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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements
The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of June 30, 2014:
 
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Total
Marketable securities
$
11.0

 
$
—

 
$
—

 
$
11.0

Unconsolidated investments
—

 
—

 
78.5

 
78.5

Currency forward contract
—

 
(1.1
)
 
—

 
(1.1
)
Total
$
11.0

 
$
(1.1
)
 
$
78.5

 
$
88.4

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2013:
 
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Total
Marketable securities
$
4.0

 
$
—

 
$
—

 
$
4.0

Unconsolidated investments
—

 
—

 
81.1

 
81.1

Currency forward contract
—

 
(9.6
)
 
—

 
(9.6
)
Total
$
4.0

 
$
(9.6
)
 
$
81.1

 
$
75.5
Schedule of Investments in Joint Ventures Held at Fair Value
The following table summarizes our investments in unconsolidated investments held at fair value by type:
(Dollars in millions)
June 30, 2014
 
December 31, 2013
Funds
$
31.0

 
$
33.5

FV Option
47.5

 
47.6

Total
$
78.5

 
$
81.1
Schedule of Changes in Level 3 Investments
The following table presents changes in Level 3 investments for the three and six months ended June 30, 2014 and 2013:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Dollars in millions)
2014
 
2013
 
2014
 
2013
Beginning balance
$
82.0

 
$
68.4

 
$
81.1

 
$
68.4

Contributions
1.0

 
5.6

 
2.4

 
5.8

Distributions
(4.5
)
 
—

 
(5.0
)
 
(0.2
)
Ending balance
$
78.5

 
$
74.0

 
$
78.5

 
$
74.0
Schedule of the Funds and Fair Value Option Investments, Significant Inputs
The table below describes the range of unobservable inputs for real estate assets:
 
Estimated Rates Used for
 
Capitalization Rates
 
Discount Rates
Office
6.00% - 7.50%
 
7.00% - 9.75%
Retail
6.00% - 10.00%
 
9.00% - 12.00%
Hotel
6.50%
 
8.00%
Multifamily
4.40% - 6.75%
 
4.90% - 9.00%
Loan
n/a
 
1.75% - 12.00%
Land and condominium units
n/a
 
8.00% - 12.00%
Schedule of Currency Forward Contracts
The table below details the currency forward contracts the Company had as of June 30, 2014:
(Dollars in millions)
 
 
 
 
 
Change in Unrealized Gains (Losses)
Currency Hedged
Underlying Currency
Notional Amount
Trade Date
Settlement Date
Exchange Rate
Fair Value
 
Three Months Ended June 30, 2014
 
Six Months Ended June 30, 2014
EUR
USD
€93.5
5/31/2012 - 6/25/2014
6/4/2015 - 6/27/2019
1.2400 - 1.4471
$
(5.3
)
 
$
(0.1
)
 
$
0.1

GBP
USD
£95.5
8/23/2013 - 2/25/2014
8/28/2014 - 2/27/2019
1.5522 - 1.6491
(6.1
)
 
(2.3
)
 
(4.1
)
EUR(1)
GBP
€130.0
6/18/2014 - 6/27/2014
6/4/2017 - 7/2/2018
0.8322 - 0.8621
(1.2
)
 
(1.2
)
 
(1.2
)
Yen(2)
USD
¥12,200.0
2/6/2013
2/8/2016
91.645 - 91.69
11.5

 
—

 
—

Total(3)
 
 
 
 
 
$
(1.1
)
 
$
(3.6
)
 
$
(5.2
)

                           
(1) Hedge is held by KWE on its wholly-owned subsidiaries
(2) Hedge is held by KWR on its wholly-owned subsidiaries
(3) Hedges are presented gross in the consolidated balance sheet. Hedge assets are included in other assets and hedge liabilities are included in other liabilities.