Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 39

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 39
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 million, $8.0 million and $1.7 million, respectively, all of which were included as held for sale (see Acquisitions and Dispositions footnote).  Total pension expense for these plans was $0.2 million in 2023 and $0.4 million in 2022.  These plans are no longer effective in 2024.

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

14. Stockholders’ EquityCommon StockThe authorized capital stock of the Company is 100,000,000 shares of Class A common stock and 10,000,000 shares of Class B common stock. Class A shares have no voting rights and are not convertible.  Class B shares have voting rights and are convertible by the holder into Class A shares on a share-for-share basis at any time.  Both classes of stock have identical rights in the event of liquidation.  The voting rights of Class B shares are perpetual and Class B shares are not subject to transfer restrictions or mandatory conversion obligations under the Company's certificate of incorporation or bylaws.Class A shares and Class B shares are both entitled to receive dividends, subject to the limitation that no cash dividend on the Class B shares may be declared unless the board of directors declares an equal or larger cash dividend on the Class A shares.  As a result, a cash dividend may be declared on the Class A shares without declaring a cash dividend on the Class B shares.In November 2024, the Company's board of directors authorized a $50.0 million Class A share repurchase program that expires on December 2, 2026.  During December 2024, the Company repurchased 742,163 Class A shares for $10.0 million at an average price of $13.49 per share.  A total of $40.0 million remains available under the share repurchase program as of year-end 2024.In November 2022, the Company's board of directors authorized a $50.0 million Class A share repurchase program, which was completed in August 2023.  During 2023 and 2022, the Company repurchased 2,496,827 Class A shares for $42.2 million and 474,644 Class A shares for $7.8 million, respectively.  There were no remaining shares available under the share repurchase program as of year-end 2023 as compared to $42