Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 394

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 394
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, respectively. Cash paid for amounts included in the present value of right-of-use lease liabilities was $0.1 and $0.3 million during the years ended  December 31, 2024 and  December 31, 2023, respectively, and is included in operating cash flows.
    
   Cash Paid for Operating Leases

       Twelve Months Ended  
   December 31,  
   2024    2023  
   (in thousands)  
 Right-of-Use leases  $114  $330 
 Short-term leases (1)   3,424   3,115 
 Total  $3,538  $3,445 

     (1)  Short-term lease cost includes leases with a term of twelve months or less and leases with options for early cancellation. 

   Lease Revenue
    
   The Company has a lease-purchase program whereby we offer independent contractors the opportunity to lease a Company-owned truck. The terms associated with these leases require weekly lease payments over the term of the leases which range from 5 to 60 months. The cost and carrying amount of Company-owned trucks in this program at  December 31, 2024 were approximately $67,440,000 and $37,932,000, respectively. The cost and carrying amount of the Company-owned trucks in this program at  December 31, 2023 were approximately $57,790,000 and $32,595,000, respectively. Payments under this program are classified in the Company’s financial statements under the consolidated statement of operations category Revenue.
    
   Leases in our lease-purchase program expire at various dates through 2027. Future minimum lease receipts related to these operating leases at  December 31, 2024 and 2023 were approximately $21,111,000 and $14,268,000, respectively. Depreciation is calculated on a straight-line basis over the estimated useful life of the equipment, down to an estimated salvage value. In most cases, the Company has agreements in place with certain manufacturers whereby salvage values are guaranteed by the manufacturer. In other cases, where salvage values are not guaranteed, estimates of salvage value are based on the expected market values of equipment at the time of disposal. During the year ended  December 31, 2024, the Company incurred $8.5 million of depreciation expense for these assets.

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   The Company leases dock space