INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The table below represents a geographical breakdown of book income (loss) before the provision for income taxes:

	Year ended December 31,
(Dollars in millions)	2015		2014		2013
Domestic	$	61.2	$	60.2	$	27.4
Foreign	51.2		62.3		(10.6		)
Total	$	112.4	$	122.5	$	16.8

Schedule of (Benefit from) Provision for Income Taxes

	Year ended December 31,
(Dollars in millions)	2015		2014			2013
Federal
Current	$	0.2	$	—		$	(0.1	)
Deferred	13.2		31.0			5.2
	13.4		31.0			5.1
State
Current	—		0.1			—
Deferred	0.3		5.2			(0.1		)
	0.3		5.3			(0.1		)
Foreign
Current	31.9		4.1			0.3
Deferred	7.8		(8.0		)	(2.4		)
	39.7		(3.9		)	(2.1		)
Total	$	53.4	$	32.4		$	2.9

Reconciliation of the Statutory Federal Income Tax Rate

A reconciliation of the statutory federal income tax rate of 35% with Kennedy Wilson’s effective income tax rate is as follows:

	Year ended December 31,
(Dollars in millions)	2015			2014				2013
Tax computed at the statutory rate	$	39.3		$	41.8			$	5.6
Foreign permanent differences, primarily non-deductible depreciation, amortization and acquisition-related expenses in the United Kingdom	13.7			0.3				—
Sale of KWR, investment basis difference	10.6			—				—
Effect of foreign taxes, net of foreign tax credits	(3.8		)	3.4				2.3
Noncontrolling interests	(2.8		)	(22.7		)		(6.9		)
Adjustment to investment basis	1.4			2.0				—
Non-vested stock expense	1.0			—				—
State income taxes, net of federal benefit	(1.5		)	2.7				—
Other	(4.5		)	4.9				1.9
Provision for (benefit from) income taxes	$	53.4		$	32.4		—	$	2.9

Schedule of Deferred Tax Assets and Liabilities

Cumulative tax effects of temporary differences are shown below at December 31, 2015 and 2014:

	Year ended December 31,
(Dollars in millions)	2015			2014
Deferred tax assets:
Foreign currency translation	$	113.6		$	91.5
Net operating loss carryforward and credits	87.5			40.9
Stock option expense	8.0			4.2
Marketable securities	0.4			0.3
Accrued reserves	0.3			0.3
Total deferred tax assets	209.8			137.2
Valuation allowance	(37.7		)	(3.4		)
Net deferred tax assets	172.1			133.8
Deferred tax liabilities:
Investment basis, depreciation, amortization and reserve differences	125.6			91.7
Hedging transactions	15.5			11.7
Prepaid expenses and other	6.5			0.5
Capitalized interest	2.3			2.3
Total deferred tax liabilities	149.9			106.2
Deferred tax asset (liability), net	$	22.2		$	27.6