Equity

9 Months Ended

Sep. 30, 2020

Common Stock Repurchase Program

On March 20, 2018, the Company announced a $250.0 million stock repurchase plan authorized by its board of directors. Repurchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the Company’s restricted stock grants or otherwise, with the amount and timing of repurchases dependent on market conditions and subject to the company’s discretion.

During the nine months ended September 30, 2020, Kennedy Wilson repurchased and retired 2,216,388 shares for $36.5 million under the stock repurchase program. During the nine months ended September 30, 2019, Kennedy Wilson repurchased and retired 152,252 shares for $2.8 million under the previous stock repurchase program.

Dividend Distributions

Kennedy Wilson declared and paid the following cash distributions on its preferred and common stock:


	Nine Months Ended September 30, 2020				Nine Months Ended September 30, 2019
(Dollars in millions)	Declared		Paid		Declared		Paid
Preferred Stock	$	12.9	$	11.9	$	—	$	—
Common Stock(1)	94.4		92.7		89.8		88.2

(1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.

Share-based Compensation

During the nine months ended September 30, 2020 and 2019, Kennedy Wilson recognized $24.5 million and $23.9 million, respectively, of compensation expense related to the amortization of grant date fair values of restricted stock grants.

Generally, upon vesting, the restricted stock granted to employees is net share-settled such that the Company will withhold shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remit the cash to the appropriate taxing authorities. The restricted shares that vested during nine months ended September 30, 2020 and 2019 were net-share settled. The total shares withheld during the nine months ended September 30, 2020 and 2019 were 469,680 shares and 658,885 shares, respectively. During the nine months ended September 30, 2020 and 2019, total payments for the employees’ tax obligations to the taxing authorities for the shares which were net-share settled were $9.8 million and $14.0 million, respectively. These activities are reflected as a financing activity within Kennedy Wilson's consolidated statements of cash flows.

Accumulated Other Comprehensive (Loss) Income

The following table summarizes the changes in each component of accumulated other comprehensive loss, net of taxes:


(Dollars in millions)	Foreign Currency Translation		Currency Derivative Contracts		Interest Rate Swaps		Total Accumulated Other Comprehensive Loss(1)
Balance at December 31, 2019	$	(456.8)	$	40.3	$	(0.7)	$	(417.2)
Unrealized gains (losses), arising during the period	33.8		(17.1)		(7.8)		8.9
Amounts reclassified out of AOCI during the period, gross	0.2		—		—		0.2
Noncontrolling interests	0.6		—		—		0.6
Deferred taxes on unrealized gains (losses), arising during the period	(0.3)		(7.8)		1.9		(6.2)
Balance at September 30, 2020	$	(422.5)	$	15.4	$	(6.6)	$	(413.7)

(1) Includes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017.