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Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES [Member] | 9 Months Ended
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Sep. 30, 2019
Condensed Consolidating Balance Sheet | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Balance Sheet as of September 30, 2019 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
|  | (unaudited) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total current assets |  | $ | 13,918 |  |  | $ | 49,344 |  |  | $ | 252,791 |  |  | $ | — |  |  | $ | 316,053 |
Net property, plant and equipment |  |  | — |  |  |  | 1,333,395 |  |  |  | 7,374 |  |  |  | — |  |  |  | 1,340,769 |
Operating lease right of use assets |  |  | — |  |  |  | 1,268,434 |  |  |  | 27,878 |  |  |  | — |  |  |  | 1,296,312 |
Intangibles and goodwill, net |  |  | — |  |  |  | 2,893,303 |  |  |  | 18,416 |  |  |  | — |  |  |  | 2,911,719 |
Other assets |  |  | 4,243,934 |  |  |  | 249,595 |  |  |  | 184,805 |  |  |  | (4,628,187 | ) |  |  | 50,147 |
Total assets |  | $ | 4,257,852 |  |  | $ | 5,794,071 |  |  | $ | 491,264 |  |  | $ | (4,628,187 | ) |  | $ | 5,915,000 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt |  | $ | 43,071 |  |  | $ | 34 |  |  | $ | 175,000 |  |  | $ | — |  |  | $ | 218,105 |
Other current liabilities |  |  | 17,898 |  |  |  | 354,287 |  |  |  | 24,122 |  |  |  | — |  |  |  | 396,307 |
Total current liabilities |  |  | 60,969 |  |  |  | 354,321 |  |  |  | 199,122 |  |  |  | — |  |  |  | 614,412 |
Long-term debt |  |  | 2,835,653 |  |  |  | 43 |  |  |  | — |  |  |  | — |  |  |  | 2,835,696 |
Other noncurrent liabilities |  |  | 204,384 |  |  |  | 1,256,732 |  |  |  | 284,368 |  |  |  | (437,438 | ) |  |  | 1,308,046 |
Total liabilities |  |  | 3,101,006 |  |  |  | 1,611,096 |  |  |  | 483,490 |  |  |  | (437,438 | ) |  |  | 4,758,154 |
Stockholders’ equity |  |  | 1,156,846 |  |  |  | 4,182,975 |  |  |  | 7,774 |  |  |  | (4,190,749 | ) |  |  | 1,156,846 |
Total liabilities and stockholders’ equity |  | $ | 4,257,852 |  |  | $ | 5,794,071 |  |  | $ | 491,264 |  |  | $ | (4,628,187 | ) |  | $ | 5,915,000 |
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, 2018 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total current assets |  | $ | 4,653 |  |  | $ | 121,549 |  |  | $ | 236,967 |  |  | $ | — |  |  | $ | 363,169 |
Net property, plant and equipment |  |  | — |  |  |  | 1,289,348 |  |  |  | 5,700 |  |  |  | — |  |  |  | 1,295,048 |
Intangibles and goodwill, net |  |  | — |  |  |  | 2,804,915 |  |  |  | 19,304 |  |  |  | — |  |  |  | 2,824,219 |
Other assets |  |  | 4,056,288 |  |  |  | 230,504 |  |  |  | 184,247 |  |  |  | (4,425,589 | ) |  |  | 45,450 |
Total assets |  | $ | 4,060,941 |  |  | $ | 4,446,316 |  |  | $ | 446,218 |  |  | $ | (4,425,589 | ) |  | $ | 4,527,886 |
LIABILITIES AND STOCKHOLDER'S EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt |  | $ | 29,086 |  |  | $ | 34 |  |  | $ | 175,000 |  |  | $ | — |  |  | $ | 204,120 |
Other current liabilities |  |  | 27,067 |  |  |  | 204,103 |  |  |  | 14,578 |  |  |  | — |  |  |  | 245,748 |
Total current liabilities |  |  | 56,153 |  |  |  | 204,137 |  |  |  | 189,578 |  |  |  | — |  |  |  | 449,868 |
Long-term debt |  |  | 2,684,500 |  |  |  | 68 |  |  |  | — |  |  |  | — |  |  |  | 2,684,568 |
Other noncurrent liabilities |  |  | 200,092 |  |  |  | 246,312 |  |  |  | 251,835 |  |  |  | (424,985 | ) |  |  | 273,254 |
Total liabilities |  |  | 2,940,745 |  |  |  | 450,517 |  |  |  | 441,413 |  |  |  | (424,985 | ) |  |  | 3,407,690 |
Stockholders’ equity |  |  | 1,120,196 |  |  |  | 3,995,799 |  |  |  | 4,805 |  |  |  | (4,000,604 | ) |  |  | 1,120,196 |
Total liabilities and stockholders’ equity |  | $ | 4,060,941 |  |  | $ | 4,446,316 |  |  | $ | 446,218 |  |  | $ | (4,425,589 | ) |  | $ | 4,527,886 |
Condensed Consolidating Statements of Income and Comprehensive Income | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2019 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
Statement of Income |  | (unaudited) |
Net revenues |  | $ | — |  |  | $ | 446,838 |  |  | $ | 11,539 |  |  | $ | (591 | ) |  | $ | 457,786 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct advertising expenses (1) |  |  | — |  |  |  | 142,412 |  |  |  | 7,025 |  |  |  | (591 | ) |  |  | 148,846 |
General and administrative expenses (1) |  |  | — |  |  |  | 78,470 |  |  |  | 2,091 |  |  |  | — |  |  |  | 80,561 |
Corporate expenses (1) |  |  | — |  |  |  | 22,645 |  |  |  | 417 |  |  |  | — |  |  |  | 23,062 |
Depreciation and amortization |  |  | — |  |  |  | 63,033 |  |  |  | 918 |  |  |  | — |  |  |  | 63,951 |
Gain on disposition of assets |  |  | — |  |  |  | (185 | ) |  |  | (14 | ) |  |  | — |  |  |  | (199 | )
|  |  | — |  |  |  | 306,375 |  |  |  | 10,437 |  |  |  | (591 | ) |  |  | 316,221 |
Operating income |  |  | — |  |  |  | 140,463 |  |  |  | 1,102 |  |  |  | — |  |  |  | 141,565 |
Equity in (earnings) loss of subsidiaries |  |  | (136,714 | ) |  |  | — |  |  |  | — |  |  |  | 136,714 |  |  |  | — |
Interest expense (income), net |  |  | 36,882 |  |  |  | (7 | ) |  |  | 1,280 |  |  |  | — |  |  |  | 38,155 |
Income (loss) before income tax expense |  |  | 99,832 |  |  |  | 140,470 |  |  |  | (178 | ) |  |  | (136,714 | ) |  |  | 103,410 |
Income tax expense (2) |  |  | — |  |  |  | 3,255 |  |  |  | 323 |  |  |  | — |  |  |  | 3,578 |
Net income (loss) |  | $ | 99,832 |  |  | $ | 137,215 |  |  | $ | (501 | ) |  | $ | (136,714 | ) |  | $ | 99,832 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 99,832 |  |  | $ | 137,215 |  |  | $ | (501 | ) |  | $ | (136,714 | ) |  | $ | 99,832 |
Total other comprehensive loss, net of tax |  |  | — |  |  |  | — |  |  |  | (174 | ) |  |  | — |  |  |  | (174 | )
Total comprehensive income (loss) |  | $ | 99,832 |  |  | $ | 137,215 |  |  | $ | (675 | ) |  | $ | (136,714 | ) |  | $ | 99,658 |
(1) Caption is exclusive of depreciation and amortization. |
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended September 30, 2018 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
Statement of Income |  | (unaudited) |
Net revenues |  | $ | — |  |  | $ | 407,656 |  |  | $ | 11,659 |  |  | $ | (817 | ) |  | $ | 418,498 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct advertising expenses (1) |  |  | — |  |  |  | 134,863 |  |  |  | 6,522 |  |  |  | (686 | ) |  |  | 140,699 |
General and administrative expenses (1) |  |  | — |  |  |  | 71,046 |  |  |  | 2,120 |  |  |  | — |  |  |  | 73,166 |
Corporate expenses (1) |  |  | — |  |  |  | 20,252 |  |  |  | 415 |  |  |  | — |  |  |  | 20,667 |
Depreciation and amortization |  |  | — |  |  |  | 53,956 |  |  |  | 1,133 |  |  |  | — |  |  |  | 55,089 |
Loss (gain) on disposition of assets |  |  | — |  |  |  | 559 |  |  |  | (152 | ) |  |  | — |  |  |  | 407 |
|  |  | — |  |  |  | 280,676 |  |  |  | 10,038 |  |  |  | (686 | ) |  |  | 290,028 |
Operating income (loss) |  |  | — |  |  |  | 126,980 |  |  |  | 1,621 |  |  |  | (131 | ) |  |  | 128,470 |
Equity in (earnings) loss of subsidiaries |  |  | (126,015 | ) |  |  | — |  |  |  | — |  |  |  | 126,015 |  |  |  | — |
Interest expense (income), net |  |  | 31,850 |  |  |  | (8 | ) |  |  | (18 | ) |  |  | (131 | ) |  |  | 31,693 |
Income (loss) before income tax expense |  |  | 94,165 |  |  |  | 126,988 |  |  |  | 1,639 |  |  |  | (126,015 | ) |  |  | 96,777 |
Income tax expense (2) |  |  | — |  |  |  | 2,167 |  |  |  | 445 |  |  |  | — |  |  |  | 2,612 |
Net income (loss) |  | $ | 94,165 |  |  | $ | 124,821 |  |  | $ | 1,194 |  |  | $ | (126,015 | ) |  | $ | 94,165 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 94,165 |  |  | $ | 124,821 |  |  | $ | 1,194 |  |  | $ | (126,015 | ) |  | $ | 94,165 |
Total other comprehensive income, net of tax |  |  | — |  |  |  | — |  |  |  | 221 |  |  |  | — |  |  |  | 221 |
Total comprehensive income (loss) |  | $ | 94,165 |  |  | $ | 124,821 |  |  | $ | 1,415 |  |  | $ | (126,015 | ) |  | $ | 94,386 |
(1) Caption is exclusive of depreciation and amortization. |
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2019 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
Statement of Income |  | (unaudited) |
Net revenues |  | $ | — |  |  | $ | 1,258,493 |  |  | $ | 34,563 |  |  | $ | (2,071 | ) |  | $ | 1,290,985 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct advertising expenses (1) |  |  | — |  |  |  | 417,271 |  |  |  | 20,506 |  |  |  | (2,071 | ) |  |  | 435,706 |
General and administrative expenses (1) |  |  | — |  |  |  | 232,602 |  |  |  | 5,668 |  |  |  | — |  |  |  | 238,270 |
Corporate expenses (1) |  |  | — |  |  |  | 57,542 |  |  |  | 1,025 |  |  |  | — |  |  |  | 58,567 |
Depreciation and amortization |  |  | — |  |  |  | 184,897 |  |  |  | 2,253 |  |  |  | — |  |  |  | 187,150 |
Gain on disposition of assets |  |  | — |  |  |  | (1,195 | ) |  |  | (4,165 | ) |  |  | — |  |  |  | (5,360 | )
|  |  | — |  |  |  | 891,117 |  |  |  | 25,287 |  |  |  | (2,071 | ) |  |  | 914,333 |
Operating income |  |  | — |  |  |  | 367,376 |  |  |  | 9,276 |  |  |  | — |  |  |  | 376,652 |
Equity in (earnings) loss of subsidiaries |  |  | (379,424 | ) |  |  | — |  |  |  | — |  |  |  | 379,424 |  |  |  | — |
Interest expense (income), net |  |  | 109,745 |  |  |  | (94 | ) |  |  | 4,036 |  |  |  | — |  |  |  | 113,687 |
Income (loss) before income tax expense |  |  | 269,679 |  |  |  | 367,470 |  |  |  | 5,240 |  |  |  | (379,424 | ) |  |  | 262,965 |
Income tax (benefit) expense (2) |  |  | — |  |  |  | (9,357 | ) |  |  | 2,643 |  |  |  | — |  |  |  | (6,714 | )
Net income (loss) |  | $ | 269,679 |  |  | $ | 376,827 |  |  | $ | 2,597 |  |  | $ | (379,424 | ) |  | $ | 269,679 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 269,679 |  |  | $ | 376,827 |  |  | $ | 2,597 |  |  | $ | (379,424 | ) |  | $ | 269,679 |
Total other comprehensive income, net of tax |  |  | — |  |  |  | — |  |  |  | 372 |  |  |  | — |  |  |  | 372 |
Total comprehensive income (loss) |  | $ | 269,679 |  |  | $ | 376,827 |  |  | $ | 2,969 |  |  | $ | (379,424 | ) |  | $ | 270,051 |
(1) Caption is exclusive of depreciation and amortization. |
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Nine Months Ended September 30, 2018 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
Statement of Income |  | (unaudited) |
Net revenues |  | $ | — |  |  | $ | 1,164,039 |  |  | $ | 37,880 |  |  | $ | (2,595 | ) |  | $ | 1,199,324 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct advertising expenses (1) |  |  | — |  |  |  | 400,703 |  |  |  | 21,042 |  |  |  | (1,969 | ) |  |  | 419,776 |
General and administrative expenses (1) |  |  | — |  |  |  | 206,522 |  |  |  | 6,538 |  |  |  | — |  |  |  | 213,060 |
Corporate expenses (1) |  |  | — |  |  |  | 60,468 |  |  |  | 1,255 |  |  |  | — |  |  |  | 61,723 |
Depreciation and amortization |  |  | — |  |  |  | 162,536 |  |  |  | 4,715 |  |  |  | — |  |  |  | 167,251 |
(Gain) loss on disposition of assets |  |  | — |  |  |  | (268 | ) |  |  | 7,533 |  |  |  | — |  |  |  | 7,265 |
|  |  | — |  |  |  | 829,961 |  |  |  | 41,083 |  |  |  | (1,969 | ) |  |  | 869,075 |
Operating income (loss) |  |  | — |  |  |  | 334,078 |  |  |  | (3,203 | ) |  |  | (626 | ) |  |  | 330,249 |
Equity in (earnings) loss of subsidiaries |  |  | (322,592 | ) |  |  | — |  |  |  | — |  |  |  | 322,592 |  |  |  | — |
Interest expense (income), net |  |  | 97,320 |  |  |  | (18 | ) |  |  | 332 |  |  |  | (626 | ) |  |  | 97,008 |
Other expenses |  |  | 15,429 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,429 |
Income (loss) before income tax expense |  |  | 209,843 |  |  |  | 334,096 |  |  |  | (3,535 | ) |  |  | (322,592 | ) |  |  | 217,812 |
Income tax expense (2) |  |  | — |  |  |  | 5,708 |  |  |  | 2,261 |  |  |  | — |  |  |  | 7,969 |
Net income (loss) |  | $ | 209,843 |  |  | $ | 328,388 |  |  | $ | (5,796 | ) |  | $ | (322,592 | ) |  | $ | 209,843 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 209,843 |  |  | $ | 328,388 |  |  | $ | (5,796 | ) |  | $ | (322,592 | ) |  | $ | 209,843 |
Total other comprehensive loss, net of tax |  |  | — |  |  |  | — |  |  |  | (599 | ) |  |  | — |  |  |  | (599 | )
Total comprehensive income (loss) |  | $ | 209,843 |  |  | $ | 328,388 |  |  | $ | (6,395 | ) |  | $ | (322,592 | ) |  | $ | 209,244 |
(1) Caption is exclusive of depreciation and amortization. |
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries. |
Condensed Consolidating Statements of Cash Flows | LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data)
Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2019 |
|  | Lamar Media Corp. |  |  | Guarantor Subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Lamar Media Consolidated |
|  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | 289,262 |  |  | $ | 510,514 |  |  | $ | (11,358 | ) |  | $ | (404,210 | ) |  | $ | 384,208 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  |  | — |  |  |  | (214,559 | ) |  |  | — |  |  |  | — |  |  |  | (214,559 | )
Capital expenditures |  |  | — |  |  |  | (94,820 | ) |  |  | (2,860 | ) |  |  | — |  |  |  | (97,680 | )
Proceeds from disposition of assets |  |  | — |  |  |  | 2,658 |  |  |  | — |  |  |  | — |  |  |  | 2,658 |
Proceeds received from insurance claims |  |  | — |  |  |  | 210 |  |  |  | — |  |  |  | — |  |  |  | 210 |
Investment in subsidiaries |  |  | (214,559 | ) |  |  | — |  |  |  | — |  |  |  | 214,559 |  |  |  | — |
Decrease in intercompany notes receivable |  |  | 7,236 |  |  |  | — |  |  |  | — |  |  |  | (7,236 | ) |  |  | — |
Increase in notes receivable |  |  | (448 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (448 | )
Net cash (used in) provided by investing activities |  |  | (207,771 | ) |  |  | (306,511 | ) |  |  | (2,860 | ) |  |  | 207,323 |  |  |  | (309,819 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds received from revolving credit facility |  |  | 430,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 430,000 |
Payment on revolving credit facility |  |  | (495,000 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (495,000 | )
Principal payments on long-term debt |  |  | (24,421 | ) |  |  | (25 | ) |  |  | — |  |  |  | — |  |  |  | (24,446 | )
Proceeds received from note offering |  |  | 255,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 255,000 |
Payment on accounts receivable securitization program |  |  | — |  |  |  | — |  |  |  | (9,000 | ) |  |  | — |  |  |  | (9,000 | )
Proceeds received from accounts receivable securitization program |  |  | — |  |  |  | — |  |  |  | 9,000 |  |  |  | — |  |  |  | 9,000 |
Debt issuance costs |  |  | (4,454 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,454 | )
Intercompany loan proceeds |  |  | — |  |  |  | (19,641 | ) |  |  | 12,405 |  |  |  | 7,236 |  |  |  | — |
Distributions to non-controlling interest |  |  | — |  |  |  | — |  |  |  | (439 | ) |  |  | — |  |  |  | (439 | )
Dividends (to) from parent |  |  | (297,027 | ) |  |  | (404,210 | ) |  |  | — |  |  |  | 404,210 |  |  |  | (297,027 | )
Contributions from (to) parent |  |  | 63,626 |  |  |  | 214,559 |  |  |  | — |  |  |  | (214,559 | ) |  |  | 63,626 |
Net cash (used in) provided by financing activities |  |  | (72,276 | ) |  |  | (209,317 | ) |  |  | 11,966 |  |  |  | 196,887 |  |  |  | (72,740 | )
Effect of exchange rate changes in cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 144 |  |  |  | — |  |  |  | 144 |
Net increase (decrease) in cash and cash equivalents |  |  | 9,215 |  |  |  | (5,314 | ) |  |  | (2,108 | ) |  |  | — |  |  |  | 1,793 |
Cash and cash equivalents at beginning of period |  |  | 4,029 |  |  |  | 11,655 |  |  |  | 5,310 |  |  |  | — |  |  |  | 20,994 |
Cash and cash equivalents at end of period |  | $ | 13,244 |  |  | $ | 6,341 |  |  | $ | 3,202 |  |  | $ | — |  |  | $ | 22,787 |
LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2018 |
|  | 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 |  | $ | 273,307 |  |  | $ | 445,984 |  |  | $ | 7,259 |  |  | $ | (383,263 | ) |  | $ | 343,287 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  |  | — |  |  |  | (48,141 | ) |  |  | — |  |  |  | — |  |  |  | (48,141 | )
Capital expenditures |  |  | — |  |  |  | (78,944 | ) |  |  | (3,230 | ) |  |  | — |  |  |  | (82,174 | )
Proceeds from disposition of assets |  |  | — |  |  |  | 2,952 |  |  |  | 2,808 |  |  |  | — |  |  |  | 5,760 |
Proceeds received from insurance claims |  |  | — |  |  |  | — |  |  |  | 4,222 |  |  |  | — |  |  |  | 4,222 |
Investment in subsidiaries |  |  | (60,424 | ) |  |  | — |  |  |  | — |  |  |  | 60,424 |  |  |  | — |
Decrease (increase) in intercompany notes receivable |  |  | 32,849 |  |  |  | — |  |  |  | — |  |  |  | (32,849 | ) |  |  | — |
Decrease in notes receivable |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |
Net cash (used in) provided by investing activities |  |  | (27,568 | ) |  |  | (124,133 | ) |  |  | 3,800 |  |  |  | 27,575 |  |  |  | (120,326 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal payments on long-term debt |  |  | (20,097 | ) |  |  | (22 | ) |  |  | — |  |  |  | — |  |  |  | (20,119 | )
Payment on revolving credit facility |  |  | (368,000 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (368,000 | )
Proceeds received from revolving credit facility |  |  | 275,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 275,000 |
Redemption of senior subordinated notes |  |  | (509,790 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (509,790 | )
Proceeds received from senior credit facility term loans |  |  | 599,250 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 599,250 |
Debt issuance costs |  |  | (6,374 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,374 | )
Intercompany loan (payments) proceeds |  |  | — |  |  |  | — |  |  |  | (32,849 | ) |  |  | 32,849 |  |  |  | — |
Distributions to non-controlling interest |  |  | — |  |  |  | — |  |  |  | (388 | ) |  |  | — |  |  |  | (388 | )
Contributions from (to) parent |  |  | 58,427 |  |  |  | 60,424 |  |  |  | — |  |  |  | (60,424 | ) |  |  | 58,427 |
Dividends (to) from parent |  |  | (355,147 | ) |  |  | (383,263 | ) |  |  | — |  |  |  | 383,263 |  |  |  | (355,147 | )
Net cash (used in) provided by financing activities |  |  | (326,731 | ) |  |  | (322,861 | ) |  |  | (33,237 | ) |  |  | 355,688 |  |  |  | (327,141 | )
Effect of exchange rate changes in cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | (682 | ) |  |  | — |  |  |  | (682 | )
Net (decrease) increase in cash and cash equivalents |  |  | (80,992 | ) |  |  | (1,010 | ) |  |  | (22,860 | ) |  |  | — |  |  |  | (104,862 | )
Cash and cash equivalents at beginning of period |  |  | 86,546 |  |  |  | 1,625 |  |  |  | 26,800 |  |  |  | — |  |  |  | 114,971 |
Cash and cash equivalents at end of period |  | $ | 5,554 |  |  | $ | 615 |  |  | $ | 3,940 |  |  | $ | — |  |  | $ | 10,109 |

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