Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 316

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 316
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, the Company had no outstanding borrowings under its margin account.

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    5.  ACCRUED EXPENSES AND OTHER LIABILITIES 

   Accrued expenses and other liabilities at  December 31 are summarized as follows:

       2024    2023  
   (in thousands)  
         
 Payroll  $3,779  $3,105 
 Accrued vacation   -   1,050 
 Taxes—other than income   3,223   3,189 
 Interest   557   302 
 Driver escrows   1,392   907 
 Margin account borrowings   -   - 
 Self-insurance claims and legal reserves   5,095   7,417 
 Current portion of Right-of-Use liability   -   114 
 Other liabilities   523   715 
         
 Total accrued expenses and other liabilities  $14,569  $16,799 

   The Company’s accounts payable as of  December 31, 2024 is $31,198,000, which includes $214,000 in payables for purchases of revenue equipment. The Company’s accounts payable as of  December 31, 2023 was $62,652,000, which included $25,147,000 in payables for purchases of revenue equipment.

    6.  CLAIMS LIABILITIES 

   The Company maintains cargo insurance coverage to protect it from certain business risks. This policy has a per occurrence deductible of $25,000.
    
   Since  September 1, 2020, the Company has been self-insured for certain layers of auto liability claims in excess of $2.0 million. The Company specifically reserves for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims.
    
   The Company has self-insurance status for workers’ compensation coverage in Arkansas, Florida, Ohio, Oklahoma, and Mississippi with a $0.5 million self-insured retention and a $0.5 million per occurrence excess policy. The Company has chosen to opt out of workers’ compensation coverage in Texas and is providing coverage through the P.A.M. Texas Injury Plan which covers claims in excess of $1.0 million up to $10 million. The Company has accrued for estimated losses to pay such claims as well as claims incurred but not yet reported