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Held for Sale | 9 Months Ended
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Oct. 02, 2022
Assets Held for Sale [Abstract] |
Held for Sale | Held for SaleKelly Properties, LLC, a wholly owned subsidiary of the Company, entered into an agreement on May 11, 2022 to sell real property located in Troy, Michigan. Accordingly, during the second quarter of 2022, the transaction met the criteria to classify the property as held for sale. The property held for sale includes the property and all improvements to the property, together with all rights and easements. Assets held for sale are recorded at the lower of their carrying value or fair value less estimated costs to sell, and depreciation is suspended on assets upon classification to held for sale. The carrying amount of the property held for sale as of third quarter-end 2022 is $4.7 million, which is less than the sales price in the purchase agreement, less estimated costs to sell. The Company has presented these assets as current assets held for sale in the consolidated balance sheet as of third quarter-end 2022. On October 31, 2022, the sale of the property was completed and the Company received proceeds of $5.6 million, net of commissions and transaction expenses.

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