Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 19

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 19
---
 earnings of $4.3 million from the EMEA staffing operations.

70

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

The major classes of divested assets and liabilities were as follows (in millions of dollars):Assets divestedCash and equivalents$33.5 Trade accounts receivable, net202.8 Prepaid expenses and other current assets29.0 Property and equipment, net4.2 Operating lease right-of-use assets14.2 Deferred taxes4.1 Other assets5.4 Assets divested293.2 Liabilities divestedAccounts payable and accrued liabilities(24.5)Operating lease liabilities, current(5.7)Accrued payroll and related taxes(91.6)Income and other taxes(32.9)Operating lease liabilities, noncurrent(8.9)Accrued retirement benefits(1.7)Other long-term liabilities(4.6)Liabilities divested(169.9)Disposal group, net$123.3 Disposition of Russia OperationsOn July 20, 2022, the Company completed the sale of its Russia operations, which was included in the Company's International operating segment.  The Company received cash proceeds of $7.4 million, which was less than the cash disposed of in the sale, resulting in investing cash outflows of $6.0 million in the consolidated statements of cash flows.  The transaction resulted in a loss on the sale of $18.7 million, which was recorded in loss on disposal in the consolidated statements of earnings. The Russia operations did not meet the requirements to be classified as discontinued operations as the sale did not have a material effect on the Company's operations and did not represent a strategic shift in the Company's strategy.  Our consolidated revenue for the year ended 2022 included $63.4 million from the Russia operations and our consolidated earnings before taxes for the year ended 2022 included $1.4 million from the Russia operations.

5. Investment in Persol HoldingsPrior to February 2022, the Company had a yen-denominated investment through the Company's subsidiary, Kelly Services Japan, Inc., in the common stock of Persol Holdings Co., Ltd. ("Persol Holdings"), the 100% owner of Persol Asia Pacific Pte. Ltd., the Company’s joint venture partner in PersolKelly Pte. Ltd. (the "JV