Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 180

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 180
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 received $0.3 million and $1.9 million in cash payments on these contracts during the three months ended June 30, 2025 and 2024.  For the three months ended June 30, 2025, we also had $2.0 million in dead deal costs.  

Our income tax provision was $4.4 million for the three months ended June 30, 2025 as compared to an $11.8 million income tax benefit for the same period in 2024. The decrease in income tax benefit is primarily attributable to additional pre-tax book income in the current period as compared to the same period in 2024. Our effective tax rate for the three months ended June 30, 2025 was 44.0% as compared to an effective tax rate of 19.7% for the same period in 2024. Significant items impacting the quarterly tax provision include: tax charges associated with non-deductible executive compensation under IRC Section 162(m) and additional valuation allowance against the Company's deferred tax asset on the outside basis difference of its investment in KWE.

59

    Other Comprehensive (Loss) Income

The two major components that drive the change in other comprehensive loss are the change in foreign currency rates and the gain or loss of any associated foreign currency hedges. Please refer to the Currency Risk - Foreign Currencies section in Item 3 for a discussion of our risks relating to foreign currency and our hedging strategy.  Below is a table that details the activity for the three months ended June 30, 2025 and 2024.  

Three Months Ended June 30,(Dollars in millions)20252024Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(6.4)$(59.1)Unrealized foreign currency translation gains (losses), net of noncontrolling interests and tax58.1 (2.9)Amounts reclassified out of accumulated other comprehensive loss during the period3.0 — Unrealized foreign currency derivative contract (losses) gains, net of noncontrolling interests and tax(37.1)5.2 Comprehensive income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders$17.6 $(56.8)

The main currencies that we have exposure to are the euro and pound sterling. The table below represents the change in rates over the three months ended June 30, 2025 and