Company: KELYB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000055135-25-000016
Chunk: 61

Company: KELLY SERVICES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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 remeasurements during the first quarter of 2025.  The Company is actively reconciling the receivable in accordance with the purchase agreement and expects it to be settled upon completion of this process.  The receivable is included in prepaid expenses and other current assets in the consolidated balance sheet and included in the gain on the transaction.The disposal group 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.

5. Fair Value MeasurementsTrade accounts receivable, short-term borrowings, accounts payable, accrued liabilities and accrued payroll and related taxes approximate their fair values due to the short-term maturities of these assets and liabilities.  Long-term debt is related to revolving credit agreements and their carrying values approximate fair value as the interest rates are variable and reflect current market rates.Assets and Liabilities Measured at Fair Value on a Recurring BasisThe following tables present assets and liabilities measured at fair value on a recurring basis as of first quarter-end 2025 and year-end 2024 in the consolidated balance sheet by fair value hierarchy level, as described below.Level 1 measurements consist of unadjusted quoted prices in active markets for identical assets or liabilities.  Level 2 measurements include quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.  Level 3 measurements include significant unobservable inputs.

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

 As of First Quarter-End 2025DescriptionTotalLevel 1Level 2Level 3 (In millions of dollars)Money market funds$5.9 $5.9 $— $— Total assets at fair value$5.9 $5.9 $— $— Interest rate swaps$(0.3)$— $(0.3)$— EMEA staffing indemnification(2.1)— — (2.1)Brazil indemnification(0.9)— — (0.9)Total liabilities at fair value$(3.3)$— $(0.3)$(3.0) As of Year-End 2024DescriptionTotalLevel 1Level 2Level 3 (In millions of dollars)Money market funds$6.4 $