Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 33

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 33
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9 11.7 Equity securities(3)11.0 7.9 Other5.1 7.8 Total other assets(4)$45.3 $48.5 (1)  Long-term hosted software represents cloud computing arrangements that are comprised of internal-use software platforms that are accounted for as service contracts (see Summary of Significant Accounting Policies footnote).(2)  Workers’ compensation and other claims receivable represents receivables from the insurance company for U.S. workers’ compensation and automobile liability claims in excess of the applicable loss limits. (3)  Equity securities includes $6.4 million related to our equity investment in the JV (see Investment in PersolKelly Pte. Ltd footnote).(4)  Total other assets in 2023 includes $5.4 million of assets held for sale in connection with the sale of our EMEA staffing operations (see Acquisitions and Dispositions footnote).

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

11. LeasesThe Company has operating leases for headquarters and field offices and various equipment.  Our leases generally have remaining lease terms of one year to 10 years.  We determine if an arrangement is a lease at inception.The components of lease expense are as follows (in millions of dollars):December Year to DateDescriptionStatements of Earnings Location202420232022Operating:Operating lease costSelling, general and administrative expenses$14.6 $21.0 $22.8 Short-term lease costSelling, general and administrative expenses0.6 2.0 2.4 Variable lease costSelling, general and administrative expenses3.5 6.1 5.2 Financing:Amortization of ROU assetsSelling, general and administrative expenses0.3 0.6 0.6 Interest on lease liabilitiesOther income (expense), net— — 0.1 Total lease cost$19.0 $29.7 $31.1 Supplemental consolidated balance sheet information related to leases is as follows (in millions of dollars):DescriptionBalance Sheet LocationAs of Year-End 2024As of Year-End 2023ROU Assets:OperatingOperating lease right-of-use assets$47.0 (1)$61.3 (2)FinancingNet property and equipment— 0.3 Total lease