Company: KELYB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000055135-25-000080
Chunk: 83

Company: KELLY SERVICES INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 agreement.  As of the date of the sale, the net carrying value of the assets was a credit balance of $1.0 million. In the third quarter of 2024, a post-close net working capital adjustment of $0.1 million was recorded in (gain) loss on sale of assets in the consolidated statements of earnings.  A gain of $5.4 million was recorded in (gain) loss on sale of assets for the nine months ended September 29, 2024 in the consolidated statements of earnings.  The sale was a part of the Company's ongoing strategy to further optimize its operating model.

24 

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

13. Other Income (Expense), Net Included in other income (expense), net are the following (in millions): Third QuarterSeptember Year-to-Date 2025202420252024Interest income$1.0 $1.3 $2.7 $6.4 Interest expense(2.4)(4.5)(9.9)(7.1)Other(0.2)(1.2)0.1 (8.4)Other income (expense), net$(1.6)$(4.4)$(7.1)$(9.1)

Included in Other for September year-to-date 2024 is $7.8 million of transaction costs related to the acquisition of MRP (see Acquisitions and Disposition footnote). 

14. Income TaxesIncome tax expense was $46.4 million and income tax benefit was $2.6 million for the third quarter of 2025 and 2024, respectively.  Income tax expense was $49.1 million and $2.5 million for September year-to-date 2025 and 2024, respectively.  The quarterly and year-to-date variances were driven by the valuation allowance and goodwill impairment charges.The Company's interim tax provision is calculated using the estimated annual effective tax rate applied to year-to-date income, adjusted for recurring items, such as the amount of pretax income and its mix by jurisdiction, U.S. work opportunity credits and the change in cash surrender value of tax-exempt investments in life insurance policies.  It is also adjusted for discrete items that may occur in any given period but are not consistent from period to period, such as tax law changes