0001628280-21-008791 | 10-Q | XBRL Viewer

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-36756
Entity Registrant Name	LAMAR ADVERTISING CO/NEW
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0961620
Entity Address, Address Line One	5321 Corporate Blvd.
Entity Address, City or Town	Baton Rouge
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70808
City Area Code	225
Local Phone Number	926-1000
Title of 12(b) Security	Class A common stock, $0.001 par value
Trading Symbol	LAMR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001090425
Current Fiscal Year End Date	--12-31
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		86,689,531
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,420,085
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Document Information [Line Items]
Entity File Number	1-12407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1205791
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100
Entity Central Index Key	0000899045
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 43,046	$ 121,569
Receivables, net of allowance for doubtful accounts	218,603	240,854
Other current assets	25,702	18,147
Total current assets	287,351	380,570
Property, plant and equipment	3,621,869	3,615,505
Less accumulated depreciation and amortization	(2,353,189)	(2,333,656)
Net property, plant and equipment	1,268,680	1,281,849
Operating lease right of use assets	1,213,933	1,222,013
Financing lease right of use assets	19,030	19,670
Goodwill	1,912,359	1,912,328
Intangible assets, net	887,585	914,446
Other assets	61,559	60,565
Total assets	5,650,497	5,791,441
Current liabilities:
Trade accounts payable	11,382	12,017
Current maturities of long-term debt, net of deferred financing costs	155,039	122,434
Current operating lease liabilities	162,861	195,439
Current financing lease liabilities	1,331	1,331
Accrued expenses	72,368	105,288
Deferred income	113,454	111,363
Total current liabilities	516,435	547,872
Long-term debt, net of deferred financing costs	2,685,085	2,764,082
Operating lease liabilities	984,117	993,776
Financing lease liabilities	18,275	18,608
Deferred income tax liabilities	3,819	4,854
Asset retirement obligation	222,891	222,876
Other liabilities	38,368	36,605
Total liabilities	4,468,990	4,588,673
Stockholders’ equity:
Additional paid-in capital	1,985,682	1,963,850
Accumulated comprehensive income	1,138	934
Accumulated deficit	(754,911)	(717,331)
Cost of shares held in treasury	(50,503)	(44,786)
Stockholders’ equity	1,181,507	1,202,768
Total liabilities and stockholders’ equity	5,650,497	5,791,441
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Current assets:
Cash and cash equivalents	42,546	121,069
Receivables, net of allowance for doubtful accounts	218,603	240,854
Other current assets	25,702	18,147
Total current assets	286,851	380,070
Property, plant and equipment	3,621,869	3,615,505
Less accumulated depreciation and amortization	(2,353,189)	(2,333,656)
Net property, plant and equipment	1,268,680	1,281,849
Operating lease right of use assets	1,213,933	1,222,013
Financing lease right of use assets	19,030	19,670
Goodwill	1,902,207	1,902,177
Intangible assets, net	887,118	913,978
Other assets	55,943	54,950
Total assets	5,633,762	5,774,707
Current liabilities:
Trade accounts payable	11,382	12,017
Current maturities of long-term debt, net of deferred financing costs	155,039	122,434
Current operating lease liabilities	162,861	195,439
Current financing lease liabilities	1,331	1,331
Accrued expenses	65,330	98,478
Deferred income	113,454	111,363
Total current liabilities	509,397	541,062
Long-term debt, net of deferred financing costs	2,685,085	2,764,082
Operating lease liabilities	984,117	993,776
Financing lease liabilities	18,275	18,608
Deferred income tax liabilities	3,819	4,854
Asset retirement obligation	222,891	222,876
Other liabilities	38,368	36,605
Total liabilities	4,461,952	4,581,863
Stockholders’ equity:
Common stock, value	0	0
Additional paid-in capital	3,056,188	3,034,357
Accumulated comprehensive income	1,138	934
Accumulated deficit	(1,885,516)	(1,842,447)
Stockholders’ equity	1,171,810	1,192,844
Total liabilities and stockholders’ equity	5,633,762	5,774,707
Series A A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value	0	0
Common Class A [Member]
Stockholders’ equity:
Common stock, value	87	87
Common Class B [Member]
Stockholders’ equity:
Common stock, value	$ 14	$ 14

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 13,438	$ 14,946
Current deferred financing costs	333	445
Noncurrent deferred financing costs	$ 39,912	$ 39,672
Shares held in treasury	684,971	619,681
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Allowance for doubtful accounts	$ 13,438	$ 14,946
Current deferred financing costs	333	445
Noncurrent deferred financing costs	$ 39,912	$ 39,672
Common stock, par value (in dollars 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
Series A A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, cumulative dividends	$ 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
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	362,500,000	362,500,000
Common stock, shares issued (in shares)	87,374,252	87,111,327
Common stock, shares outstanding (in shares)	86,689,281	86,491,646
Common Class B [Member]
Common stock, par value (in dollars 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

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net revenues	$ 370,881	$ 406,569
Revenue, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	$ 131,215	$ 149,494
Cost, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses (exclusive of depreciation and amortization)	$ 72,649	$ 82,204
Corporate expenses (exclusive of depreciation and amortization)	17,760	18,491
Depreciation and amortization	60,749	62,313
Gain on disposition of assets	(415)	(2,504)
Total operating expenses	281,958	309,998
Operating income	88,923	96,571
Other expense (income)
Loss on debt extinguishment	21,604	18,179
Interest income	(174)	(190)
Interest expense	28,154	36,553
Non-operating (income) expenses	49,584	54,542
Income before income tax expense	39,339	42,029
Income tax expense	1,010	1,536
Net income	38,329	40,493
Cash dividends declared and paid on preferred stock	91	91
Net income applicable to common stock	$ 38,238	$ 40,402
Earnings per share:
Basic earnings per share (in dollars per share)	$ 0.38	$ 0.40
Diluted earnings per share (in dollars per share)	0.38	0.40
Cash dividends declared per share of common stock (in dollars per share)	$ 0.75	$ 1.00
Weighted average common shares used in computing earnings per share:
Weighted average common shares outstanding basic (in shares)	100,967,861	100,589,338
Weighted average common shares outstanding diluted (in shares)	101,138,042	100,875,388
Statements of Comprehensive Income
Net income	$ 38,329	$ 40,493
Other comprehensive income (loss)
Foreign currency translation adjustments	204	(1,598)
Comprehensive income	38,533	38,895
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Net revenues	$ 370,881	$ 406,569
Revenue, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses (income)
Direct advertising expenses (exclusive of depreciation and amortization)	$ 131,215	$ 149,494
Cost, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses (exclusive of depreciation and amortization)	$ 72,649	$ 82,204
Corporate expenses (exclusive of depreciation and amortization)	17,623	18,367
Depreciation and amortization	60,749	62,313
Gain on disposition of assets	(415)	(2,504)
Total operating expenses	281,821	309,874
Operating income	89,060	96,695
Other expense (income)
Loss on debt extinguishment	21,604	18,179
Interest income	(174)	(190)
Interest expense	28,154	36,553
Non-operating (income) expenses	49,584	54,542
Income before income tax expense	39,476	42,153
Income tax expense	1,010	1,536
Net income	38,466	40,617
Statements of Comprehensive Income
Net income	38,466	40,617
Other comprehensive income (loss)
Foreign currency translation adjustments	204	(1,598)
Comprehensive income	$ 38,670	$ 39,019

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	Preferred Stock Series A A Preferred Stock [Member]	Common Stock Common Class A [Member]	Common Stock Common Class B [Member]	Treasury Stock	Add’l Paid in Capital	Add’l Paid in Capital LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	Accumulated Comprehensive Income	Accumulated Comprehensive Income LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]	Accumulated Deficit	Accumulated Deficit LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Beginning Balance at Dec. 31, 2019	$ 1,180,306	$ 1,169,531	$ 0	$ 87	$ 14	$ (34,294)	$ 1,922,222	$ 2,992,729	$ 685	$ 685	$ (708,408)	$ (1,823,883)
Non-cash compensation	1,261						1,261
Issuance of common stock through performance stock awards	24,956						24,956
Exercise of stock options	652						652
Issuance of common stock through employee purchase plan	2,560						2,560
Purchase of treasury stock	(10,068)					(10,068)
Contribution from parent		29,429						29,429
Foreign currency translation	(1,598)								(1,598)
Foreign currency translation adjustments		(1,598)								(1,598)
Net income	40,493	40,617									40,493	40,617
Dividend to parent		(110,755)										(110,755)
Dividends/distributions to common shareholders	(100,687)										(100,687)
Dividends	(91)										(91)
Ending Balance at Mar. 31, 2020	1,137,784	1,127,224	0	87	14	(44,362)	1,951,651	3,022,158	(913)	(913)	(768,693)	(1,894,021)
Beginning Balance at Dec. 31, 2020	1,202,768	1,192,844	0	87	14	(44,786)	1,963,850	3,034,357	934	934	(717,331)	(1,842,447)
Non-cash compensation	1,060						1,060
Issuance of common stock through performance stock awards	13,376						13,376
Exercise of stock options	5,224						5,224
Issuance of common stock through employee purchase plan	2,172						2,172
Purchase of treasury stock	(5,717)					(5,717)
Contribution from parent		21,831						21,831
Foreign currency translation	204								204
Foreign currency translation adjustments		204								204
Net income	38,329	38,466									38,329	38,466
Dividend to parent		(81,535)										(81,535)
Dividends/distributions to common shareholders	(75,818)										(75,818)
Dividends	(91)										(91)
Ending Balance at Mar. 31, 2021	$ 1,181,507	$ 1,171,810	$ 0	$ 87	$ 14	$ (50,503)	$ 1,985,682	$ 3,056,188	$ 1,138	$ 1,138	$ (754,911)	$ (1,885,516)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash dividends declared per share of common stock (in dollars per share)	$ 0.75	$ 1.00
Add’l Paid in Capital
Issuance of common stock through performance stock awards (in shares)	149,000	272,813
Exercise of stock options (in shares)	82,101	14,609
Common stock purchase plan (in shares)	31,824	58,734
Treasury Stock
Purchase of treasury stock (in shares)	65,290	110,520
Accumulated Deficit
Cash dividends declared per share of common stock (in dollars per share)	$ 0.75	$ 1.00
Preferred stock dividend shares (in dollars per share)	$ 15.95	$ 15.95

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 38,329	$ 40,493
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	60,749	62,313
Stock-based compensation	3,675	3,437
Amortization included in interest expense	1,371	1,378
Gain on disposition of assets	(415)	(2,504)
Loss on extinguishment of debt	21,604	18,179
Deferred tax benefit	(1,020)	(419)
Provision for doubtful accounts	(371)	3,206
Decrease (increase) in:
Receivables	22,691	(290)
Prepaid expenses	(1,408)	815
Other assets	(5,438)	(9,600)
(Decrease) increase in:
Trade accounts payable	(1,147)	91
Accrued expenses	(22,182)	(20,982)
Operating lease liabilities	(34,250)	(28,324)
Other liabilities	1,130	(4,861)
Net cash provided by operating activities	83,318	62,932
Cash flows from investing activities:
Acquisitions	(3,333)	(13,565)
Capital expenditures	(16,332)	(25,709)
Proceeds from disposition of assets and investments	1,842	3,686
Net cash used in investing activities	(17,823)	(35,588)
Cash flows from financing activities:
Cash used for purchase of treasury stock	(5,717)	(10,068)
Net proceeds from issuance of common stock	7,396	3,212
Principal payments on long-term debt	(96)	(89)
Principal payments on financing leases	(483)	0
Payments on revolving credit facility	0	(180,000)
Proceeds received from revolving credit facility	25,000	655,000
Redemption of senior notes	(668,688)	(519,139)
Proceeds received from note offering	550,000	1,000,000
Proceeds received from accounts receivable securitization program	32,500	0
Proceeds received from senior credit facility term loans	0	598,500
Payments on senior credit facility term loans	0	(978,097)
Debt issuance costs	(8,067)	(24,042)
Distributions to non-controlling interest	(24)	(860)
Dividends/distributions	(75,909)	(100,778)
Net cash (used in) provided by financing activities	(144,088)	443,639
Effect of exchange rate changes in cash and cash equivalents	70	(532)
Net (decrease) increase in cash and cash equivalents	(78,523)	470,451
Cash and cash equivalents at beginning of period	121,569	26,188
Cash and cash equivalents at end of period	43,046	496,639
Supplemental disclosures of cash flow information:
Cash paid for interest	43,343	42,982
Cash paid for foreign, state and federal income taxes	1,429	1,878
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Cash flows from operating activities:
Net income	38,466	40,617
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	60,749	62,313
Stock-based compensation	3,675	3,437
Amortization included in interest expense	1,371	1,378
Gain on disposition of assets	(415)	(2,504)
Loss on extinguishment of debt	21,604	18,179
Deferred tax benefit	(1,020)	(419)
Provision for doubtful accounts	(371)	3,206
Decrease (increase) in:
Receivables	22,691	(290)
Prepaid expenses	(1,408)	815
Other assets	(5,438)	(9,600)
(Decrease) increase in:
Trade accounts payable	(1,147)	91
Accrued expenses	(22,182)	(20,982)
Operating lease liabilities	(34,250)	(28,324)
Other liabilities	(13,533)	(31,293)
Net cash provided by operating activities	68,792	36,624
Cash flows from investing activities:
Acquisitions	(3,333)	(13,565)
Capital expenditures	(16,332)	(25,709)
Proceeds from disposition of assets and investments	1,842	3,686
Net cash used in investing activities	(17,823)	(35,588)
Cash flows from financing activities:
Principal payments on long-term debt	(96)	(89)
Principal payments on financing leases	(483)	0
Payments on revolving credit facility	0	(180,000)
Proceeds received from revolving credit facility	25,000	655,000
Redemption of senior notes	(668,688)	(519,139)
Proceeds received from note offering	550,000	1,000,000
Proceeds received from accounts receivable securitization program	32,500	0
Proceeds received from senior credit facility term loans	0	598,500
Payments on senior credit facility term loans	0	(978,097)
Debt issuance costs	(8,067)	(24,042)
Distributions to non-controlling interest	(24)	(860)
Contributions from parent	21,831	29,429
Dividend to parent	(81,535)	(110,755)
Net cash (used in) provided by financing activities	(129,562)	469,947
Effect of exchange rate changes in cash and cash equivalents	70	(532)
Net (decrease) increase in cash and cash equivalents	(78,523)	470,451
Cash and cash equivalents at beginning of period	121,069	25,688
Cash and cash equivalents at end of period	42,546	496,139
Supplemental disclosures of cash flow information:
Cash paid for interest	43,343	42,982
Cash paid for foreign, state and federal income taxes	$ 1,429	$ 1,878

Condensed Consolidating Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Total current assets	$ 287,351	$ 380,570
Net property, plant and equipment	1,268,680	1,281,849
Operating lease right of use assets	1,213,933	1,222,013
Other assets	61,559	60,565
Total assets	5,650,497	5,791,441
Current liabilities:
Current maturities of long-term debt	155,039	122,434
Current operating lease liabilities	162,861	195,439
Total current liabilities	516,435	547,872
Long-term debt, net of deferred financing costs	2,685,085	2,764,082
Operating lease liabilities	984,117	993,776
Total liabilities	4,468,990	4,588,673
Stockholders’ equity	1,181,507	1,202,768
Total liabilities and stockholders’ equity	5,650,497	5,791,441
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
ASSETS
Total current assets	286,851	380,070
Net property, plant and equipment	1,268,680	1,281,849
Operating lease right of use assets	1,213,933	1,222,013
Intangibles and goodwill, net	2,789,325	2,816,155
Other assets	74,973	74,620
Total assets	5,633,762	5,774,707
Current liabilities:
Current maturities of long-term debt	155,039	122,434
Current operating lease liabilities	162,861	195,439
Other current liabilities	191,497	223,189
Total current liabilities	509,397	541,062
Long-term debt, net of deferred financing costs	2,685,085	2,764,082
Operating lease liabilities	984,117	993,776
Other noncurrent liabilities	283,353	282,943
Total liabilities	4,461,952	4,581,863
Stockholders’ equity	1,171,810	1,192,844
Total liabilities and stockholders’ equity	5,633,762	5,774,707
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Lamar Media [Member]
ASSETS
Total current assets	38,256	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	4,023,884	3,912,122
Total assets	4,062,140	4,022,800
Current liabilities:
Current maturities of long-term debt	0	0
Current operating lease liabilities	0	0
Other current liabilities	16,926	33,583
Total current liabilities	16,926	33,583
Long-term debt, net of deferred financing costs	2,682,796	2,761,705
Operating lease liabilities	0	0
Other noncurrent liabilities	190,608	34,668
Total liabilities	2,890,330	2,829,956
Stockholders’ equity	1,171,810	1,192,844
Total liabilities and stockholders’ equity	4,062,140	4,022,800
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member]
ASSETS
Total current assets	22,551	19,471
Net property, plant and equipment	1,255,111	1,268,765
Operating lease right of use assets	1,193,262	1,200,115
Intangibles and goodwill, net	2,771,595	2,798,343
Other assets	239,733	258,433
Total assets	5,482,252	5,545,127
Current liabilities:
Current maturities of long-term debt	373	379
Current operating lease liabilities	157,249	188,712
Other current liabilities	164,555	170,320
Total current liabilities	322,177	359,411
Long-term debt, net of deferred financing costs	2,289	2,377
Operating lease liabilities	970,344	979,785
Other noncurrent liabilities	244,788	245,891
Total liabilities	1,539,598	1,587,464
Stockholders’ equity	3,942,654	3,957,663
Total liabilities and stockholders’ equity	5,482,252	5,545,127
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member]
ASSETS
Total current assets	226,044	249,921
Net property, plant and equipment	13,569	13,084
Operating lease right of use assets	20,671	21,898
Intangibles and goodwill, net	17,730	17,812
Other assets	166,068	132,448
Total assets	444,082	435,163
Current liabilities:
Current maturities of long-term debt	154,666	122,055
Current operating lease liabilities	5,612	6,727
Other current liabilities	10,016	19,286
Total current liabilities	170,294	148,068
Long-term debt, net of deferred financing costs	0	0
Operating lease liabilities	13,773	13,991
Other noncurrent liabilities	252,466	266,968
Total liabilities	436,533	429,027
Stockholders’ equity	7,549	6,136
Total liabilities and stockholders’ equity	444,082	435,163
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Eliminations [Member]
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	(4,354,712)	(4,228,383)
Total assets	(4,354,712)	(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, net of deferred financing costs	0	0
Operating lease liabilities	0	0
Other noncurrent liabilities	(404,509)	(264,584)
Total liabilities	(404,509)	(264,584)
Stockholders’ equity	(3,950,203)	(3,963,799)
Total liabilities and stockholders’ equity	$ (4,354,712)	$ (4,228,383)

Condensed Consolidating Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net revenues	$ 370,881	$ 406,569
Revenue, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses
Direct advertising expenses	$ 131,215	$ 149,494
Cost, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses	$ 72,649	$ 82,204
Corporate expenses	17,760	18,491
Depreciation and amortization	60,749	62,313
Gain on disposition of assets	(415)	(2,504)
Total operating expenses	281,958	309,998
Operating income	88,923	96,571
Loss on debt extinguishment	21,604	18,179
Income before income tax expense	39,339	42,029
Income tax expense	1,010	1,536
Net income	38,329	40,493
Statements of Comprehensive Income
Net income	38,329	40,493
Comprehensive income	38,533	38,895
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Net revenues	$ 370,881	$ 406,569
Revenue, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses
Direct advertising expenses	$ 131,215	$ 149,494
Cost, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses	$ 72,649	$ 82,204
Corporate expenses	17,623	18,367
Depreciation and amortization	60,749	62,313
Gain on disposition of assets	(415)	(2,504)
Total operating expenses	281,821	309,874
Operating income	89,060	96,695
Equity in (earnings) loss of subsidiaries	0	0
Loss on debt extinguishment	21,604	18,179
Interest expense (income), net	27,980	36,363
Income before income tax expense	39,476	42,153
Income tax expense	1,010	1,536
Net income	38,466	40,617
Statements of Comprehensive Income
Net income	38,466	40,617
Foreign currency translation adjustments	204	(1,598)
Comprehensive income	38,670	39,019
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member]
Net revenues	$ 363,612	$ 396,631
Revenue, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses
Direct advertising expenses	$ 127,415	$ 143,052
Cost, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses	$ 71,951	$ 80,528
Corporate expenses	17,366	18,087
Depreciation and amortization	60,066	61,905
Gain on disposition of assets	(415)	(2,504)
Total operating expenses	276,383	301,068
Operating income	87,229	95,563
Equity in (earnings) loss of subsidiaries	0	0
Loss on debt extinguishment	0	0
Interest expense (income), net	(18)	(35)
Income before income tax expense	87,247	95,598
Income tax expense	632	1,342
Net income	86,615	94,256
Statements of Comprehensive Income
Net income	86,615	94,256
Foreign currency translation adjustments	0	0
Comprehensive income	86,615	94,256
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member]
Net revenues	$ 7,699	$ 10,452
Revenue, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses
Direct advertising expenses	$ 4,230	$ 6,956
Cost, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses	$ 698	$ 1,676
Corporate expenses	257	280
Depreciation and amortization	683	408
Gain on disposition of assets	0	0
Total operating expenses	5,868	9,320
Operating income	1,831	1,132
Equity in (earnings) loss of subsidiaries	0	0
Loss on debt extinguishment	0	0
Interest expense (income), net	244	980
Income before income tax expense	1,587	152
Income tax expense	378	194
Net income	1,209	(42)
Statements of Comprehensive Income
Net income	1,209	(42)
Foreign currency translation adjustments	204	(1,598)
Comprehensive income	1,413	(1,640)
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Lamar Media [Member]
Net revenues	$ 0	$ 0
Revenue, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses
Direct advertising expenses	$ 0	$ 0
Cost, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses	$ 0	$ 0
Corporate expenses	0	0
Depreciation and amortization	0	0
Gain on disposition of assets	0	0
Total operating expenses	0	0
Operating income	0	0
Equity in (earnings) loss of subsidiaries	(87,824)	(94,214)
Loss on debt extinguishment	21,604	18,179
Interest expense (income), net	27,754	35,418
Income before income tax expense	38,466	40,617
Income tax expense	0	0
Net income	38,466	40,617
Statements of Comprehensive Income
Net income	38,466	40,617
Foreign currency translation adjustments	0	0
Comprehensive income	38,466	40,617
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Consolidation, Eliminations [Member]
Net revenues	$ (430)	$ (514)
Revenue, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
Operating expenses
Direct advertising expenses	$ (430)	$ (514)
Cost, Product and Service [Extensible List]	us-gaap:AdvertisingMember	us-gaap:AdvertisingMember
General and administrative expenses	$ 0	$ 0
Corporate expenses	0	0
Depreciation and amortization	0	0
Gain on disposition of assets	0	0
Total operating expenses	(430)	(514)
Operating income	0	0
Equity in (earnings) loss of subsidiaries	87,824	94,214
Loss on debt extinguishment	0	0
Interest expense (income), net	0	0
Income before income tax expense	(87,824)	(94,214)
Income tax expense	0	0
Net income	(87,824)	(94,214)
Statements of Comprehensive Income
Net income	(87,824)	(94,214)
Foreign currency translation adjustments	0	0
Comprehensive income	$ (87,824)	$ (94,214)

Condensed Consolidating Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 83,318	$ 62,932
Cash flows from investing activities:
Acquisitions	(3,333)	(13,565)
Capital expenditures	(16,332)	(25,709)
Proceeds from disposition of assets and investments	1,842	3,686
Net cash used in investing activities	(17,823)	(35,588)
Cash flows from financing activities:
Payments on revolving credit facility	0	(180,000)
Principal payments on long-term debt	(96)	(89)
Principal payments on financing leases	(483)	0
Proceeds received from note offering	550,000	1,000,000
Redemption of senior notes	(668,688)	(519,139)
Proceeds received from senior credit facility term loans	0	598,500
Payments on senior credit facility term loans	0	(978,097)
Proceeds received from accounts receivable securitization program	32,500	0
Debt issuance costs	(8,067)	(24,042)
Distributions to non-controlling interest	(24)	(860)
Net cash (used in) provided by financing activities	(144,088)	443,639
Effect of exchange rate changes in cash and cash equivalents	70	(532)
Net (decrease) increase in cash and cash equivalents	(78,523)	470,451
Cash and cash equivalents at beginning of period	121,569	26,188
Cash and cash equivalents at end of period	43,046	496,639
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	68,792	36,624
Cash flows from investing activities:
Acquisitions	(3,333)	(13,565)
Capital expenditures	(16,332)	(25,709)
Proceeds from disposition of assets and investments	1,842	3,686
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(17,823)	(35,588)
Cash flows from financing activities:
Proceeds received from revolving credit facility	25,000	655,000
Payments on revolving credit facility		(180,000)
Principal payments on long-term debt	(96)	(89)
Principal payments on financing leases	(483)
Proceeds received from note offering	550,000	1,000,000
Redemption of senior notes	(668,688)	(519,139)
Proceeds received from senior credit facility term loans		598,500
Payments on senior credit facility term loans		(978,097)
Proceeds received from accounts receivable securitization program	32,500
Debt issuance costs	(8,067)	(24,042)
Intercompany loan proceeds	0	0
Distributions to non-controlling interest	(24)	(860)
Dividends (to) from parent	(81,535)	(110,755)
Contributions from (to) parent	21,831	29,429
Net cash (used in) provided by financing activities	(129,562)	469,947
Effect of exchange rate changes in cash and cash equivalents	70	(532)
Net (decrease) increase in cash and cash equivalents	(78,523)	470,451
Cash and cash equivalents at beginning of period	121,069	25,688
Cash and cash equivalents at end of period	42,546	496,139
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Lamar Media [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	61,766	24,222
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	(3,333)	(13,565)
(Increase) decrease in intercompany notes receivable	30,604	(8,155)
Net cash used in investing activities	27,271	(21,720)
Cash flows from financing activities:
Proceeds received from revolving credit facility	25,000	655,000
Payments on revolving credit facility		(180,000)
Principal payments on long-term debt	0	(81)
Principal payments on financing leases	0
Proceeds received from note offering	550,000	1,000,000
Redemption of senior notes	(668,688)	(519,139)
Proceeds received from senior credit facility term loans		598,500
Payments on senior credit facility term loans		(978,097)
Proceeds received from accounts receivable securitization program	0
Debt issuance costs	(8,067)	(24,042)
Intercompany loan proceeds	0	0
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(81,535)	(110,755)
Contributions from (to) parent	21,831	29,429
Net cash (used in) provided by financing activities	(161,459)	470,815
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	(72,422)	473,317
Cash and cash equivalents at beginning of period	110,588	13,185
Cash and cash equivalents at end of period	38,166	486,502
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	102,064	82,135
Cash flows from investing activities:
Acquisitions	(3,333)	(13,565)
Capital expenditures	(15,294)	(24,531)
Proceeds from disposition of assets and investments	1,842	3,686
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(16,785)	(34,410)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility		0
Principal payments on long-term debt	(96)	(8)
Principal payments on financing leases	(483)
Proceeds received from note offering	0	0
Redemption of senior notes	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Proceeds received from accounts receivable securitization program	0
Debt issuance costs	0	0
Intercompany loan proceeds	16,770	(3,436)
Distributions to non-controlling interest	0	0
Dividends (to) from parent	(104,957)	(63,763)
Contributions from (to) parent	3,333	13,565
Net cash (used in) provided by financing activities	(85,433)	(53,642)
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	(154)	(5,917)
Cash and cash equivalents at beginning of period	1,732	8,278
Cash and cash equivalents at end of period	1,578	2,361
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Reportable Legal Entities [Member] \| Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	9,919	(5,970)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	(1,038)	(1,178)
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	0	0
(Increase) decrease in intercompany notes receivable	0	0
Net cash used in investing activities	(1,038)	(1,178)
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility		0
Principal payments on long-term debt	0	0
Principal payments on financing leases	0
Proceeds received from note offering	0	0
Redemption of senior notes	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Proceeds received from accounts receivable securitization program	32,500
Debt issuance costs	0	0
Intercompany loan proceeds	(47,374)	11,591
Distributions to non-controlling interest	(24)	(860)
Dividends (to) from parent	0	0
Contributions from (to) parent	0	0
Net cash (used in) provided by financing activities	(14,898)	10,731
Effect of exchange rate changes in cash and cash equivalents	70	(532)
Net (decrease) increase in cash and cash equivalents	(5,947)	3,051
Cash and cash equivalents at beginning of period	8,749	4,225
Cash and cash equivalents at end of period	2,802	7,276
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Eliminations [Member]
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(104,957)	(63,763)
Cash flows from investing activities:
Acquisitions	0	0
Capital expenditures	0	0
Proceeds from disposition of assets and investments	0	0
Investment in subsidiaries	3,333	13,565
(Increase) decrease in intercompany notes receivable	(30,604)	8,155
Net cash used in investing activities	(27,271)	21,720
Cash flows from financing activities:
Proceeds received from revolving credit facility	0	0
Payments on revolving credit facility		0
Principal payments on long-term debt	0	0
Principal payments on financing leases	0
Proceeds received from note offering	0	0
Redemption of senior notes	0	0
Proceeds received from senior credit facility term loans		0
Payments on senior credit facility term loans		0
Proceeds received from accounts receivable securitization program	0
Debt issuance costs	0	0
Intercompany loan proceeds	30,604	(8,155)
Distributions to non-controlling interest	0	0
Dividends (to) from parent	104,957	63,763
Contributions from (to) parent	(3,333)	(13,565)
Net cash (used in) provided by financing activities	132,228	42,043
Effect of exchange rate changes in cash and cash equivalents	0	0
Net (decrease) increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Significant Accounting Policies	Significant Accounting PoliciesThe information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the 2020 Combined Form 10-K. Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Significant Accounting Policies	Significant Accounting Policies The information included in the foregoing interim condensed consolidated financial statements is unaudited. In the opinion of management all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of Lamar Media’s financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. These interim condensed consolidated financial statements should be read in conjunction with Lamar Media’s consolidated financial statements and the notes thereto included in the 2020 Combined Form 10-K. Certain notes are not provided for the accompanying condensed consolidated financial statements as the information in notes 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, and 14 to the condensed consolidated financial statements of Lamar Advertising included elsewhere in this report is substantially equivalent to that required for the condensed consolidated financial statements of Lamar Media. Earnings per share data is not provided for Lamar Media, as it is a wholly owned subsidiary of the Company.

Revenues

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

Advertising revenues: The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue. 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 Condensed Consolidated Statements of Income and Comprehensive Income.

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

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

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

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

The following table presents our disaggregated revenue by source for the three months ended March 31, 2021 and 2020.


	Three Months Ended March 31,
		2021		2020
Billboard advertising		$	334,039	$	355,305
Logo advertising		19,406		21,392
Transit advertising		17,436		29,872
Net revenues		$	370,881	$	406,569

- 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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&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=121604090&loc=SL49130554-203045

+ Details

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

During the three months ended March 31, 2021 and 2020, we had operating lease costs of $72,471 and $80,402, respectively, and variable lease costs of $15,244 and $17,444, respectively. These operating lease costs are recorded in Direct advertising expenses (exclusive of depreciation and amortization). For the three months ended March 31, 2021 and 2020, we recorded a gain of $6 and loss of $51, respectively, in Gain on disposition of assets related to the amendment and termination of lease agreements. Cash payments of $102,082 and $103,063 were made reducing our operating lease liabilities for the three months ended March 31, 2021 and 2020, respectively, and are included in cash flows provided by operating activities in the Condensed Consolidated Statements of Cash Flows.

We elected the short-term lease exemption which applies to certain of our vehicle agreements. This election allows the Company to not recognize lease right of use assets (ROU assets) or lease liabilities for agreements with a term of twelve months or less. We recorded $1,380 and $1,258 in Direct advertising expenses (exclusive of depreciation and amortization) for these agreements during the three months ended March 31, 2021 and 2020, respectively.

Our operating leases have a weighted-average remaining lease term of 12.1 years. The weighted-average discount rate of our operating leases is 4.7%. Also, during the periods ended March 31, 2021 and 2020, we obtained $3,767 and $5,082, respectively, of leased assets in exchange for new operating lease liabilities, which includes liabilities obtained through acquisitions.

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


2021	$	137,770
2022	182,324
2023	161,572
2024	145,168
2025	121,956
Thereafter	762,445
Total undiscounted operating lease payments	1,511,235
Less: Imputed interest	(364,257)
Total operating lease liabilities	$	1,146,978

During the three months ended March 31, 2021, $713 of amortization expense and $150 of interest expense relating to our financing lease liabilities were recorded in Depreciation and amortization and Interest expense, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. Cash payments of $483 were made reducing our financing lease liabilities for the three months ended March 31, 2021 and are included in cash flows (used in) provided by financing activities in the Condensed Consolidated Statements of Cash Flows. We had no expenses relating to the financing lease liabilities for the three months ended March 31, 2020. Our financing leases have a weighted-average remaining lease term of 6.7 years and a weighted-average discount rate of 3.1%.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plan. Lamar Advertising’s 1996 Equity Incentive Plan, as amended, (the “Incentive Plan”) has reserved 17.5 million shares of Class A common stock for issuance to directors and employees, including shares underlying granted options and common stock reserved for issuance under its performance-based incentive program. Options granted under the plan expire ten years from the grant date with vesting terms ranging from three to five years and include 1) options that vest in one-fifth increments beginning on the grant date and continuing on each of the first four anniversaries of the grant date and 2) options that cliff-vest on the fifth anniversary of the grant date. All grants are made at fair market value based on the closing price of our Class A common stock as reported on the Nasdaq Global Select Market on the date of grant.

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

volatility. The Company granted options for an aggregate of 18,000 shares of its Class A common stock during the three months ended March 31, 2021. At March 31, 2021 a total of 2,333,620 shares were available for future grant.

Stock Purchase Plan. Lamar Advertising’s 2009 Employee Stock Purchase Plan (the “2009 ESPP”), approved by our shareholders on May 28, 2009, expired by its terms on June 30, 2019. On May 30, 2019, our shareholders approved Lamar Advertising’s 2019 Employee Stock Purchase Plan (the “2019 ESPP”). The 2019 ESPP became effective upon the expiration of the 2009 ESPP. The number of shares of Class A common stock available under the 2019 ESPP was automatically increased by 86,490 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 three months ended March 31, 2021:


			Shares
Available for future purchases, January 1, 2021			369,771
Additional shares reserved under 2019 ESPP			86,490
Purchases			(31,824)
Available for future purchases, March 31, 2021			424,437

Performance-based stock compensation. Unrestricted shares of our Class A common stock may be awarded to key officers, employees and directors under the Incentive Plan. The number of shares to be issued, if any, will be dependent on the level of achievement of performance measures for key officers and employees, as determined by the Company’s Compensation Committee based on our 2021 results. Any shares issued based on the achievement of performance goals will be issued in the first quarter of 2022. The shares subject to these awards can range from a minimum of 0% to a maximum of 100% of the target number of shares depending on the level at which the goals are attained. For the three months ended March 31, 2021, the Company has recorded $2,452 as stock-based compensation expense related to performance-based awards.

Restricted stock compensation. Annually, each non-employee director automatically receives a restricted stock award of our Class A common stock upon election or re-election. The awards vest 50% on grant date and 50% on the last day of the directors' one year term. The Company recorded $66 in stock-based compensation expense related to these awards for the three months ended March 31, 2021.

Depreciation and Amortization

3 Months Ended

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


	Three Months Ended March 31,
		2021		2020
Direct advertising expenses		$	56,472	$	58,697
General and administrative expenses		1,107		1,281
Corporate expenses		3,170		2,335
		$	60,749	$	62,313

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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


	Estimated Life (Years)	March 31, 2021				December 31, 2020
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets:
Customer lists and contracts	7—10	$	645,765	$	568,949	$	645,739	$	563,135
Non-competition agreements	3—15	66,206		64,712		66,156		64,647
Site locations	15	2,413,111		1,615,056		2,412,745		1,593,805
Other	2—15	50,038		38,818		50,018		38,625
		$	3,175,120	$	2,287,535	$	3,174,658	$	2,260,212
Unamortizable intangible assets:
Goodwill		$	2,165,895	$	253,536	$	2,165,864	$	253,536

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2021

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

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


Balance at December 31, 2020	$	222,876
Additions to asset retirement obligations	176
Accretion expense	1,001
Liabilities settled	(1,162)
Balance at March 31, 2021	$	222,891

Distribution Restrictions	3 Months Ended
Distribution Restrictions	Mar. 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 its senior credit facility. As of March 31, 2021 and December 31, 2020, Lamar Media was permitted under the terms of its outstanding notes to make transfers to Lamar Advertising in the form of cash dividends, loans or advances in amounts up to $3,667,145 and $3,625,712, respectively. As of March 31, 2021, Lamar Media’s senior credit facility allows it to make transfers to Lamar Advertising in any taxable year up to the amount of Lamar Advertising’s taxable income (without any deduction for dividends paid). In addition, as of March 31, 2021, transfers to Lamar Advertising are permitted under Lamar Media’s senior credit facility and as defined therein up to the available cumulative credit, as long as no default has occurred and is continuing and, after giving effect to such distributions, (i) the total debt ratio is less than 7.0 to 1 and (ii) the secured debt ratio does not exceed 4.5 to 1. As of March 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 $2,417,625.

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2021
Earnings Per Share [Abstract]
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. There were no dilutive shares excluded from this calculation resulting from their anti-dilutive effect for the three months ended March 31, 2021 or 2020.

Long-term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

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


	March 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	623,529	$	11,003	$	612,526
Accounts Receivable Securitization Program	155,000		333		154,667
3 3/4% Senior Notes	600,000		7,786		592,214
3 5/8% Senior Notes	550,000		7,941		542,059
4% Senior Notes	549,299		7,736		541,563
4 7/8% Senior Notes	400,000		5,446		394,554
Other notes with various rates and terms	2,541		—		2,541
	2,880,369		40,245		2,840,124
Less current maturities	(155,372)		(333)		(155,039)
Long-term debt, excluding current maturities	$	2,724,997	$	39,912	$	2,685,085


	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

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 new senior credit facility, as established by the Fourth Amended and Restated Credit Agreement (the “senior credit facility”), consists of (i) a new $750,000 senior secured revolving credit facility which will mature on February 6, 2025 (the “revolving credit facility”), (ii) a new $600,000 Term B loan facility (the “Term B loans”) which will mature on February 6, 2027, and (iii) an incremental facility (the “Incremental Facility”) pursuant to which Lamar Media may incur additional term loan tranches or increase its revolving credit facility subject to a pro forma secured debt ratio of 4.50 to 1.00, as well as certain other conditions including lender approval. Lamar Media borrowed all $600,000 in Term B loans on February 6, 2020. The entire amount of the Term B loans will be payable at maturity. The net proceeds from the Term B loans, together with

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 $5,603 for the three months ended March 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 March 31, 2021, there were $25,000 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 $14,370 in letters of credit outstanding as of March 31, 2021 resulting in $710,630 of availability under its revolving credit facility. Revolving credit loans may be requested under the revolving credit facility at any time prior to its maturity on February 6, 2025

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

•dispose of assets;

•incur or repay debt;

•create liens;

•make investments; and

•pay dividends.

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

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

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

Accounts Receivable Securitization Program

On December 18, 2018, Lamar Media entered into a $175,000 Receivable Financing Agreement (the “Receivable Financing Agreement”) with its wholly-owned special purpose entities, Lamar QRS Receivables, LLC and Lamar TRS Receivables, LLC (the “Special Purpose Subsidiaries”) maturing on December 17, 2021 (the "Accounts Receivable Securitization Program"). 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.

As of March 31, 2021 there was $155,000 outstanding aggregate borrowings under the Accounts Receivable Securitization Program. Lamar Media had an additional $11,400 available for borrowing under the Accounts Receivable Securitization Program as of March 31, 2021. The commitment fees based on the amount of unused commitments under the Accounts Receivable Securitization Program were immaterial during the three months ended March 31, 2021.

The Accounts Receivable Securitization Program will mature on December 17, 2021. 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 Condensed Consolidated Balance Sheets, (ii) our Condensed Consolidated Statements of Income and Comprehensive Income reflect the associated charges for bad debt expense (a component of general and administrative expenses) related to the pledged accounts receivable and interest expense associated with the collateralized borrowings and (iii) receipts from customers related to the underlying accounts receivable are reflected as operating cash flows and borrowings and repayments under the collateralized loans are reflected as financing cash flows within our Condensed Consolidated Statements of Cash Flows.

5 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 on January 28, 2016 resulted in net proceeds to Lamar Media of approximately $394,500.

On February 1, 2019, Lamar Media completed an institutional private placement of an additional $250,000 aggregate principal amount under its 5 3/4% Notes (the “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 three months ended March 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 in outstanding senior or senior subordinated notes and other indebtedness outstanding from time to time under its Fourth Amended and Restated Credit Agreement. The repurchase program will expire on September 30, 2021 unless extended by the Board of Directors. There were no repurchases under the program as of March 31, 2021.

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsAt March 31, 2021 and December 31, 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. Investment contracts are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long-term debt (including current maturities) was $2,880,757 which exceeds the carrying amount of $2,880,369 as of March 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

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting PronouncementsIn 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.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=112272810&loc=SL108384541-122693

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=112272810&loc=d3e31137-122693

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

Dividends/Distributions	3 Months Ended
Dividends/Distributions	Mar. 31, 2021
Equity [Abstract]
Dividends/Distributions	Dividends/DistributionsDuring the three months ended March 31, 2021 and 2020, the Company declared and paid cash distributions in an aggregate amount of $75,818 or $0.75 per share and $100,687 or $1.00 per share, respectively. The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant. During the three months ended March 31, 2021 and 2020, the Company paid cash dividend distributions to holders of its Series AA Preferred Stock in an aggregate amount of $91 or $15.95 per share for each period.

Information about Geographic Areas	3 Months Ended
Information about Geographic Areas	Mar. 31, 2021
Segment Reporting [Abstract]
Information about Geographic Areas	Information about Geographic AreasRevenues from external customers attributable to foreign countries totaled $4,964 and $7,436 for the three months ended March 31, 2021 and 2020, respectively. Net carrying value of long-lived assets located in foreign countries totaled $9,359 and $8,727 as of March 31, 2021 and December 31, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: 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=120311839&loc=d3e9031-108599

Reference 5: 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=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: 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=120311839&loc=d3e8736-108599

Reference 11: 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=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity On May 1, 2018, the Company entered into an equity distribution agreement (the “Sales Agreement”) with J.P. Morgan Securities LLC, Wells Fargo Securities LLC, and SunTrust Robinson Humphrey, Inc. as its sales agents (each a “Sales Agent”, and collectively, the “Sales Agents”). Under the terms of the Sales Agreement, the Company may, from time to time, issue and sell shares of its Class A common stock, having an aggregate offering price of up to $400,000, through the Sales Agents as either agents or principals. Sales of the Class A common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market and any other existing trading market for the Class A common stock, or sales made to or through a market maker other than on an exchange. The Company has no obligation to sell any of the Class A common stock under the Sales Agreement and may at any time suspend solicitations and offers under the Sales Agreement. As of March 31, 2021, 842,412 shares of our Class A common stock have been sold under the Sales Agreement and accordingly $336,668 remained available to be sold under the Sales Agreement as of March 31, 2021. The Sales Agreement expired by its terms on May 1, 2021. The Company may enter into a new sales agreement to consummate "at-the-market offerings" in the future. 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. There were no shares issued under this shelf registration during the three months ended March 31, 2021 and the year ended December 31, 2020. On March 16, 2020, the Company’s Board of Directors authorized the repurchase of up to $250,000 of the Company’s Class A common stock. The repurchase program will expire on September 30, 2021 unless extended by the Board of Directors. There were no repurchases under the program as of March 31, 2021.

Summarized Financial Information of Subsidiaries

3 Months Ended

Mar. 31, 2021

LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]

Summarized Financial Information of Subsidiaries

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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of March 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
ASSETS
Total current assets	$	38,256	$	22,551	$	226,044	$	—	$	286,851
Net property, plant and equipment	—		1,255,111		13,569		—		1,268,680
Operating lease right of use assets	—		1,193,262		20,671		—		1,213,933
Intangibles and goodwill, net	—		2,771,595		17,730		—		2,789,325
Other assets	4,023,884		239,733		166,068		(4,354,712)		74,973
Total assets	$	4,062,140	$	5,482,252	$	444,082	$	(4,354,712)	$	5,633,762
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	373	$	154,666	$	—	$	155,039
Current operating lease liabilities	—		157,249		5,612		—		162,861
Other current liabilities	16,926		164,555		10,016		—		191,497
Total current liabilities	16,926		322,177		170,294		—		509,397
Long-term debt	2,682,796		2,289		—		—		2,685,085
Operating lease liabilities	—		970,344		13,773		—		984,117
Other noncurrent liabilities	190,608		244,788		252,466		(404,509)		283,353
Total liabilities	2,890,330		1,539,598		436,533		(404,509)		4,461,952
Stockholders’ equity	1,171,810		3,942,654		7,549		(3,950,203)		1,171,810
Total liabilities and stockholders’ equity	$	4,062,140	$	5,482,252	$	444,082	$	(4,354,712)	$	5,633,762

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of December 31, 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 STOCKHOLDERS' 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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income

for the Three Months Ended March 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	363,612	$	7,699	$	(430)	$	370,881
Operating expenses (income)
Direct advertising expenses (1)	—		127,415		4,230		(430)		131,215
General and administrative expenses (1)	—		71,951		698		—		72,649
Corporate expenses (1)	—		17,366		257		—		17,623
Depreciation and amortization	—		60,066		683		—		60,749
Gain on disposition of assets	—		(415)		—		—		(415)
	—		276,383		5,868		(430)		281,821
Operating income	—		87,229		1,831		—		89,060
Equity in (earnings) loss of subsidiaries	(87,824)		—		—		87,824		—
Loss on extinguishment of debt	21,604		—		—		—		21,604
Interest expense (income), net	27,754		(18)		244		—		27,980
Income (loss) before income tax expense	38,466		87,247		1,587		(87,824)		39,476
Income tax expense (2)	—		632		378		—		1,010
Net income (loss)	$	38,466	$	86,615	$	1,209	$	(87,824)	$	38,466
Statement of Comprehensive Income
Net income (loss)	$	38,466	$	86,615	$	1,209	$	(87,824)	$	38,466
Total other comprehensive income, net of tax	—		—		204		—		204
Total comprehensive income (loss)	$	38,466	$	86,615	$	1,413	$	(87,824)	$	38,670

(1)Caption is exclusive of depreciation and amortization.

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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income

for the Three Months Ended March 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	396,631	$	10,452	$	(514)	$	406,569
Operating expenses (income)
Direct advertising expenses (1)	—		143,052		6,956		(514)		149,494
General and administrative expenses (1)	—		80,528		1,676		—		82,204
Corporate expenses (1)	—		18,087		280		—		18,367
Depreciation and amortization	—		61,905		408		—		62,313
Gain on disposition of assets	—		(2,504)		—		—		(2,504)
	—		301,068		9,320		(514)		309,874
Operating income	—		95,563		1,132		—		96,695
Equity in (earnings) loss of subsidiaries	(94,214)		—		—		94,214		—
Loss on extinguishment of debt	18,179		—		—		—		18,179
Interest expense (income), net	35,418		(35)		980		—		36,363
Income (loss) before income tax expense	40,617		95,598		152		(94,214)		42,153
Income tax expense (2)	—		1,342		194		—		1,536
Net income (loss)	$	40,617	$	94,256	$	(42)	$	(94,214)	$	40,617
Statement of Comprehensive Income
Net income (loss)	$	40,617	$	94,256	$	(42)	$	(94,214)	$	40,617
Total other comprehensive loss, net of tax	—		—		(1,598)		—		(1,598)
Total comprehensive income (loss)	$	40,617	$	94,256	$	(1,640)	$	(94,214)	$	39,019

(1)Caption is exclusive of depreciation and amortization.

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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	61,766	$	102,064	$	9,919	$	(104,957)	$	68,792
Cash flows from investing activities:
Acquisitions	—		(3,333)		—		—		(3,333)
Capital expenditures	—		(15,294)		(1,038)		—		(16,332)
Proceeds from disposition of assets and investments	—		1,842		—		—		1,842
Investment in subsidiaries	(3,333)		—		—		3,333		—
Decrease (increase) in intercompany notes receivable	30,604		—		—		(30,604)		—
Net cash provided by (used in) investing activities	27,271		(16,785)		(1,038)		(27,271)		(17,823)
Cash flows from financing activities:
Proceeds received from revolving credit facility	25,000		—		—		—		25,000

Principal payments on long-term debt	—		(96)		—		—		(96)
Principal payments on financing leases	—		(483)		—		—		(483)
Proceeds received from note offering	550,000		—		—		—		550,000
Redemption of senior notes	(668,688)		—		—		—		(668,688)



Proceeds received from accounts receivable securitization program	—		—		32,500		—		32,500
Debt issuance costs	(8,067)		—		—		—		(8,067)
Intercompany loan proceeds (payments)	—		16,770		(47,374)		30,604		—
Distributions to non-controlling interest	—		—		(24)		—		(24)
Dividends (to) from parent	(81,535)		(104,957)		—		104,957		(81,535)
Contributions from (to) parent	21,831		3,333		—		(3,333)		21,831
Net cash (used in) provided by financing activities	(161,459)		(85,433)		(14,898)		132,228		(129,562)
Effect of exchange rate changes in cash and cash equivalents	—		—		70		—		70
Net decrease in cash and cash equivalents	(72,422)		(154)		(5,947)		—		(78,523)
Cash and cash equivalents at beginning of period	110,588		1,732		8,749		—		121,069
Cash and cash equivalents at end of period	$	38,166	$	1,578	$	2,802	$	—	$	42,546

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	24,222	$	82,135	$	(5,970)	$	(63,763)	$	36,624
Cash flows from investing activities:
Acquisitions	—		(13,565)		—		—		(13,565)
Capital expenditures	—		(24,531)		(1,178)		—		(25,709)
Proceeds from disposition of assets and investments	—		3,686		—		—		3,686

Investment in subsidiaries	(13,565)		—		—		13,565		—
(Increase) decrease in intercompany notes receivable	(8,155)		—		—		8,155		—

Net cash (used in) provided by investing activities	(21,720)		(34,410)		(1,178)		21,720		(35,588)
Cash flows from financing activities:
Proceeds received from revolving credit facility	655,000		—		—		—		655,000
Payment on revolving credit facility	(180,000)		—		—		—		(180,000)
Principal payments on long-term debt	(81)		(8)		—		—		(89)

Proceeds received from note offering	1,000,000		—		—		—		1,000,000
Redemption of senior notes	(519,139)		—		—		—		(519,139)
Proceeds received from senior credit facility term loans	598,500		—		—		—		598,500
Payments on senior credit facility term loans	(978,097)		—		—		—		(978,097)
Debt issuance costs	(24,042)		—		—		—		(24,042)
Intercompany loan (payments) proceeds	—		(3,436)		11,591		(8,155)		—
Distributions to non-controlling interest	—		—		(860)		—		(860)
Dividends (to) from parent	(110,755)		(63,763)		—		63,763		(110,755)
Contributions from (to) parent	29,429		13,565		—		(13,565)		29,429
Net cash provided by (used in) financing activities	470,815		(53,642)		10,731		42,043		469,947
Effect of exchange rate changes in cash and cash equivalents	—		—		(532)		—		(532)
Net increase (decrease) in cash and cash equivalents	473,317		(5,917)		3,051		—		470,451
Cash and cash equivalents at beginning of period	13,185		8,278		4,225		—		25,688
Cash and cash equivalents at end of period	$	486,502	$	2,361	$	7,276	$	—	$	496,139

Significant Accounting (Policies)	3 Months Ended
Significant Accounting (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Subsequent Events	Subsequent events, if any, are evaluated through the date on which the financial statements are issued.
Advertising Revenues, Other Revenues, Arrangements with Multiple Performance Obligations, Deferred Revenues, Practical Expedients and Exemptions	Advertising revenues: The majority of our revenues are derived from contracts for advertising space on billboard, logo and transit displays. Contracts which do not meet the criteria of a lease under ASC 842, Leases are accounted for under ASC 606, Revenue. 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 Condensed Consolidated Statements of Income and Comprehensive Income. Other revenues: Our other component of revenue primarily consists of production services which includes creating and printing the advertising copy. Revenue for production contracts is recognized under ASC 606. Contract revenues for production services are recognized upon satisfaction of the contract which is typically less than one week. Arrangements with multiple performance obligations: Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on the relative standalone selling price. We determine standalone selling prices based on the prices charged to customers using expected cost plus margin. Deferred revenues: We record deferred revenues when cash payments are received or due in advance of our performance obligation. The term between invoicing and when a payment is due is not significant. For certain services we require payment before the product or services are delivered to the customer. The balance of deferred income is considered short-term and will be recognized in revenue within twelve months. Practical expedients and exemptions: The Company is utilizing the following practical expedients and exemptions from ASC 606. We generally expense sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Direct advertising expense (exclusive of depreciation and amortization). We do not disclose the value of unsatisfied performance obligations as the majority of our contracts with customers have an original expected length of less than one year. For contracts with customers which exceed one year, the future amount to be invoiced to the customer corresponds directly with the value to be received by the customer.
Fair Value of Financial Instruments	At March 31, 2021 and December 31, 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. Investment contracts are reported at fair values. Fair values for investments held at cost are not readily available, but are estimated to approximate fair value. The estimated fair value of the Company’s long-term debt (including current maturities) was $2,880,757 which exceeds the carrying amount of $2,880,369 as of March 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).
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.
Dividends And Distributions	The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will be declared based upon various factors, a number of which may be beyond the Company’s control, including financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in our existing and future debt instruments, the Company’s ability to utilize net operating losses to offset, in whole or in part, the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its taxable REIT subsidiaries (TRSs), the impact of COVID-19 on the Company’s operations and other factors that the Board of Directors may deem relevant.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

+ Details

Revenues (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation Revenue

The following table presents our disaggregated revenue by source for the three months ended March 31, 2021 and 2020.


	Three Months Ended March 31,
		2021		2020
Billboard advertising		$	334,039	$	355,305
Logo advertising		19,406		21,392
Transit advertising		17,436		29,872
Net revenues		$	370,881	$	406,569

Leases (Tables)

3 Months Ended

Mar. 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 March 31, 2021:


2021	$	137,770
2022	182,324
2023	161,572
2024	145,168
2025	121,956
Thereafter	762,445
Total undiscounted operating lease payments	1,511,235
Less: Imputed interest	(364,257)
Total operating lease liabilities	$	1,146,978

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of ESPP Share Activity

The following is a summary of 2019 ESPP share activity for the three months ended March 31, 2021:


			Shares
Available for future purchases, January 1, 2021			369,771
Additional shares reserved under 2019 ESPP			86,490
Purchases			(31,824)
Available for future purchases, March 31, 2021			424,437

Depreciation and Amortization (Tables)

3 Months Ended

Mar. 31, 2021

Depreciation, Depletion and Amortization [Abstract]

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

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


	Three Months Ended March 31,
		2021		2020
Direct advertising expenses		$	56,472	$	58,697
General and administrative expenses		1,107		1,281
Corporate expenses		3,170		2,335
		$	60,749	$	62,313

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

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


	Estimated Life (Years)	March 31, 2021				December 31, 2020
		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets:
Customer lists and contracts	7—10	$	645,765	$	568,949	$	645,739	$	563,135
Non-competition agreements	3—15	66,206		64,712		66,156		64,647
Site locations	15	2,413,111		1,615,056		2,412,745		1,593,805
Other	2—15	50,038		38,818		50,018		38,625
		$	3,175,120	$	2,287,535	$	3,174,658	$	2,260,212
Unamortizable intangible assets:
Goodwill		$	2,165,895	$	253,536	$	2,165,864	$	253,536

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2021

Asset Retirement Obligation Disclosure [Abstract]

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


Balance at December 31, 2020	$	222,876
Additions to asset retirement obligations	176
Accretion expense	1,001
Liabilities settled	(1,162)
Balance at March 31, 2021	$	222,891

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

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


	March 31, 2021
	Debt		Deferred financing costs		Debt, net of deferred financing costs
Senior Credit Facility	$	623,529	$	11,003	$	612,526
Accounts Receivable Securitization Program	155,000		333		154,667
3 3/4% Senior Notes	600,000		7,786		592,214
3 5/8% Senior Notes	550,000		7,941		542,059
4% Senior Notes	549,299		7,736		541,563
4 7/8% Senior Notes	400,000		5,446		394,554
Other notes with various rates and terms	2,541		—		2,541
	2,880,369		40,245		2,840,124
Less current maturities	(155,372)		(333)		(155,039)
Long-term debt, excluding current maturities	$	2,724,997	$	39,912	$	2,685,085


	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

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

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

3 Months Ended

Mar. 31, 2021

Condensed Consolidating Balance Sheet

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of March 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
ASSETS
Total current assets	$	38,256	$	22,551	$	226,044	$	—	$	286,851
Net property, plant and equipment	—		1,255,111		13,569		—		1,268,680
Operating lease right of use assets	—		1,193,262		20,671		—		1,213,933
Intangibles and goodwill, net	—		2,771,595		17,730		—		2,789,325
Other assets	4,023,884		239,733		166,068		(4,354,712)		74,973
Total assets	$	4,062,140	$	5,482,252	$	444,082	$	(4,354,712)	$	5,633,762
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	—	$	373	$	154,666	$	—	$	155,039
Current operating lease liabilities	—		157,249		5,612		—		162,861
Other current liabilities	16,926		164,555		10,016		—		191,497
Total current liabilities	16,926		322,177		170,294		—		509,397
Long-term debt	2,682,796		2,289		—		—		2,685,085
Operating lease liabilities	—		970,344		13,773		—		984,117
Other noncurrent liabilities	190,608		244,788		252,466		(404,509)		283,353
Total liabilities	2,890,330		1,539,598		436,533		(404,509)		4,461,952
Stockholders’ equity	1,171,810		3,942,654		7,549		(3,950,203)		1,171,810
Total liabilities and stockholders’ equity	$	4,062,140	$	5,482,252	$	444,082	$	(4,354,712)	$	5,633,762

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of December 31, 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 STOCKHOLDERS' 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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income

for the Three Months Ended March 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	363,612	$	7,699	$	(430)	$	370,881
Operating expenses (income)
Direct advertising expenses (1)	—		127,415		4,230		(430)		131,215
General and administrative expenses (1)	—		71,951		698		—		72,649
Corporate expenses (1)	—		17,366		257		—		17,623
Depreciation and amortization	—		60,066		683		—		60,749
Gain on disposition of assets	—		(415)		—		—		(415)
	—		276,383		5,868		(430)		281,821
Operating income	—		87,229		1,831		—		89,060
Equity in (earnings) loss of subsidiaries	(87,824)		—		—		87,824		—
Loss on extinguishment of debt	21,604		—		—		—		21,604
Interest expense (income), net	27,754		(18)		244		—		27,980
Income (loss) before income tax expense	38,466		87,247		1,587		(87,824)		39,476
Income tax expense (2)	—		632		378		—		1,010
Net income (loss)	$	38,466	$	86,615	$	1,209	$	(87,824)	$	38,466
Statement of Comprehensive Income
Net income (loss)	$	38,466	$	86,615	$	1,209	$	(87,824)	$	38,466
Total other comprehensive income, net of tax	—		—		204		—		204
Total comprehensive income (loss)	$	38,466	$	86,615	$	1,413	$	(87,824)	$	38,670

(1)Caption is exclusive of depreciation and amortization.

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

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statements of Income and Comprehensive Income

for the Three Months Ended March 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—	$	396,631	$	10,452	$	(514)	$	406,569
Operating expenses (income)
Direct advertising expenses (1)	—		143,052		6,956		(514)		149,494
General and administrative expenses (1)	—		80,528		1,676		—		82,204
Corporate expenses (1)	—		18,087		280		—		18,367
Depreciation and amortization	—		61,905		408		—		62,313
Gain on disposition of assets	—		(2,504)		—		—		(2,504)
	—		301,068		9,320		(514)		309,874
Operating income	—		95,563		1,132		—		96,695
Equity in (earnings) loss of subsidiaries	(94,214)		—		—		94,214		—
Loss on extinguishment of debt	18,179		—		—		—		18,179
Interest expense (income), net	35,418		(35)		980		—		36,363
Income (loss) before income tax expense	40,617		95,598		152		(94,214)		42,153
Income tax expense (2)	—		1,342		194		—		1,536
Net income (loss)	$	40,617	$	94,256	$	(42)	$	(94,214)	$	40,617
Statement of Comprehensive Income
Net income (loss)	$	40,617	$	94,256	$	(42)	$	(94,214)	$	40,617
Total other comprehensive loss, net of tax	—		—		(1,598)		—		(1,598)
Total comprehensive income (loss)	$	40,617	$	94,256	$	(1,640)	$	(94,214)	$	39,019

(1)Caption is exclusive of depreciation and amortization.

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

Condensed Consolidating Statements of Cash Flows

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2021


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	61,766	$	102,064	$	9,919	$	(104,957)	$	68,792
Cash flows from investing activities:
Acquisitions	—		(3,333)		—		—		(3,333)
Capital expenditures	—		(15,294)		(1,038)		—		(16,332)
Proceeds from disposition of assets and investments	—		1,842		—		—		1,842
Investment in subsidiaries	(3,333)		—		—		3,333		—
Decrease (increase) in intercompany notes receivable	30,604		—		—		(30,604)		—
Net cash provided by (used in) investing activities	27,271		(16,785)		(1,038)		(27,271)		(17,823)
Cash flows from financing activities:
Proceeds received from revolving credit facility	25,000		—		—		—		25,000

Principal payments on long-term debt	—		(96)		—		—		(96)
Principal payments on financing leases	—		(483)		—		—		(483)
Proceeds received from note offering	550,000		—		—		—		550,000
Redemption of senior notes	(668,688)		—		—		—		(668,688)



Proceeds received from accounts receivable securitization program	—		—		32,500		—		32,500
Debt issuance costs	(8,067)		—		—		—		(8,067)
Intercompany loan proceeds (payments)	—		16,770		(47,374)		30,604		—
Distributions to non-controlling interest	—		—		(24)		—		(24)
Dividends (to) from parent	(81,535)		(104,957)		—		104,957		(81,535)
Contributions from (to) parent	21,831		3,333		—		(3,333)		21,831
Net cash (used in) provided by financing activities	(161,459)		(85,433)		(14,898)		132,228		(129,562)
Effect of exchange rate changes in cash and cash equivalents	—		—		70		—		70
Net decrease in cash and cash equivalents	(72,422)		(154)		(5,947)		—		(78,523)
Cash and cash equivalents at beginning of period	110,588		1,732		8,749		—		121,069
Cash and cash equivalents at end of period	$	38,166	$	1,578	$	2,802	$	—	$	42,546

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Cash Flows for the Three Months Ended March 31, 2020


	Lamar Media Corp.		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations		Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	24,222	$	82,135	$	(5,970)	$	(63,763)	$	36,624
Cash flows from investing activities:
Acquisitions	—		(13,565)		—		—		(13,565)
Capital expenditures	—		(24,531)		(1,178)		—		(25,709)
Proceeds from disposition of assets and investments	—		3,686		—		—		3,686

Investment in subsidiaries	(13,565)		—		—		13,565		—
(Increase) decrease in intercompany notes receivable	(8,155)		—		—		8,155		—

Net cash (used in) provided by investing activities	(21,720)		(34,410)		(1,178)		21,720		(35,588)
Cash flows from financing activities:
Proceeds received from revolving credit facility	655,000		—		—		—		655,000
Payment on revolving credit facility	(180,000)		—		—		—		(180,000)
Principal payments on long-term debt	(81)		(8)		—		—		(89)

Proceeds received from note offering	1,000,000		—		—		—		1,000,000
Redemption of senior notes	(519,139)		—		—		—		(519,139)
Proceeds received from senior credit facility term loans	598,500		—		—		—		598,500
Payments on senior credit facility term loans	(978,097)		—		—		—		(978,097)
Debt issuance costs	(24,042)		—		—		—		(24,042)
Intercompany loan (payments) proceeds	—		(3,436)		11,591		(8,155)		—
Distributions to non-controlling interest	—		—		(860)		—		(860)
Dividends (to) from parent	(110,755)		(63,763)		—		63,763		(110,755)
Contributions from (to) parent	29,429		13,565		—		(13,565)		29,429
Net cash provided by (used in) financing activities	470,815		(53,642)		10,731		42,043		469,947
Effect of exchange rate changes in cash and cash equivalents	—		—		(532)		—		(532)
Net increase (decrease) in cash and cash equivalents	473,317		(5,917)		3,051		—		470,451
Cash and cash equivalents at beginning of period	13,185		8,278		4,225		—		25,688
Cash and cash equivalents at end of period	$	486,502	$	2,361	$	7,276	$	—	$	496,139

Revenues - Disaggregation Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net Revenues	$ 370,881	$ 406,569
Billboard Advertising [Member]
Disaggregation of Revenue [Line Items]
Net Revenues	334,039	355,305
Logo Advertising [Member]
Disaggregation of Revenue [Line Items]
Net Revenues	19,406	21,392
Transit Advertising [Member]
Disaggregation of Revenue [Line Items]
Net Revenues	$ 17,436	$ 29,872

- 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=120311839&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=121604090&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=121604090&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=120311839&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=120311839&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

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease, cost	$ 72,471	$ 80,402
Variable lease, cost	15,244	17,444
Gain on disposition of assets	(415)	(2,504)
Operating lease, cash payments	102,082	103,063
Direct advertising expenses (exclusive of depreciation and amortization)	$ 131,215	149,494
Operating lease, weighted average remaining lease term	12 years 1 month 6 days
Operating lease, weighted average discount rate	4.70%
Leased assets obtained in exchange for operating lease liability	$ 3,767	5,082
Amortization expense	713
Interest expense	150
Principal payments on financing leases	$ (483)	0
Weighted-average remaining lease term	6 years 8 months 12 days
Weighted-average discount rate	3.10%
Advertising [Member]
Lessee, Lease, Description [Line Items]
Direct advertising expenses (exclusive of depreciation and amortization)	$ 1,380	1,258
Termination of Lease Agreements [Member]
Lessee, Lease, Description [Line Items]
Gain on disposition of assets	$ (6)	$ 51

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Leases [Abstract]
2021	$ 137,770
2022	182,324
2023	161,572
2024	145,168
2025	121,956
Thereafter	762,445
Total undiscounted operating lease payments	1,511,235
Less: Imputed interest	(364,257)
Total operating lease liabilities	$ 1,146,978

Stock-Based Compensation - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	2,333,620
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	18,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	86,490
1996 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance to directors and employees	17,500,000
1996 Equity Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share	0.00%
1996 Equity Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards of target number of share	100.00%
Performance Based Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements \| $	$ 2,452
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date of options granted under equity incentive plan	10 years
Restricted Stock [Member] \| Non-employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to performance based compensation agreements \| $	$ 66
Restricted Stock [Member] \| Percentage of awards vesting on grant date [Member] \| Non-employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting on grant date	50.00%
Restricted Stock [Member] \| Percentage of Awards Vesting On Last Day of Each Directors Term [Member] \| Non-employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Percentage of awards vesting on grant date	50.00%

Stock-Based Compensation - Summary of ESPP Share Activity (Detail)	3 Months Ended
	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future purchases, March 31, 2021 (in shares)	2,333,620
2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	86,490
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for future purchases, January 1, 2021 (in shares)	369,771
Purchases (in shares)	(31,824)
Available for future purchases, March 31, 2021 (in shares)	424,437
Employee Stock Purchase Plan [Member] \| 2019 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	86,490

Depreciation and Amortization - Depreciation and Amortization Expense Excluded from Operating Expenses in its Condensed Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 60,749	$ 62,313
Direct Advertising Expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	56,472	58,697
General and Administrative Expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,107	1,281
Corporate Expenses [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 3,170	$ 2,335

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,175,120	$ 3,174,658
Accumulated Amortization	2,287,535	2,260,212
Goodwill gross carrying amount	2,165,895	2,165,864
Goodwill accumulated amortization	253,536	253,536
Customer Lists and Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	645,765	645,739
Accumulated Amortization	$ 568,949	563,135
Customer Lists and Contracts [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	7 years
Customer Lists and Contracts [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	10 years
Non-competition Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 66,206	66,156
Accumulated Amortization	$ 64,712	64,647
Non-competition Agreements [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	3 years
Non-competition Agreements [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Site Locations [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,413,111	2,412,745
Accumulated Amortization	$ 1,615,056	1,593,805
Site Locations [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 50,038	50,018
Accumulated Amortization	$ 38,818	$ 38,625
Other [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	2 years
Other [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)	15 years

Asset Retirement Obligations - Information Related to Asset Retirement Obligations (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning Balance	$ 222,876
Additions to asset retirement obligations	176
Accretion expense	1,001
Liabilities settled	(1,162)
Ending Balance	$ 222,891

Distribution Restrictions (Detail) $ in Thousands	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Balance of permitted transfers to parent company	$ 3,667,145	$ 3,625,712
Debt ratio	7.0
Debt ratio related to actual position on senior credit facility	7.0
Available cumulative credit	$ 2,417,625
Secured Debt [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Secured debt ratio	4.5
Secured Debt [Member] \| Maximum [Member] \| LAMAR MEDIA CORP [Member]
Debt Instrument [Line Items]
Secured debt ratio	4.5

Earnings Per Share (Detail) - shares	3 Months Ended
Earnings Per Share (Detail) - shares	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
The number of dilutive shares excluded from calculation of basic earnings per share resulting from the anti-dilutive effect for stock options (in shares)	0	0

Long-term Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Aug. 19, 2020	Feb. 06, 2020	Jan. 28, 2016
Debt Instrument [Line Items]
Debt	$ 2,880,369	$ 2,926,633
Debt, Less current maturities	(155,372)	(122,879)
Debt, excluding current maturities	2,724,997	2,803,754
Deferred financing costs	40,245	40,117
Deferred financing costs, Less current maturities	(333)	(445)
Deferred financing costs, excluding current maturities	39,912	39,672
Debt, net of deferred financing costs	2,840,124	2,886,516
Debt, net of deferred financing costs, Less current maturities	(155,039)	(122,434)
Debt, net of deferred financing costs, excluding current maturities	2,685,085	2,764,082
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Debt	623,529	598,466
Deferred financing costs	11,003	11,569
Debt, net of deferred financing costs	612,526	586,897
Accounts Receivable Securitization Program [Member]
Debt Instrument [Line Items]
Debt	155,000	122,500
Deferred financing costs	333	445
Debt, net of deferred financing costs	154,667	122,055
3 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	600,000	600,000
Deferred financing costs	7,786	8,031
Debt, net of deferred financing costs	$ 592,214	$ 591,969
Debt Instrument, Interest Rate, Stated Percentage	3.75%	3.75%		3.75%
3 5/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	$ 550,000
Deferred financing costs	7,941
Debt, net of deferred financing costs	$ 542,059
Debt Instrument, Interest Rate, Stated Percentage	3.625%
4 7/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000
Deferred financing costs	5,446	5,586
Debt, net of deferred financing costs	$ 394,554	$ 394,414
Debt Instrument, Interest Rate, Stated Percentage	4.875%	4.875%
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt		$ 653,631
Deferred financing costs		6,575
Debt, net of deferred financing costs		$ 647,056
Debt Instrument, Interest Rate, Stated Percentage		5.75%			5.75%
Other Notes with Various Rates and Terms [Member]
Debt Instrument [Line Items]
Debt	$ 2,541	$ 2,756
Deferred financing costs	0	0
Debt, net of deferred financing costs	2,541	2,756
4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt	549,299	549,280
Deferred financing costs	7,736	7,911
Debt, net of deferred financing costs	$ 541,563	$ 541,369
Debt Instrument, Interest Rate, Stated Percentage	4.00%	4.00%	4.00%	4.00%

Long-term Debt - Additional Information (Detail) - USD ($)												3 Months Ended
	Feb. 03, 2021	Jan. 22, 2021	Oct. 23, 2020	Aug. 19, 2020	Jun. 30, 2020	May 13, 2020	Feb. 06, 2020	Feb. 06, 2020	Feb. 01, 2019	Feb. 01, 2019	Jan. 28, 2016	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 16, 2020	Dec. 18, 2018
Debt Instrument [Line Items]
Proceeds received from term B loans												$ 0	$ 598,500,000
Loss on debt extinguishment												21,604,000	18,179,000
Outstanding revolving credit facility												25,000,000
Remaining borrowing capacity under revolving credit facility												710,630,000
Aggregate principal amount of debt issued												2,880,369,000
Debt instrument outstanding amount												$ 2,880,369,000		$ 2,926,633,000
4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.00%			4.00%	4.00%				4.00%		4.00%
Debt instrument outstanding amount												$ 549,299,000		$ 549,280,000
Redemption price percentage of the principal amount to be purchased							101.00%
Redemption period												120 days
Accounts Receivable Securitization Program [Member]
Debt Instrument [Line Items]
Aggregate principal amount of debt issued																$ 175,000,000
Increase in delinquency ratio												11.00%
Delinquency ratio					8.00%
Increase in dilution ratio												7.00%
Dilution ratio					4.00%
Increase in days sales outstanding												75 days
Number of days sales outstanding					65 days
Percentage of commitment to maintain minimum borrowings			70.00%									50.00%
Delinquency ratio			13.00%
Debt instrument outstanding amount												$ 155,000,000		$ 122,500,000
Dilution ratio			5.00%
5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage											5.75%			5.75%
Aggregate principal amount of debt issued											$ 400,000,000
Debt instrument outstanding amount														$ 653,631,000
Net proceeds form the issuance of debt											$ 394,500,000
Principal amount redeemed	$ 650,000,000
Percentage of principal amount redeemed	102.875%
5% Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Loss on debt extinguishment												21,604,000
Loss on debt extinguishment on cash												$ 18,700,000
3 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							3.75%	3.75%				3.75%		3.75%
Debt instrument outstanding amount												$ 600,000,000		$ 600,000,000
Redeemed percentage of aggregate principal amount								103.75%
Redemption percentage of aggregate principal amount of senior notes								40.00%
Redemption percentage of issued notes which remain outstanding								60.00%
4 7/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage												4.875%		4.875%
Debt instrument outstanding amount												$ 400,000,000		$ 400,000,000
Redeemed percentage of aggregate principal amount						104.875%
Redemption percentage of aggregate principal amount of senior notes						40.00%
Redemption percentage of issued notes which remain outstanding						60.00%
3 5/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage												3.625%
Debt instrument outstanding amount												$ 550,000,000
Redeemed percentage of aggregate principal amount		103.625%
Redemption price percentage of the principal amount to be purchased		101.00%
Redemption percentage of aggregate principal amount of senior notes		40.00%
Redemption percentage of issued notes which remain outstanding		60.00%
Redemption period		120 days
Prior to February 15, 2023 [Member] \| 4% Senior Notes [Member]
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount								104.00%
Redemption percentage of aggregate principal amount of senior notes								40.00%
Redemption percentage of issued notes which remain outstanding								60.00%
Prior to February 15, 2023 [Member] \| 3 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount								100.00%
Redemption price percentage of the principal amount to be purchased								101.00%
Prior to February 15, 2023 [Member] \| 4 7/8% Senior Notes [Member]
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount						100.00%
Redemption price percentage of the principal amount to be purchased						101.00%
Prior to February 15, 2023 [Member] \| 3 5/8% Senior Notes [Member]
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount		100.00%
Prior to February 1, 2021 [Member] \| 4% Senior Notes [Member]
Debt Instrument [Line Items]
Redeemed percentage of aggregate principal amount								100.00%
Private Placement [Member] \| 4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.00%			4.00%	4.00%
Aggregate principal amount of debt issued				$ 150,000,000			$ 400,000,000	$ 400,000,000
Net proceeds form the issuance of debt				$ 146,900,000					$ 395,000,000
Private Placement [Member] \| 5 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage									5.75%	5.75%
Aggregate principal amount of debt issued									$ 250,000,000	$ 250,000,000
Net proceeds form the issuance of debt										$ 251,500,000
Private Placement [Member] \| 3 3/4% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							3.75%	3.75%
Aggregate principal amount of debt issued							$ 600,000,000	$ 600,000,000
Net proceeds form the issuance of debt								$ 592,500,000
Redemption period								120 days
Private Placement [Member] \| 4 7/8% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage						4.875%
Aggregate principal amount of debt issued						$ 400,000,000
Net proceeds form the issuance of debt						$ 395,000,000
Redemption period						120 days
Private Placement [Member] \| 3 5/8% Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds received from term B loans		$ 542,500,000
Debt Instrument, Interest Rate, Stated Percentage		3.625%
Aggregate principal amount of debt issued		$ 550,000,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Letter of credit outstanding balance												14,370,000
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member]
Debt Instrument [Line Items]
Proceeds received from term B loans												0	598,500,000
Loss on debt extinguishment												21,604,000	18,179,000
LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] \| Accounts Receivable Securitization Program [Member]
Debt Instrument [Line Items]
Available borrowing on accounts receivable securitization												11,400,000
Debt Instrument Repurchase Program [Member] \| Senior or Senior Subordinated Notes and other Indebtedness [Member]
Debt Instrument [Line Items]
Debt repurchase program, authorized amount															$ 250,000,000
Debt instrument repurchased under the program												$ 0
For Up To Two Additional Periods [Member] \| Accounts Receivable Securitization Program [Member]
Debt Instrument [Line Items]
Delinquency ratio			16.00%
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Loss on debt extinguishment													$ 5,603,000
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility							$ 750,000,000	$ 750,000,000
Revolving Credit Facility [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Secured debt ratio							4.50	4.50
Revolving Credit Facility [Member] \| LIBO Rate [Member]
Debt Instrument [Line Items]
Secured debt ratio							3.25	3.25
Adjusted base rate								1.50%
Ratio of indebtedness to net capital minimum								1
Revolving Credit Facility [Member] \| LIBO Rate [Member] \| Debt Ratio Less Than Three Point Two Five [Member]
Debt Instrument [Line Items]
Adjusted base rate								1.25%
Revolving Credit Facility [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Secured debt ratio							3.25	3.25
Adjusted base rate								0.50%
Ratio of indebtedness to net capital minimum								1
Revolving Credit Facility [Member] \| Base Rate [Member] \| Debt Ratio Less Than Three Point Two Five [Member]
Debt Instrument [Line Items]
Adjusted base rate								0.25%
Term B Loan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing limit of incremental loan facility							$ 600,000,000	$ 600,000,000
Proceeds received from term B loans								$ 600,000,000
Term B Loan Facility [Member] \| LIBO Rate [Member]
Debt Instrument [Line Items]
Adjusted base rate								1.50%
Term B Loan Facility [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Adjusted base rate								0.50%

Fair Value of Financial Instruments (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Estimated fair value of Long-term debt (including current maturities)	$ 2,880,757
Gross amount of company's long term debt	$ 2,880,369

Dividends/Distributions (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Distributions paid	$ 75,818	$ 100,687
Cash dividends declared per share of common stock (in dollars per share)	$ 0.75	$ 1.00
Dividends declared	$ 75,818	$ 100,687
Dividends paid (in dollars per share)	$ 0.75	$ 1.00
Dividends paid	$ 91	$ 91
Distributions paid, preferred stockholders, per share	$ 15.95	$ 15.95

Information about Geographic Areas - Additional Information (Detail) - Foreign Countries [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net carrying value of long lived assets	$ 9,359		$ 8,727
External Customers [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 4,964	$ 7,436

- 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=120311839&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=75031198&loc=d3e14064-108612

Reference 4: 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=120311839&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 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

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=120311839&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 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: 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=120311839&loc=d3e8906-108599

Reference 9: 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=120311839&loc=d3e9038-108599

Reference 10: 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=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Stockholders' Equity (Detail) - USD ($)	3 Months Ended	12 Months Ended
Stockholders' Equity (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 16, 2020	May 01, 2018
Shelf Registration [Member]
Class of Stock [Line Items]
Common stock shares issued for cash (in shares)	0	0
Common Class A [Member] \| Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 250,000,000
Stock repurchase program expiry date	Sep. 30, 2021
Stock repurchased during period	$ 0
Common Class A [Member] \| Equity Distribution Agreement [Member]
Class of Stock [Line Items]
Common stock, shares sold (in shares)	842,412
Common stock, shares available to be sold	$ 336,668,000
Common Class A [Member] \| Maximum [Member]
Class of Stock [Line Items]
Aggregate offering price of common stock issuable				$ 400,000,000