GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2019

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 includes:

(1) Condensed consolidating balance sheets as of December 31, 2019 and 2018, respectively; consolidating statements of income and comprehensive (loss) income for the years ended December 31, 2019, 2018 and 2017, respectively; and condensed consolidating statements of cash flows for the years ended December 31, 2019, 2018 and 2017, respectively, of (a) Kennedy-Wilson Holdings, Inc. on an unconsolidated basis as the parent (and guarantor), (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 guarantor, 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 December 31, 2019 or 2018 and for the years ended December 31, 2019, 2018 or 2017.

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2019 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination			Consolidated Total
Assets
Cash and cash equivalents	$	30.8	$	6.4	$	102.7	$	434.0	$	—		$	573.9
Accounts receivable	—		—		13.9		38.2		—			52.1
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	—		—		2,052.3		3,027.9		—			5,080.2
Unconsolidated investments	—		18.2		526.0		790.4		—			1,334.6
Investments in and advances to consolidated subsidiaries	1,682.3		3,037.5		1,660.5		—		(6,380.3		)	—
Other assets	—		—		61.1		202.6		—			263.7
Total assets	$	1,713.1	$	3,062.1	$	4,416.5	$	4,493.1	$	(6,380.3	)	$	7,304.5
Liabilities
Accounts Payable	—		0.9		3.4		16.1		—			20.4
Accrued expenses and other liabilities	34.4		247.2		59.7		176.7		—			518.0
Mortgage debt	—		—		1,315.9		1,325.1		—			2,641.0
KW unsecured debt	—		1,131.7		—		—		—			1,131.7
KWE unsecured bonds	—		—		—		1,274.2		—			1,274.2
Total liabilities	34.4		1,379.8		1,379.0		2,792.1		—			5,585.3
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,678.7		1,682.3		3,037.5		1,660.5		(6,380.3		)	1,678.7
Noncontrolling interests	—		—		—		40.5					40.5
Total equity	1,678.7		1,682.3		3,037.5		1,701.0		(6,380.3		)	1,719.2
Total liabilities and equity	$	1,713.1	$	3,062.1	$	4,416.5	$	4,493.1	$	(6,380.3	)	$	7,304.5

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination			Consolidated Total
Assets
Cash and cash equivalents	$	—	$	1.9	$	101.9	$	384.2	$	—		$	488.0
Accounts receivable	—		0.8		4.4		51.4		—			56.6
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	—		—		1,870.6		3,831.9		—			5,702.5
Unconsolidated investments	—		19.2		433.4		407.3		—			859.9
Investments in and advances to consolidated subsidiaries	1,276.9		2,652.7		1,458.3		—		(5,387.9		)	—
Other assets	—		0.9		68.6		205.3		—			274.8
Total assets	$	1,276.9	$	2,675.5	$	3,937.2	$	4,880.1	$	(5,387.9	)	$	7,381.8
Liabilities
Accounts Payable	$	—	$	0.7	$	1.9	$	21.5	$	—		$	24.1
Accrued expenses and other liabilities	30.2		195.9		70.0		217.6		—			513.7
Mortgage debt	—		—		1,212.6		1,737.7		—			2,950.3
KW unsecured debt	—		1,202.0		—		—		—			1,202.0
KWE unsecured bonds	—		—		—		1,260.5		—			1,260.5
Total liabilities	30.2		1,398.6		1,284.5		3,237.3		—			5,950.6
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,246.7		1,276.9		2,652.7		1,458.3		(5,387.9		)	1,246.7
Noncontrolling interests	—		—		—		184.5		—			184.5
Total equity	1,246.7		1,276.9		2,652.7		1,642.8		(5,387.9		)	1,431.2
Total liabilities and equity	$	1,276.9	$	2,675.5	$	3,937.2	$	4,880.1	$	(5,387.9	)	$	7,381.8

CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2019 (Dollars in millions)
	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Revenue
Rental	$	—		$	—		$	173.6		$	273.8		$	—		$	447.4
Hotel	—			—			—			80.5			—			80.5
Sale of real estate	—			—			—			1.1			—			1.1
Investment management, property services, and research fees	—			0.8			36.6			3.3			—			40.7
Total revenue	—			0.8			210.2			358.7			—			569.7
Expenses
Rental	—			—			64.3			88.6			—			152.9
Hotel	—			—			—			60.1			—			60.1
Cost of real estate sold	—			—			—			1.2			—			1.2
Commission and marketing	—			—			3.8			—			—			3.8
Compensation and related (includes $30.2, $37.1, and $38.4 of share-based compensation)	31.8			75.0			39.2			5.8			—			151.8
General and administrative	—			19.8			15.9			6.7			—			42.4
Depreciation and amortization	—			1.1			62.5			124.0			—			187.6
Total expenses	31.8			95.9			185.7			286.4			—			599.8
Income from unconsolidated investments, net of depreciation and amortization	—			0.1			83.3			96.3			—			179.7
Income from consolidated subsidiaries	352.8			547.7			479.8			—			(1,380.3		)	—
Gain on sale of real estate, net	—			—			8.2			426.2			—			434.4
Acquisition-related expenses	—			(3.1		)	(0.2		)	(3.5		)	—			(6.8		)
Interest expense	—			(69.5		)	(49.2		)	(96.4		)	—			(215.1		)
Other income	0.1			(0.3		)	0.2			0.4			—			0.4
Income before provision from income taxes	321.1			379.8			546.6			495.3			(1,380.3		)	362.5
(Provision for) benefit from income taxes	—			(26.9		)	1.1			(15.6		)	—			(41.4		)
Net income	321.1			352.9			547.7			479.7			(1,380.3		)	321.1
Net loss attributable to the noncontrolling interests	—			—			—			(94.4		)	—			(94.4		)
Preferred dividends and accretion of preferred stock issuance costs	(2.6		)	—			—			—			—			(2.6		)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	318.5		$	352.9		$	547.7		$	385.3		$	(1,380.3	)	$	224.1

CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2018 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Revenue
Rental	$	—	$	—		$	168.4		$	346.2		$	—		$	514.6
Hotel	—		—			—			155.7			—			155.7
Sale of real estate	—		—			—			56.8			—			56.8
Investment management, property services, and research fees	—		—			41.9			3.4			—			45.3
Total revenue	—		—			210.3			562.1			—			772.4
Expenses
Rental	—		—			62.3			98.5			—			160.8
Hotel	—		—			—			121.5			—			121.5
Cost of real estate sold	—		—			—			52.5			—			52.5
Commission and marketing	—		—			5.9			—			—			5.9
Compensation and related	37.1		71.3			55.1			5.3			—			168.8
General and administrative	—		20.3			21.2			9.3			—			50.8
Depreciation and amortization	—		1.3			56.9			147.9			—			206.1
Total expenses	37.1		92.9			201.4			435.0			—			766.4
Income from unconsolidated investments	—		(1.3		)	60.3			19.7			—			78.7
Income from consolidated subsidiaries	249.2		451.3			332.7			—			(1,033.2		)	—
Gain on sale of real estate, net	—		—			61.4			310.4			—			371.8
Gain on sale of business	—		—			40.4			—			—			40.4
Acquisition-related gains	—		—			—			—			—			—
Acquisition-related expenses	—		(0.1		)	(1.1		)	(0.5		)	—			(1.7		)
Interest expense	—		(77.1		)	(52.8		)	(108.3		)	—			(238.2		)
Other income (loss)	—		13.3			0.1			(0.3		)	—			13.1
Income before benefit from (provision for) income taxes	212.1		293.2			449.9			348.1			(1,033.2		)	270.1
Benefit from (provision for) income taxes	—		(44.0		)	1.4			(15.4		)	—			(58.0		)
Net (loss) income	212.1		249.2			451.3			332.7			(1,033.2		)	212.1
Net income attributable to the noncontrolling interests	—		—			—			(62.1		)	—			(62.1		)
Preferred dividends and accretion of preferred stock issuance costs	—		—			—			—			—			—
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	212.1	$	249.2		$	451.3		$	270.6		$	(1,033.2	)	$	150.0

CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2017 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.			Guarantor Subsidiaries (1)			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Revenue
Rental	$	—	$	—		$	143.9		$	360.8		$	—		$	504.7
Hotel	—		—			—			127.5			—			127.5
Sale of real estate	—		—			2.3			109.2			—			111.5
Investment management, property services, and research fees	—		—			34.7			8.2			—			42.9
Loan purchases, loan originations, and other	—		—			0.5			14.7			—			15.2
Total revenue	—		—			181.4			620.4			—			801.8
Expenses
Rental	—		—			54.7			96.5			—			151.2
Hotel	—		—			—			100.3			—			100.3
Cost of real estate sold	—		—			1.8			78.4			—			80.2
Commission and marketing	—		—			7.0			0.2			—			7.2
Compensation and related	38.4		78.3			52.8			7.7			—			177.2
General and administrative	—		14.0			17.6			10.6			—			42.2
Depreciation and amortization	—		1.4			50.1			161.0			—			212.5
Total expenses	38.4		93.7			184.0			454.7			—			770.8
Income from unconsolidated investments	—		3.7			41.7			32.4			—			77.8
Income from consolidated subsidiaries	176.4		307.5			256.2			—			(740.1		)	—
Gain on sale of real estate, net	—		—			46.6			180.1			—			226.7
Gain on sale of business	—		—			—			—			—			—
Acquisition-related gains	—		—			—			—			—			—
Acquisition-related expenses	—		—			(1.3		)	(3.1		)	—			(4.4		)
Interest expense	—		(72.1		)	(38.0		)	(107.6		)	—			(217.7		)
Other income (loss)	—		9.9			1.6			(3.2		)	—			8.3
Income (loss) before provision for income taxes	138.0		155.3			304.2			264.3			(740.1		)	121.7
(Provision for) benefit from income taxes	—		21.1			3.3			(8.1		)	—			16.3
Net income (loss)	138.0		176.4			307.5			256.2			(740.1		)	138.0
Net income attributable to the noncontrolling interests	—		—			—			(37.5		)	—			(37.5		)
Preferred dividends and accretion of preferred stock issuance costs	—		—			—			—			—			—
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	138.0	$	176.4		$	307.5		$	218.7		$	(740.1	)	$	100.5

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2019 (Dollars in millions)
	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Net income (loss)	$	321.1		$	352.9		$	547.7		$	479.7		$	(1,380.3	)	$	321.1
Other comprehensive income (loss), net of tax:
Unrealized loss on interest rate swaps	(0.7		)	(0.7		)	—			—			0.7			(0.7		)
Unrealized foreign currency translation loss	(13.3		)	(13.3		)	16.1			(4.7		)	1.9			(13.3		)
Amounts reclassified from accumulated other comprehensive income	10.4			10.4			—			10.4			(20.8		)	10.4
Unrealized forward contract forward currency gain	38.7			38.7			(15.4		)	54.1			(77.4		)	38.7
Total other comprehensive income for the period	$	35.1		$	35.1		$	0.7		$	59.8		$	(95.6	)	$	35.1
Comprehensive income	$	356.2		$	388.0		$	548.4		$	539.5		$	(1,475.9	)	$	356.2
Comprehensive income attributable to noncontrolling interests	—			—			—			(105.0		)	—			(105.0		)
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc.	$	356.2		$	388.0		$	548.4		$	434.5		$	(1,475.9	)	$	251.2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2018 (Dollars in millions)
	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Net income (loss)	$	212.1		$	249.2		$	451.3		$	332.7		$	(1,033.2	)	$	212.1
Other comprehensive income (loss), net of tax:
Unrealized gain on marketable securities	—			—			—			—			—			—
Unrealized foreign currency translation loss	(62.6		)	(62.6		)	(45.7		)	(61.6		)	169.9			(62.6		)
Amounts reclassified from accumulated other comprehensive income	13.2			13.2			—			18.3			(31.5		)	13.2
Unrealized forward contract forward currency (loss) gain	38.3			38.3			46.1			(7.8		)	(76.6		)	38.3
Total other comprehensive (loss) income for the period	(11.1		)	(11.1		)	0.4			(51.1		)	61.8			(11.1		)
Comprehensive income (loss)	$	201.0		$	238.1		$	451.7		$	281.6		$	(971.4	)	$	201.0
Comprehensive loss attributable to noncontrolling interests	—			—			—			(65.4		)	—			(65.4		)
Comprehensive income (loss) attributable to Kennedy-Wilson Holdings, Inc.	$	201.0		$	238.1		$	451.7		$	216.2		$	(971.4	)	$	135.6

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2017 (Dollars in millions)
	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Net income (loss)	$	138.0		$	176.4		$	307.5		$	256.2		$	(740.1	)	$	138.0
Other comprehensive loss, net of tax:
Unrealized gain on marketable securities	0.2			0.2			—			—			(0.2		)	0.2
Unrealized foreign currency translation gain (loss)	155.3			155.3			30.6			458.7			(644.6		)	155.3
Amounts reclassified from accumulated other comprehensive income	2.0			2.0			—			2.0			(4.0		)	2.0
Unrealized forward contract forward currency gain (loss)	(68.3		)	(68.3		)	(21.9		)	(46.4		)	136.6			(68.3		)
Total other comprehensive loss for the period	89.2			89.2			8.7			414.3			(512.2		)	89.2
Comprehensive (loss) income	$	227.2		$	265.6		$	316.2		$	670.5		$	(1,252.3	)	$	227.2
Comprehensive loss attributable to noncontrolling interests	—			—			—			(124.2		)	—			(124.2		)
Comprehensive income (loss) attributable to Kennedy-Wilson Holdings, Inc.	$	227.2		$	265.6		$	316.2		$	546.3		$	(1,252.3	)	$	103.0

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2019 (Dollars in millions)
	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Consolidated Total
Net cash (used in) provided by operating activities	$	(3.7	)	$	(130.4	)	$	24.1		$	90.5		$	(19.5	)
Cash flows from investing activities:
Proceeds from collection of loans	—			—			0.6			—			0.6
Issuance of loans	—			—			(2.3		)	(0.4		)	(2.7		)
Nonrefundable escrow deposits	—			—			—			—			—
Net proceeds from sale of consolidated real estate	—			—			27.6			673.4			701.0
Purchases of consolidated real estate	—			—			(97.5		)	(113.4		)	(210.9		)
Capital expenditures to real estate	—			—			(59.8		)	(131.3		)	(191.1		)
Investing distributions from unconsolidated investments	—			0.8			80.6			33.6			115.0
Contributions to unconsolidated investments	—			(1.7		)	(153.9		)	(110.4		)	(266.0		)
Proceeds from settlement of foreign currency derivative contracts	—			—			33.4			—			33.4
Purchases of foreign currency derivative contracts	—			—			—			—			—
Additions to development project asset	—			—			—			(1.2		)	(1.2		)
Proceeds from development project asset	—			—			—			4.2			4.2
(Investments in) distributions from consolidated subsidiaries, net	(122.5		)	210.8			160.3			(248.6		)	—
Net cash (used in) provided by investing activities	(122.5		)	209.9			(11.0		)	105.9			182.3
Cash flow from financing activities:
Borrowings under senior notes payable	—			—			—			—			—
Borrowings under line of credit/term loan	—			125.0			—			—			125.0
Repayment of line of credit/term loan	—			(200.0		)	—			—			(200.0		)
Borrowings under mortgage debt	—			—			3.5			485.1			488.6
Repayment of mortgage debt	—			—			(15.0		)	(376.4		)	(391.4		)
Payment of loan fees	—			—			(0.8		)	(4.0		)	(4.8		)
Repayment of shareholder loans to noncontrolling interests	—			—			—			(11.2		)	(11.2		)
Repurchase of common stock	(20.7		)	—			—			—			(20.7		)
Issuance of preferred stock	295.2			—			—			—			295.2
Common stock dividends paid	(114.9		)	—			—			—			(114.9		)
Preferred stock dividends paid	(2.6		)	—			—			—			(2.6		)
Contributions from noncontrolling interests	—			—			—			15.0			15.0
Distributions to noncontrolling interests	—			—			—			(264.0		)	(264.0		)
Net cash provided by (used in) financing activities	157.0			(75.0		)	(12.3		)	(155.5		)	(85.8		)
Effect of currency exchange rate changes on cash and cash equivalents	—			—			—			8.9			8.9
Net change in cash and cash equivalents	30.8			4.5			0.8			49.8			85.9
Cash and cash equivalents, beginning of year	—			1.9			101.9			384.2			488.0
Cash and cash equivalents, end of year	$	30.8		$	6.4		$	102.7		$	434.0		$	573.9

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2018 (Dollars in millions)
	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Consolidated Total
Net cash provided by operating activities	$	(1.2	)	$	(133.7	)	$	66.3		$	161.7		$	93.1
Cash flows from investing activities:
Additions to loans	—			—			(0.9		)	(1.3		)	(2.2		)
Collections of loans	—			—			5.8			—			5.8
Nonrefundable escrow deposits	—			(5.0		)	—			—			(5.0		)
Net proceeds from sale of real estate	—			—			161.2			1,224.9			1,386.1
Net proceeds from sale of a business	—			—			43.4			—			43.4
Purchases of and additions to real estate	—			—			(242.3		)	(113.5		)	(355.8		)
Capital expenditures to real estate	—			—			(27.9		)	(188.1		)	(216.0		)
Investment in marketable securities	—			(0.2		)	—			—			(0.2		)
Proceeds from sale of marketable securities	—			—			7.4			—			7.4
Investing distributions from unconsolidated investments	—			—			25.9			37.8			63.7
Contributions to unconsolidated investments	—			(1.2		)	(92.9		)	(302.0		)	(396.1		)
Proceeds from settlement of foreign currency derivative contracts	—			10.7			—			—			10.7
Purchases of foreign currency derivative contracts	—			(0.6		)	—			—			(0.6		)
Additions to development project asset	—			—			—			(29.1		)	(29.1		)
Proceeds from development project asset	—			—			—			81.0			81.0
(Investments in) distributions from consolidated subsidiaries, net	290.3			81.4			55.8			(427.5		)	—
Net cash (used in) provided by investing activities	290.3			85.1			(64.5		)	282.2			593.1
Cash flow from financing activities:
Borrowings under senior notes payable	—			246.6			—			—			246.6
Borrowings under lines of credit/term loan	—			225.0			—			—			225.0
Repayment of lines of credit/term loan	—			(450.0		)	—			—			(450.0		)
Borrowings under mortgage debt	—			—			325.3			399.7			725.0
Repayment of mortgage debt	—			—			(278.1		)	(588.7		)	(866.8		)
Debt issue costs	—			(4.5		)	(2.0		)	(3.0		)	(9.5		)
Repurchase of common stock	(177.9		)	—			—			—			(177.9		)
Dividends paid	(111.2		)	—			—			—			(111.2		)
KWE closing dividend	—			—			—			(17.2		)	(17.2		)
Contributions from noncontrolling interests	—			—			—			23.2			23.2
Distributions to noncontrolling interests	—			—			—			(116.0		)	(116.0		)
Net cash provided by financing activities	(289.1		)	17.1			45.2			(302.0		)	(528.8		)
Effect of currency exchange rate changes on cash and cash equivalents	—			—			—			(20.7		)	(20.7		)
Net change in cash and cash equivalents	—			(31.5		)	47.0			121.2			136.7
Cash and cash equivalents, beginning of year	—			33.4			54.9			263.0			351.3
Cash and cash equivalents, end of year	$	—		$	1.9		$	101.9		$	384.2		$	488.0

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2017 (Dollars in millions)
	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Consolidated Total
Net cash provided by (used in) operating activities:	$	(15.3	)	$	(182.8	)	$	(51.4	)	$	322.5		$	73.0
Cash flows from investing activities:
Collections of loans	—			—			6.4			10.5			16.9
Net proceeds from sale of real estate	—			—			130.8			528.3			659.1
Purchases of and additions to real estate	—			—			(421.6		)	(146.0		)	(567.6		)
Capital expenditures to real estate	—			—			(0.9		)	(245.8		)	(246.7		)
Investment in marketable securities	—			—			(0.8		)	—			(0.8		)
Proceeds from sale of marketable securities	—			—			1.1			—			1.1
Investing distributions from unconsolidated investments	—			—			95.2			38.2			133.4
Contributions to unconsolidated investments	—			—			(49.8		)	(30.1		)	(79.9		)
Proceeds from settlement of foreign currency derivative contracts	—			(2.8		)	—			—			(2.8		)
Purchases of foreign currency derivative contracts	—			(0.4		)	—			—			(0.4		)
Additions to development project asset	—			—			—			(19.4		)	(19.4		)
Proceeds from development project asset	—			—			—			36.9			36.9
(Investments in) distributions from consolidated subsidiaries, net	198.0			(126.2		)	166.3			(238.1		)	—
Net cash (used in) provided by investing activities	198.0			(129.4		)	(73.3		)	(65.5		)	(70.2		)
Cash flow from financing activities:
Repayment of senior notes payable	—			(55.0		)	—			—			(55.0		)
Costs associated with KWE Transaction	(55.8		)	—			—			—			(55.8		)
Borrowings under lines of credit	—			800.0			—			—			800.0
Repayment of lines of credit	—			(500.0		)	—			—			(500.0		)
Borrowings under investment debt	—			—			239.5			608.8			848.3
Repayment of investment debt	—			—			(103.4		)	(581.3		)	(684.7		)
Debt issue costs	—			(5.4		)	(1.9		)	(2.2		)	(9.5		)
Repurchase of common stock	(67.7		)	—			—			—			(67.7		)
Cash paid to acquire noncontrolling interests in KWE	—			—			—			(719.8		)	(719.8		)
Dividends paid	(59.2		)	—			—			—			(59.2		)
Acquisitions of noncontrolling interests	—			—			—			(3.3		)	(3.3		)
Contributions from noncontrolling interests	—			—			—			47.4			47.4
Distributions from noncontrolling interests	—			—			—			(106.0		)	(106.0		)
Net cash provided by (used in) financing activities	(182.7		)	239.6			134.2			(756.4		)	(565.3		)
Effect of currency exchange rate changes on cash and cash equivalents	—			—			—			28.1			28.1
Net change in cash and cash equivalents	—			(72.6		)	9.5			(471.3		)	(534.4		)
Cash and cash equivalents, beginning of year	—			106.0			45.4			734.3			885.7
Cash and cash equivalents, end of year	$	—		$	33.4		$	54.9		$	263.0		$	351.3