Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 64

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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 on the present value of future minimum lease payments over the lease term at commencement date, using the Company’s incremental borrowing rate as of the respective dates of lease inception, as the rate implicit in each lease is not readily determinable. The right-of-use assets are recorded in other assets, and the lease liability is recorded in accrued expenses and other liabilities and in other long-term liabilities on our condensed consolidated balance sheet at  September 30, 2025. Lease expense is recorded on a straight-line basis over the lease term and is recorded in rent and purchased transportation in our condensed consolidated statements of operations. While this lease agreement  may contain provisions to extend after the initial term for an additional five years, the Company is not reasonably certain these extension options will be exercised. Therefore, potential lease payments that might occur under this extension period are not included in amounts recorded in our condensed consolidated balance sheets as of  September 30, 2025.
    
   Scheduled amounts and timing of cash flows arising from future right-of-use operating lease payments at  September 30, 2025, are:

     Maturity of Lease Liabilities   (in thousands)  
 2025 (remaining)  $85 
 2026   344 
 2027   353 
 2028 and thereafter   119 
 Total undiscounted operating lease payments  $901 
 Less: Imputed interest   (65)
 Present value of operating lease liabilities  $836 
     
 Balance Sheet Classification     
 Right-of-use assets (recorded in other non-current assets)  $836 
     
 Current lease liabilities (recorded in other current liabilities)  $337 
 Long-term lease liabilities (recorded in other long-term liabilities)   499 
 Total operating lease liabilities  $836 
     
 Other Information     
 Weighted-average remaining lease term for operating leases (in years)   2.58  
 Weighted-average discount rate for operating leases   5.62%

   Cash Flows
    
   No new right-of-use assets were recognized as a non-cash asset addition that resulted from new operating lease liabilities during the three months ended  September 30, 2025. Cash paid for amounts included in the present value of operating lease liabilities was $0.1 million during the nine months ended  September 30, 2025 and is included in operating cash flows within the condensed consolidated statement of cash flows.

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   Operating Lease Costs