Guarantor and Non-Guarantor Financial Statements | 3 Months Ended |
Mar. 31, 2014 |
Guarantor and Nonguarantor Financial Statements [Abstract] | ' |
GUARANTOR AND NON-GARANTOR FINANCIAL STATEMENTS | ' |
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS |
The following consolidating financial information and condensed consolidating financial information include: |
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(1) Condensed consolidating balance sheets as of March 31, 2014 and December 31, 2013; consolidating statements of operations for the three months ended March 31, 2014 and 2013; consolidating statements of comprehensive income for the three months ended March 31, 2014 and 2013; and condensed consolidating statements of cash flows for the three months ended March 31, 2014 and 2013, of (a) Kennedy-Wilson Holdings, Inc., as the parent, (b) Kennedy-Wilson, Inc., as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) Kennedy-Wilson Holdings, Inc. on a consolidated basis; and |
(2) Elimination entries necessary to consolidate Kennedy-Wilson Holdings, Inc., as the parent, with Kennedy-Wilson, Inc. and its guarantor and non-guarantor subsidiaries. |
Kennedy Wilson owns 100% of all of the guarantor subsidiaries, and, as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of and for the three months ended March 31, 2014 or 2013. |
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF MARCH 31, 2014 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Assets | | | | | | | | | | | | |
Cash held by consolidated investments | | $ | — | | | $ | — | | | $ | — | | | $ | 1,298.70 | | | $ | — | | | $ | 1,298.70 | |
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Cash and cash equivalents | | — | | | 248.3 | | | 21.6 | | | 4.5 | | | — | | | 274.4 | |
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Accounts receivable | | — | | | — | | | 18.6 | | | 9.6 | | | — | | | 28.2 | |
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Loans | | — | | | 57.1 | | | 182 | | | 19.8 | | | (56.7 | ) | | 202.2 | |
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Real estate and acquired in place lease values, net of accumulated depreciation and amortization | | — | | | — | | | 198.6 | | | 1,680.30 | | | — | | | 1,878.90 | |
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Unconsolidated investments | | — | | | 9.6 | | | 425.7 | | | 184.4 | | | — | | | 619.7 | |
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Other assets | | — | | | 22.7 | | | 38.9 | | | 43.5 | | | — | | | 105.1 | |
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Investments in and advances to consolidated subsidiaries | | 959.7 | | | 1,405.10 | | | 727.3 | | | (1.9 | ) | | (3,090.2 | ) | | — | |
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Total assets | | $ | 959.7 | | | $ | 1,742.80 | | | $ | 1,612.70 | | | $ | 3,238.90 | | | $ | (3,146.9 | ) | | $ | 4,407.20 | |
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| | | | | | | | | | | | |
Liabilities and equity | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 9 | | | $ | 37 | | | $ | 29.7 | | | $ | 79 | | | $ | — | | | $ | 154.7 | |
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Senior notes payable | | — | | | 706.1 | | | — | | | 56.7 | | | (56.7 | ) | | 706.1 | |
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Investment debt | | — | | | — | | | 175 | | | 707.2 | | | — | | | 882.2 | |
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Junior subordinated debentures | | — | | | 40 | | | — | | | — | | | — | | | 40 | |
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Total liabilities | | 9 | | | 783.1 | | | 204.7 | | | 842.9 | | | (56.7 | ) | | 1,783.00 | |
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Equity | | | | | | | | | | | | |
Kennedy-Wilson Holdings, Inc. shareholders' equity | | 950.7 | | | 959.7 | | | 1,405.10 | | | 727.3 | | | (3,090.2 | ) | | 952.6 | |
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Noncontrolling interests | | — | | | — | | | 2.9 | | | 1,668.70 | | | — | | | 1,671.60 | |
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Total equity | | 950.7 | | | 959.7 | | | 1,408.00 | | | 2,396.00 | | | (3,090.2 | ) | | 2,624.20 | |
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Total liabilities and equity | | $ | 959.7 | | | $ | 1,742.80 | | | $ | 1,612.70 | | | $ | 3,238.90 | | | $ | (3,146.9 | ) | | $ | 4,407.20 | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF DECEMBER 31, 2013 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 48.2 | | | $ | 77.2 | | | $ | 44.8 | | | $ | — | | | $ | 170.2 | |
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Cash held by consolidated investments | | — | | | — | | | — | | | 8 | | | — | | | 8 | |
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Accounts receivable | | — | | | 1.1 | | | 7 | | | 8.5 | | | — | | | 16.6 | |
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Intercompany receivables | | — | | | 9 | | | — | | | — | | | (9.0 | ) | | — | |
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Loans receivable | | — | | | 59.7 | | | 53.7 | | | 0.8 | | | (57.4 | ) | | 56.8 | |
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Real estate and acquired in place lease values, net of accumulated depreciation | | — | | | — | | | 145.3 | | | 542.8 | | | — | | | 688.1 | |
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Unconsolidated investments | | — | | | 7.5 | | | 598 | | | 180.6 | | | — | | | 786.1 | |
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Investments in and advances to consolidated subsidiaries | | 775.1 | | | 1,141.90 | | | 326.6 | | | — | | | (2,243.6 | ) | | — | |
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Other assets | | — | | | 20.9 | | | 31.4 | | | 20.7 | | | — | | | 73 | |
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Total assets | | $ | 775.1 | | | $ | 1,288.30 | | | $ | 1,239.20 | | | $ | 806.2 | | | $ | (2,310.0 | ) | | $ | 1,798.80 | |
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| | | | | | | | | | | | |
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Liabilities | | | | | | | | | | | | |
Accounts payable, accrued expense and other liabilities | | $ | 6.8 | | | $ | 64.2 | | | $ | 22.9 | | | $ | 35.2 | | | $ | — | | | 129.1 | |
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Intercompany payables | | — | | | — | | | — | | | 9 | | | (9.0 | ) | | — | |
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Senior notes payable | | — | | | 409 | | | — | | | — | | | — | | | 409 | |
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Intercompany loans payable | | — | | | — | | | — | | | 57.4 | | | (57.4 | ) | | — | |
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Investment debt | | — | | | — | | | 74.4 | | | 327.4 | | | — | | | 401.8 | |
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Junior subordinated debentures | | — | | | 40 | | | — | | | — | | | — | | | 40 | |
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Total liabilities | | 6.8 | | | 513.2 | | | 97.3 | | | 429 | | | (66.4 | ) | | 979.9 | |
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Equity | | | | | | | | | | | | |
Kennedy-Wilson Holdings, Inc. shareholders' equity | | 768.3 | | | 775.1 | | | 1,141.90 | | | 326.6 | | | (2,243.6 | ) | | 768.3 | |
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Noncontrolling interests | | — | | | — | | | — | | | 50.6 | | | — | | | 50.6 | |
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Total equity | | 768.3 | | | 775.1 | | | 1,141.90 | | | 377.2 | | | (2,243.6 | ) | | 818.9 | |
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Total liabilities and equity | | $ | 775.1 | | | $ | 1,288.30 | | | $ | 1,239.20 | | | $ | 806.2 | | | $ | (2,310.0 | ) | | $ | 1,798.80 | |
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CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE THREE MONTHS ENDED MARCH 31, 2014 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Revenue | | | | | | | | | | | | |
Investment management, property services and research fees | | $ | — | | | $ | 0.1 | | | $ | 13.1 | | | $ | — | | | $ | — | | | $ | 13.2 | |
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Rental and hotel | | — | | | — | | | 3.4 | | | 21.9 | | | — | | | 25.3 | |
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Sale of real estate | | — | | | — | | | 0.7 | | | 10.6 | | | — | | | 11.3 | |
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Loans and other | | — | | | 0.1 | | | 0.5 | | | 1.1 | | | — | | | 1.7 | |
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Total revenue | | — | | | 0.2 | | | 17.7 | | | 33.6 | | | — | | | 51.5 | |
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Operating expenses | | | | | | | | | | | | |
Commission and marketing | | — | | | — | | | 0.8 | | | 0.2 | | | — | | | 1 | |
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Rental and hotel operating | | — | | | — | | | 1.5 | | | 12.6 | | | — | | | 14.1 | |
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Cost of real estate sold | | — | | | — | | | 0.7 | | | 9 | | | — | | | 9.7 | |
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Compensation and related | | 1.7 | | | 9.9 | | | 7.5 | | | 1.4 | | | — | | | 20.5 | |
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General and administrative | | — | | | 2.9 | | | 4.2 | | | 1.1 | | | — | | | 8.2 | |
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Depreciation and amortization | | — | | | 0.3 | | | 2.2 | | | 4.8 | | | — | | | 7.3 | |
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Total operating expenses | | 1.7 | | | 13.1 | | | 16.9 | | | 29.1 | | | — | | | 60.8 | |
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Income from unconsolidated subsidiaries | | — | | | — | | | 1.7 | | | 1.1 | | | — | | | 2.8 | |
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Income from consolidated subsidiaries | | 51.6 | | | 81.9 | | | 77 | | | — | | | (210.5 | ) | | — | |
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Operating income (loss) | | 49.9 | | | 69 | | | 79.5 | | | 5.6 | | | (210.5 | ) | | (6.5 | ) |
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Non-operating income (expense) | | | | | | | | | | | | |
Acquisition-related gains | | — | | | — | | | 3.7 | | | 80.5 | | | — | | | 84.2 | |
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Acquisition-related expenses | | — | | | — | | | (0.5 | ) | | (3.5 | ) | | — | | | (4.0 | ) |
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Interest expense-investment | | — | | | — | | | — | | | (5.3 | ) | | — | | | (5.3 | ) |
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Interest expense-corporate | | — | | | (10.5 | ) | | — | | | — | | | — | | | (10.5 | ) |
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Other income / (expense) | | — | | | 2 | | | (1.2 | ) | | — | | | — | | | 0.8 | |
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Income (loss) before benefit from income taxes | | 49.9 | | | 60.5 | | | 81.5 | | | 77.3 | | | (210.5 | ) | | 58.7 | |
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(Provision for) benefit from income taxes | | — | | | (8.8 | ) | | — | | | — | | | — | | | (8.8 | ) |
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Net income (loss) | | 49.9 | | | 51.7 | | | 81.5 | | | 77.3 | | | (210.5 | ) | | 49.9 | |
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Net (income) loss attributable to the noncontrolling interests | | — | | | — | | | — | | | (37.4 | ) | | — | | | (37.4 | ) |
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Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. | | 49.9 | | | 51.7 | | | 81.5 | | | 39.9 | | | (210.5 | ) | | 12.5 | |
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Preferred dividends and accretion of preferred stock issuance costs | | (2.0 | ) | | — | | | — | | | — | | | — | | | (2.0 | ) |
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Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | | $ | 47.9 | | | $ | 51.7 | | | $ | 81.5 | | | $ | 39.9 | | | $ | (210.5 | ) | | $ | 10.5 | |
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CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE THREE MONTHS ENDED MARCH 31, 2013 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Revenue | | | | | | | | | | | | |
Investment management, property services, and research fees | | $ | — | | | $ | — | | | $ | 7 | | | $ | 6.6 | | | $ | — | | | $ | 13.6 | |
|
Rental and hotel | | — | | | — | | | 1.7 | | | 4.7 | | | — | | | 6.4 | |
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Sale of real estate | | — | | | — | | | 2.4 | | | — | | | — | | | 2.4 | |
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Loans and other | | — | | | — | | | 0.4 | | | — | | | — | | | 0.4 | |
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Total revenue | | — | | | — | | | 11.5 | | | 11.3 | | | — | | | 22.8 | |
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Operating expenses | | | | | | | | | | | | |
Commission and marketing | | — | | | 0.1 | | | 0.4 | | | — | | | — | | | 0.5 | |
|
Rental and hotel operating | | — | | | — | | | 0.9 | | | 2.2 | | | — | | | 3.1 | |
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Cost of real estate sold | | — | | | — | | | 1.9 | | | — | | | — | | | 1.9 | |
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Compensation and related | | 1.8 | | | 4.9 | | | 3.6 | | | 3.3 | | | — | | | 13.6 | |
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General and administrative | | — | | | 2.2 | | | 1.3 | | | 1.9 | | | — | | | 5.4 | |
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Depreciation and amortization | | — | | | 0.1 | | | 1.2 | | | 1.8 | | | — | | | 3.1 | |
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Total operating expenses | | 1.8 | | | 7.3 | | | 9.3 | | | 9.2 | | | — | | | 27.6 | |
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Income from unconsolidated investments, net of depreciation and amortization | | — | | | — | | | 3.5 | | | (1.3 | ) | | — | | | 2.2 | |
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Income from consolidated subsidiaries | | (0.8 | ) | | 14.4 | | | 8.8 | | | — | | | (22.4 | ) | | — | |
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Operating income (expense) | | (2.6 | ) | | 7.1 | | | 14.5 | | | 0.8 | | | (22.4 | ) | | (2.6 | ) |
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Non-operating income (expense) | | | | | | | | | | | | |
Acquisition-related gains | | — | | | — | | | — | | | 9.5 | | | — | | | 9.5 | |
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Interest expense-investment | | — | | | — | | | (0.1 | ) | | (1.6 | ) | | — | | | (1.7 | ) |
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Interest expense-corporate | | — | | | (9.7 | ) | | — | | | — | | | — | | | (9.7 | ) |
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Other income | | — | | | — | | | 0.2 | | | — | | | — | | | 0.2 | |
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(Loss) income before benefit from income taxes | | (2.6 | ) | | (2.6 | ) | | 14.6 | | | 8.7 | | | (22.4 | ) | | (4.3 | ) |
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Benefit from (provision for) income taxes | | — | | | 1.7 | | | — | | | — | | | — | | | 1.7 | |
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Net (loss) income | | (2.6 | ) | | (0.9 | ) | | 14.6 | | | 8.7 | | | (22.4 | ) | | (2.6 | ) |
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Net income attributable to the noncontrolling interests | | — | | | — | | | — | | | 1 | | | — | | | 1 | |
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Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. | | (2.6 | ) | | (0.9 | ) | | 14.6 | | | 9.7 | | | (22.4 | ) | | (1.6 | ) |
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Preferred dividends and accretion of preferred stock issuance costs | | (2.0 | ) | | — | | | — | | | — | | | — | | | (2.0 | ) |
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Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | | $ | (4.6 | ) | | $ | (0.9 | ) | | $ | 14.6 | | | $ | 9.7 | | | $ | (22.4 | ) | | $ | (3.6 | ) |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THREE MONTHS ENDED MARCH 31, 2014 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Net (loss) income | | $ | 49.9 | | | $ | 51.7 | | | $ | 81.5 | | | $ | 77.3 | | | $ | (210.5 | ) | | $ | 49.9 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | | | |
Unrealized foreign currency translation (loss) gain | | (1.2 | ) | | (1.2 | ) | | (5.1 | ) | | (0.9 | ) | | 7.2 | | | (1.2 | ) |
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Amounts reclassified out of AOCI during the period | | 1.2 | | | 1.2 | | | — | | | 1.2 | | | (2.4 | ) | | 1.2 | |
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Unrealized forward contract foreign currency (loss) gain | | (1.5 | ) | | (1.5 | ) | | 2.4 | | | — | | | (0.9 | ) | | (1.5 | ) |
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Total other comprehensive (loss) income for the period | | $ | (1.5 | ) | | $ | (1.5 | ) | | $ | (2.7 | ) | | $ | 0.3 | | | $ | 3.9 | | | $ | (1.5 | ) |
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Comprehensive income | | $ | 48.4 | | | $ | 50.2 | | | $ | 78.8 | | | $ | 77.6 | | | $ | (206.6 | ) | | $ | 48.4 | |
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Comprehensive (income) loss attributable to noncontrolling interests | | — | | | — | | | — | | | (37.4 | ) | | — | | | (37.4 | ) |
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Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. | | $ | 48.4 | | | $ | 50.2 | | | $ | 78.8 | | | $ | 40.2 | | | $ | (206.6 | ) | | $ | 11 | |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THREE MONTHS ENDED MARCH 31, 2013 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Net (loss) income | | $ | (2.6 | ) | | $ | (0.9 | ) | | $ | 14.6 | | | $ | 8.7 | | | $ | (22.4 | ) | | $ | (2.6 | ) |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | | | |
Unrealized foreign currency translation gains | | (14.4 | ) | | (14.4 | ) | | (12.9 | ) | | (2.0 | ) | | 29.3 | | | (14.4 | ) |
|
Unrealized forward contract foreign currency loss | | 3.6 | | | 3.6 | | | 3.2 | | | — | | | (6.8 | ) | | 3.6 | |
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Total other comprehensive income for the period | | $ | (10.8 | ) | | $ | (10.8 | ) | | $ | (9.7 | ) | | $ | (2.0 | ) | | $ | 22.5 | | | $ | (10.8 | ) |
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| | | | | | | | | | | | |
Comprehensive (loss) income | | $ | (13.4 | ) | | $ | (11.7 | ) | | $ | 4.9 | | | $ | 6.7 | | | $ | 0.1 | | | $ | (13.4 | ) |
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Comprehensive income attributable to noncontrolling interests | | — | | | — | | | — | | | 1 | | | — | | | 1 | |
|
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc. | | $ | (13.4 | ) | | $ | (11.7 | ) | | $ | 4.9 | | | $ | 7.7 | | | $ | 0.1 | | | $ | (12.4 | ) |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | | | | |
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Consolidated Total | | | | |
Net cash provided by (used in) operating activities | | $ | (0.3 | ) | | $ | (51.2 | ) | | $ | (5.8 | ) | | $ | 20.4 | | | $ | (36.9 | ) | | | | |
| | | |
Cash flows from investing activities: | | | | | | | | | | | | | | |
Additions to loans | | — | | | — | | | (5.7 | ) | | (152.9 | ) | | (158.6 | ) | | | | |
| | | |
Collections of loans | | — | | | 0.1 | | | 0.1 | | | — | | | 0.2 | | | | | |
| | | |
Net proceeds from sale of real estate | | — | | | — | | | — | | | 10 | | | 10 | | | | | |
| | | |
Purchases of and additions to real estate | | — | | | — | | | (13.4 | ) | | (354.3 | ) | | (367.7 | ) | | | | |
| | | |
Distributions from unconsolidated investments | | — | | | — | | | 5.6 | | | 5.4 | | | 11 | | | | | |
| | | |
Contributions to unconsolidated investments | | — | | | (2.0 | ) | | (6.8 | ) | | (58.3 | ) | | (67.1 | ) | | | | |
| | | |
Investment in marketable securities | | — | | | — | | | (4.5 | ) | | — | | | (4.5 | ) | | | | |
| | | |
(Investments in) distributions from consolidated subsidiaries, net | | (180.2 | ) | | (37.8 | ) | | (42.9 | ) | | 260.9 | | | — | | | | | |
| | | |
Net cash (used in) provided by investing activities | | (180.2 | ) | | (39.7 | ) | | (67.6 | ) | | (289.2 | ) | | (576.7 | ) | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | |
Borrowings under line of credit | | — | | | 90 | | | — | | | — | | | 90 | | | | | |
| | | |
Repayment of line of credit | | — | | | (90.0 | ) | | — | | | — | | | (90.0 | ) | | | | |
| | | |
Borrowings under mortgage loans payable | | — | | | — | | | 18 | | | 177.8 | | | 195.8 | | | | | |
| | | |
Borrowings under senior notes payable | | — | | | 297.2 | | | — | | | — | | | 297.2 | | | | | |
| | | |
Debt issue costs | | — | | | (6.2 | ) | | (0.2 | ) | | (3.2 | ) | | (9.6 | ) | | | | |
| | | |
Repayment of mortgage loans payable | | — | | | — | | | — | | | (5.5 | ) | | (5.5 | ) | | | | |
| | | |
Issuance of common stock | | 190.8 | | | — | | | — | | | — | | | 190.8 | | | | | |
| | | |
Dividends paid | | (7.8 | ) | | — | | | — | | | — | | | (7.8 | ) | | | | |
| | | |
Repurchase of common stock | | (2.5 | ) | | — | | | — | | | — | | | (2.5 | ) | | | | |
| | | |
Proceeds from issuance of KWE shares | | — | | | — | | | — | | | 1,350.70 | | | 1,350.70 | | | | | |
| | | |
Contributions from noncontrolling interests | | — | | | — | | | — | | | 2.9 | | | 2.9 | | | | | |
| | | |
Distributions to noncontrolling interests | | — | | | — | | | — | | | (2.8 | ) | | (2.8 | ) | | | | |
| | | |
Net cash provided by (used in) financing activities | | 180.5 | | | 291 | | | 17.8 | | | 1,519.90 | | | 2,009.20 | | | | | |
| | | |
Effect of currency exchange rate changes on cash and cash equivalents | | — | | | — | | | — | | | (0.7 | ) | | (0.7 | ) | | | | |
| | | |
Net change in cash and cash equivalents | | — | | | 200.1 | | | (55.6 | ) | | 1,250.40 | | | 1,394.90 | | | | | |
| | | |
Cash and cash equivalents, beginning of year | | — | | | 48.2 | | | 77.2 | | | 52.8 | | | 178.2 | | | | | |
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Cash and cash equivalents, end of period | | $ | — | | | $ | 248.3 | | | $ | 21.6 | | | $ | 1,303.20 | | | $ | 1,573.10 | | | | | |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | | | | |
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | | | | |
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(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Consolidated Total | | | | |
Net cash (used in) provided by operating activities | | $ | 0.1 | | | $ | (39.7 | ) | | $ | 8.3 | | | $ | 3.7 | | | $ | (27.6 | ) | | | | |
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Cash flows from investing activities: | | | | | | | | | | | | | | |
Additions to loans | | — | | | — | | | (8.2 | ) | | — | | | (8.2 | ) | | | | |
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Proceeds from sale of interest in a entity | | — | | | — | | | 26.7 | | | — | | | 26.7 | | | | | |
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Net proceeds from sale of real estate | | — | | | — | | | 3.4 | | | — | | | 3.4 | | | | | |
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Purchases of and additions to real estate | | — | | | — | | | (0.8 | ) | | (14.8 | ) | | (15.6 | ) | | | | |
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Distributions from unconsolidated investments | | — | | | — | | | 28.8 | | | — | | | 28.8 | | | | | |
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Contributions to unconsolidated investments | | — | | | (2.3 | ) | | (29.2 | ) | | (20.6 | ) | | (52.1 | ) | | | | |
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(Investment in) distributions from consolidated subsidiaries, net | | 0.3 | | | 13.7 | | | (43.9 | ) | | 29.9 | | | — | | | | | |
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Net cash (used in) provided by investing activities | | 0.3 | | | 11.4 | | | (23.2 | ) | | (5.5 | ) | | (17.0 | ) | | | | |
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Cash flows from financing activities: | | | | | | | | | | | | | | |
Borrowings under line of credit | | — | | | 35 | | | — | | | — | | | 35 | | | | | |
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Repayment of lines of credit | | — | | | (35.0 | ) | | — | | | — | | | (35.0 | ) | | | | |
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Debt issue costs | | — | | | (0.4 | ) | | — | | | — | | | (0.4 | ) | | | | |
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Repayment of investment debt | | — | | | — | | | — | | | (0.1 | ) | | (0.1 | ) | | | | |
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Issuance of common stock | | 133.8 | | | — | | | — | | | — | | | 133.8 | | | | | |
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Dividends paid | | (7.1 | ) | | — | | | — | | | — | | | (7.1 | ) | | | | |
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Intercompany receivables, net | | — | | | (2.7 | ) | | — | | | 2.7 | | | — | | | | | |
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Net cash provided by (used in) financing activities | | 126.7 | | | (3.1 | ) | | — | | | 2.6 | | | 126.2 | | | | | |
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Effect of currency exchange rate changes on cash and cash equivalents | | — | | | (2.4 | ) | | (0.5 | ) | | (1.2 | ) | | (4.1 | ) | | | | |
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Net change in cash and cash equivalents | | 127.1 | | | (33.8 | ) | | (15.4 | ) | | (0.4 | ) | | 77.5 | | | | | |
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Cash and cash equivalents, beginning of period | | — | | | 64.5 | | | 38.5 | | | 17.9 | | | 120.9 | | | | | |
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Cash and cash equivalents, end of period | | $ | 127.1 | | | $ | 30.7 | | | $ | 23.1 | | | $ | 17.5 | | | $ | 198.4 | | | | | |
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