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ACCOUNTING FOR LEASES | 12 Months Ended
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Dec. 31, 2020
ACCOUNTING FOR LEASES |
ACCOUNTING FOR LEASES | NOTE 5. ACCOUNTING FOR LEASES ​ The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842), (“ASC 842”)” which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of its fiscal year, January 1, 2019. At January 1, 2019, the Company recorded a transition adjustment for the right of use assets of $16.4 million offset by short- and long-term lease liabilities of $0.9 million and $15.5 million, respectively, properly treated as a non-cash item in the Consolidated Statement of Cash Flows. The Company elected the package of transition provisions available for expired or existing contracts, which allowed it to carryforward its historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, we have elected the short-term lease recognition exemption, under which we will not recognize right-of-use assets or lease liabilities for leases with a term of twelve months or less, and have elected not to apply the use-of-hindsight practical expedient. ​ For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the lease term. Many of the Company’s leases include rental escalation clauses, renewal options and/or termination options that are factored into its determination of lease payments when appropriate. As permitted by ASC 842, the Company elected not to separate non-lease components from their related lease components. ​ When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. ​ As of December 31, 2020, the Company’s right of use assets consisted of the Parking Lot Lease, the Driveway Lease (as defined and discussed in NOTE 12. RELATED PARTY TRANSACTIONS), as well as certain billboard leases. ​ The table below presents information related to the lease costs for operating leases during 2020 and 2019 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended | ​ | Year ended | ​
​ | ​ | December 31, 2020 | ​ | December 31, 2019 | ​
Short-term lease costs | ​ | $ | 451 | ​ | $ | 339 | ​
Long-term lease costs | ​ |  | 1,444 | ​ |  | 1,485 | ​
Total lease costs | ​ | $ | 1,895 | ​ | $ | 1,824 | ​
​ Upon adoption of the new lease standard, incremental borrowing rates used for existing leases were established using the rates in effect as of the lease inception or modification date. The weighted-average incremental borrowing rate of the leases presented in the lease liability as of December 31, 2020 and 2019 was 4.33%. ​ The weighted-average remaining lease term of the leases presented in the lease liability as of December 31, 2020 and 2019 was 21.2 and 21.7 years, respectively. ​ Following is the undiscounted cash flow for the next five years and total of the remaining years to the operating lease liabilities recorded on the balance sheet (in thousands):
​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​
​ |  | Leases |
Year ending December 31, | ​ | ​ | ​ | ​
2021 | ​ | $ | 1,432 | ​
2022 | ​ |  | 1,078 | ​
2023 | ​ |  | 1,072 | ​
2024 | ​ | ​ | 1,072 | ​
2025 | ​ | ​ | 1,072 | ​
Thereafter | ​ |  | 16,940 | ​
Total minimum lease payments | ​ | ​ | 22,666 | ​
Less: amount of lease payment representing interest | ​ | ​ | (7,869) | ​
Present value of future minimum payments | ​ | ​ | 14,797 | ​
Less: current obligations under leases | ​ | ​ | (813) | ​
Long-term lease obligations | ​ | $ | 13,984 | ​
​ Cash paid related to the operating leases presented in the lease liability for the twelve months ended December 31, 2020 and 2019 were $1.4 million and $1.5 million, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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