Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 22

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 22
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 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.  There were no transfers between Level 1, Level 2 and Level 3 assets or liabilities in 2024 or 2023.  As of Year-End 2024DescriptionTotalLevel 1Level 2Level 3 (In millions of dollars)Money market funds$6.4 $6.4 $— $— Total assets at fair value$6.4 $6.4 $— $— Interest rate swaps$(0.4)$— $(0.4)$— EMEA staffing indemnification(2.0)— — (2.0)Brazil indemnification(1.7)— — (1.7)Total liabilities at fair value$(4.1)$— $(0.4)$(3.7) As of Year-End 2023DescriptionTotalLevel 1Level 2Level 3 (In millions of dollars)Money market funds$42.5 $42.5 $— $— Total assets at fair value$42.5 $42.5 $— $— Brazil indemnification$(3.0)$— $— $(3.0)Foreign currency forward contract, net(3.6)— (3.6)— Total liabilities at fair value$(6.6)$— $(3.6)$(3.0)Money market fundsMoney market funds represent investments in money market funds that hold government securities, of which $6.4 million as of year-end 2024 and $8.0 million as of year-end 2023 are restricted as to use and are included in other assets in the consolidated balance sheet.  The money market funds that are restricted as to use account for the majority of our restricted cash balance and represents cash balances that are required to be maintained to fund disability claims in California.  The remaining money market funds as of year-end 2023 are included in cash and equivalents in the consolidated balance sheet.  The valuations of money market funds are based on quoted market prices of those accounts as of the respective period end.