Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 263

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 263
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 of operations or cash flows.

    17.  LEASES 

   Right-of-Use Leases
    
   The Company was party to operating leases that included initial terms ranging from three to five years. The initial terms of these leases have expired, and the leases are now subject to terms not exceeding one year. In accordance with the provisions of ASC Topic 842, because all of our leased properties are currently subject to leases not exceeding one year, we do not recognize any right-of-use assets or corresponding operating lease liability as of  December 31, 2024.
    
   Cash Flows
    
   No new right-of-use assets were recognized as non-cash asset additions that resulted from new operating lease liabilities during the years ended  December 31, 2024 and  December 31, 2023, respectively. Cash paid for amounts included in the present value of right-of-use lease liabilities was $0.1 and $0.3 million during the years ended  December 31, 2024 and  December 31, 2023, respectively, and is included in operating cash flows.
    
   Cash Paid for Operating Leases

       Twelve Months Ended  
   December 31,  
   2024    2023  
   (in thousands)  
 Right-of-Use leases  $114  $330 
 Short-term leases (1)   3,424   3,115 
 Total  $3,538  $3,445 

     (1)  Short-term lease cost includes leases with a term of twelve months or less and leases with options for early cancellation. 

   Lease Revenue
    
   The Company has a lease-purchase program whereby we offer independent contractors the opportunity to lease a Company-owned truck. The terms associated with these leases require weekly lease payments over the term of the leases which range from 5 to 60 months. The cost and carrying amount of Company-owned trucks in this program at  December 31, 2024 were approximately $67,440,000 and $37,932,000, respectively. The cost and carrying amount of the Company-owned trucks in this program at  December 31, 2023 were approximately $57,790,000 and $32,595,000, respectively. Payments under this program are classified in the Company’s financial statements under the consolidated statement of operations category Revenue.
    
   Leases in our lease-p