Company: KELYB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000055135-25-000052
Chunk: 21

Company: KELLY SERVICES INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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-month interest rate swap was settled early with the final payment made in June 2025.  At the end of the second quarter of 2025 and at year-end 2024, the Company recorded a liability totaling $0.1 million and $0.4 million, respectively, related to the mark-to-market fair value of the interest rate swaps (see Fair Value Measurements footnote).The Receivables Entity’s sole business consists of the purchase or acceptance through capital contributions of trade accounts receivable and related rights from the Company.  As described above, the Receivables Entity may retransfer these receivables or grant a security interest in those receivables under the terms and conditions of the Receivables Purchase Agreement.  The Receivables Entity is a separate legal entity with its own creditors who would be entitled, if it were ever liquidated, to be satisfied out of its assets prior to any assets or value in the Receivables Entity becoming available to its equity holders, the Company.  The assets of the Receivables Entity are not available to pay creditors of the Company or any of its other subsidiaries, until the creditors of the Receivables Entity have been satisfied.  The assets and liabilities of the Receivables Entity are included in the consolidated financial statements of the Company. Local Credit FacilitiesThe Company had total unsecured, uncommitted short-term local credit facilities of $3.2 million at the end of the second quarter of 2025.  The Company had no borrowings under these lines at the end of the second quarter of 2025 and at year-end 2024.

22 

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

9. Accumulated Other Comprehensive Income (Loss)The changes in accumulated other comprehensive income (loss) by component, net of tax, for the second quarter and June year-to-date 2025 and 2024 are included in the table below (in millions of dollars).  Second QuarterJune Year-to-Date 2025202420252024Foreign currency translation adjustments:Beginning balance$(5.6)$(0.5)$(6.9)$0.6 Other comprehensive income (loss) before reclassifications5.0 (2.0)6.3 (2.5)Amounts reclassified from accumulated other comprehensive income (loss)— — — (0.6)Net