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Summarized Financial Information of Subsidiaries (Tables) - LAMAR MEDIA CORP. AND SUBSIDIARIES | 6 Months Ended
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Jun. 30, 2024
Condensed Income Statements, Captions [Line Items] |
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 June 30, 2024
| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
| (unaudited)
ASSETS |  |  |  |  |  |  |  |  |
Total current assets | $ | 59,743 |  |  | $ | 58,773 |  |  | $ | 321,708 |  |  | $ | — |  |  | $ | 440,224 |
Net property, plant and equipment | — |  |  | 1,530,980 |  |  | 16,796 |  |  | — |  |  | 1,547,776 |
Operating lease right of use assets | — |  |  | 1,304,646 |  |  | 30,857 |  |  | — |  |  | 1,335,503 |
Intangibles and goodwill, net | — |  |  | 3,128,329 |  |  | 16,867 |  |  | — |  |  | 3,145,196 |
Other assets | 4,558,971 |  |  | 356,579 |  |  | 249,769 |  |  | (5,068,339) |  |  | 96,980 |
Total assets | $ | 4,618,714 |  |  | $ | 6,379,307 |  |  | $ | 635,997 |  |  | $ | (5,068,339) |  |  | $ | 6,565,679 |
LIABILITIES AND STOCKHOLDER'S EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current maturities of long-term debt | $ | 349,685 |  |  | $ | 407 |  |  | $ | 249,725 |  |  | $ | — |  |  | $ | 599,817 |
Current operating lease liabilities | — |  |  | 177,063 |  |  | 7,465 |  |  | — |  |  | 184,528 |
Other current liabilities | 41,429 |  |  | 209,069 |  |  | 19,460 |  |  | — |  |  | 269,958 |
Total current liabilities | 391,114 |  |  | 386,539 |  |  | 276,650 |  |  | — |  |  | 1,054,303 |
Long-term debt | 2,748,332 |  |  | 1,028 |  |  | — |  |  | — |  |  | 2,749,360 |
Operating lease liabilities | — |  |  | 1,072,856 |  |  | 22,220 |  |  | — |  |  | 1,095,076 |
Other noncurrent liabilities | 288,610 |  |  | 430,324 |  |  | 359,152 |  |  | (603,043) |  |  | 475,043 |
Total liabilities | 3,428,056 |  |  | 1,890,747 |  |  | 658,022 |  |  | (603,043) |  |  | 5,373,782 |
Stockholder's equity | 1,190,658 |  |  | 4,488,560 |  |  | (22,025) |  |  | (4,465,296) |  |  | 1,191,897 |
Total liabilities and stockholder's equity | $ | 4,618,714 |  |  | $ | 6,379,307 |  |  | $ | 635,997 |  |  | $ | (5,068,339) |  |  | $ | 6,565,679 |
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, 2023
| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Total current assets | $ | 33,875 |  |  | $ | 28,905 |  |  | $ | 309,906 |  |  | $ | — |  |  | $ | 372,686 |
Net property, plant and equipment | — |  |  | 1,548,946 |  |  | 17,524 |  |  | — |  |  | 1,566,470 |
Operating lease right of use assets | — |  |  | 1,281,503 |  |  | 33,930 |  |  | — |  |  | 1,315,433 |
Intangibles and goodwill, net | — |  |  | 3,179,107 |  |  | 16,979 |  |  | — |  |  | 3,196,086 |
Other assets | 4,596,516 |  |  | 349,680 |  |  | 249,662 |  |  | (5,099,653) |  |  | 96,205 |
Total assets | $ | 4,630,391 |  |  | $ | 6,388,141 |  |  | $ | 628,001 |  |  | $ | (5,099,653) |  |  | $ | 6,546,880 |
LIABILITIES AND STOCKHOLDER'S EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current maturities of long-term debt | $ | — |  |  | $ | 398 |  |  | $ | 249,620 |  |  | $ | — |  |  | $ | 250,018 |
Current operating lease liabilities | — |  |  | 202,992 |  |  | 7,576 |  |  | — |  |  | 210,568 |
Other current liabilities | 45,225 |  |  | 184,018 |  |  | 14,337 |  |  | — |  |  | 243,580 |
Total current liabilities | 45,225 |  |  | 387,408 |  |  | 271,533 |  |  | — |  |  | 704,166 |
Long-term debt | 3,089,874 |  |  | 1,235 |  |  | — |  |  | — |  |  | 3,091,109 |
Operating lease liabilities | — |  |  | 1,050,330 |  |  | 24,955 |  |  | — |  |  | 1,075,285 |
Other noncurrent liabilities | 285,929 |  |  | 424,532 |  |  | 343,253 |  |  | (587,171) |  |  | 466,543 |
Total liabilities | 3,421,028 |  |  | 1,863,505 |  |  | 639,741 |  |  | (587,171) |  |  | 5,337,103 |
Stockholder's equity | 1,209,363 |  |  | 4,524,636 |  |  | (11,740) |  |  | (4,512,482) |  |  | 1,209,777 |
Total liabilities and stockholder's equity | $ | 4,630,391 |  |  | $ | 6,388,141 |  |  | $ | 628,001 |  |  | $ | (5,099,653) |  |  | $ | 6,546,880 |
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 June 30, 2024
| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Statement of Income | (unaudited)
Net revenues | $ | — |  |  | $ | 553,182 |  |  | $ | 12,366 |  |  | $ | (297) |  |  | $ | 565,251 |
Operating expenses (income) |  |  |  |  |  |  |  |  |
Direct advertising expenses(1) | — |  |  | 175,442 |  |  | 8,120 |  |  | (297) |  |  | 183,265 |
General and administrative expenses(1) | — |  |  | 85,653 |  |  | 2,688 |  |  | — |  |  | 88,341 |
Corporate expenses(1) | — |  |  | 32,397 |  |  | 473 |  |  | — |  |  | 32,870 |
Depreciation and amortization | — |  |  | 75,741 |  |  | 1,450 |  |  | — |  |  | 77,191 |
Gain on disposition of assets | — |  |  | (824) |  |  | — |  |  | — |  |  | (824) |
| — |  |  | 368,409 |  |  | 12,731 |  |  | (297) |  |  | 380,843 |
Operating income (loss) | — |  |  | 184,773 |  |  | (365) |  |  | — |  |  | 184,408 |
Equity in (earnings) loss of subsidiaries | (178,032) |  |  | — |  |  | — |  |  | 178,032 |  |  | — |
Interest expense (income), net | 40,485 |  |  | (494) |  |  | 3,774 |  |  | — |  |  | 43,765 |
Equity in earnings of investee | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Income (loss) before income tax expense | 137,547 |  |  | 185,271 |  |  | (4,139) |  |  | (178,032) |  |  | 140,647 |
Income tax expense(2) | — |  |  | 2,786 |  |  | 86 |  |  | — |  |  | 2,872 |
Net income (loss) | $ | 137,547 |  |  | $ | 182,485 |  |  | $ | (4,225) |  |  | $ | (178,032) |  |  | $ | 137,775 |
Earnings attributable to non-controlling interest | — |  |  | 244 |  |  | (16) |  |  | — |  |  | 228 |
Net income (loss) attributable to controlling interest | $ | 137,547 |  |  | $ | 182,241 |  |  | $ | (4,209) |  |  | $ | (178,032) |  |  | $ | 137,547 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 137,547 |  |  | $ | 182,485 |  |  | $ | (4,225) |  |  | $ | (178,032) |  |  | $ | 137,775 |
Total other comprehensive loss, net of tax | — |  |  | — |  |  | (431) |  |  | — |  |  | (431) |
Total comprehensive income (loss) | $ | 137,547 |  |  | $ | 182,485 |  |  | $ | (4,656) |  |  | $ | (178,032) |  |  | $ | 137,344 |
Earnings attributable to non-controlling interest | — |  |  | 244 |  |  | (16) |  |  | — |  |  | 228 |
Comprehensive income (loss) attributable to controlling interest | $ | 137,547 |  |  | $ | 182,241 |  |  | $ | (4,640) |  |  | $ | (178,032) |  |  | $ | 137,116 |
(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 June 30, 2023
| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Statement of Income | (unaudited)
Net revenues | $ | — |  |  | $ | 530,670 |  |  | $ | 11,187 |  |  | $ | (720) |  |  | $ | 541,137 |
Operating expenses (income) |  |  |  |  |  |  |  |  |
Direct advertising expenses(1) | — |  |  | 164,647 |  |  | 7,856 |  |  | (720) |  |  | 171,783 |
General and administrative expenses(1) | — |  |  | 88,360 |  |  | 2,165 |  |  | — |  |  | 90,525 |
Corporate expenses(1) | — |  |  | 28,019 |  |  | 428 |  |  | — |  |  | 28,447 |
Depreciation and amortization | — |  |  | 74,085 |  |  | 1,073 |  |  | — |  |  | 75,158 |
(Gain) loss on disposition of assets | — |  |  | (1,678) |  |  | 2 |  |  | — |  |  | (1,676) |
| — |  |  | 353,433 |  |  | 11,524 |  |  | (720) |  |  | 364,237 |
Operating income (loss) | — |  |  | 177,237 |  |  | (337) |  |  | — |  |  | 176,900 |
Equity in (earnings) loss of subsidiaries | (170,889) |  |  | — |  |  | — |  |  | 170,889 |  |  | — |
Interest expense (income), net | 40,160 |  |  | (439) |  |  | 3,451 |  |  | — |  |  | 43,172 |
Equity in earnings of investee | — |  |  | (449) |  |  | — |  |  | — |  |  | (449) |
Income (loss) before income tax expense | 130,729 |  |  | 178,125 |  |  | (3,788) |  |  | (170,889) |  |  | 134,177 |
Income tax expense(2) | — |  |  | 3,061 |  |  | 119 |  |  | — |  |  | 3,180 |
Net income (loss) | 130,729 |  |  | 175,064 |  |  | (3,907) |  |  | (170,889) |  |  | 130,997 |
Earnings attributable to non-controlling interest | — |  |  | 115 |  |  | 153 |  |  | — |  |  | 268 |
Net income (loss) attributable to controlling interest | $ | 130,729 |  |  | $ | 174,949 |  |  | $ | (4,060) |  |  | $ | (170,889) |  |  | $ | 130,729 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 130,729 |  |  | $ | 175,064 |  |  | $ | (3,907) |  |  | $ | (170,889) |  |  | $ | 130,997 |
Total other comprehensive income, net of tax | — |  |  | — |  |  | 403 |  |  | — |  |  | 403 |
Total comprehensive income (loss) | 130,729 |  |  | 175,064 |  |  | (3,504) |  |  | (170,889) |  |  | 131,400 |
Earnings attributable to non-controlling interest | — |  |  | 115 |  |  | 153 |  |  | — |  |  | 268 |
Comprehensive income (loss) attributable to controlling interest | $ | 130,729 |  |  | $ | 174,949 |  |  | $ | (3,657) |  |  | $ | (170,889) |  |  | $ | 131,132 |
(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 Six Months Ended June 30, 2024
| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Statement of Income | (unaudited)
Net revenues | $ | — |  |  | $ | 1,040,970 |  |  | $ | 23,389 |  |  | $ | (958) |  |  | $ | 1,063,401 |
Operating expenses (income) |  |  |  |  |  |  |  |  |
Direct advertising expenses(1) | — |  |  | 343,688 |  |  | 16,180 |  |  | (958) |  |  | 358,910 |
General and administrative expenses(1) | — |  |  | 172,362 |  |  | 5,140 |  |  | — |  |  | 177,502 |
Corporate expenses(1) | — |  |  | 67,464 |  |  | 972 |  |  | — |  |  | 68,436 |
Depreciation and amortization | — |  |  | 150,050 |  |  | 2,369 |  |  | — |  |  | 152,419 |
Gain on disposition of assets | — |  |  | (3,012) |  |  | — |  |  | — |  |  | (3,012) |
| — |  |  | 730,552 |  |  | 24,661 |  |  | (958) |  |  | 754,255 |
Operating income (loss) | — |  |  | 310,418 |  |  | (1,272) |  |  | — |  |  | 309,146 |
Equity in (earnings) loss of subsidiaries | (296,898) |  |  | — |  |  | — |  |  | 296,898 |  |  | — |
Interest expense (income), net | 80,989 |  |  | (863) |  |  | 7,659 |  |  | — |  |  | 87,785 |
Equity in loss of investee | — |  |  | 555 |  |  | — |  |  | — |  |  | 555 |
Income (loss) before income tax expense | 215,909 |  |  | 310,726 |  |  | (8,931) |  |  | (296,898) |  |  | 220,806 |
Income tax expense(2) | — |  |  | 4,193 |  |  | 201 |  |  | — |  |  | 4,394 |
Net income (loss) | 215,909 |  |  | 306,533 |  |  | (9,132) |  |  | (296,898) |  |  | 216,412 |
Net income attributable to non-controlling interest | — |  |  | 332 |  |  | 171 |  |  | — |  |  | 503 |
Net income (loss) attributable to controlling interest | $ | 215,909 |  |  | $ | 306,201 |  |  | $ | (9,303) |  |  | $ | (296,898) |  |  | $ | 215,909 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 215,909 |  |  | $ | 306,533 |  |  | $ | (9,132) |  |  | $ | (296,898) |  |  | $ | 216,412 |
Total other comprehensive loss, net of tax | — |  |  | — |  |  | (823) |  |  | — |  |  | (823) |
Total comprehensive income (loss) | 215,909 |  |  | 306,533 |  |  | (9,955) |  |  | (296,898) |  |  | 215,589 |
Net income attributable to non-controlling interest | — |  |  | 332 |  |  | 171 |  |  | — |  |  | 503 |
Comprehensive income (loss) attributable to controlling interest | $ | 215,909 |  |  | $ | 306,201 |  |  | $ | (10,126) |  |  | $ | (296,898) |  |  | $ | 215,086 |
(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 Six Months Ended June 30, 2023
| Lamar Media Corp. |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Lamar Media Consolidated
Statement of Income | (unaudited)
Net revenues | $ | — |  |  | $ | 993,163 |  |  | $ | 20,582 |  |  | $ | (1,276) |  |  | $ | 1,012,469 |
Operating expenses (income) |  |  |  |  |  |  |  |  |
Direct advertising expenses(1) | — |  |  | 326,150 |  |  | 15,341 |  |  | (1,276) |  |  | 340,215 |
General and administrative expenses(1) | — |  |  | 171,084 |  |  | 4,576 |  |  | — |  |  | 175,660 |
Corporate expenses(1) | — |  |  | 56,011 |  |  | 827 |  |  | — |  |  | 56,838 |
Depreciation and amortization | — |  |  | 146,362 |  |  | 1,921 |  |  | — |  |  | 148,283 |
(Gain) loss on disposition of assets | — |  |  | (4,366) |  |  | 2 |  |  | — |  |  | (4,364) |
| — |  |  | 695,241 |  |  | 22,667 |  |  | (1,276) |  |  | 716,632 |
Operating income (loss) | — |  |  | 297,922 |  |  | (2,085) |  |  | — |  |  | 295,837 |
Equity in (earnings) loss of subsidiaries | (285,124) |  |  | — |  |  | — |  |  | 285,124 |  |  | — |
Interest expense (income), net | 78,218 |  |  | (895) |  |  | 6,832 |  |  | — |  |  | 84,155 |
Equity in earnings of investee | — |  |  | (627) |  |  | — |  |  | — |  |  | (627) |
Income (loss) before income tax expense | 206,906 |  |  | 299,444 |  |  | (8,917) |  |  | (285,124) |  |  | 212,309 |
Income tax expense(2) | — |  |  | 4,768 |  |  | 210 |  |  | — |  |  | 4,978 |
Net income (loss) | 206,906 |  |  | 294,676 |  |  | (9,127) |  |  | (285,124) |  |  | 207,331 |
Net income attributable to non-controlling interest | — |  |  | 135 |  |  | 290 |  |  | — |  |  | 425 |
Net income (loss) attributable to controlling interest | $ | 206,906 |  |  | $ | 294,541 |  |  | $ | (9,417) |  |  | $ | (285,124) |  |  | $ | 206,906 |
Statement of Comprehensive Income |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 206,906 |  |  | $ | 294,676 |  |  | $ | (9,127) |  |  | $ | (285,124) |  |  | $ | 207,331 |
Total other comprehensive income, net of tax | — |  |  | — |  |  | 401 |  |  | — |  |  | 401 |
Total comprehensive income (loss) | 206,906 |  |  | 294,676 |  |  | (8,726) |  |  | (285,124) |  |  | 207,732 |
Net income attributable to non-controlling interest | — |  |  | 135 |  |  | 290 |  |  | — |  |  | 425 |
Comprehensive income (loss) attributable to controlling interest | $ | 206,906 |  |  | $ | 294,541 |  |  | $ | (9,016) |  |  | $ | (285,124) |  |  | $ | 207,307 |
(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 Six Months Ended June 30, 2024
| 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 | $ | 288,498 |  |  | $ | 430,922 |  |  | $ | (8,452) |  |  | $ | (371,453) |  |  | $ | 339,515 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Acquisitions | — |  |  | (28,192) |  |  | — |  |  | — |  |  | (28,192) |
Capital expenditures | — |  |  | (50,312) |  |  | (1,818) |  |  | — |  |  | (52,130) |
Proceeds from disposition of assets and investments | — |  |  | 3,661 |  |  | — |  |  | — |  |  | 3,661 |
Investment in subsidiaries | (28,192) |  |  | — |  |  | — |  |  | 28,192 |  |  | — |
(Increase) decrease in intercompany notes receivable | (6,665) |  |  | — |  |  | — |  |  | 6,665 |  |  | — |
Net cash (used in) provided by investing activities | (34,857) |  |  | (74,843) |  |  | (1,818) |  |  | 34,857 |  |  | (76,661) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds received from revolving credit facility | 218,000 |  |  | — |  |  | — |  |  | — |  |  | 218,000 |
Payment on revolving credit facility | (213,000) |  |  | — |  |  | — |  |  | — |  |  | (213,000) |
Principal payments on long-term debt | — |  |  | (197) |  |  | — |  |  | — |  |  | (197) |
Principal payments on financing leases | — |  |  | (666) |  |  | — |  |  | — |  |  | (666) |
Payment on accounts receivable securitization program | — |  |  | — |  |  | (86,200) |  |  | — |  |  | (86,200) |
Proceeds received from accounts receivable securitization program | — |  |  | — |  |  | 86,200 |  |  | — |  |  | 86,200 |
Debt issuance costs | — |  |  | — |  |  | (23) |  |  | — |  |  | (23) |
Intercompany loan (payments) proceeds | — |  |  | (8,701) |  |  | 15,366 |  |  | (6,665) |  |  | — |
Distributions to non-controlling interest | — |  |  | (366) |  |  | (330) |  |  | — |  |  | (696) |
Dividends (to) from parent | (271,486) |  |  | (371,453) |  |  | — |  |  | 371,453 |  |  | (271,486) |
Contributions from (to) parent | 38,713 |  |  | 28,192 |  |  | — |  |  | (28,192) |  |  | 38,713 |
Net cash (used in) provided by financing activities | (227,773) |  |  | (353,191) |  |  | 15,013 |  |  | 336,596 |  |  | (229,355) |
Effect of exchange rate changes in cash and cash equivalents | — |  |  | — |  |  | (172) |  |  | — |  |  | (172) |
Net increase in cash and cash equivalents | 25,868 |  |  | 2,888 |  |  | 4,571 |  |  | — |  |  | 33,327 |
Cash and cash equivalents at beginning of period | 33,772 |  |  | 720 |  |  | 9,613 |  |  | — |  |  | 44,105 |
Cash and cash equivalents at end of period | $ | 59,640 |  |  | $ | 3,608 |  |  | $ | 14,184 |  |  | $ | — |  |  | $ | 77,432 |
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 Six Months Ended June 30, 2023
| 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 | $ | 202,750 |  |  | $ | 389,003 |  |  | $ | (43,138) |  |  | $ | (263,976) |  |  | $ | 284,639 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Acquisitions | — |  |  | (42,122) |  |  | — |  |  | — |  |  | (42,122) |
Capital expenditures | — |  |  | (89,858) |  |  | (3,149) |  |  | — |  |  | (93,007) |
Proceeds from disposition of assets and investments | — |  |  | 5,120 |  |  | — |  |  | — |  |  | 5,120 |
Investment in subsidiaries | (42,122) |  |  | — |  |  | — |  |  | 42,122 |  |  | — |
(Increase) decrease in intercompany notes receivable | (20,431) |  |  | — |  |  | — |  |  | 20,431 |  |  | — |
Net cash (used in) provided by investing activities | (62,553) |  |  | (126,860) |  |  | (3,149) |  |  | 62,553 |  |  | (130,009) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds received from revolving credit facility | 198,000 |  |  | — |  |  | — |  |  | — |  |  | 198,000 |
Payment on revolving credit facility | (110,000) |  |  | — |  |  | — |  |  | — |  |  | (110,000) |
Principal payments on long-term debt | — |  |  | (188) |  |  | — |  |  | — |  |  | (188) |
Principal payments on financing leases | — |  |  | (666) |  |  | — |  |  | — |  |  | (666) |
Payment on accounts receivable securitization program | — |  |  | — |  |  | (47,000) |  |  | — |  |  | (47,000) |
Proceeds received from accounts receivable securitization program | — |  |  | — |  |  | 31,900 |  |  | — |  |  | 31,900 |
Debt issuance costs | — |  |  | — |  |  | (25) |  |  | — |  |  | (25) |
Intercompany loan (payment) proceeds | — |  |  | (38,623) |  |  | 59,054 |  |  | (20,431) |  |  | — |
Distributions to non-controlling interest | — |  |  | (220) |  |  | (147) |  |  | — |  |  | (367) |
Dividends (to) from parent | (260,945) |  |  | (263,976) |  |  | — |  |  | 263,976 |  |  | (260,945) |
Contributions from (to) parent | 29,745 |  |  | 42,122 |  |  | — |  |  | (42,122) |  |  | 29,745 |
Net cash (used in) provided by financing activities | (143,200) |  |  | (261,551) |  |  | 43,782 |  |  | 201,423 |  |  | (159,546) |
Effect of exchange rate changes in cash and cash equivalents | — |  |  | — |  |  | 76 |  |  | — |  |  | 76 |
Net (decrease) increase in cash and cash equivalents | (3,003) |  |  | 592 |  |  | (2,429) |  |  | — |  |  | (4,840) |
Cash and cash equivalents at beginning of period | 39,729 |  |  | 1,285 |  |  | 11,105 |  |  | — |  |  | 52,119 |
Cash and cash equivalents at end of period | $ | 36,726 |  |  | $ | 1,877 |  |  | $ | 8,676 |  |  | $ | — |  |  | $ | 47,279 |

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