Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 256

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 256
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 Board deems relevant.

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     49 -

    12.  FEDERAL AND STATE INCOME TAXES 

   Under GAAP, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and for income tax reporting purposes.
    
   Significant components of the Company’s deferred tax liabilities and assets at  December 31 are as follows:

       2024    2023  
   (in thousands)  
         
 Deferred tax liabilities:         
 Property and equipment  $89,960  $101,623 
 Unrealized gains on securities   3,987   3,282 
 Prepaid expenses and other   2,880   3,303 
         
 Total deferred tax liabilities   96,827   108,208 
         
 Deferred tax assets:         
 Current expected credit losses   1,708   1,986 
 Compensated absences   -   168 
 Self-insurance allowances   1,063   1,674 
 Interest   1,509   - 
 Other   -   49 
         
 Total deferred tax assets   4,280   3,877 
         
 Net deferred tax liability  $92,547  $104,331 

   The reconciliation between the effective income tax rate and the statutory Federal income tax rate for the years ended  December 31, 2024, 2023 and 2022 is presented in the following table:

       2024    2023    2022  
   (in thousands)  
   Amount    Percent    Amount    Percent    Amount    Percent  
                         
 Federal income tax at statutory rate  $(8,725)  21.0  $6,002   21.0  $24,991   21.0 
 Nondeductible per diem and meals   247   (0.6)  371   1.3   -   - 
 State income taxes/other, net   (1,273)  3.1   3,790   13.3   3,344   2.8 
                         
 Total income tax expense  $(9,751)  23.5  $