Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 317

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 317
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. The Company has not experienced any adverse trends involving differences in claims experienced versus claims estimates for workers’ compensation claims. The Company self-insures for employee health claims with a stop loss of $0.4 million per covered employee per year and estimates its liability for claims outstanding and claims incurred but not reported. See Note 5 – Accrued Expenses and Other Liabilities for additional information regarding self-insurance claims liabilities.

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    7.  LONG-TERM DEBT 

   Long-term debt at  December 31, consists of the following:

       2024    2023  
   (in thousands)  
 Line of credit with a bank—due July 1, 2027, and collateralized by accounts receivable (1)   -   - 
 Equipment financing (2)   287,799   219,033 
 Real estate financing (3)   37,783   42,676 
 Total long-term debt   325,582   261,709 
 Less current maturities   (73,017)  (57,645)
         
 Long-term debt—net of current maturities  $252,565  $204,064 

     (1)  Line of credit agreement with a bank provides for maximum borrowings of $60.0 million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of Term SOFR as of the first day of the month plus 1.85%, (6.42% at  December 31, 2024) and are secured by our trade accounts receivable. An “unused fee” of 0.25% is charged if average daily borrowings are less than $18.0 million in a given month. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company is required to maintain a minimum level of financial stability by meeting various metrics as defined in the debt covenants. The Company was in compliance with all provisions under this agreement throughout 2024. At  December 31, 2024, we had no outstanding borrowings against the line of credit and approximately $0.2 million of outstanding letters of credit, with availability to borrow $59.8 million. At  December 31, 2023, outstanding advances on the line were approximately