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Pam Transportation Services Inc. – ‘10-Q’ for 3/31/23 – ‘R16’

On:  Tuesday, 5/2/23, at 3:35pm ET   ·   For:  3/31/23   ·   Accession #:  1437749-23-12073   ·   File #:  0-15057

Previous ‘10-Q’:  ‘10-Q’ on 10/28/22 for 9/30/22   ·   Next:  ‘10-Q’ on 7/31/23 for 6/30/23   ·   Latest:  ‘10-Q’ on 5/7/24 for 3/31/24   ·   7 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/02/23  Pam Transportation Services Inc.  10-Q        3/31/23   64:3.8M                                   RDG Filings/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    615K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     23K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
10: R1          Document And Entity Information                     HTML     71K 
11: R2          Condensed Consolidated Balance Sheets (Current      HTML    133K 
                Period Unaudited)                                                
12: R3          Condensed Consolidated Balance Sheets (Current      HTML     39K 
                Period Unaudited) (Parentheticals)                               
13: R4          Condensed Consolidated Statements of Operations     HTML    104K 
                (Unaudited)                                                      
14: R5          Condensed Consolidated Statements of Cash Flows     HTML    107K 
                (Unaudited)                                                      
15: R6          Condensed Consolidated Statements of Stockholders'  HTML     59K 
                Equity (Unaudited)                                               
16: R7          Note A - Basis of Presentation                      HTML     24K 
17: R8          Note B - Recent Accounting Pronouncements           HTML     30K 
18: R9          Note C - Revenue Recognition                        HTML     28K 
19: R10         Note D - Marketable Equity Securities               HTML     36K 
20: R11         Note E - Stock-based Compensation                   HTML     33K 
21: R12         Note F - Segment Information                        HTML     31K 
22: R13         Note G - Treasury Stock                             HTML     21K 
23: R14         Note H - Earnings Per Share                         HTML     31K 
24: R15         Note I - Income Taxes                               HTML     27K 
25: R16         Note J - Fair Value of Financial Instruments        HTML     36K 
26: R17         Note K - Notes Payable                              HTML     20K 
27: R18         Note L - Litigation                                 HTML     24K 
28: R19         Note M - Leases                                     HTML     55K 
29: R20         Note N - Noncash Investing and Financing            HTML     20K 
                Activities                                                       
30: R21         Note O - Acquisition of Metropolitan Trucking       HTML     29K 
31: R22         Note D - Marketable Equity Securities (Tables)      HTML     31K 
32: R23         Note E - Stock-based Compensation (Tables)          HTML     27K 
33: R24         Note F - Segment Information (Tables)               HTML     30K 
34: R25         Note H - Earnings Per Share (Tables)                HTML     30K 
35: R26         Note J - Fair Value of Financial Instruments        HTML     30K 
                (Tables)                                                         
36: R27         Note M - Leases (Tables)                            HTML     52K 
37: R28         Note O - Acquisition of Metropolitan Trucking       HTML     26K 
                (Tables)                                                         
38: R29         Note A - Basis of Presentation (Details Textual)    HTML     21K 
39: R30         Note D - Marketable Equity Securities (Details      HTML     27K 
                Textual)                                                         
40: R31         Note D - Marketable Equity Securities - Securities  HTML     23K 
                Classified As Available-for-sale (Details)                       
41: R32         Note D - Marketable Equity Securities - Unrealized  HTML     22K 
                Gains and Losses on Marketable Equity Securities                 
                (Details)                                                        
42: R33         Note E - Stock-based Compensation (Details          HTML     65K 
                Textual)                                                         
43: R34         Note E - Stock Based Compensation - Summary of      HTML     39K 
                Nonvested Restricted Stock (Details)                             
44: R35         Note F - Segment Information (Details Textual)      HTML     19K 
45: R36         Note F - Segment Information - Segment Revenue      HTML     35K 
                Reconciliation (Details)                                         
46: R37         Note G - Treasury Stock (Details Textual)           HTML     27K 
47: R38         Note H - Earnings Per Share - Computations of       HTML     49K 
                Basic and Diluted Earnings Per Share (Details)                   
48: R39         Note I - Income Taxes (Details Textual)             HTML     24K 
49: R40         Note J - Fair Value of Financial Instruments -      HTML     21K 
                Securities Measured at Fair Value on a Recurring                 
                Basis (Details)                                                  
50: R41         Note J - Fair Value of Financial Instruments -      HTML     23K 
                Fair Value of Long-term Debt Other Than Lines of                 
                Credit (Details)                                                 
51: R42         Note L - Litigation (Details Textual)               HTML     25K 
52: R43         Note M - Leases (Details Textual)                   HTML     45K 
53: R44         Note M - Leases - Operating Lease (Details)         HTML     44K 
54: R45         Note M - Leases - Lease Cost (Details)              HTML     23K 
55: R46         Note M - Leases - Lease Revenue (Details)           HTML     23K 
56: R47         Note M - Leases - Lease Receivables (Details)       HTML     29K 
57: R48         Note N - Noncash Investing and Financing            HTML     19K 
                Activities (Details Textual)                                     
58: R49         Note O - Acquisition of Metropolitan Trucking       HTML     31K 
                (Details Textual)                                                
59: R50         Note O - Acquisition of Metropolitan Trucking -     HTML     34K 
                Assets Acquired and Liabilities Assumed (Details)                
62: XML         IDEA XML File -- Filing Summary                      XML    116K 
60: XML         XBRL Instance -- ptsi20230331_10q_htm                XML    625K 
61: EXCEL       IDEA Workbook of Financial Reports                  XLSX     78K 
 6: EX-101.CAL  XBRL Calculations -- ptsi-20230331_cal               XML    119K 
 7: EX-101.DEF  XBRL Definitions -- ptsi-20230331_def                XML    833K 
 8: EX-101.LAB  XBRL Labels -- ptsi-20230331_lab                     XML    703K 
 9: EX-101.PRE  XBRL Presentations -- ptsi-20230331_pre              XML    864K 
 5: EX-101.SCH  XBRL Schema -- ptsi-20230331                         XSD    130K 
63: JSON        XBRL Instance as JSON Data -- MetaLinks              330±   517K 
64: ZIP         XBRL Zipped Folder -- 0001437749-23-012073-xbrl      Zip    156K

‘R16’   —   Note J – Fair Value of Financial Instruments

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.23.1
Note J - Fair Value of Financial Instruments
 3 Months Ended
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

NOTE J:   FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings.

 

The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

 

 

Level 1:

Quoted market prices in active markets for identical assets or liabilities.
 

  

 
 

Level 2:

Inputs other than Level 1 inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable; or other inputs not directly observable, but derived principally from, or corroborated by, observable market data.
 

 

 
 

Level 3:

Unobservable inputs that are supported by little or no market activity.

 

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

 

At March 31, 2023, the following items are measured at fair value on a recurring basis:

 

   

Total

    

Level 1

    

Level 2

    

Level 3

  
   

(in thousands)

  
                                 

Marketable equity securities

   $ 41,440     $ 41,440       -       -  

 

The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, 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 value and estimated fair value of this other long-term debt at March 31, 2023 was as follows:

 

   

Carrying

Value

    

Estimated

Fair Value

  
   

(in thousands)

  
                 

Long-term debt

   $ 251,257     $ 234,088  

 

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

 

Dates Referenced Herein

This ‘10-Q’ Filing    Date    Other Filings
Filed on:5/2/23None on these Dates
For Period end:3/31/23
 List all Filings 

7 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/05/22  Pam Transportation Services Inc.  10-Q        6/30/22   68:4.6M                                   RDG Filings/FA
 3/10/21  Pam Transportation Services Inc.  8-K:5,9     3/04/21   11:213K                                   GlobalOne Filings Inc/FA
 8/05/20  Pam Transportation Services Inc.  8-K:5,9     8/04/20    3:98K                                    GlobalOne Filings Inc/FA
 5/01/20  Pam Transportation Services Inc.  8-K:5,7,9   4/27/20    3:74K                                    RDG Filings/FA
 1/07/20  Pam Transportation Services Inc.  8-K:5,9     1/03/20    2:37K                                    GlobalOne Filings Inc/FA
12/11/07  Pam Transportation Services Inc.  8-K:5,9    12/06/07    2:107K
 5/15/02  Pam Transportation Services Inc.  10-Q        3/31/02    4:88K
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Filing Submission 0001437749-23-012073   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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