UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

KELLY SERVICES, INC.

(Exact name of registrant as specified in its charter)

DELAWARE		0-1088		38-1510762
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

999 WEST BIG BEAVER ROAD, TROY, MICHIGAN		48084
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (248) 362-4444

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02. Results of Operations and Financial Condition

Kelly Services, Inc. (the “Company”) today released financial information containing highlighted financial data for the three months and six months ended July 3, 2011. A copy of the press release is attached as exhibit 99.1 herein.

Item 8.01. Other Events

The Company today reported that its board of directors declared a dividend of $0.05 per share. The dividend is payable on September 12, 2011 to shareholders of record as of the close of business on August 31, 2011. A copy of the press release is attached as exhibit 99.1 herein.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1

Press Release dated August 10, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press release dated August 10, 2011

Exhibit 99.1

KELLY SERVICES REPORTS 2nd QUARTER 2011 RESULTS AND ANNOUNCES DIVIDEND

TROY, MI (August 10, 2011) — Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB), a leader in providing workforce solutions, today announced results for the second quarter.

Carl T. Camden, President and Chief Executive Officer, announced revenue for the second quarter of 2011 totaled $1.4 billion, a 16% increase compared to the corresponding quarter in 2010.

Earnings from operations for the second quarter of 2011 totaled $21 million, compared to earnings from operations of $8 million reported for the second quarter of 2010.

Diluted earnings per share from continuing operations in the second quarter of 2011 were $0.53 compared to second quarter 2010 earnings of $0.11 per share.

Commenting on the second quarter results, Camden said, “We are pleased that Kelly completed a very strong second quarter, despite the slow moving recovery. Solid revenue growth coupled with our ability to effectively leverage a leaner cost structure resulted in improved earnings.” Camden added that Kelly will continue to focus on maximizing profits across all business lines by adhering to its disciplined operational management.

“A concentration on specialized outsourcing services is also expected to contribute to profits going forward,” Camden said.

“Today’s changing labor markets demand new approaches. We are creating custom workforce solutions for customers through our outsourcing and consulting services, and targeting other higher-margin staffing business such as Professional & Technical.”

Kelly also reported that on August 9, its board of directors declared a dividend of $0.05 per share. The dividend is payable on September 12, 2011 to shareholders of record as of the close of business on August 31, 2011.

In conjunction with its second quarter earnings release, Kelly Services, Inc. will host a conference call at 9:00 a.m. (ET) on August 10, to review the results and answer questions. The call may be accessed in one of the following ways:

Via the Telephone:

U.S.		1 800 288 9626
International		1 651 291 5254

The pass code is Kelly Services

Via the Internet:

The call is also available via the internet through the Kelly Services website: www.kellyservices.com

This release contains statements that are forward looking in nature and accordingly, are subject to risks and uncertainties. These factors include, but are not limited to, competitive market pressures including pricing, changing market and economic conditions, our ability to achieve our business strategy, including our ability to successfully expand into new markets and service lines, material changes in demand from or loss of large corporate customers, impairment charges initiated by adverse industry or market developments, unexpected termination of customer contracts, availability of temporary workers with appropriate skills required by customers, liabilities for employment-related claims and losses, including class action lawsuits, unexpected changes in claim trends on workers’ compensation and benefit plans, our ability to maintain specified financial covenants in our bank facilities, our ability to access credit markets and continued availability of financing for funding working capital, our ability to sustain critical business applications through our key data centers, our ability to effectively implement and manage our information technology programs, our ability to retain the services of our senior management, local management and field personnel, the impact of changes in laws and regulations (including federal, state and international tax laws), the net financial impact of recent U.S. healthcare legislation on our business, risks associated with conducting business in foreign countries, including foreign currency fluctuations, and other risks, uncertainties and factors discussed in this release and in the Company’s filings with the Securities and Exchange Commission. Actual results may differ materially from any forward looking statements contained herein, and we have no intention to update these statements.

About Kelly Services

Kelly Services, Inc. (NASDAQ: KELYA, KELYB) is a leader in providing workforce solutions. Kelly® offers a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire and direct-hire basis. Serving clients around the globe, Kelly provides employment to more than 530,000 employees annually. Revenue in 2010 was $5.0 billion. Visit www.kellyservices.com and connect with us on facebook.com/kellyservices, linkedin.com/companies/kelly-services and twitter.com/kellyservices.

#

ANALYST CONTACT:		MEDIA CONTACT:
James Polehna		Jane Stehney
(248) 244-4586		(248) 244-5630
james_polehna@kellyservices.com		jane_stehney@kellyservices.com

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 13 WEEKS ENDED JULY 3, 2011 AND JULY 4, 2010
(UNAUDITED)
(In millions of dollars except per share data)

		2011				2010				Change				% Change
Revenue from services		$	1,405.8			$	1,209.4			$	196.4				16.2	%
Cost of services			1,181.2				1,018.5				162.7				16.0
Gross profit			224.6				190.9				33.7				17.6
Selling, general and administrative expenses			203.3				180.9				22.4				12.4
Asset impairments			—				1.5				(1.5	)			(100.0	)
Earnings from operations			21.3				8.5				12.8				151.8
Other expense, net			(0.7	)			(2.1	)			1.4				69.3
Earnings from continuing operations before taxes			20.6				6.4				14.2				222.3
Income taxes			0.6				2.5				(1.9	)			(73.2	)
Earnings from continuing operations			20.0				3.9				16.1				417.6
Loss from discontinued operations, net of tax			(1.2	)			—				(1.2	)		NM
Net earnings		$	18.8			$	3.9			$	14.9				387.0	%
Basic earnings (loss) per share on common stock
Earnings from continuing operations		$	0.53			$	0.11			$	0.42				381.8	%
Loss from discontinued operations			(0.03	)			—				(0.03	)		NM
Net earnings			0.50				0.11				0.39				354.5
Diluted earnings (loss) per share on common stock
Earnings from continuing operations		$	0.53			$	0.11			$	0.42				381.8	%
Loss from discontinued operations			(0.03	)			—				(0.03	)		NM
Net earnings			0.50				0.11				0.39				354.5
STATISTICS:
Gross profit rate			16.0	%			15.8	%			0.2	pts.
Selling, general and administrative expenses:
% of revenue			14.5				15.0				(0.5	)
% of gross profit			90.6				94.8				(4.2	)
% Return — Earnings from operations			1.5				0.7				0.8
Earnings from continuing operations before taxes			1.5				0.5				1.0
Earnings from continuing operations			1.4				0.3				1.1
Net earnings			1.3				0.3				1.0
Effective income tax rate			3.3	%			39.8	%			(36.5	) pts.
Average number of shares outstanding (millions):
Basic			36.8				36.0
Diluted			36.8				36.0
Shares adjusted for nonvested restricted awards (millions):
Basic			37.4				36.4
Diluted			37.4				36.4

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
FOR THE 26 WEEKS ENDED JULY 3, 2011 AND JULY 4, 2010
(UNAUDITED)
(In millions of dollars except per share data)

		2011				2010				Change				% Change
Revenue from services		$	2,744.9			$	2,339.8			$	405.1				17.3	%
Cost of services			2,306.6				1,968.9				337.7				17.2
Gross profit			438.3				370.9				67.4				18.1
Selling, general and administrative expenses			415.4				362.5				52.9				14.6
Asset impairments			—				1.5				(1.5	)			(100.0	)
Earnings from operations			22.9				6.9				16.0				232.6
Other expense, net			(1.1	)			(3.2	)			2.1				66.2
Earnings from continuing operations before taxes			21.8				3.7				18.1				484.4
Income taxes			0.7				1.8				(1.1	)			(60.0	)
Earnings from continuing operations			21.1				1.9				19.2			NM
Loss from discontinued operations, net of tax			(1.2	)			—				(1.2	)		NM
Net earnings		$	19.9			$	1.9			$	18.0			NM		%
Basic earnings (loss) per share on common stock
Earnings from continuing operations		$	0.56			$	0.05			$	0.51			NM		%
Loss from discontinued operations			(0.03	)			—				(0.03	)		NM
Net earnings			0.53				0.05				0.48			NM
Diluted earnings (loss) per share on common stock
Earnings from continuing operations		$	0.56			$	0.05			$	0.51			NM		%
Loss from discontinued operations			(0.03	)			—				(0.03	)		NM
Net earnings			0.53				0.05				0.48			NM
STATISTICS:
Gross profit rate			16.0	%			15.9	%			0.1	pts.
Selling, general and administrative expenses:
% of revenue			15.1				15.5				(0.4	)
% of gross profit			94.8				97.7				(2.9	)
% Return — Earnings from operations			0.8				0.3				0.5
Earnings from continuing operations before taxes			0.8				0.2				0.6
Earnings from continuing operations			0.8				0.1				0.7
Net earnings			0.7				0.1				0.6
Effective income tax rate			3.4	%			49.3	%			(45.9	) pts.
Average number of shares outstanding (millions):
Basic			36.7				35.5
Diluted			36.7				35.5
Shares adjusted for nonvested restricted awards (millions):
Basic			37.4				35.9
Diluted			37.4				36.0

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

		Second Quarter
														Constant
														Currency
		2011				2010				Change				Change
Americas Commercial
Revenue from services (including fee-based income)		$	670.3			$	600.9				11.6	%			10.7	%
Fee-based income			2.8				2.2				29.0				26.9
Gross profit			93.7				85.7				9.4				8.7
Total SG&A expenses			70.7				67.7				4.4				3.7
Earnings from operations			23.0				18.0				28.3
Gross profit rate			14.0	%			14.3	%			(0.3	) pts.
Expense rates:
% of revenue			10.5				11.3				(0.8	)
% of gross profit			75.4				79.0				(3.6	)
Operating margin			3.4				3.0				0.4
Americas PT
Revenue from services (including fee-based income)		$	247.7			$	219.9				12.6	%			12.5	%
Fee-based income			3.7				2.2				66.8				66.5
Gross profit			36.0				34.5				4.4				4.2
Total SG&A expenses			25.6				22.7				12.7				12.6
Earnings from operations			10.4				11.8				(11.7	)
Gross profit rate			14.6	%			15.7	%			(1.1	) pts.
Expense rates:
% of revenue			10.3				10.3				—
% of gross profit			71.1				65.8				5.3
Operating margin			4.2				5.4				(1.2	)
EMEA Commercial
Revenue from services (including fee-based income)		$	258.8			$	209.8				23.4	%			6.9	%
Fee-based income			6.6				5.1				29.1				12.2
Gross profit			42.3				33.8				25.0				7.9
SG&A expenses excluding restructuring charges			36.3				30.9				17.5
Restructuring charges			(0.6	)			—			NM
Total SG&A expenses			35.7				30.9				15.6				(0.3	)
Asset impairments			—				1.5				(100.0	)
Earnings from operations			6.6				1.4				382.4
Earnings from operations excluding restructuring charges			6.0				1.4				339.1
Gross profit rate			16.3	%			16.1	%			0.2	pts.
Expense rates (excluding restructuring charges):
% of revenue			14.0				14.7				(0.7	)
% of gross profit			86.0				91.5				(5.5	)
Operating margin (excluding restructuring charges)			2.3				0.6				1.7

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT (continued)
(UNAUDITED)
(In millions of dollars)

		Second Quarter
														Constant
														Currency
		2011				2010				Change				Change
EMEA PT
Revenue from services (including fee-based income)		$	45.8			$	34.4				33.1	%			15.8	%
Fee-based income			5.3				3.9				34.2				18.0
Gross profit			12.4				9.3				32.4				15.8
Total SG&A expenses			11.0				8.8				24.9				8.3
Earnings from operations			1.4				0.5				152.7
Gross profit rate			27.0	%			27.1	%			(0.1	) pts.
Expense rates:
% of revenue			24.0				25.5				(1.5	)
% of gross profit			88.8				94.1				(5.3	)
Operating margin			3.0				1.6				1.4
APAC Commercial
Revenue from services (including fee-based income)		$	102.3			$	83.7				22.3	%			9.0	%
Fee-based income			3.7				2.7				36.9				21.8
Gross profit			14.3				11.7				22.1				7.9
Total SG&A expenses			13.9				10.7				29.4				13.8
Earnings from operations			0.4				1.0				(58.5	)
Gross profit rate			14.0	%			14.0	%			—	pts.
Expense rates:
% of revenue			13.6				12.8				0.8
% of gross profit			97.2				91.8				5.4
Operating margin			0.4				1.2				(0.8	)
APAC PT
Revenue from services (including fee-based income)		$	13.5			$	7.8				73.0	%			56.1	%
Fee-based income			4.2				2.8				51.9				38.0
Gross profit			5.6				3.5				57.2				41.7
Total SG&A expenses			6.4				3.9				64.4				47.9
Earnings from operations			(0.8	)			(0.4	)			(130.8	)
Gross profit rate			41.3	%			45.5	%			(4.2	) pts.
Expense rates:
% of revenue			47.9				50.4				(2.5	)
% of gross profit			115.9				110.8				5.1
Operating margin			(6.6	)			(4.9	)			(1.7	)

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT (continued)
(UNAUDITED)
(In millions of dollars)

		Second Quarter
														Constant
														Currency
		2011				2010				Change				Change
OCG
Revenue from services (including fee-based income)		$	74.0			$	60.4				22.5	%			20.7	%
Fee-based income			9.5				5.6				68.9				59.8
Gross profit			21.0				13.0				62.1				57.0
Total SG&A expenses			21.8				18.8				16.4				11.4
Earnings from operations			(0.8	)			(5.8	)			85.2
Gross profit rate			28.4	%			21.4	%			7.0	pts.
Expense rates:
% of revenue			29.5				31.1				(1.6	)
% of gross profit			104.1				144.9				(40.8	)
Operating margin			(1.2	)			(9.6	)			8.4
Corporate Expense
Total SG&A expenses		$	18.9			$	18.0				4.6	%
Consolidated Total (net of intersegment activity)
Revenue from services (including fee-based income)		$	1,405.8			$	1,209.4				16.2	%			11.3	%
Fee-based income			35.7				24.4				46.2				34.5
Gross profit			224.6				190.9				17.6				11.9
SG&A expenses excluding restructuring charges			203.9				180.9				12.7
Restructuring charges			(0.6	)			—			NM
Total SG&A expenses			203.3				180.9				12.4				6.8
Asset impairments			—				1.5				(100.0	)
Earnings from operations			21.3				8.5				151.8
Earnings from operations excluding restructuring charges			20.7				8.5				144.9
Gross profit rate			16.0	%			15.8	%			0.2	pts.
Expense rates (excluding restructuring charges):
% of revenue			14.5				15.0				(0.5	)
% of gross profit			90.8				94.8				(4.0	)
Operating margin (excluding restructuring charges)			1.5				0.7				0.8

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(UNAUDITED)
(In millions of dollars)

		June Year to Date
														Constant
														Currency
		2011				2010				Change				Change
Americas Commercial
Revenue from services (including fee-based income)		$	1,323.6			$	1,148.6				15.2	%			14.4	%
Fee-based income			5.6				4.3				31.5				29.7
Gross profit			186.2				164.2				13.4				12.7
SG&A expenses excluding restructuring charges			146.5				132.8				10.4
Restructuring charges			—				0.3				(100.0	)
Total SG&A expenses			146.5				133.1				10.1				9.4
Earnings from operations			39.7				31.1				27.7
Earnings from operations excluding restructuring charges			39.7				31.4				26.2
Gross profit rate			14.1	%			14.3	%			(0.2	) pts.
Expense rates (excluding restructuring charges):
% of revenue			11.1				11.6				(0.5	)
% of gross profit			78.7				80.8				(2.1	)
Operating margin (excluding restructuring charges)			3.0				2.7				0.3
Americas PT
Revenue from services (including fee-based income)		$	488.3			$	425.5				14.7	%			14.6	%
Fee-based income			6.5				4.5				43.8				43.5
Gross profit			72.1				66.0				9.2				9.1
Total SG&A expenses			53.2				45.7				16.3				16.2
Earnings from operations			18.9				20.3				(6.7	)
Gross profit rate			14.8	%			15.5	%			(0.7	) pts.
Expense rates:
% of revenue			10.9				10.8				0.1
% of gross profit			73.7				69.2				4.5
Operating margin			3.9				4.8				(0.9	)
EMEA Commercial
Revenue from services (including fee-based income)		$	490.3			$	414.7				18.3	%			8.5	%
Fee-based income			12.4				9.9				24.4				14.1
Gross profit			79.6				66.6				19.5				9.3
SG&A expenses excluding restructuring charges			71.6				63.3				13.2
Restructuring charges			3.4				2.7				26.0
Total SG&A expenses			75.0				66.0				13.7				4.2
Asset impairments			—				1.5				(100.0	)
Earnings from operations			4.6				(0.9	)		NM
Earnings from operations excluding restructuring charges			8.0				1.8				348.3
Gross profit rate			16.2	%			16.1	%			0.1	pts.
Expense rates (excluding restructuring charges):
% of revenue			14.6				15.3				(0.7	)
% of gross profit			90.0				95.0				(5.0	)
Operating margin (excluding restructuring charges)			1.6				0.4				1.2

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT (continued)
(UNAUDITED)
(In millions of dollars)

		June Year to Date
														Constant
														Currency
		2011				2010				Change				Change
EMEA PT
Revenue from services (including fee-based income)		$	87.2			$	69.3				25.8	%			16.1	%
Fee-based income			9.7				7.6				26.5				16.9
Gross profit			23.4				18.7				24.5				15.1
Total SG&A expenses			21.7				18.3				18.4				8.7
Earnings from operations			1.7				0.4				269.7
Gross profit rate			26.8	%			27.1	%			(0.3	) pts.
Expense rates:
% of revenue			24.9				26.4				(1.5	)
% of gross profit			92.8				97.6				(4.8	)
Operating margin			1.9				0.7				1.2
APAC Commercial
Revenue from services (including fee-based income)		$	202.0			$	164.6				22.7	%			11.2	%
Fee-based income			7.2				5.5				31.6				19.1
Gross profit			27.8				23.1				20.4				8.4
SG&A expenses excluding restructuring charges			27.2				20.6				32.1
Restructuring charges			—				0.5				(100.0	)
Total SG&A expenses			27.2				21.1				28.8				15.7
Earnings from operations			0.6				2.0				(70.7	)
Earnings from operations excluding restructuring charges			0.6				2.5				(77.1	)
Gross profit rate			13.8	%			14.0	%			(0.2	) pts.
Expense rates (excluding restructuring charges):
% of revenue			13.5				12.5				1.0
% of gross profit			98.0				89.3				8.7
Operating margin (excluding restructuring charges)			0.3				1.5				(1.2	)
APAC PT
Revenue from services (including fee-based income)		$	25.0			$	15.4				61.9	%			48.5	%
Fee-based income			8.0				4.7				72.9				59.0
Gross profit			10.6				6.3				67.0				52.8
Total SG&A expenses			12.1				7.7				58.8				45.1
Earnings from operations			(1.5	)			(1.4	)			(19.5	)
Gross profit rate			42.4	%			41.1	%			1.3	pts.
Expense rates:
% of revenue			48.8				49.7				(0.9	)
% of gross profit			115.0				121.0				(6.0	)
Operating margin			(6.4	)			(8.6	)			2.2

KELLY SERVICES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT (continued)
(UNAUDITED)
(In millions of dollars)

		June Year to Date
														Constant
														Currency
		2011				2010				Change				Change
OCG
Revenue from services (including fee-based income)		$	142.2			$	115.7				22.9	%			21.7	%
Fee-based income			18.2				11.7				55.2				49.3
Gross profit			39.9				27.0				48.3				45.0
SG&A expenses excluding restructuring charges			43.1				37.2				15.9
Restructuring charges			—				0.1				(100.0	)
Total SG&A expenses			43.1				37.3				15.7				12.2
Earnings from operations			(3.2	)			(10.3	)			68.9
Earnings from operations excluding restructuring charges			(3.2	)			(10.2	)			68.6
Gross profit rate			28.1	%			23.3	%			4.8	pts.
Expense rates (excluding restructuring charges):
% of revenue			30.3				32.2				(1.9	)
% of gross profit			108.1				138.3				(30.2	)
Operating margin (excluding restructuring charges)			(2.3	)			(8.9	)			6.6
Corporate Expense
SG&A expenses excluding restructuring charges		$	37.9			$	33.5				12.7	%
Restructuring charges			—				0.8				(100.0	)
Total SG&A expenses			37.9				34.3				10.2
Consolidated Total (net of intersegment activity)
Revenue from services (including fee-based income)		$	2,744.9			$	2,339.8				17.3	%			13.9	%
Fee-based income			67.5				48.1				40.3				32.2
Gross profit			438.3				370.9				18.1				14.3
SG&A expenses excluding restructuring charges			412.0				358.1				15.1
Restructuring charges			3.4				4.4				(23.6	)
Total SG&A expenses			415.4				362.5				14.6				10.7
Asset impairments			—				1.5				(100.0	)
Earnings from operations			22.9				6.9				232.6
Earnings from operations excluding restructuring charges			26.3				11.3				132.4
Gross profit rate			16.0	%			15.9	%			0.1	pts.
Expense rates (excluding restructuring charges):
% of revenue			15.0				15.3				(0.3	)
% of gross profit			94.0				96.5				(2.5	)
Operating margin (excluding restructuring charges)			1.0				0.5				0.5

KELLY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions of dollars)

						January 2,
		July 3, 2011				2011				July 4, 2010
Current Assets
Cash and equivalents		$	80.5			$	80.5			$	65.3
Trade accounts receivable, less allowances of $13.6, $12.3 and $13.0, respectively			929.8				810.9				751.8
Prepaid expenses and other current assets			74.1				44.8				60.7
Deferred taxes			20.6				22.4				21.2
Total current assets			1,105.0				958.6				899.0
Property and Equipment, Net			96.2				104.0				112.1
Noncurrent Deferred Taxes			84.1				84.0				74.2
Goodwill, Net			67.3				67.3				67.3
Other Assets			156.4				154.5				138.7
Total Assets		$	1,509.0			$	1,368.4			$	1,291.3
Current Liabilities
Short-term borrowings and current portion of long-term debt		$	89.0			$	78.8			$	68.4
Accounts payable and accrued liabilities			222.9				181.6				144.8
Accrued payroll and related taxes			278.0				243.3				228.3
Accrued insurance			31.9				31.3				23.1
Income and other taxes			70.7				56.0				47.3
Total current liabilities			692.5				591.0				511.9
Noncurrent Liabilities
Long-term debt			—				—				49.9
Accrued insurance			54.6				53.6				55.0
Accrued retirement benefits			91.0				85.4				72.4
Other long-term liabilities			13.7				14.6				15.4
Total noncurrent liabilities			159.3				153.6				192.7
Stockholders’ Equity
Common stock			40.1				40.1				40.1
Treasury stock			(68.7	)			(70.9	)			(71.3	)
Paid-in capital			28.0				28.0				26.8
Earnings invested in the business			617.5				597.6				573.4
Accumulated other comprehensive income			40.3				29.0				17.7
Total stockholders’ equity			657.2				623.8				586.7
Total Liabilities and Stockholders’ Equity		$	1,509.0			$	1,368.4			$	1,291.3
STATISTICS:
Working Capital		$	412.5			$	367.6			$	387.1
Current Ratio			1.6				1.6				1.8
Debt-to-capital %			11.9	%			11.2	%			16.8	%
Global Days Sales Outstanding			52				49				50