Company: KELYB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000055135-25-000007
Chunk: 32

Company: KELLY SERVICES INC
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 32
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78

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

reporting unit no longer exceeded the carrying value.  Based on the result of our interim goodwill impairment tests, we recorded a total goodwill impairment charge of $41.0 million as of year-end 2022 to write-off all of RocketPower's goodwill balance.Intangible AssetsIntangible assets, excluding fully-amortized intangibles, are included within other assets on our consolidated balance sheet and consist of the following (in millions of dollars):20242023Useful LivesGross Carrying AmountLess: Accumulated AmortizationNetGross Carrying AmountLess: Accumulated AmortizationNetCustomer relationships10-15 years$229.2 $65.9 $163.3 $141.1 $47.7 $93.4 Trade names10-15 years108.1 20.4 87.7 51.6 12.8 38.8 Non-compete agreements5 years5.6 2.7 2.9 4.3 1.7 2.6 Trademarks10 years4.8 2.4 2.4 4.8 1.9 2.9 Total$347.7 $91.4 $256.3 $201.8 $64.1 $137.7 Intangible amortization expense, which is included in SG&A expenses in the consolidated statements of earnings, was $27.3 million, $20.9 million and $19.4 million in 2024, 2023 and 2022, respectively.  The amortization expense is expected to be $30.1 million in 2025, $29.4 million in 2026, $28.8 million in 2027, $27.4 million in 2028 and $24.8 million in 2029.

10. Other AssetsIncluded in other assets are the following (in millions of dollars):20242023Long-term hosted software, net of accumulated amortization of $23.5 million in 2024 and $14.2 million in 2023(1)$17.9 $13.1 Noncurrent restricted cash6.4 8.0 Workers' compensation and other claims receivable(2)4.