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Investment in Persol Holdings
3 Months Ended
Mar. 31, 2019
Investment in Persol Holdings [Abstract]  
Investment in Persol Holdings
Investment in Persol Holdings

The Company has a yen-denominated investment in the common stock of Persol Holdings, a leading integrated human resource company in Japan and the Company’s joint venture partner in PersolKelly Asia Pacific. As our investment is a noncontrolling interest in Persol Holdings, this investment is recorded at fair value based on the quoted market price of Persol Holdings stock on the Tokyo Stock Exchange as of the period end (see Fair Value Measurements footnote). The Company adopted ASU 2016-01 and as a result, effective January 1, 2018, all changes in fair value on the investment are recognized in net earnings which previously were recorded in other comprehensive income (loss). A cumulative catch-up adjustment of the prior net unrealized gains previously recorded in other comprehensive income (loss), and in accumulated other comprehensive income (loss), a component of stockholders’ equity, was recorded in earnings invested in the business as of January 1, 2018 for $140.0 million, net of $69.9 million of taxes.

A gain on the investment of $13.2 million in the first quarter of 2019 and $23.7 million in the first quarter of 2018 was recorded in the gain (loss) on investment in Persol Holdings in the consolidated statements of earnings.