XML 109 R110.htm IDEA: XBRL DOCUMENT v2.4.0.8
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS (Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Condensed Financial Statements, Captions [Line Items]        
Provision for (benefit from) deferred income taxes $ 2.7 $ (0.5) $ (4.7)  
Net cash provided by operating activities 31.3 16.7 3.4  
Cash flows from investing activities:        
Additions to notes receivable (51.0) (167.9) (6.1)  
Settlements of notes receivable 39.4 7.1 3.6  
Additions to notes receivable—related party (10.7) (17.1) (35.3)  
Settlements of notes receivable—related party 6.6 9.1 4.9  
Sale of participation interests 3.8      
Sale of participation interests—related party 2.8      
Capitalized development costs (1.4) 0 0  
Non refundable escrow deposits (4.0) 0 0  
Net proceeds from sale of real estate 10.1 18.7 7.1  
Purchases of and additions to real estate (168.5) (119.0) (2.7)  
Short-term investments 10.0 (10.0)    
Investment in marketable securities (3.7) 0 (32.8)  
Proceeds from sale of marketable securities    34.1     
Investing distributions from joint ventures 81.5 38.7 23.3  
Contributions to joint ventures (322.7) (178.6) (105.4)  
Investing distributions from loan pool participation 93.9 58.1 66.4  
Contributions to loan pool participation (34.9) (72.9) (130.5)  
(Investments in) distributions from consolidated subsidiaries, net           
Net cash used in investing activities (348.8) (399.7) (207.5)  
Cash flow from financing activities:        
Borrowings under senior notes payable    160.3 249.3  
Repayment of notes payable       (24.8)  
Borrowings under lines of credit 125.0 85.8 74.0  
Repayment of lines of credit (125.0) (85.8) (101.8)  
Borrowings under mortgage loans payable 112.5 157.7 17.1  
Repayment of mortgage loans payable (1.7)    (37.6)  
Debt issue costs (2.2) (7.3) (7.7)  
Issuance of common stock 275.9 106.2 123.1  
Issuance of preferred stock     123.1  
Repurchase of common stock (3.8)    (0.5)  
Repurchase of warrants (1.4) (1.6) (6.1)  
Exercise of warrants 15.4 0 0  
Dividends paid (24.1) [1] (21.9) [1] (11.7)  
Acquisition of noncontrolling interests    (0.5)     
Contributions from noncontrolling interests 1.4 0.4 4.4  
Distributions to noncontrolling interests (0.6) (4.9) (5.1)  
Intercompany receivables, net         
Net cash provided by financing activities 371.4 388.4 272.6  
Effect of currency exchange rate changes on cash and cash equivalents 3.4 (0.4) 0.5  
Net change in cash and cash equivalents 57.3 5.0 69.0  
Cash and cash equivalents, beginning of year 120.9 115.9 46.9  
Cash and cash equivalents, end of year 178.2 120.9 115.9 46.9
Percentage ownership in guarantor subsidiaries less than 100% prior to 2011 and 2010 and 100% in 2011 and 2010     100.00% 100.00%
Parent [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Net cash provided by operating activities 0.6 (0.6)     
Cash flows from investing activities:        
Additions to notes receivable           
Settlements of notes receivable           
Additions to notes receivable—related party           
Settlements of notes receivable—related party           
Sale of participation interests 0      
Sale of participation interests—related party 0      
Capitalized development costs 0      
Non refundable escrow deposits 0      
Net proceeds from sale of real estate           
Purchases of and additions to real estate           
Short-term investments    0    
Investment in marketable securities      0  
Proceeds from sale of marketable securities         
Investing distributions from joint ventures           
Contributions to joint ventures           
Investing distributions from loan pool participation       0  
Contributions to loan pool participation           
(Investments in) distributions from consolidated subsidiaries, net (262.6) (82.1) (104.8)  
Net cash used in investing activities (262.6) (82.1) (104.8)  
Cash flow from financing activities:        
Borrowings under senior notes payable          
Repayment of notes payable         
Borrowings under lines of credit           
Repayment of lines of credit           
Borrowings under mortgage loans payable           
Repayment of mortgage loans payable          
Debt issue costs           
Issuance of common stock 275.9 106.2    
Issuance of preferred stock     123.1  
Repurchase of common stock (3.8)   (0.5)  
Repurchase of warrants (1.4) (1.6) (6.1)  
Exercise of warrants 15.4      
Dividends paid (24.1) (21.9) (11.7)  
Acquisition of noncontrolling interests   0    
Contributions from noncontrolling interests           
Distributions to noncontrolling interests           
Intercompany receivables, net         
Net cash provided by financing activities 262.0 82.7 104.8  
Effect of currency exchange rate changes on cash and cash equivalents           
Net change in cash and cash equivalents           
Cash and cash equivalents, beginning of year           
Cash and cash equivalents, end of year           
Kennedy-Wilson, Inc. [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Net cash provided by operating activities (67.0) (59.1) (32.0)  
Cash flows from investing activities:        
Additions to notes receivable (31.4)        
Settlements of notes receivable 1.2 0.2     
Additions to notes receivable—related party (8.2) (17.1) (35.3)  
Settlements of notes receivable—related party 6.6 9.1 4.9  
Sale of participation interests 0      
Sale of participation interests—related party 0      
Capitalized development costs (1.4)      
Non refundable escrow deposits (4.0)      
Net proceeds from sale of real estate    18.7     
Purchases of and additions to real estate           
Short-term investments 10.0 (10.0)    
Investment in marketable securities      (32.8)  
Proceeds from sale of marketable securities   34.1    
Investing distributions from joint ventures 0.4        
Contributions to joint ventures (2.3) (1.2) (2.0)  
Investing distributions from loan pool participation       0  
Contributions to loan pool participation           
(Investments in) distributions from consolidated subsidiaries, net 104.4 (116.0) (44.0)  
Net cash used in investing activities 75.3 (82.2) (109.2)  
Cash flow from financing activities:        
Borrowings under senior notes payable   160.3 249.3  
Repayment of notes payable     (20.5)  
Borrowings under lines of credit 125.0 85.8 74.0  
Repayment of lines of credit (125.0) (85.8) (101.8)  
Borrowings under mortgage loans payable           
Repayment of mortgage loans payable          
Debt issue costs (1.3) (7.3) (7.2)  
Issuance of common stock          
Issuance of preferred stock         
Repurchase of common stock          
Repurchase of warrants           
Exercise of warrants 0      
Dividends paid           
Acquisition of noncontrolling interests   0    
Contributions from noncontrolling interests           
Distributions to noncontrolling interests           
Intercompany receivables, net (23.5)      
Net cash provided by financing activities (24.8) 110.1 193.8  
Effect of currency exchange rate changes on cash and cash equivalents 0.2 (0.1) 0.4  
Net change in cash and cash equivalents (16.3) (31.3) 53.0  
Cash and cash equivalents, beginning of year 64.5 95.8 42.8  
Cash and cash equivalents, end of year 48.2 64.5 95.8  
Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Net cash provided by operating activities 47.6 82.2 11.1 [2]  
Cash flows from investing activities:        
Additions to notes receivable (19.6) (167.9) (6.1) [2]  
Settlements of notes receivable 38.1 6.8 3.6 [2]  
Additions to notes receivable—related party (2.5)       [2]  
Settlements of notes receivable—related party          [2]  
Sale of participation interests 3.8      
Sale of participation interests—related party 2.8      
Capitalized development costs 0      
Non refundable escrow deposits 0      
Net proceeds from sale of real estate 9.8    7.1 [2]  
Purchases of and additions to real estate (62.4) (33.8) (2.6) [2]  
Short-term investments    0    
Investment in marketable securities (3.7)      
Proceeds from sale of marketable securities         
Investing distributions from joint ventures 73.9 38.0 17.9 [2]  
Contributions to joint ventures (195.3) (177.3) (100.8) [2]  
Investing distributions from loan pool participation 93.9 58.1 66.4  
Contributions to loan pool participation (34.9) (72.9) (130.5) [2]  
(Investments in) distributions from consolidated subsidiaries, net 43.8 194.6 146.8 [2]  
Net cash used in investing activities (52.3) (154.4) 1.8 [2]  
Cash flow from financing activities:        
Borrowings under senior notes payable         [2]  
Repayment of notes payable        [2]  
Borrowings under lines of credit          [2]  
Repayment of lines of credit          [2]  
Borrowings under mortgage loans payable 41.1 108.2 5.0 [2]  
Repayment of mortgage loans payable      (15.6) [2]  
Debt issue costs (0.3)       [2]  
Issuance of common stock          
Issuance of preferred stock        [2]  
Repurchase of common stock         [2]  
Repurchase of warrants          [2]  
Exercise of warrants 0      
Dividends paid          [2]  
Acquisition of noncontrolling interests   0    
Contributions from noncontrolling interests       1.6 [2]  
Distributions to noncontrolling interests       (4.8) [2]  
Intercompany receivables, net         
Net cash provided by financing activities 40.8 108.2 (13.8) [2]  
Effect of currency exchange rate changes on cash and cash equivalents 2.6    0.1 [2]  
Net change in cash and cash equivalents 38.7 36.0 (0.8) [2]  
Cash and cash equivalents, beginning of year 38.5 2.5 [2] 3.3 [2]  
Cash and cash equivalents, end of year 77.2 38.5 2.5 [2]  
Non-Guarantor Subsidiaries [Member]
       
Condensed Financial Statements, Captions [Line Items]        
Net cash provided by operating activities 50.1 (5.8) 24.3  
Cash flows from investing activities:        
Additions to notes receivable           
Settlements of notes receivable 0.1 0.1     
Additions to notes receivable—related party           
Settlements of notes receivable—related party           
Sale of participation interests 0      
Sale of participation interests—related party 0      
Capitalized development costs 0      
Non refundable escrow deposits 0      
Net proceeds from sale of real estate 0.3        
Purchases of and additions to real estate (106.1) (85.2) (0.1)  
Short-term investments    0    
Investment in marketable securities         
Proceeds from sale of marketable securities         
Investing distributions from joint ventures 7.2 0.7 5.4  
Contributions to joint ventures (125.1) (0.1) (2.6)  
Investing distributions from loan pool participation          
Contributions to loan pool participation           
(Investments in) distributions from consolidated subsidiaries, net 114.4 3.5 2.0  
Net cash used in investing activities (109.2) (81.0) 4.7  
Cash flow from financing activities:        
Borrowings under senior notes payable          
Repayment of notes payable     (4.3)  
Borrowings under lines of credit           
Repayment of lines of credit           
Borrowings under mortgage loans payable 71.4 49.5 12.1  
Repayment of mortgage loans payable (1.7)   (22.0)  
Debt issue costs (0.6)    (0.5)  
Issuance of common stock          
Issuance of preferred stock         
Repurchase of common stock          
Repurchase of warrants           
Exercise of warrants 0      
Dividends paid           
Acquisition of noncontrolling interests   (0.5)    
Contributions from noncontrolling interests 1.4 0.4 2.8  
Distributions to noncontrolling interests (0.6) (4.9) (0.3)  
Intercompany receivables, net 23.5      
Net cash provided by financing activities 93.4 87.4 (12.2)  
Effect of currency exchange rate changes on cash and cash equivalents 0.6 (0.3)     
Net change in cash and cash equivalents 34.9 0.3 16.8  
Cash and cash equivalents, beginning of year 17.9 17.6 0.8  
Cash and cash equivalents, end of year $ 52.8 $ 17.9 $ 17.6  
[1] The difference between declared and paid is the amount accrued on the consolidated balance sheets.
[2] Included in the guarantor subsidiaries column above are data for certain subsidiaries that were less than 100% owned for the year ended December 31, 2011 by Kennedy-Wilson at the time the notes were originally issued. Such guarantor subsidiaries were restructured prior to registering the notes such that Kennedy-Wilson now owns 100% of all the guarantor subsidiaries. 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 such guarantor subsidiaries.