Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 48

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 48
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 61.5 Total current6.5 13.4 64.2 Deferred tax (benefit) expense:   U.S. federal(24.9)(36.8)(2.5)U.S. state and local(2.6)(3.6)0.7 Foreign(0.3)15.5 (70.3)Total deferred(27.8)(24.9)(72.1)Total provision$(21.3)$(11.5)$(7.9)Deferred income taxes reflect the temporary differences between the asset and liability basis for financial reporting purposes and the amounts used for income tax purposes, at the relevant tax rate.  The deferred tax assets and liabilities are comprised of the following (in millions of dollars): 20242023Fixed assets and right-of-use assets$(15.2)$(19.0)Intangible assets and goodwill0.1 19.0 Employee compensation and benefit plans77.0 71.5 Outside basis difference on held for sale assets— 34.7 Operating lease liabilities17.7 18.3 Net operating loss carryforwards10.9 36.7 Capital loss carryforward19.6 — Credit carryforwards230.6 208.7 Other, net23.6 15.4 Valuation allowance(34.2)(60.5)Net deferred tax assets$330.1 $324.8 As of year-end 2024, the net deferred tax asset balance totaled $330.1 million which is fully recorded in deferred taxes in the consolidated balance sheet.  As of year-end 2023, the net deferred tax asset balance totaled $324.8 million with $321.1 million in deferred taxes, $4.1 million in assets held for sale (see Acquisitions and Dispositions footnote), and $0.4 million in other long-term liabilities in the consolidated balance sheet.  The Company has U.S. general business credit carryforwards of $197.3 million which will expire from 2034 to 2044, foreign tax credit carryforwards of $33.2 million which will expire from 2026 to 2034 and minimal state and foreign credit carryforwards which are either indefinite or will expire from 2025 to 2043.  The net tax effect of federal, state and foreign loss carryforwards at year-end