Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 37

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 37
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million 18-month interest rate swap that effectively locked in the variable SOFR component of our interest rate for a portion of the long-term borrowings on the Securitization Facility at a fixed rate of 4.772% and 4.468% from the effective date through July 17, 2025 and January 17, 2026, respectively.  As of year-end 2024, the Company recorded a loss of 

82

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

$0.2 million and a corresponding liability of $0.4 million related to mark-to-market changes in fair value of the interest rate swaps (see Fair Value Measurements footnote).The Receivables Entity’s sole business consists of the purchase or acceptance through capital contributions of trade accounts receivable and related rights from the Company.  As described above, the Receivables Entity may retransfer these receivables or grant a security interest in those receivables under the terms and conditions of the Receivables Purchase Agreement.  The Receivables Entity is a separate legal entity with its own creditors who would be entitled, if it were ever liquidated, to be satisfied out of its assets prior to any assets or value in the Receivables Entity becoming available to its equity holders, the Company.  The assets of the Receivables Entity are not available to pay creditors of the Company or any of its other subsidiaries, until the creditors of the Receivables Entity have been satisfied.  The assets and liabilities of the Receivables Entity are included in the consolidated financial statements of the Company. Local Credit FacilitiesThe Company had total unsecured, uncommitted short-term local credit facilities of $3.1 million as of year-end 2024.  There were no borrowings under these lines at year-end 2024 and 2023.

13. Retirement BenefitsU.S. Defined Contribution PlansThe Company provides a qualified defined contribution plan covering substantially all U.S.-based full-time employees, except officers and certain other employees.  The plan offers a savings feature with Company matching contributions.  Assets of this plan are held by an independent trustee for the sole benefit of participating employees. A nonqualified plan is provided for officers and certain other employees. This plan includes provisions for salary deferrals and Company matching contributions. In addition to the plans above, the Company also provides a qualified plan and a nonqualified plan to certain U