Company: KELYB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000055135-25-000016
Chunk: 72

Company: KELLY SERVICES INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 72
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 2025 and changes during this period is presented as follows below (in thousands of shares except per share data).  The vesting adjustment in the table below represents a portion of the 2022 performance shares that did not vest because actual achievement was below the threshold level or was not achieved, and resulted in no payout.

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

Performance SharesSharesWeighted Average Grant Date Fair ValueNonvested at year-end 2024568 $18.66 Granted291 12.59 Vested(162)20.18 Forfeited— — Vesting adjustment(28)15.48 Nonvested at first quarter-end 2025669 $14.98 Restricted StockA summary of the status of nonvested restricted stock as of first quarter-end 2025 and changes during this period is presented as follows below (in thousands of shares except per share data).Restricted StockSharesWeighted Average Grant Date Fair ValueNonvested at year-end 20241,061 $19.79 Granted615 13.45 Vested(310)19.64 Forfeited(31)19.33 Nonvested at first quarter-end 20251,335 $16.91 

12. Other Income (Expense), NetIncluded in other income (expense), net for the first quarter of 2025 and 2024 are the following: First Quarter20252024(In millions of dollars)Interest income$0.8 $2.8 Interest expense(4.0)(0.5)Other— (0.5)Other income (expense), net$(3.2)$1.8 

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

13. Income TaxesIncome tax expense was $1.8 million for the first quarter of 2025 and $4.0 million for the first quarter of 2024.  The quarterly variance primarily relates to changes in pretax income.The Company's tax expense is affected by recurring items, such as the amount of pretax income and its mix by jurisdiction, U.S. work opportunity credits and the change in cash surrender value of tax-exempt investments in life insurance policies.  It