Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 182

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 182
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 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. 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