
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt	400,000	400,000
Deferred financing costs	5,013	5,586
Debt, net of deferred financing costs	394,987	394,414
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	2,378	2,756
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 2,378	2,756
5 3/4% Senior Notes
Debt Instrument [Line Items]
Debt		653,631
Deferred financing costs		6,575
Debt, net of deferred financing costs		$ 647,056

Long-term Debt - Summary of Long-Term Debt Contractual Maturities (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Debt
Debt Instrument [Line Items]
2022	$ 363
2023	381
2024	175,400
2025	175,420
2026	442
Thereafter	2,698,448
Deferred financing costs
Debt Instrument [Line Items]
2022	0
2023	0
2024	585
2025	3,371
2026	0
Thereafter	32,903
Debt, net of deferred financing costs
Debt Instrument [Line Items]
2022	363
2023	381
2024	174,815
2025	172,049
2026	442
Thereafter	$ 2,665,545

Long-term Debt - Additional Information (Detail)																12 Months Ended
Long-term Debt - Additional Information (Detail)	May 24, 2021	Feb. 03, 2021 USD ($)	Jan. 22, 2021 USD ($)	Oct. 23, 2020	Sep. 16, 2020 USD ($)	Aug. 31, 2020 USD ($)	Aug. 19, 2020 USD ($)	Jun. 30, 2020	May 13, 2020 USD ($)	Feb. 20, 2020	Feb. 06, 2020 USD ($)	Feb. 01, 2019 USD ($)	Jan. 28, 2016 USD ($)	Jan. 10, 2014 USD ($)	Oct. 30, 2012 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 16, 2020 USD ($)	Dec. 18, 2018 USD ($)
Debt Instrument [Line Items]
Proceeds received from senior credit facility term loans																$ 0	$ 598,500,000	$ 0
Loss on debt extinguishment																21,604,000	25,235,000	$ 0
Outstanding revolving credit facility																175,000,000
Remaining borrowing capacity under revolving credit facility																562,626,000
Debt																3,050,454,000	2,926,633,000
Letter of Credit
Debt Instrument [Line Items]
Letter of credit outstanding balance																12,374,000
Senior Credit Facility
Debt Instrument [Line Items]
Loss on debt extinguishment																	5,608,000
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Aggregate principal amount of debt issued																				$ 175,000,000
Increased delinquency ratio, third amendment								11.00%
Delinquency ratio prior to increase, third amendment								8.00%
Increased dilution ratio, third amendment								7.00%
Dilution ratio prior to increase, third amendment								4.00%
Increased days sales outstanding, third amendment								75 days
Number of days sales outstanding prior to increase, third amendment								65 days
Percentage of commitment to maintain minimum borrowings	50.00%			70.00%				50.00%
Increased delinquency ratio, third amendment				0.1300
Increased dilution ratio, fourth amendment				5.00%
Debt																175,000,000	122,500,000
Available borrowing on accounts receivable securitization																0
Accounts Receivable Securitization Program \| For Up To Two Additional Periods
Debt Instrument [Line Items]
Delinquency ratio prior to increase, fourth amendment				16.00%
5% Senior Subordinated Notes
Debt Instrument [Line Items]
Loss on debt extinguishment																	7,051,000
Aggregate principal amount of debt issued															$ 535,000,000
Net proceeds form the issuance of debt															$ 527,100,000
Debt instrument redemption amount					$ 267,500,000	$ 267,500,000
Redeemed percentage of aggregate principal amount					100.833%	100.833%
Cash portion of loss on debt extinguishment																	4,456,000
5 3/8% Senior Notes
Debt Instrument [Line Items]
Loss on debt extinguishment																	12,576,000
Aggregate principal amount of debt issued														$ 510,000,000
Net proceeds form the issuance of debt														$ 502,300,000
Redeemed percentage of aggregate principal amount										101.792%
Cash portion of loss on debt extinguishment																	9,139,000
5 3/4% Senior Notes
Debt Instrument [Line Items]
Loss on debt extinguishment																21,604,000
Aggregate principal amount of debt issued													$ 400,000,000
Debt																	653,631,000
Net proceeds form the issuance of debt													$ 394,500,000
Debt instrument redemption amount		$ 650,000,000
Redeemed percentage of aggregate principal amount		102.875%
Cash portion of loss on debt extinguishment																18,700,000
5 3/4% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt issued												$ 250,000,000
Net proceeds form the issuance of debt												$ 251,500,000
4% Senior Notes
Debt Instrument [Line Items]
Debt																549,359,000	549,280,000
Redemption price percentage of the principal amount to be purchased											101.00%
4% Senior Notes \| Prior to February 1, 2021
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount											100.00%
4% Senior Notes \| Prior to February 15, 2023
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount											104.00%
Redemption percentage of aggregate principal amount of senior notes											40.00%
Redemption percentage of issued notes which remain outstanding											60.00%
4% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt issued							$ 150,000,000				$ 400,000,000
Net proceeds form the issuance of debt							$ 146,900,000				$ 395,000,000
3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt																600,000,000	600,000,000
Redeemed percentage of aggregate principal amount											103.75%
Redemption percentage of aggregate principal amount of senior notes											40.00%
Redemption percentage of issued notes which remain outstanding											60.00%
3 3/4% Senior Notes \| Prior to February 15, 2023
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount											100.00%
Redemption price percentage of the principal amount to be purchased											101.00%
3 3/4% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt issued											$ 600,000,000
Net proceeds form the issuance of debt											592,500,000
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt																400,000,000	$ 400,000,000
Redeemed percentage of aggregate principal amount									104.875%
Redemption percentage of aggregate principal amount of senior notes									40.00%
Redemption percentage of issued notes which remain outstanding									60.00%
4 7/8% Senior Notes \| Prior to February 15, 2023
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount									100.00%
Redemption price percentage of the principal amount to be purchased									101.00%
4 7/8% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt issued									$ 400,000,000
Net proceeds form the issuance of debt									$ 395,000,000
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt																550,000,000
Redeemed percentage of aggregate principal amount			103.625%
Redemption percentage of aggregate principal amount of senior notes			40.00%
Redemption percentage of issued notes which remain outstanding			60.00%
3 5/8% Senior Notes \| Prior to February 15, 2023
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount			100.00%
Redemption price percentage of the principal amount to be purchased			101.00%
3 5/8% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Aggregate principal amount of debt issued			$ 550,000
Net proceeds form the issuance of debt			$ 542,500,000
Senior or Senior Subordinated Notes and other Indebtedness \| Debt Instrument Repurchase Program
Debt Instrument [Line Items]
Debt repurchase program, authorized amount																			$ 250,000,000
Debt instrument repurchased under the program																$ 0
Senior Credit Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility											750,000,000
Term B Loan Facility
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility											600,000,000
Proceeds received from senior credit facility term loans											$ 600,000,000
Term B Loan Facility \| LIBO Rate
Debt Instrument [Line Items]
Adjusted rate											1.50%
Term B Loan Facility \| Base Rate
Debt Instrument [Line Items]
Adjusted rate											0.50%
Revolving Credit Facility \| LIBO Rate
Debt Instrument [Line Items]
Debt instrument, covenant, ratio of indebtedness to net capital, maximum											3.25
Adjusted rate											1.50%
Revolving Credit Facility \| LIBO Rate \| Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted rate											1.25%
Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Debt instrument, covenant, ratio of indebtedness to net capital, maximum											3.25
Adjusted rate											0.50%
Revolving Credit Facility \| Base Rate \| Debt Ratio Less Than Three Point Two Five
Debt Instrument [Line Items]
Adjusted rate											0.25%
Revolving Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, covenant, ratio of indebtedness to net capital, maximum											4.50

Long-term Debt - Interest Rates on Notes (Detail)	Dec. 31, 2021	Jan. 22, 2021	Dec. 31, 2020	May 13, 2020	Feb. 06, 2020	Jan. 28, 2016	Jan. 10, 2014	Oct. 30, 2012
3 3/4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	3.75%		3.75%
3 3/4% Senior Notes \| Private Placement
Debt Instrument [Line Items]
Interest rate on senior notes					3.75%
4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	4.00%		4.00%		4.00%
4 7/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	4.875%		4.875%	4.875%
5 3/4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	5.75%					5.75%
5% Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate on senior notes								5.00%
5 3/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes							5.375%
3 5/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	3.625%	3.625%

Asset Retirement Obligation - Information Related to Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 222,876	$ 226,137
Additions to asset retirement obligations	3,662	658
Accretion expense	4,476	4,135
Liabilities settled	(3,291)	(8,054)
Revision in estimates	41,644
Ending balance	$ 269,367	$ 222,876

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 271,294	$ 251,296	$ 250,028
Direct advertising expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	253,850	236,054	235,544
General and administrative expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	4,691	4,996	4,416
Corporate expenses
Depreciation and Amortization Expense [Line Items]
Depreciation and amortization	$ 12,753	$ 10,246	$ 10,068

Income Taxes - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. federal, current	$ 4,723	$ 2,997	$ 6,045
State and local, current	3,958	1,940	2,699
Foreign, current	(999)	520	1,164
Total current	7,682	5,457	9,908
U.S. federal, deferred	620	(45)	(13,450)
State and local, deferred	254	311	(2,654)
Foreign, deferred	700	(1,063)	1,974
Total, deferred	1,574	(797)	(14,130)
U.S. federal, total	5,343	2,952	(7,405)
State and local, total	4,212	2,251	45
Foreign, total	(299)	(543)	3,138
Income tax expense (benefit)	$ 9,256	$ 4,660	$ (4,222)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Line Items]
Taxes payable	$ 5,915	$ 4,707
Income tax rate	21.00%	21.00%	21.00%
Net change in total state valuation allowance	$ 1,577	$ 2,226
Valuation allowance for deferred tax assets	19,433	20,997
Undistributed earnings of subsidiaries	19,682
Deferred tax liabilities foreign withholding taxes	984	1,056
Current income tax expense (benefit) related to current period earnings	77
Unrecognized tax benefits	5,125	4,966	$ 4,450
Income tax penalties and interest expense	(42)	173
Expect to decrease in unrecognized tax benefits in next twelve months	1,389
State and Local Jurisdiction
Income Tax [Line Items]
Net operating loss carry forwards	1,033,956
Amounts of credits available to offset income tax	100
Valuation allowance for deferred tax assets	334	321
Net change in total state valuation allowance	13	320
US
Income Tax [Line Items]
Net operating loss carry forwards	149,212
Amounts of credits available to offset income tax	1,205
Internal Revenue Service (IRS)
Income Tax [Line Items]
Net operating loss carry forwards	29,496
Canada Revenue Agency \| Foreign Tax Authority
Income Tax [Line Items]
Net operating loss carry forwards	4,047
Puerto Rico
Income Tax [Line Items]
Alternative minimum tax credits	178
Valuation allowance for deferred tax assets	19,099	$ 20,676
Puerto Rico \| Foreign Tax Authority
Income Tax [Line Items]
Net operating loss carry forwards	$ 39,863

Income Taxes - U.S. and Foreign Components of Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S.	$ 395,800	$ 249,714	$ 357,445
Foreign	1,546	(1,668)	10,444
Income before income tax expense (benefit)	$ 398,164	$ 248,533	$ 368,318

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense at U.S. federal statutory rate	$ 83,443	$ 52,090	$ 77,257
Tax adjustment related to REIT	(83,153)	(50,395)	(70,619)
State and local income taxes, net of federal income tax benefit	2,917	1,222	2,039
Book expenses not deductible for tax purposes	1,893	3,156	4,144
Stock-based compensation	3,555	(2,033)	(1,177)
Valuation allowance	(1,564)	(1,031)	(1,032)
Rate change	0	(182)	0
Undistributed earnings of foreign subsidiaries	292	(78)	(102)
Deferred tax adjustment due to REIT conversion	0	0	(17,031)
Other differences, net	1,873	1,911	2,299
Income tax expense (benefit)	9,256	4,660	(4,222)
Tax adjustment related dividend paid deduction	$ 85,087	$ 52,985	$ 76,688
Income tax rate	21.00%	21.00%	21.00%
Puerto Rico
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Valuation allowance	$ (1,564)	$ (1,031)	$ (1,032)
Puerto Rico
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Rate change		$ 182
Puerto Rico \| Maximum
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Income tax rate		39.00%
Puerto Rico \| Minimum
Schedule Of Effective Income Tax Rate Reconciliation [Line Items]
Income tax rate		37.50%

Income Taxes - Components of Deferred Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for doubtful accounts	$ 493	$ 328
Accrued liabilities not deducted for tax purposes	3,071	3,358
Net operating loss carry forwards	16,488	18,803
Tax credit carry forwards	692	693
Charitable contributions carry forward	3	4
Investment in partnerships	228	367
Gross deferred tax assets	20,975	23,553
Less: valuation allowance	(19,433)	(20,997)
Net deferred tax assets	1,542	2,556
Deferred tax liabilities:
Intangibles	(5,209)	(5,443)
Property, plant and equipment	(1,765)	(911)
Undistributed earnings of foreign subsidiaries	(984)	(1,056)
Gross deferred tax liabilities	(7,958)	(7,410)
Net deferred tax liabilities	$ (6,416)	$ (4,854)

Income Taxes - Reconciliation Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 4,966	$ 4,450
Additions for tax positions related to current year	1,166	862
Additions for tax positions related to prior years	381	667
Lapse of statute of limitations		(1,013)
Reductions for tax positions related to prior years	(1,388)
Ending balance	$ 5,125	$ 4,966

Related Party Transactions - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 12, 2021
Related Party Transaction [Line Items]
Receivables from employees and executive officers	$ 1,066,000	$ 1,066,000
Vistar Media
Related Party Transaction [Line Items]
Equity method investment			$ 30,000,000
Minority interest, percentage			20.00%
Revenues	10,586
Advertising expense	$ 880
Sean E. Reilly and Kevin P. Reilly, Jr. \| RTC Holdings, LLC
Related Party Transaction [Line Items]
Ownership interest in limited liability company	100.00%
Chief Executive Officer, Chairman of Board of Directors, President and Families \| RTC Holdings, LLC
Related Party Transaction [Line Items]
Ownership interest in limited liability company	89.00%
Reilly Family, LLC \| RTC Holdings, LLC
Related Party Transaction [Line Items]
Ownership interest in limited liability company	11.00%
EATEL CORP, LLC \| RTC Holdings, LLC
Related Party Transaction [Line Items]
Aggregate amount paid on backup-recovery services	$ 315,000	311,000
Advertising services aggregate amount	$ 139,000	$ 134,000

Stockholders' Equity - Additional Information (Detail) - USD ($)			12 Months Ended
	May 01, 2021	Jul. 16, 1999	Dec. 31, 2021	Dec. 31, 2019	Jun. 21, 2021	Dec. 31, 2020	Mar. 16, 2020	May 01, 2018
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			5,720			5,720
Preferred stock, par value (in usd per share)			$ 0.001			$ 0.001
Liquidation value of outstanding preferred stock			$ 3,649,000
Common stock shares issued for cash (in shares)				266,410
Shelf Registration
Class of Stock [Line Items]
Common stock shares issued for cash (in shares)			0
Series AA Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		5,720
Preferred stock, par value (in usd per share)		$ 0.001
Dividends paid to preferred stock (in usd per share)		15.95
Amount entitled (in usd per share)		$ 638
Preferred Class A
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		1,000,000
Common Class A \| Sales Agreement
Class of Stock [Line Items]
Stock repurchase program, authorized amount							$ 250,000,000
Stock repurchased during period			$ 0
Common Class A \| Equity Distribution Agreement
Class of Stock [Line Items]
Common stock, shares sold (in shares)	842,412		0
Amount available to be sold, common stock			$ 400,000,000
Common Class A \| Maximum \| Equity Distribution Agreement
Class of Stock [Line Items]
Aggregate offering price of common stock issuable					$ 400,000,000			$ 400,000,000

Stock Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued expenses, liability	$ 30,450	$ 11,589
Period of cliff vesting for option valuation	5 years
Period of graded vesting for option valuation	4 years
Expected dividend yield	5.00%	5.00%	5.00%
Total unrecognized compensation cost related to nonvested awards	$ 2,785
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized	1 year 9 months 10 days
Shares available for future stock option and restricted share grants to employees and directors under existing plans (in shares)	2,268,181
Aggregate intrinsic value of options outstanding	$ 29,032
Aggregate intrinsic value of options exercisable	22,941
Total intrinsic value of options exercised	$ 5,572
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility	90.00%
Volatility rate on publicly traded options	10.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
1996 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance to directors and employees (in shares)	17,500,000
1996 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share	0.00%
1996 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share	100.00%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	86,490
Performance Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements	$ 29,324
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of options granted under equity incentive plan (in years)	10 years

Stock Compensation Plans - Weighted Average Fair Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Dividend Yield	5.00%	5.00%	5.00%
Expected Volatility	45.00%	45.00%	46.00%
Risk Free Interest Rate	2.00%	2.00%	2.00%
Expected Lives	6 years	6 years	6 years

Stock Compensation Plans - Stock Option Transactions Under Various Stock-Based Employee Compensation Plans (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock option activity, shares
Outstanding, beginning of year (in shares)	598,926
Granted (in shares)	76,500
Exercised (in shares)	(156,491)	(61,949)	(340,684)
Outstanding, end of year (in shares)	518,935	598,926
Exercisable at end of year (in shares)	353,035
Weighted-average exercise price per stock option
Outstanding, beginning of year, weighted average exercise price (in usd per share)	$ 60.34
Granted, weighted average exercise price (in usd per share)	103.88
Exercised, weighted average exercise price (in usd per share)	64.99
Outstanding, end of year, weighted average exercise price (in usd per share)	65.36	$ 60.34
Exercisable, at end of year, weighted average exercise price (in usd per share)	$ 56.32
Outstanding, end of year, weighted average remaining contractual term	5 years
Exercisable, at end of year, weighted average remaining contractual term	3 years 5 months 23 days

Stock Compensation Plans - Summary of ESPP Share Activity (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ESPP share activity
Purchases (in shares)	(114,035)	(154,756)	(129,972)
Available for future purchases, December 31, 2020 (in shares)	2,268,181
2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved (in shares)	86,490
Employee Stock Purchase Plan
ESPP share activity
Available for future purchases, January 1, 2020 (in shares)	369,771
Purchases (in shares)	(114,035)
Available for future purchases, December 31, 2020 (in shares)	342,226	369,771
Employee Stock Purchase Plan \| 2019 Employee Stock Purchase Plan
ESPP share activity
Additional shares reserved (in shares)	86,490

Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Minimum years of service required to participate in Company sponsored saving and profit sharing plan	1 year
Minimum age required to participate in Company sponsored saving and profit sharing plan	21 years
Employers contribution as percentage of employees contribution	50.00%
Employers contribution as percentage of employees compensation	5.00%
Employees contribution limit	100.00%
Fully vesting period of contribution	3 years
Minimum age for entitlement to benefit of deferred compensation plan	30 years
Minimum years of experience to attain the benefit of deferred compensation plan	10 years
Deferred compensation arrangement with individual employees contribution minimum	$ 3
Deferred compensation arrangement with individual employees contribution maximum	8
Deferred Profit Sharing
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer's contribution	5,811	$ 5,714	$ 5,688
Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer's contribution	1,540	$ 1,616	$ 1,675
Benefit Plans
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Letters of credit with bank	$ 8,164

Commitment and Contingencies - Summary of Minimum Payments Related to Agreements (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 35,641
2023	28,865
2024	24,526
2025	20,397
2026	8,498
Thereafter	$ 20,051

Distribution Restrictions - Additional Information (Detail) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 3,921,979	$ 3,625,712
Debt ratio (less than)	7.0
Debt ratio related to actual position on senior credit facility (less than)	7.0
Available cumulative credit	$ 2,672,459
Secured Debt \| Maximum
Debt Instrument [Line Items]
Secured debt ratio (less than)	4.5
LAMAR MEDIA CORP \| Secured Debt
Debt Instrument [Line Items]
Secured debt ratio (less than)	4.5

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt (including current maturities)	$ 3,059,961

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 11,318	$ 8,727
External Customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 24,354	$ 22,819	$ 34,517

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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+ Details

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 14,946	$ 13,185	$ 11,161
Charged to Costs and Expenses	4,527	12,729	11,608
Deductions	8,278	10,968	9,584
Balance at End of Period	11,195	14,946	13,185
Deducted in balance sheet from deferred tax assets: valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	20,997	22,902	23,934
Charged to Costs and Expenses	0	0	0
Deductions	1,564	1,905	1,032
Balance at End of Period	$ 19,433	$ 20,997	$ 22,902

Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2021, 2020 and 2019 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Display Asset	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays \| Display	354,053
Encumbrances	$ 0
Initial Cost	0
Gross Carrying Amount	3,439,618	$ 3,293,778	$ 3,333,590
Accumulated Depreciation	$ (2,287,590)	(2,192,700)	(2,166,579)
Number of single asset exceeded 5% of the total gross carrying amount \| Asset	0
Percentage of asset contribution to total gross carrying amount	5.00%
Gross real estate assets:
Balance at the beginning of the year	$ 3,293,778	3,333,590	3,201,434
Capital expenditures on new advertising displays	45,427	21,598	59,604
Capital expenditures on improvements/redevelopments of existing advertising displays	21,287	13,021	25,025
Capital expenditures other recurring	88,697	12,631	36,354
Land acquisitions	17,151	8,980	22,965
Acquisition of advertising displays	17,662	4,446	23,589
Assets sold or written-off	(44,466)	(100,906)	(35,320)
Foreign exchange	82	418	(61)
Balance at the end of the year	3,439,618	3,293,778	3,333,590
Revision in cost estimate in the calculation of asset retirement obligations	48,848
Accumulated depreciation:
Balance at the beginning of the year	2,192,700	2,166,579	2,082,335
Depreciation	126,805	111,049	111,531
Assets sold or written-off	(31,971)	(85,267)	(27,890)
Foreign exchange	56	339	603
Balance at the end of the year	2,287,590	2,192,700	2,166,579
New Advertising Displays
Gross real estate assets:
Non-cash amounts	1,541	$ 621	554
Acquisition of Advertising Displays
Gross real estate assets:
Non-cash amounts	$ 3,843		$ 1,928
Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	5 years
Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	20 years

Description of the Business and Significant Accounting Policies (Subsidiary) - Additional Information (Detail)	Dec. 31, 2021 Billboard State
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of advertising displays \| Billboard	153,800
Number of states in which the company operates	45
Number of states in which the company operates logo sign business	23
LAMAR MEDIA CORP. AND SUBSIDIARIES
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of advertising displays \| Billboard	153,800
Number of states in which the company operates	45
Number of states in which the company operates logo sign business	23

Non-cash Financing Activities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Non cash financing activities related to financing lease liabilities	$ 19,891,000
Non-cash financing activity	$ 0	$ 0

Goodwill and Other Intangible Assets (Subsidiary) - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,416,914	$ 3,174,658
Accumulated Amortization	2,371,737	2,260,212
Goodwill gross carrying amount	2,189,962	2,165,864	$ 2,165,810
Goodwill accumulated amortization	253,536	253,536
LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,416,369	3,174,112
Accumulated Amortization	2,371,660	2,260,134
Goodwill gross carrying amount	2,178,941	2,154,844	$ 2,154,790
Goodwill accumulated amortization	$ 252,667	252,667
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Customer lists and contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 676,846	645,739
Accumulated Amortization	587,056	563,135
Customer lists and contracts \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	676,846	645,739
Accumulated Amortization	$ 587,056	563,135
Customer lists and contracts \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer lists and contracts \| Minimum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer lists and contracts \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Customer lists and contracts \| Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 69,276	66,156
Accumulated Amortization	64,941	64,647
Non-competition agreements \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	69,276	66,156
Accumulated Amortization	$ 64,942	64,647
Non-competition agreements \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements \| Minimum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition agreements \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Non-competition agreements \| Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site locations
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Gross Carrying Amount	$ 2,619,531	2,412,745
Accumulated Amortization	1,680,333	1,593,805
Site locations \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,619,531	2,412,745
Accumulated Amortization	$ 1,680,333	1,593,805
Site locations \| Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 51,261	50,018
Accumulated Amortization	39,407	38,625
Other \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	50,716	49,472
Accumulated Amortization	$ 39,329	$ 38,547
Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other \| Minimum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other \| Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Goodwill and Other Intangible Assets (Subsidiary) - Summary of Changes in Gross Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,165,864	$ 2,165,810
Goodwill acquired during the year	24,089
Purchase price adjustments and other	9	54
Goodwill, ending balance	2,189,962	2,165,864
LAMAR MEDIA CORP. AND SUBSIDIARIES
Goodwill [Roll Forward]
Goodwill, beginning balance	2,154,844	2,154,790
Goodwill acquired during the year	24,089
Purchase price adjustments and other	8	54
Goodwill, ending balance	$ 2,178,941	$ 2,154,844

Accrued Expenses (Subsidiary) - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable And Accrued Liabilities Current [Line Items]
Payroll	$ 36,531	$ 17,034
Interest	22,009	33,583
Accrued variable lease and contract expense	21,487	19,274
Other	13,356	11,309
Total accrued expenses	135,038	105,288
LAMAR MEDIA CORP. AND SUBSIDIARIES
Accounts Payable And Accrued Liabilities Current [Line Items]
Payroll	36,531	17,034
Interest	22,009	33,583
Accrued variable lease and contract expense	21,487	19,274
Stock-based compensation	30,450	11,589
Other	16,841	16,998
Total accrued expenses	$ 127,318	$ 98,478

Long-term Debt (Subsidiary) - Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt	$ 3,050,454	$ 2,926,633
Debt, Less current maturities	(175,363)	(122,879)
Debt, excluding current maturities	2,875,091	2,803,754
Deferred financing costs	36,859	40,117
Deferred financing costs, Less current maturities	(585)	(445)
Deferred financing costs, excluding current maturities	36,274	39,672
Debt, net of deferred financing costs	3,013,595	2,886,516
Debt, net of deferred financing costs, Less current maturities	(174,778)	(122,434)
Long-term debt, net of deferred financing costs	2,838,817	2,764,082
LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	3,050,454	2,926,633
Debt, Less current maturities	(175,363)	(122,879)
Debt, excluding current maturities	2,875,091	2,803,754
Deferred financing costs	36,859	40,117
Deferred financing costs, Less current maturities	(585)	(445)
Deferred financing costs, excluding current maturities	36,274	39,672
Debt, net of deferred financing costs	3,013,595	2,886,516
Debt, net of deferred financing costs, Less current maturities	(174,778)	(122,434)
Long-term debt, net of deferred financing costs	2,838,817	2,764,082
Senior Credit Facility
Debt Instrument [Line Items]
Debt	773,717	598,466
Deferred financing costs	9,306	11,569
Debt, net of deferred financing costs	764,411	586,897
Senior Credit Facility \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	773,717	598,466
Deferred financing costs	9,306	11,569
Debt, net of deferred financing costs	764,411	586,897
Accounts Receivable Securitization Program
Debt Instrument [Line Items]
Debt	175,000	122,500
Deferred financing costs	585	445
Debt, net of deferred financing costs	174,415	122,055
Accounts Receivable Securitization Program \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	175,000	122,500
Deferred financing costs	585	445
Debt, net of deferred financing costs	174,415	122,055
3 3/4% Senior Notes
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	7,036	8,031
Debt, net of deferred financing costs	592,964	591,969
3 3/4% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	7,036	8,031
Debt, net of deferred financing costs	592,964	591,969
3 5/8% Senior Notes
Debt Instrument [Line Items]
Debt	550,000
Deferred financing costs	7,711
Debt, net of deferred financing costs	542,289
3 5/8% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	550,000
Deferred financing costs	7,711
Debt, net of deferred financing costs	542,289
4% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	549,359	549,280
Deferred financing costs	7,208	7,911
Debt, net of deferred financing costs	542,151	541,369
4 7/8% Senior Notes
Debt Instrument [Line Items]
Debt	400,000	400,000
Deferred financing costs	5,013	5,586
Debt, net of deferred financing costs	394,987	394,414
4 7/8% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	400,000	400,000
Deferred financing costs	5,013	5,586
Debt, net of deferred financing costs	394,987	394,414
Other notes with various rates and terms
Debt Instrument [Line Items]
Debt	2,378	2,756
Deferred financing costs	0	0
Debt, net of deferred financing costs	2,378	2,756
Other notes with various rates and terms \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt	2,378	2,756
Deferred financing costs	0	0
Debt, net of deferred financing costs	$ 2,378	2,756
5 3/4% Senior Notes
Debt Instrument [Line Items]
Debt		653,631
Deferred financing costs		6,575
Debt, net of deferred financing costs		647,056
5 3/4% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Debt		653,631
Deferred financing costs		6,575
Debt, net of deferred financing costs		$ 647,056

Long-term Debt (Subsidiary) - Summary of Long-Term Debt Contractual Maturities (Detail) $ in Thousands	Dec. 31, 2021 USD ($)
Debt
Debt Instrument [Line Items]
2022	$ 363
2023	381
2024	175,400
2025	175,420
Thereafter	2,698,448
Debt \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2022	363
2023	381
2024	175,400
2025	175,420
2026	442
Thereafter	2,698,448
Deferred financing costs
Debt Instrument [Line Items]
2022	0
2023	0
2024	585
2025	3,371
Thereafter	32,903
Deferred financing costs \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2022	0
2023	0
2024	585
2025	3,371
2026	0
Thereafter	32,903
Debt, net of deferred financing costs
Debt Instrument [Line Items]
2022	363
2023	381
2024	174,815
2025	172,049
Thereafter	2,665,545
Debt, net of deferred financing costs \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
2022	363
2023	381
2024	174,815
2025	172,049
2026	442
Thereafter	$ 2,665,545

Long-term Debt (Subsidiary) - Interest Rates on Notes (Detail)	Dec. 31, 2021	Jan. 22, 2021	Dec. 31, 2020	May 13, 2020	Jan. 28, 2016
3 3/4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	3.75%		3.75%
3 3/4% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Interest rate on senior notes	3.75%		3.75%
4 7/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	4.875%		4.875%	4.875%
4 7/8% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Interest rate on senior notes	4.875%		4.875%
5 3/4% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	5.75%				5.75%
5 3/4% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Interest rate on senior notes			5.75%
4% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Interest rate on senior notes	4.00%		4.00%
3 5/8% Senior Notes
Debt Instrument [Line Items]
Interest rate on senior notes	3.625%	3.625%
3 5/8% Senior Notes \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Debt Instrument [Line Items]
Interest rate on senior notes	3.625%

Related Party Transactions (Subsidiary) - Additional Information (Detail) - LAMAR MEDIA CORP. AND SUBSIDIARIES - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Amount payable to parent company	$ 3,018	$ 3,928
Amount contributed to affiliate	$ 37,548	$ 41,628

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Total current assets	$ 388,107	$ 380,070
Net property, plant and equipment	1,337,274	1,281,849
Operating lease right of use assets	1,224,672	1,222,013
Intangibles and goodwill, net	2,970,983	2,816,155
Other assets	109,995	74,620
Total assets	6,031,031	5,774,707
Current liabilities:
Current maturities of long-term debt	174,778	122,434
Current operating lease liabilities	198,286	195,439
Other current liabilities	282,181	223,189
Total current liabilities	655,245	541,062
Long-term debt	2,838,817	2,764,082
Operating lease liabilities	995,356	993,776
Other noncurrent liabilities	333,267	282,943
Total liabilities	4,822,685	4,581,863
Stockholders’ equity	1,208,346	1,192,844	$ 1,180,306	$ 1,131,784
Total liabilities and stockholders’ equity	6,031,031	5,774,707
Reportable Legal Entities \| Lamar Media Corp.
ASSETS
Total current assets	91,119	110,678
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangibles and goodwill, net	0	0
Other assets	4,188,436	3,912,122
Total assets	4,279,555	4,022,800
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	22,009	33,583
Total current liabilities	22,009	33,583
Long-term debt	2,836,801	2,761,705
Operating lease liabilities	0	0
Other noncurrent liabilities	212,399	34,668
Total liabilities	3,071,209	2,829,956
Stockholders’ equity	1,208,346	1,192,844
Total liabilities and stockholders’ equity	4,279,555	4,022,800
Reportable Legal Entities \| Guarantor Subsidiaries
ASSETS
Total current assets	29,379	19,471
Net property, plant and equipment	1,321,526	1,268,765
Operating lease right of use assets	1,198,934	1,200,115
Intangibles and goodwill, net	2,953,600	2,798,343
Other assets	311,046	258,433
Total assets	5,814,485	5,545,127
Current liabilities:
Current maturities of long-term debt	363	379
Current operating lease liabilities	190,748	188,712
Other current liabilities	246,030	170,320
Total current liabilities	437,141	359,411
Long-term debt	2,016	2,377
Operating lease liabilities	977,463	979,785
Other noncurrent liabilities	292,194	245,891
Total liabilities	1,708,814	1,587,464
Stockholders’ equity	4,105,671	3,957,663
Total liabilities and stockholders’ equity	5,814,485	5,545,127
Reportable Legal Entities \| Non-Guarantor Subsidiaries
ASSETS
Total current assets	267,609	249,921
Net property, plant and equipment	15,748	13,084
Operating lease right of use assets	25,738	21,898
Intangibles and goodwill, net	17,383	17,812
Other assets	187,044	132,448
Total assets	513,522	435,163
Current liabilities:
Current maturities of long-term debt	174,415	122,055
Current operating lease liabilities	7,538	6,727
Other current liabilities	14,142	19,286
Total current liabilities	196,095	148,068
Long-term debt	0	0
Operating lease liabilities	17,893	13,991
Other noncurrent liabilities	292,281	266,968
Total liabilities	506,269	429,027
Stockholders’ equity	7,253	6,136
Total liabilities and stockholders’ equity	513,522	435,163
Eliminations
ASSETS
Total current assets	0	0
Net property, plant and equipment	0	0
Operating lease right of use assets	0	0
Intangibles and goodwill, net	0	0
Other assets	(4,576,531)	(4,228,383)
Total assets	(4,576,531)	(4,228,383)
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	0	0
Total current liabilities	0	0
Long-term debt	0	0
Operating lease liabilities	0	0
Other noncurrent liabilities	(463,607)	(264,584)
Total liabilities	(463,607)	(264,584)
Stockholders’ equity	(4,112,924)	(3,963,799)
Total liabilities and stockholders’ equity	$ (4,576,531)	$ (4,228,383)

Condensed Consolidating Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statements of Income
Net Revenues	$ 1,787,401	$ 1,568,856	$ 1,753,644
Operating expenses (income):
Direct advertising expenses	576,507	557,661	590,078
General and administrative expenses	326,636	287,874	318,380
Corporate expenses	93,074	70,457	84,229
Depreciation and amortization	271,294	251,296	250,028
Gain on disposition of assets	(2,115)	(9,026)	(7,241)
Total operating expenses	1,265,396	1,158,262	1,235,474
Operating income	522,005	410,594	518,170
Loss on extinguishment of debt	21,604	25,235	0
Equity in (earnings) loss of subsidiaries	0	0	0
Interest expense (income), net	105,621	136,826	149,852
Equity in earnings of investee	(3,384)	0	0
Income before income tax expense (benefit)	398,164	248,533	368,318
Income tax expense (benefit)	9,256	4,660	(4,222)
Net income	388,908	243,873	372,540
Statements of Comprehensive Income
Net income	388,908	243,873	372,540
Total other comprehensive loss, net of tax	(79)	249	673
Comprehensive income	388,829	244,122	373,213
Reportable Legal Entities \| Lamar Media Corp.
Statements of Income
Net Revenues	0	0	0
Operating expenses (income):
Direct advertising expenses	0	0	0
General and administrative expenses	0	0	0
Corporate expenses	0	0	0
Depreciation and amortization	0	0	0
Gain on disposition of assets	0	0	0
Total operating expenses	0	0	0
Operating income	0	0	0
Loss on extinguishment of debt	21,604	25,235
Equity in (earnings) loss of subsidiaries	(515,288)	(404,332)	(517,516)
Interest expense (income), net	104,776	135,224	144,976
Equity in earnings of investee	0
Income before income tax expense (benefit)	388,908	243,873	372,540
Income tax expense (benefit)	0	0	0
Net income	388,908	243,873	372,540
Statements of Comprehensive Income
Net income	388,908	243,873	372,540
Total other comprehensive loss, net of tax	0	0	0
Comprehensive income	388,908	243,873	372,540
Reportable Legal Entities \| Guarantor Subsidiaries
Statements of Income
Net Revenues	1,752,106	1,536,534	1,709,691
Operating expenses (income):
Direct advertising expenses	552,953	533,803	564,877
General and administrative expenses	322,278	281,293	310,813
Corporate expenses	91,479	69,478	82,652
Depreciation and amortization	267,141	249,299	247,191
Gain on disposition of assets	(1,965)	(9,036)	(3,103)
Total operating expenses	1,231,886	1,124,837	1,202,430
Operating income	520,220	411,697	507,261
Loss on extinguishment of debt	0	0
Equity in (earnings) loss of subsidiaries	0	0	0
Interest expense (income), net	(44)	(175)	(149)
Equity in earnings of investee	(3,384)
Income before income tax expense (benefit)	523,648	411,872	507,410
Income tax expense (benefit)	9,556	5,203	(7,360)
Net income	514,092	406,669	514,770
Statements of Comprehensive Income
Net income	514,092	406,669	514,770
Total other comprehensive loss, net of tax	0	0	0
Comprehensive income	514,092	406,669	514,770
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Statements of Income
Net Revenues	37,055	33,965	46,804
Operating expenses (income):
Direct advertising expenses	25,314	25,501	28,052
General and administrative expenses	4,358	6,581	7,567
Corporate expenses	1,595	979	1,577
Depreciation and amortization	4,153	1,997	2,837
Gain on disposition of assets	(150)	10	(4,138)
Total operating expenses	35,270	35,068	35,895
Operating income	1,785	(1,103)	10,909
Loss on extinguishment of debt	0	0
Equity in (earnings) loss of subsidiaries	0	0	0
Interest expense (income), net	889	1,777	5,025
Equity in earnings of investee	0
Income before income tax expense (benefit)	896	(2,880)	5,884
Income tax expense (benefit)	(300)	(543)	3,138
Net income	1,196	(2,337)	2,746
Statements of Comprehensive Income
Net income	1,196	(2,337)	2,746
Total other comprehensive loss, net of tax	(79)	249	673
Comprehensive income	1,117	(2,088)	3,419
Eliminations
Statements of Income
Net Revenues	(1,760)	(1,643)	(2,851)
Operating expenses (income):
Direct advertising expenses	(1,760)	(1,643)	(2,851)
General and administrative expenses	0	0	0
Corporate expenses	0	0	0
Depreciation and amortization	0	0	0
Gain on disposition of assets	0	0	0
Total operating expenses	(1,760)	(1,643)	(2,851)
Operating income	0	0	0
Loss on extinguishment of debt	0	0
Equity in (earnings) loss of subsidiaries	515,288	404,332	517,516
Interest expense (income), net	0	0	0
Equity in earnings of investee	0
Income before income tax expense (benefit)	(515,288)	(404,332)	(517,516)
Income tax expense (benefit)	0	0	0
Net income	(515,288)	(404,332)	(517,516)
Statements of Comprehensive Income
Net income	(515,288)	(404,332)	(517,516)
Total other comprehensive loss, net of tax	0	0	0
Comprehensive income	$ (515,288)	$ (404,332)	$ (517,516)

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Cash flows provided by operating activities	$ 715,546,000	$ 539,029,000	$ 604,940,000
Cash flows from investing activities:
Capital expenditures	(126,090,000)	(62,272,000)	(140,956,000)
Acquisitions	(312,257,000)	(45,584,000)	(226,278,000)
Payment for investments in equity securities	(30,000,000)	0	0
Proceeds from disposition of assets and investments	6,480,000	10,968,000	5,438,000
Proceeds received from property insurance claims	0	0	210,000
Investment in subsidiaries	0	0	0
Decrease (increase) in intercompany notes receivable	0	0	0
Decrease (increase) in notes receivable	107,000		(448,000)
Cash flows used in investing activities	(461,760,000)	(96,888,000)	(362,034,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	200,000,000	725,000,000	495,000,000
Payments on revolving credit facility	(25,000,000)	(875,000,000)	(625,000,000)
Principal payments on long-term debt	(378,000)	(9,112,000)	(34,471,000)
Borrowings on long-term debt	0	8,750,000	0
Principal payments on financing leases	(1,331,000)	0	0
Proceeds received from note offering	550,000,000	1,549,250,000	255,000,000
Redemption of senior notes and senior subordinated notes	(668,688,000)	(1,058,596,000)	0
Proceeds received from senior credit facility term loans	0	598,500,000	0
Payments on senior credit facility term loans	0	(978,097,000)	0
Payments on accounts receivable securitization program	(127,500,000)	(175,000,000)	(9,000,000)
Proceeds received from accounts receivable securitization program	180,000,000	122,500,000	9,000,000
Debt issuance costs	(8,823,000)	(32,950,000)	(4,463,000)
Intercompany loan (payments) proceeds	0	0	0
Distributions to non-controlling interest	(601,000)	(1,509,000)	(621,000)
Dividends to parent	(410,875,000)	(262,437,000)	(393,700,000)
Contributions from (to) parent	37,548,000	41,628,000	69,822,000
Cash flows used in financing activities	(275,648,000)	(347,073,000)	(238,433,000)
Effect of exchange rate changes in cash and cash equivalents	81,000	313,000	221,000
Net (decrease) increase in cash and cash equivalents	(21,781,000)	95,381,000	4,694,000
Cash and cash equivalents at beginning of period	121,069,000	25,688,000	20,994,000
Cash and cash equivalents at end of period	99,288,000	121,069,000	25,688,000
Reportable Legal Entities \| Lamar Media Corp.
Cash flows from operating activities:
Cash flows provided by operating activities	596,116,000	495,872,000	469,907,000
Cash flows from investing activities:
Capital expenditures	0	0	0
Acquisitions	0	577,000	0
Payment for investments in equity securities	0
Proceeds from disposition of assets and investments	0	0	0
Proceeds received from property insurance claims			0
Investment in subsidiaries	(342,257,000)	(46,161,000)	(226,278,000)
Decrease (increase) in intercompany notes receivable	51,976,000	(60,183,000)	3,787,000
Decrease (increase) in notes receivable	0		(448,000)
Cash flows used in investing activities	(290,281,000)	(105,767,000)	(222,939,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	200,000,000	725,000,000	495,000,000
Payments on revolving credit facility	(25,000,000)	(875,000,000)	(625,000,000)
Principal payments on long-term debt	0	0	(34,471,000)
Borrowings on long-term debt		0
Principal payments on financing leases	0
Proceeds received from note offering	550,000,000	1,549,250,000	255,000,000
Redemption of senior notes and senior subordinated notes	(668,688,000)	(1,058,596,000)
Proceeds received from senior credit facility term loans		598,500,000
Payments on senior credit facility term loans		(978,097,000)
Payments on accounts receivable securitization program	0	0	0
Proceeds received from accounts receivable securitization program	0	0	0
Debt issuance costs	(8,385,000)	(32,950,000)	(4,463,000)
Intercompany loan (payments) proceeds	0	0	0
Distributions to non-controlling interest	0	0	0
Dividends to parent	(410,875,000)	(262,437,000)	(393,700,000)
Contributions from (to) parent	37,548,000	41,628,000	69,822,000
Cash flows used in financing activities	(325,400,000)	(292,702,000)	(237,812,000)
Effect of exchange rate changes in cash and cash equivalents	0	0	0
Net (decrease) increase in cash and cash equivalents	(19,565,000)	97,403,000	9,156,000
Cash and cash equivalents at beginning of period	110,588,000	13,185,000	4,029,000
Cash and cash equivalents at end of period	91,023,000	110,588,000	13,185,000
Reportable Legal Entities \| Guarantor Subsidiaries
Cash flows from operating activities:
Cash flows provided by operating activities	849,072,000	668,673,000	738,030,000
Cash flows from investing activities:
Capital expenditures	(119,728,000)	(56,772,000)	(136,696,000)
Acquisitions	(312,257,000)	(46,161,000)	(226,278,000)
Payment for investments in equity securities	(30,000,000)
Proceeds from disposition of assets and investments	6,480,000	10,968,000	5,438,000
Proceeds received from property insurance claims			210,000
Investment in subsidiaries	0	0	0
Decrease (increase) in intercompany notes receivable	0	0	0
Decrease (increase) in notes receivable	107,000		0
Cash flows used in investing activities	(455,398,000)	(91,965,000)	(357,326,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0	0
Payments on revolving credit facility	0	0	0
Principal payments on long-term debt	(378,000)	(9,112,000)	0
Borrowings on long-term debt		8,750,000
Principal payments on financing leases	(1,331,000)
Proceeds received from note offering	0	0	0
Redemption of senior notes and senior subordinated notes	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Payments on accounts receivable securitization program	0	0	0
Proceeds received from accounts receivable securitization program	0	0	0
Debt issuance costs	0	0	0
Intercompany loan (payments) proceeds	(24,119,000)	(9,176,000)	(702,000)
Distributions to non-controlling interest	0	0	0
Dividends to parent	(708,341,000)	(619,877,000)	(609,657,000)
Contributions from (to) parent	342,257,000	46,161,000	226,278,000
Cash flows used in financing activities	(391,912,000)	(583,254,000)	(384,081,000)
Effect of exchange rate changes in cash and cash equivalents	0	0	0
Net (decrease) increase in cash and cash equivalents	1,762,000	(6,546,000)	(3,377,000)
Cash and cash equivalents at beginning of period	1,732,000	8,278,000	11,655,000
Cash and cash equivalents at end of period	3,494,000	1,732,000	8,278,000
Reportable Legal Entities \| Non-Guarantor Subsidiaries
Cash flows from operating activities:
Cash flows provided by operating activities	(21,301,000)	(5,639,000)	6,660,000
Cash flows from investing activities:
Capital expenditures	(6,362,000)	(5,500,000)	(4,260,000)
Acquisitions	0	0	0
Payment for investments in equity securities	0
Proceeds from disposition of assets and investments	0	0	0
Proceeds received from property insurance claims			0
Investment in subsidiaries	0	0	0
Decrease (increase) in intercompany notes receivable	0	0	0
Decrease (increase) in notes receivable	0		0
Cash flows used in investing activities	(6,362,000)	(5,500,000)	(4,260,000)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0	0
Payments on revolving credit facility	0	0	0
Principal payments on long-term debt	0	0	0
Borrowings on long-term debt		0
Principal payments on financing leases	0
Proceeds received from note offering	0	0	0
Redemption of senior notes and senior subordinated notes	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Payments on accounts receivable securitization program	(127,500,000)	(175,000,000)	(9,000,000)
Proceeds received from accounts receivable securitization program	180,000,000	122,500,000	9,000,000
Debt issuance costs	(438,000)	0	0
Intercompany loan (payments) proceeds	(27,857,000)	69,359,000	(3,085,000)
Distributions to non-controlling interest	(601,000)	(1,509,000)	(621,000)
Dividends to parent	0	0	0
Contributions from (to) parent	0	0	0
Cash flows used in financing activities	23,604,000	15,350,000	(3,706,000)
Effect of exchange rate changes in cash and cash equivalents	81,000	313,000	221,000
Net (decrease) increase in cash and cash equivalents	(3,978,000)	4,524,000	(1,085,000)
Cash and cash equivalents at beginning of period	8,749,000	4,225,000	5,310,000
Cash and cash equivalents at end of period	4,771,000	8,749,000	4,225,000
Eliminations
Cash flows from operating activities:
Cash flows provided by operating activities	(708,341,000)	(619,877,000)	(609,657,000)
Cash flows from investing activities:
Capital expenditures	0	0	0
Acquisitions	0	0	0
Payment for investments in equity securities	0
Proceeds from disposition of assets and investments	0	0	0
Proceeds received from property insurance claims			0
Investment in subsidiaries	342,257,000	46,161,000	226,278,000
Decrease (increase) in intercompany notes receivable	(51,976,000)	60,183,000	(3,787,000)
Decrease (increase) in notes receivable	0		0
Cash flows used in investing activities	290,281,000	106,344,000	222,491,000
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0	0
Payments on revolving credit facility	0	0	0
Principal payments on long-term debt	0	0	0
Borrowings on long-term debt		0
Principal payments on financing leases	0
Proceeds received from note offering	0	0	0
Redemption of senior notes and senior subordinated notes	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Payments on accounts receivable securitization program	0	0	0
Proceeds received from accounts receivable securitization program	0	0	0
Debt issuance costs	0	0	0
Intercompany loan (payments) proceeds	51,976,000	(60,183,000)	3,787,000
Distributions to non-controlling interest	0	0	0
Dividends to parent	708,341,000	619,877,000	609,657,000
Contributions from (to) parent	(342,257,000)	(46,161,000)	(226,278,000)
Cash flows used in financing activities	418,060,000	513,533,000	387,166,000
Effect of exchange rate changes in cash and cash equivalents	0	0	0
Net (decrease) increase in cash and cash equivalents	0	0	0
Cash and cash equivalents at beginning of period	0	0	0
Cash and cash equivalents at end of period	$ 0	$ 0	$ 0

Schedule II - Valuation and Qualifying Accounts (Subsidiary) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 14,946	$ 13,185	$ 11,161
Charged to Costs and Expenses	4,527	12,729	11,608
Deductions	8,278	10,968	9,584
Balance at End of Period	11,195	14,946	13,185
Deducted in balance sheet from trade accounts receivable: allowance for doubtful accounts \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	14,946	13,185	11,161
Charged to Costs and Expenses	4,527	12,729	11,608
Deductions	8,278	10,968	9,584
Balance at End of Period	11,195	14,946	13,185
Deducted in balance sheet from deferred tax assets: valuation allowance
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	20,997	22,902	23,934
Charged to Costs and Expenses	0	0	0
Deductions	1,564	1,905	1,032
Balance at End of Period	19,433	20,997	22,902
Deducted in balance sheet from deferred tax assets: valuation allowance \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	20,997	22,902	23,934
Charged to Costs and Expenses	0	0	0
Deductions	1,564	1,905	1,032
Balance at End of Period	$ 19,433	$ 20,997	$ 22,902

Schedule III - Schedule of Real Estate and Accumulated Depreciation as of December 31, 2020, 2019 and 2018 (Details) (Subsidiary) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) Display Asset	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays \| Display	354,053
Encumbrances	$ 0
Initial Cost	0
Gross Carrying Amount	3,439,618	$ 3,293,778	$ 3,333,590
Accumulated Depreciation	$ (2,287,590)	(2,192,700)	(2,166,579)
Number of single asset exceeded 5% of the total gross carrying amount \| Asset	0
Percentage of asset contribution to total gross carrying amount	5.00%
Gross real estate assets:
Balance at the beginning of the year	$ 3,293,778	3,333,590	3,201,434
Capital expenditures on new advertising displays	45,427	21,598	59,604
Capital expenditures on improvements/redevelopments of existing advertising displays	21,287	13,021	25,025
Capital expenditures other recurring	88,697	12,631	36,354
Land acquisitions	17,151	8,980	22,965
Acquisition of advertising displays	17,662	4,446	23,589
Assets sold or written-off	(44,466)	(100,906)	(35,320)
Foreign exchange	(82)	(418)	61
Balance at the end of the year	3,439,618	3,293,778	3,333,590
Accumulated depreciation:
Balance at the beginning of the year	2,192,700	2,166,579	2,082,335
Depreciation	126,805	111,049	111,531
Assets sold or written-off	(31,971)	(85,267)	(27,890)
Foreign exchange	(56)	(339)	(603)
Balance at the end of the year	$ 2,287,590	2,192,700	2,166,579
LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Number of advertising displays \| Display	354,053
Encumbrances		0
Initial Cost		0
Gross Carrying Amount	$ 3,439,618	3,293,778	3,333,590
Accumulated Depreciation	$ (2,287,590)	(2,192,700)	(2,166,579)
Number of single asset exceeded 5% of the total gross carrying amount \| Asset	0
Percentage of asset contribution to total gross carrying amount	5.00%
Gross real estate assets:
Balance at the beginning of the year	$ 3,293,778	3,333,590	3,201,434
Capital expenditures on new advertising displays	45,427	21,598	59,604
Capital expenditures on improvements/redevelopments of existing advertising displays	21,287	13,021	25,025
Capital expenditures other recurring	88,697	12,631	36,354
Land acquisitions	17,151	8,980	22,965
Acquisition of advertising displays	17,662	4,446	23,589
Assets sold or written-off	(44,466)	(100,906)	(35,320)
Foreign exchange	(82)	(418)	61
Balance at the end of the year	3,439,618	3,293,778	3,333,590
Non-cash amounts	48,848
Accumulated depreciation:
Balance at the beginning of the year	2,192,700	2,166,579	2,082,335
Depreciation	126,805	111,049	111,531
Assets sold or written-off	(31,971)	(85,267)	(27,890)
Foreign exchange	(56)	(339)	(603)
Balance at the end of the year	2,287,590	2,192,700	2,166,579
New Advertising Displays
Gross real estate assets:
Non-cash amounts	1,541	621	554
New Advertising Displays \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Gross real estate assets:
Non-cash amounts	1,541	$ 621	554
Acquisition of Advertising Displays
Gross real estate assets:
Non-cash amounts	3,843		1,928
Acquisition of Advertising Displays \| LAMAR MEDIA CORP. AND SUBSIDIARIES
Gross real estate assets:
Non-cash amounts	$ 3,843		$ 1,928
Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	5 years
Minimum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	5 years
Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	20 years
Maximum \| LAMAR MEDIA CORP. AND SUBSIDIARIES
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Useful Lives	20 years