Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 117

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 117
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 During the three months ended March 31, 2025, the Company generated pre-tax book loss of $34.5 million related to its global operations and recorded a tax benefit of $4.9 million. The tax benefit for the period is below the U.S. statutory tax rate.  Significant items impacting the quarterly tax provision include:  tax charges associated with non-deductible executive compensation under IRS Section 162(m) and increase in valuation allowance against the Company’s deferred tax asset on the outside basis difference of its investment in KWE. 

28

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

NOTE 15—GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS 

    The following consolidating financial information and condensed consolidating financial information include:    (1) Condensed consolidating balance sheets as of March 31, 2025 and December 31, 2024; consolidating statements of operations for the three months ended March 31, 2025 and 2024, of (a) Kennedy-Wilson Holdings, Inc., as the parent, (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 of entries necessary to consolidate Kennedy-Wilson Holdings, Inc., as the parent, 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 and for the three months ended March 31, 2025 or 2024.

29

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

CONDENSED CONSOLIDATING BALANCE SHEETAS OF MARCH 31, 2025(Dollars in millions)ParentKennedy-Wilson, Inc.Guarantor Subsidiaries Non-guarantor SubsidiariesEliminationConsolidated TotalAssetsCash and cash equivalents$— $78.2 $189.6 $88.8 $— $356.6