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Subsequent Event
3 Months Ended
Apr. 03, 2016
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Event
On April 7, 2016, the board of directors of the Company authorized an agreement with Temp Holdings to expand their existing North Asia joint venture, TS Kelly Workforce Solutions (formed in 2012). The new joint venture, TS Kelly Asia Pacific, will be formed by the transfer of the Company’s Asia Pacific staffing operations, which will be subsequently deconsolidated. This joint venture will be headquartered in Singapore and is expected to be the largest workforce solutions company in the Asia Pacific region.
The joint venture is projected to be finalized by the end of 2016 and combines the resources and expertise of Kelly’s staffing operations across Asia Pacific with Temp Holding’s businesses including Capita, with offices in Singapore and Malaysia; First Alliances, with offices in Vietnam; and Intelligence, with a presence in Indonesia, Vietnam, Singapore and Malaysia.
Upon the completion of all proposed transactions, Temp Holdings will own 51% of the expanded joint venture and the Company will continue to own the remaining 49%. The current chief executive officer of TS Kelly Workforce Solutions and executive officer of Temp Holdings will serve as CEO of TS Kelly Asia Pacific.
The joint venture will include staffing businesses from the Company and Temp Holdings, and the Company is expected to receive a cash payment. Once the Company has transferred its Asia Pacific staffing operations to the joint venture, it expects to record its interest in the joint venture as an equity method investment on the consolidated balance sheet and to include its share of earnings prospectively within the consolidated statement of earnings on a one-quarter lag. The Company also anticipates recording a gain on the deconsolidated assets of its Asia Pacific staffing operations. At this time, the Company does not expect the disposition to qualify for discontinued operations presentation.