Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 194

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 194
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7)$29.0 Domestic permanent differences, primarily disallowed executive compensation6.8 8.7 7.8 Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom1.0 1.9 1.7 Effect of foreign operations, net of foreign tax credit5.6 11.2 (8.8)Noncontrolling interests0.2 (5.1)(1.1)State income taxes, net of federal benefit(1.1)(7.8)2.8 Other2.6 6.5 4.8 Provision for (benefit from) income taxes$10.2 $(55.3)$36.2 Cumulative tax effects of temporary differences are shown below at December 31, 2024 and 2023:

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Table of ContentsKennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements—(continued)December 31, 2024 2023 and 2022

 Year ended December 31,(Dollars in millions)20242023Deferred tax assets:Foreign currency translation$1.2 $4.8 Net operating loss carryforward and credits135.3 178.0 Depreciation and amortization90.8 69.4 Investment basis difference101.3 89.6 Stock option expense1.7 1.7 Hedging transactions17.0 15.5 Lease liability0.1 0.1 Capitalized interest0.2 — Accrued reserves6.4 7.9 Total deferred tax assets354.0 367.0 Valuation allowance(277.5)(283.3)Net deferred tax assets76.5 83.7 Deferred tax liabilities:Investment basis and reserve differences288.7 304.1 Prepaid expenses and other5.5 3.7 Capitalized interest— 0.1 Total deferred tax liabilities294.2 307.9 Deferred tax liability, net$(217.7)$(224.2)During the year ended December 31, 2019, the United Kingdom enacted a Finance Act, which introduced a new capital gain tax for non-UK resident investors who dispose of UK real estate.  The new capital gain tax law became effective on April 6, 2019.  Beginning