Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The authorized capital stock of the Company is 100,000,000 shares of Class A common stock and 10,000,000 shares of Class B common stock. Class A shares have no voting rights and are not convertible. Class B shares have voting rights and are convertible by the holder into Class A shares on a share-for-share basis at any time. Both classes of stock have identical rights in the event of liquidation. The voting rights of Class B shares are perpetual and Class B shares are not subject to transfer restrictions or mandatory conversion obligations under the Company's certificate of incorporation or bylaws.

Class A shares and Class B shares are both entitled to receive dividends, subject to the limitation that no cash dividend on the Class B shares may be declared unless the board of directors declares an equal or larger cash dividend on the Class A shares. As a result, a cash dividend may be declared on the Class A shares without declaring a cash dividend on the Class B shares.

In November 2022, the Company's board of directors authorized a $50.0 million Class A share repurchase program, which was completed in August 2023. During 2023 and 2022, the Company repurchased 2,496,827 Class A shares for $42.2 million and 474,644 Class A shares for $7.8 million, respectively. There were no remaining shares available under the share repurchase program as of year-end 2023 as compared to $42.2 million remaining shares available under the share repurchase program as of year-end 2022. A total of 2,971,471 shares were repurchased under the share repurchase program at an average price of $16.83 per share.

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component, net of tax, during 2023, 2022 and 2021 are included in the table below (in millions of dollars). Amounts in parentheses indicate debits.

	2023			2022			2021
Foreign currency translation adjustments:
Beginning balance	$	(7.4)		$	(25.0)		$	(0.8)
Other comprehensive income (loss) before classifications	8.0			(7.5)			(24.2)
Amounts reclassified from accumulated other comprehensive income (loss) - liquidation of Japan subsidiary	—			20.4		(1)	—
Amounts reclassified from accumulated other comprehensive income (loss) - equity method investment and other	—			4.7		(2)	—
Net current-period other comprehensive income (loss)	8.0			17.6			(24.2)
Ending balance	0.6			(7.4)			(25.0)
Pension liability adjustments:
Beginning balance	(1.1)			(2.7)			(3.4)
Other comprehensive income (loss) before classifications	0.6			1.5			0.5
Amounts reclassified from accumulated other comprehensive income	0.1		(3)	0.1		(3)	0.2		(3)
Net current-period other comprehensive income (loss)	0.7			1.6			0.7
Ending balance	(0.4)			(1.1)			(2.7)
Total accumulated other comprehensive income (loss)	$	0.2		$	(8.5)		$	(27.7)

(1)Amount was recorded in the loss on currency translation from liquidation of subsidiary in the consolidated statements of earnings.

(2)Of the amount included in this line item $1.9 million in 2022 was recorded in the other income (expense), net line item in the consolidated statements of earnings related to the investment in PersolKelly Pte. Ltd., (see Investment in PersolKelly Pte. Ltd. footnote for more details). In addition, $1.4 million in 2022 was recorded in the other income (expense), net line item in the consolidated statements of earnings related to other activities and $1.4 million in 2022 was recorded in loss on disposal line item in the consolidated statements of earnings related to the liquidation of the cumulative translation adjustment for the sale of our Russia operations, (see Acquisitions and Dispositions footnote for more details). All amounts in prior years were recorded in other income (expense), net in the consolidated statements of earnings.

(3)Amount was recorded in SG&A expenses in the consolidated statements of earnings.