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Equity
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
EQUITY EQUITY
Common Stock Repurchase Program
On March 20, 2018, the Company announced a $250.0 million stock repurchase plan authorized by its board of directors. Repurchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the Company’s restricted stock grants or otherwise, with the amount and timing of repurchases dependent on market conditions and subject to the company’s discretion. Kennedy Wilson also had a $100 million stock repurchase program that expired on February 25, 2018.
During the three months ended March 31, 2020, Kennedy Wilson repurchased 858,496 shares for $16.6 million under the stock repurchase program. During the three months ended March 31, 2019, Kennedy Wilson repurchased 152,252 shares for $2.8 million under the previous stock repurchase program.
Dividend Distributions    
Kennedy Wilson declared and paid the following cash distributions on its common stock:
 
 
Three Months Ended March 31, 2020
 
Three Months Ended March 31, 2019
(Dollars in millions)
 
Declared
 
Paid
 
Declared
 
Paid
Preferred Stock
 
$
4.3

 
$
3.3

 
$
—

 
$
—

Common Stock(1)
 
31.6

 
31.6

 
30.3

 
30.3


(1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.
Share-based Compensation    
During the three months ended March 31, 2020 and 2019, Kennedy Wilson recognized $8.6 million and $10.4 million, respectively, of compensation expense related to the amortization of grant date fair values of restricted stock grants.
Generally, upon vesting, the restricted stock granted to employees is net share-settled such that the Company will withhold shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remit the cash to the appropriate taxing authorities. The restricted shares that vested during the three months ended March 31, 2020 and 2019 were net-share settled. The total shares withheld during the three months ended March 31, 2020 and 2019 were 409,716 shares and 250,287 shares, respectively. During the three months ended March 31, 2020 and 2019, total payments for the employees’ tax obligations to the taxing authorities for the shares which were net-share settled were $9.1 million and $5.1 million, respectively. These activities are reflected as a financing activity within Kennedy Wilson's consolidated statements of cash flows.
Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in each component of accumulated other comprehensive loss, net of taxes:
(Dollars in millions)
 
Foreign Currency Translation(1)
 
Currency Derivative Contracts
 
Interest Rate Swaps
 
Total Accumulated Other Comprehensive Loss(1)
Balance at December 31, 2019
 
$
(456.8
)
 
$
40.3

 
$
(0.7
)
 
$
(417.2
)
Unrealized (losses) gains, arising during the period
 
(18.0
)
 
28.8

 
(7.4
)
 
3.4

Amounts reclassified out of AOCI during the period, gross
 
0.2

 
—

 
—

 
0.2

Noncontrolling interests
 
1.5

 
—

 
—

 
1.5

Deferred taxes on unrealized gains (losses), arising during the period
 
1.3

 
(15.8
)
 
1.8

 
(12.7
)
Balance at March 31, 2020
 
$
(471.8
)
 
$
53.3

 
$
(6.3
)
 
$
(424.8
)

(1) Includes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017.
The local currencies for the Company's interests in foreign operations include the euro and the British pound sterling. The related amounts on Kennedy Wilson's balance sheets are translated into U.S. dollars at the exchange rates at the respective financial statement date, while amounts on its statements of operations are translated at the average exchange rates during the respective period. Unrealized hedge gains were driven by hedges that the Company has on its GBP denominated investments, these gains were offset by hedges on euro denominated assets.
In order to manage currency fluctuations, Kennedy Wilson entered into currency derivative contracts to manage its exposure to currency fluctuations between its functional currency (U.S. dollar) and the functional currency (euro and the British pound) of certain of its wholly-owned and consolidated subsidiaries. KWE has also entered into currency derivative contracts to manage its exposure to euro to British pound currency fluctuations. See Note 5 for a more detailed discussion of Kennedy Wilson's currency derivative contracts.