INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

	Year ended December 31,
(Dollars in millions)	2013			2012			2011
Domestic	$	27.1		$	(3.4	)	$	(14.9	)
Foreign	(10.6		)	10.2			20.0
Total	$	16.5		$	6.8		$	5.1

Schedule of (Benefit from) Provision for Income Taxes

The (benefit from) provision for income taxes consisted of the following:

	Year ended December 31,
(Dollars in millions)	2013			2012			2011
Federal
Current	$	(0.1	)	$	—		$	—
Deferred	5.2			(2.7		)	(4.5		)
	5.1			(2.7		)	(4.5		)
State
Current	—			—			—
Deferred	(0.1		)	1.4			(0.1		)
	(0.1		)	1.4			(0.1		)
Foreign
Current	0.3			0.5			2.6
Deferred	(2.4		)	0.6			—
	(2.1		)	1.1			2.6
Total	$	2.9		$	(0.2	)	$	(2.0	)

Reconciliation of the Statutory Federal Income Tax Rate

A reconciliation of the statutory federal income tax rate of 34% with Kennedy Wilson’s effective income tax rate is as follows:

	Year ended December 31,
(Dollars in millions)	2013			2012			2011
Tax computed at the statutory rate	$	5.6		$	2.3		$	1.7
State income taxes, net of federal benefit	—			0.2			(0.1		)
Taxing authority settlement	—			—			0.8
Foreign rate differential	2.3			(2.4		)	(4.2		)
Noncontrolling interest and other	(6.9		)	(0.9		)	(0.4		)
Other	2.0			0.2			0.2
Valuation allowance	(0.1		)	0.4			—
Provision for (benefit from) income taxes	$	2.9		$	(0.2	)	$	(2.0	)

Schedule of Deferred Tax Assets and Liabilities

Cumulative tax effects of temporary differences are shown below at December 31, 2013 and 2012:

	Year ended December 31,
(Dollars in millions)	2013		2012
Deferred tax assets:
Accrued reserves	$	0.2	$	0.2
Stock option expense	1.3		3.1
Net operating loss carryforward and credits	42.9		26.3
Total deferred tax assets	44.4		29.6
Deferred tax liabilities:
Depreciation and amortization	6.2		7.9
Prepaid expenses and other	0.4		1.5
Investment basis and reserve differences	50.3		32.4
Foreign currency translation	3.9		6.2
Capitalized interest	2.3		2.3
Valuation allowance	0.3		0.4
Marketable securities	0.4		1.2
Hedging transactions	4.7		0.4
Total deferred tax liabilities	68.5		52.3
Net deferred tax liability	$	24.1	$	22.7