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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION (Tables)
 12 Months Ended
Dec. 31, 2019
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 December 31, 2019:
(Dollars in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Unconsolidated investments
 
$
—

 
$
—

 
$
1,107.4

 
$
1,107.4

Net currency derivative contracts
 
—

 
(34.7
)
 
—

 
(34.7
)
Total
 
$
—

 
$
(34.7
)
 
$
1,107.4

 
$
1,072.7


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, 2018:
(Dollars in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Unconsolidated investments
 
$
—

 
$
—

 
$
662.2

 
$
662.2

Net currency derivative contracts
 
—

 
(15.8
)
 
—

 
(15.8
)
Total
 
$
—

 
$
(15.8
)
 
$
662.2

 
$
646.4
Schedule of Investments in Joint Ventures Held at Fair Value
The following table summarizes the Company's investments in unconsolidated investments held at fair value by type:
(Dollars in millions)
December 31, 2019
 
December 31, 2018
FV Option
$
967.8

 
$
559.7

Funds
139.6

 
102.5

Total
$
1,107.4

 
$
662.2
Schedule of Changes in Level 3 Investments
The following table presents changes in Level 3 investments, investments in investment companies and investments in joint ventures that elected the fair value option, for the years ended December 31:
(Dollars in millions)
 
2019
 
2018
 
2017
Beginning balance
 
$
662.2

 
$
380.7

 
$
356.7

Unrealized and realized gains
 
154.5

 
85.4

 
58.7

Unrealized and realized losses
 
(27.1
)
 
(34.8
)
 
(1.1
)
Contributions
 
199.3

 
335.9

 
59.9

Distributions
 
(104.2
)
 
(76.3
)
 
(117.0
)
Non-cash contributions (distributions), net
 
222.7

 
(28.7
)
 
23.5

Ending Balance
 
$
1,107.4

 
$
662.2

 
$
380.7
Schedule of the Funds and Fair Value Option Investments, Significant Inputs The table below describes the range of inputs used as of December 31, 2019 for real estate assets:
 
 
Estimated Rates Used For
 
 
Capitalization Rates
 
Discount Rates
Multifamily
 
3.75% — 5.13%
 
5.50% — 8.00%
Office
 
4.00% — 7.50%
 
5.00% — 8.50%
Retail
 
6.50% — 8.50%
 
8.00% — 10.25%
Hotel
 
6.00% — 7.75%
 
8.25% — 10.00%
Residential
 
N/A
 
12.00%
Schedule of Currency Forward Contracts
The table below details the currency forward contracts and currency option contracts Kennedy Wilson had as of December 31, 2019:
(Dollars in millions)
 
December 31, 2019
 
Year Ended December 31, 2019
Currency Hedged
Underlying Currency
Notional
Hedge Asset
 
Hedge Liability
 
Change in Unrealized Gains (Losses)
 
Realized Gains (Losses)
 
Cash Received (Paid)
Outstanding
 
 
 
 
 
 
 
 
 
 
 
EUR
USD
€
175.0

$
11.8

 
$
(0.2
)
 
$
1.4

 
$
5.9

 
$
—

EUR(1)
GBP
€
240.8

—

 
(41.0
)
 
17.3

 
—

 
—

EUR(1)(2)
GBP
 
—

 
—

 
36.8

 
—

 
—

GBP
USD
£
600.0

20.8

 
(26.1
)
 
(25.7
)
 
—

 
—

Total Outstanding
 
32.6

 
(67.3
)
 
29.8

 
5.9

 
—

Settled
 
 
 
 
 
 
 
 
 
 
 
EUR
USD
 
—

 
—

 
2.4

 
0.1

 
2.9

GBP
USD


—

 
—

 
3.4

 
—

 
30.5

Total Settled
 
 
—

 
—

 
5.8

 
0.1

 
33.4

Total
 
$
32.6

 
$
(67.3
)
 
$
35.6

(3) 
$
6.0

(4) 
$
33.4

(1) Hedge is held by KWE on its wholly-owned subsidiaries.
(2) Relates to KWE's Euro Medium Term Note. See discussion in Note 9.
(3) Excludes deferred tax benefit of $3.1 million.