Company: KELYB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000055135-25-000052
Chunk: 24

Company: KELLY SERVICES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 achievement was below the threshold level or was not achieved, and resulted in no payout.

24 

KELLY SERVICES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(UNAUDITED)

Performance SharesSharesWeighted Average Grant Date Fair ValueNonvested at year-end 2024568 $18.66 Granted291 12.59 Vested(162)20.18 Forfeited— — Vesting adjustment(28)15.48 Nonvested at second quarter-end 2025669 $14.98 Restricted StockA summary of the status of nonvested restricted stock as of second quarter-end 2025 and the year-to-date changes is presented as follows below (in thousands of shares except per share data).Restricted StockSharesWeighted Average Grant Date Fair ValueNonvested at year-end 20241,061 $19.79 Granted626 13.42 Vested(340)19.57 Forfeited(85)17.69 Nonvested at second quarter-end 20251,262 $16.83 

12. Sale of AssetsOn June 10, 2024, the Company sold Ayers Group, a division of our ETM segment, for a purchase price of $7.5 million, subject to final closing adjustments.  The Company received cash proceeds of $4.5 million in the second quarter of 2024, representing the purchase price less the value of rights to certain receivables and deferred revenue retained by the Company, net of working capital adjustments in accordance with the agreement.  As of the date of the sale, the net carrying value of the assets was a credit balance of $1.0 million, resulting in a gain on the sale of $5.5 million which was recorded in gain on sale of assets in the consolidated statements of earnings.  The sale was a part of the Company's ongoing strategy to further optimize its operating model.

13. Other Income (Expense), Net Included in other income (expense), net for the second quarter of 2025 and 2024 are the following: Second QuarterJune Year-to-Date 2025202420252024(In millions of dollars)Interest income$0.9 $2.3 $1.7 $5.1 Interest expense(3.5)(2.1)(7.5)(2.6