Company: KELYB
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000055135-25-000080
Chunk: 25

Company: KELLY SERVICES INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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23 

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

A summary of the status of all nonvested performance shares at target as of third quarter-end 2025 and the year-to-date changes 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.Performance SharesSharesWeighted Average Grant Date Fair ValueNonvested at year-end 2024568 $18.66 Granted291 12.59 Vested(162)20.18 Forfeited(34)15.09 Vesting adjustment(28)15.48 Nonvested at third quarter-end 2025635 $14.97 Restricted StockA summary of the status of nonvested restricted stock as of third quarter-end 2025 and the year-to-date changes 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 Granted969 13.54 Vested(370)19.48 Forfeited(137)17.35 Nonvested at third quarter-end 20251,523 $16.11 

12. Sale of AssetsOn June 10, 2024, the Company sold Ayers Group, a division of the ETM segment, for a purchase price of $7.5 million, subject to final closing adjustments.  The Company received cash proceeds of $4.5 million in the second quarter of 2024, representing the purchase price less the value of rights to certain receivables and deferred revenue retained by the Company, net of working capital adjustments in accordance with the agreement.  As of the date of the sale, the net carrying value of the assets was a credit balance of $1.0 million. In the third quarter of 2024, a post-close net working capital adjustment of $0.1 million was recorded in (gain) loss on sale of assets in the consolidated statements of earnings.  A gain of $5.4 million was recorded in (gain) loss on sale of assets for the nine months ended September