Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 510

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7A
Chunk 510
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3  
   Total    Level 1    Level 2    Level 3    Total    Level 1    Level 2    Level 3  
 Marketable equity securities  $42,620  $42,620   -   -  $43,203  $43,203   -   - 

   During 2024 and 2023, there were no transfers of marketable securities between levels of fair value measurement.
    
   The Company’s investments in marketable equity securities are recorded at fair value based on quoted market prices. The carrying value of cash and cash equivalents, accounts receivable, trade accounts payable, and accrued liabilities approximate fair value due to their short maturities.
    
   The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently.
    
   For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying values and estimated fair values of this other long-term debt at  December 31, 2024 and 2023 are summarized as follows:

       2024    2023  
   Carrying  Value    Estimated  Fair Value     Carrying  Value     Estimated  Fair Value  
   (in thousands)  
 Long-term debt  $325,582  $319,210  $261,709  $251,352 

   The Company has not elected the fair value option for any of our financial instruments.

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       56 -

    19.  RELATED PARTY TRANSACTIONS 

   In the normal course of business, transactions for transportation and repair services, equipment, property leases and other services are conducted between the Company and companies affiliated with our Chairman and controlling shareholders. The Company recognized approximately $13,319,000, $,321,000 and $1,363,000 in operating revenue and approximately $30,140,000, $27,286,000 and $21,438,000 in operating expenses in 2024, 2023, and 2022, respectively from related party transactions.
    The Company purchased auto liability and workers’ compensation insurance through an insurance company affiliated with our Chairman and controlling shareholders. Premiums for auto liability coverage during 2024, 2023,