Acquisitions

12 Months Ended

Jan. 01, 2012

Acquisitions [Abstract]

Acquisitions

3. Acquisitions

To establish the Company’s presence in the Brazilian market, we acquired the stock of Tradição Planejamento e Tecnologia de Serviços S.A. and Tradição Tecnologia e Serviços Ltda. (collectively, “Tradição”), a national service provider in Brazil, during the fourth quarter of 2011 for $6.6 million in cash. Tradição will be included as a business unit in the Americas Commercial operating segment. The purchase price allocation for this acquisition, which is based on the fair value of assets acquired and liabilities assumed, is preliminary and could change, subject to the completion of the asset valuation, which is ongoing as of the date of this filing.

The operating results of Tradição will be accounted for on a one-month lag; accordingly, Kelly’s consolidated financial statements for 2011 do not include operating results for Tradição. Proforma financial information related to the acquisition is not presented due to immateriality. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the date of the acquisition.

Current assets	$	6.3
Goodwill		22.9
Identified intangibles		5.3
Other noncurrent assets		0.7
Current liabilities		(14.4	)
Noncurrent liabilities		(14.2	)
Total purchase price	$	6.6

Included in the assets purchased was approximately $2.3 million of intangible assets associated with customer lists. These assets will be amortized over approximately 7 years based on the expected cash flows and will have no residual value.

During 2009, we made the following payments: $5.7 million earnout payment related to the 2007 acquisition of access AG, $1.0 million related to the 2007 acquisition of CGR/seven LLC, $0.6 million earnout payment related to the 2006 acquisition of The Ayers Group and $0.2 million earnout payment related to the 2008 acquisition of Toner Graham.