Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 182

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 182
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 4.9 1.1 3.7 0.6 0.5 — Total Outstanding4.9 6.1 28.3 9.3 1.9 — SettledEURUSD— — — 2.7 2.1 4.0 GBPUSD— — 2.5 0.7 1.0 (2.4)Total Settled— — 2.5 3.4 3.1 1.6 Total $4.9 $6.1 $30.8 (3)$12.7 $5.0 $1.6 (1) Hedge is held by KWE on its wholly-owned subsidiaries.(2) Relates to KWE's Euro Medium Term Note.  See discussion in Note 10.(3) Excludes deferred tax expense of $1.4 million.The gains and losses recognized through other comprehensive income (loss) will remain in accumulated other comprehensive income (loss) until the underlying investments they were hedging are substantially liquidated by Kennedy Wilson.  During the year ended December 31, 2024, the Company reclassified a loss of $8.8 million from other comprehensive loss to gain on sale of real estate relating to the sale of the Shelbourne hotel and $2.1 million gain on an interest rate swap due to the repayment of the underlying mortgage.The currency derivative contracts discussed above are offset by foreign currency translation of the Company's foreign net assets. For the year ended December 31, 2024, Kennedy Wilson had a gross foreign currency translation losses on its net assets of $37.1 million. As of December 31, 2024, the Company has hedged 95% of the net asset carrying value of its euro denominated investments and 83% of the net asset carrying value of its GBP denominated investments. See Note 15 for a complete discussion on other comprehensive income including currency derivative contracts and foreign currency translations.Interest Rate Derivatives  The Company has interest rate swaps and caps to hedge its exposure to rising interest rates.  Changes in the value of interest rate swaps and caps that are undesignated are recorded to other income and had fair value gains of $10.0 million and $5.9 million for the years ended December 31, 2024 and 2023, respectively. Some of the Company's un