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Subsequent Events | 12 Months Ended
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Jan. 02, 2022
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On February 11, 2022, the Company’s board of directors approved transactions related to our investments in the Asia-Pacific region. Investment in Persol Holdings As of January 2, 2022, the investment in Persol Holdings was recorded at its fair value of $264.3 million based on quoted market prices of the stock on the Tokyo Stock Exchange. In addition, a deferred income tax liability of $70.9 million has been provided. On February 15, 2022, the Company’s Kelly Services Japan subsidiary sold the investment in the common stock of Persol Holdings in an open market transaction. The proceeds were $197.4 million, less transaction expenses. The investment was purchased in 2005 and 2006 at a cost of $33.9 million. The February 15, 2022 transaction will result in a taxable gain in Japan. Since the beginning of fiscal year 2022 through the date of transaction, we recorded losses of $52.4 million related to changes in the fair value of the investment. The estimated total loss on Persol common stock, of $46.5 million, net of tax, including losses related to changes in the fair value up to the date of the transaction, will be reflected in our statement of earnings in the first quarter of 2022. Investment in PersolKelly Pte. Ltd. (the “JV”) As of January 2, 2022, the investment in the JV, accounted for under the equity method, was recorded at $123.4 million and a deferred income tax liability of $13.3 million has been provided. On February 14, 2022, the Company entered into an agreement to sell 95% of its shares in the JV to our partner, Persol Asia Pacific Pte. Ltd., for $119.5 million. After this transaction, the Company will have a remaining ownership interest in the JV of 2.5%. The gain or loss on the sale in the first quarter of 2022 is not expected to be material. The transaction will result in a taxable gain in the U.S. Share repurchase The Company repurchased its 1,576,169 Class A and 1,475 Class B common shares held by Persol Holdings on February 14, 2022 at a price based on the average closing price of the last 5 business days prior to the transaction. The cost of the shares was $27.2 million. The shares were subsequently retired and returned to authorized but unissued status.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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