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Discontinued Operations | 12 Months Ended
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Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Derivatives | Derivatives
Discontinued Operations | Discontinued Operations Sirius Group On July 24, 2015, White Mountains entered into an agreement to sell Sirius Group to CM International Holding PTE Ltd., the Singapore-based investment arm of CMI. The transaction is expected to close in the first quarter of 2016 and is subject to regulatory approvals and other customary closing conditions. The results of operations for Sirius Group have been classified as discontinued operations in the statement of operations and comprehensive income and the assets and liabilities of Sirius Group have been presented in the balance sheet as held for sale. Prior year amounts have been reclassified to conform to the current period’s presentation. The amounts reflected within discontinued operations differ from amounts previously presented within the Sirius Group segment. The segment results of operations for Sirius Group reported in previous periods included investment income and realized and unrealized investment gains and losses from certain investments that are to be retained by White Mountains after the completion of the sale. For the years ended December 31, 2015, 2014 and 2013, $225.0 million, of which $218.5 million is related to Symetra, $4.0 million and $1.0 million of net investment income and realized and unrealized investment gains and losses that had been previously included in the Sirius Group legal entities have been excluded from net income (loss) from discontinued operations. OneBeacon Runoff In December 2014, OneBeacon completed the Runoff Transaction. The results of operations for the Runoff Business have been classified as discontinued operations and are presented, net of related income taxes, in the statement of operations and comprehensive income. The amounts classified as discontinued operations exclude investing and financing activities that are conducted on an overall consolidated level and, accordingly, there were no separately identifiable investments associated with the Runoff Business. As part of closing the Runoff Transaction on December 23, 2014, OneBeacon provided financing in the form of surplus notes with a par value of $101.0 million issued by OneBeacon Insurance Company (“OBIC”), one of the entities that were transferred from OneBeacon to Armour as part of the transaction (the “Surplus Notes”). At closing, the Surplus Notes had a fair value of $64.9 million, based on a discounted cash flow model, resulting in a total valuation adjustment of $36.1 million pre-tax ($23.5 million after-tax) included in loss from sale of discontinued operations. Subsequent to closing, the Surplus Notes are included in OneBeacon’s investment portfolio, categorized within other long-term investments. (See Note 5 - “Investment Securities” for further disclosures regarding the Surplus Notes). Under the contractual terms of both the seller priority and pari passu notes, scheduled interest payments accrue at 6.0% until the scheduled maturity date of March 15, 2020 and at a floating interest rate thereafter, should any principal remain outstanding. As required by the PID, interest on the notes does not compound. The notes restrict the Issuer’s ability to make distributions to holders of its equity interest. All such distributions are prohibited while the seller priority note is outstanding, and while the pari passu note is outstanding, distributions are permitted only if the Issuer concurrently repays a pro rata amount of any outstanding principal on the pari passu note. Pursuant to the notes, the Issuer shall seek to redeem the notes annually each March 15 at a requested redemption amount such that the Issuer’s total adjusted capital following the proposed redemption payment would equal 200% of the Issuer’s “authorized control level RBC”, as such term is defined by the insurance laws of the Commonwealth of Pennsylvania and as prescribed by the PID. All redemptions or repayments of principal and payments of interest on the notes are subject to approval by the PID. Below is a table illustrating the valuation adjustments taken to arrive at the estimated fair value of the OneBeacon Surplus Notes as of December 23, 2014:
|  | Type of Surplus Note |  |
Millions |  | Seller Priority |  | Pari Passu |  | Total
Par Value |  | $ | 57.9 |  |  | $ | 43.1 |  |  | $ | 101.0 |
Fair value adjustments to reflect: |  |  |  |  |  |
Current market rates on public debt and contract-based repayments(1) |  | 1.6 |  |  | (8.4 | ) |  | (6.8 | )
Regulatory approval (2) |  | (4.6 | ) |  | (8.0 | ) |  | (12.6 | )
Liquidity adjustment (3) |  | (11.0 | ) |  | (5.7 | ) |  | (16.7 | )
Total adjustments |  | (14.0 | ) |  | (22.1 | ) |  | (36.1 | )
Fair value |  | $ | 43.9 |  |  | $ | 21.0 |  |  | $ | 64.9 |
(1) | Represents the value of the OneBeacon Surplus Notes, at current market yields on publicly traded debt, and assuming issuer is allowed to make principal and interest payments when its financial capacity is available, as measured by statutory capital in excess of a 250% RBC score.
(2) | Represents anticipated delay in securing regulatory approvals of interest and principal payments to reflect graduated changes in Issuer’s statutory surplus. The monetary impact of the anticipated delay is measured based on credit spreads of public securities with roughly equivalent percentages of discounted payments missed.
(3) | Represents impact of liquidity spread to account for OneBeacon’s sole ownership of the surplus notes, lack of a trading market and ongoing regulatory approval risk.
Esurance For the years ended December 31, 2015 and 2014, White Mountains recorded a gain in discontinued operations of $17.9 million and $3.2 million, which primarily related to a payments from Allstate for favorable development on loss reserves. For the year ended December 31, 2013, White Mountains recorded income from discontinued operations of $4.5 million. Since the closing of the transaction through December 31, 2015, White Mountains has received a net amount of $28.3 million from Allstate, primarily related to the favorable development on loss reserves. (See Note 21 - “Commitments and Contingencies”) Fireman's Fund During 2014, White Mountains recorded a gain in discontinued operations of $14.0 million from a payment received from Allianz, the purchaser of White Mountains's former subsidiary Fireman’s Fund Insurance Company (“FFIC”), related to the utilization of alternative minimum tax credits associated with the tax loss on the sale of FFIC in 1991. Summary of Reclassified Balances and Related Items Net Assets Held for Sale The following summarizes the assets and liabilities associated with the business classified as held for sale, which all relate to Sirius Group with the exception of the building held by OneBeacon at December 31, 2014:
|  | December 31,
Millions |  | 2015 |  | 2014
Assets held for sale |  |  |  |
Fixed maturity investments, at fair value |  | $ | 2,374.0 |  |  | $ | 2,362.3 |
Short term |  | 352.0 |  |  | 494.9 |
Common Equities |  | 174.4 |  |  | 189.9 |
Other |  | 72.2 |  |  | 95.6 |
Total Investments |  | 2,972.6 |  |  | 3,142.7 |
Cash |  | 143.9 |  |  | 111.5 |
Reinsurance recoverable on unpaid losses |  | 283.1 |  |  | 322.2 |
Reinsurance recoverable on paid losses |  | 10.2 |  |  | 11.4 |
Insurance premiums receivable |  | 323.6 |  |  | 306.6 |
Deferred acquisition costs |  | 74.6 |  |  | 69.9 |
Deferred tax asset |  | 303.1 |  |  | 341.5 |
Ceded unearned insurance and reinsurance premiums |  | 87.7 |  |  | 76.2 |
Accounts receivable on unsettled investment sales |  | 29.0 |  |  | 18.7 |
Intangible assets |  | 10.2 |  |  | 15.2 |
Other assets |  | 169.0 |  |  | 156.6 |
Other assets - OneBeacon building |  | — |  |  | 58.1 |
Total assets held for sale |  | $ | 4,407.0 |  |  | $ | 4,630.6 |
Liabilities held for sale |  |  |  |
Loss and loss adjustment expense reserves |  | $ | 1,644.4 |  |  | $ | 1,809.8 |
Unearned insurance premiums |  | 342.2 |  |  | 338.6 |
Debt |  | 403.5 |  |  | 403.5 |
Deferred tax liability |  | 263.6 |  |  | 282.8 |
Accrued incentive compensation |  | 63.2 |  |  | 76.5 |
Ceded reinsurance payable |  | 67.1 |  |  | 71.5 |
Funds held under reinsurance treaties |  | 52.9 |  |  | 57.9 |
Accounts payable on unsettled investment purchases |  | — |  |  | 2.1 |
Other liabilities |  | 47.1 |  |  | 62.6 |
Total liabilities held for sale |  | 2,884.0 |  |  | 3,105.3 |
Net assets held for sale |  | $ | 1,523.0 |  |  | $ | 1,525.3 |
Net Income (Loss) from Discontinued Operations The following summarizes the results of operations, including related income taxes associated with the business classified as discontinued operations. The results of Sirius Group through the closing date of the transaction inures to White Mountains.
|  | Year Ended December 31, 2015
Millions |  | Sirius Group |  | Other Disc Ops |  | Total
Revenues |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 847.0 |  |  | $ | — |  |  | $ | 847.0 |
Net investment income |  | 40.7 |  |  | — |  |  | 40.7 |
Net realized and unrealized investment gains |  | 15.1 |  |  | — |  |  | 15.1 |
Other revenue |  | (20.6 | ) |  | (.7 | ) |  | (21.3 | )
Total revenues |  | 882.2 |  |  | (.7 | ) |  | 881.5 |
Expenses |  |  |  |  |  |
Loss and loss adjustment expenses |  | 422.7 |  |  | — |  |  | 422.7 |
Insurance and reinsurance acquisition expenses |  | 189.8 |  |  | — |  |  | 189.8 |
Other underwriting expenses |  | 107.9 |  |  | — |  |  | 107.9 |
Interest expense on debt |  | 26.6 |  |  | — |  |  | 26.6 |
General and administrative expenses |  | 27.0 |  |  | — |  |  | 27.0 |
Total expenses |  | 774.0 |  |  | — |  |  | 774.0 |
Pre-tax income (loss) |  | 108.2 |  |  | (.7 | ) |  | 107.5 |
Income tax expense |  | (27.1 | ) |  | .2 |  |  | (26.9 | )
Net income (loss) from discontinued operations |  | 81.1 |  |  | (.5 | ) |  | 80.6 |
Net gain from sales of discontinued operations - OneBeacon |  | — |  |  | .3 |  |  | .3 |
Net gain from sales of discontinued operations - Esurance |  | — |  |  | 17.9 |  |  | 17.9 |
Total income from discontinued operations |  | 81.1 |  |  | 17.7 |  |  | 98.8 |
Change in foreign currency translation and other from discontinued operations |  | (65.0 | ) |  | — |  |  | (65.0 | )
Comprehensive income from discontinued operations |  | $ | 16.1 |  |  | $ | 17.7 |  |  | $ | 33.8 |
|  | Year Ended December 31, 2014
Millions |  | Sirius Group |  | Other Disc Ops |  | Total
Revenues |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 873.9 |  |  | $ | .1 |  |  | $ | 874.0 |
Net investment income |  | 40.9 |  |  | — |  |  | 40.9 |
Net realized and unrealized investment gains |  | 205.4 |  |  | — |  |  | 205.4 |
Other revenue |  | (62.4 | ) |  | — |  |  | (62.4 | )
Total revenues |  | 1,057.8 |  |  | .1 |  |  | 1,057.9 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 345.3 |  |  | (.7 | ) |  | 344.6 |
Insurance and reinsurance acquisition expenses |  | 193.6 |  |  | .1 |  |  | 193.7 |
Other underwriting expenses |  | 129.7 |  |  | 3.5 |  |  | 133.2 |
Interest expense on debt |  | 26.3 |  |  | — |  |  | 26.3 |
General and administrative expenses |  | 30.5 |  |  | — |  |  | 30.5 |
Total expenses |  | 725.4 |  |  | 2.9 |  |  | 728.3 |
Pre-tax income (loss) |  | 332.4 |  |  | (2.8 | ) |  | 329.6 |
Income tax (expense) benefit |  | (70.4 | ) |  | 1.0 |  |  | (69.4 | )
Net income (loss) from discontinued operations |  | 262.0 |  |  | (1.8 | ) |  | 260.2 |
Net gain from sales of discontinued operations - FFIC |  | — |  |  | 14.0 |  |  | 14.0 |
Net losses from sales of discontinued operations - OneBeacon |  | — |  |  | (18.8 | ) |  | (18.8 | )
Net gain from sales of discontinued operations - Esurance |  | — |  |  | 3.2 |  |  | 3.2 |
Total income from discontinued operations |  | 262.0 |  |  | (3.4 | ) |  | 258.6 |
Change in foreign currency translation and other from discontinued operations |  | (169.5 | ) |  | — |  |  | (169.5 | )
Comprehensive income (loss) from discontinued operations |  | $ | 92.5 |  |  | $ | (3.4 | ) |  | $ | 89.1 |
|  | Year Ended December 31, 2013
Millions |  | Sirius Group |  | Other Disc Ops |  | Total
Revenues |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 866.4 |  |  | $ | .8 |  |  | $ | 867.2 |
Net investment income |  | 46.7 |  |  | — |  |  | 46.7 |
Net realized and unrealized investment gains |  | 27.8 |  |  | — |  |  | 27.8 |
Other revenue |  | 16.8 |  |  | 10.8 |  |  | 27.6 |
Total revenues |  | 957.7 |  |  | 11.6 |  |  | 969.3 |
Expenses |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 418.4 |  |  | 78.9 |  |  | 497.3 |
Insurance and reinsurance acquisition expenses |  | 166.5 |  |  | — |  |  | 166.5 |
Other underwriting expenses |  | 126.1 |  |  | (.2 | ) |  | 125.9 |
Interest expense on debt |  | 26.3 |  |  | — |  |  | 26.3 |
General and administrative expenses |  | 32.2 |  |  | — |  |  | 32.2 |
Total expenses |  | 769.5 |  |  | 78.7 |  |  | 848.2 |
Pre-tax income (loss) |  | 188.2 |  |  | (67.1 | ) |  | 121.1 |
Income tax (expense) benefit |  | (46.2 | ) |  | 25.0 |  |  | (21.2 | )
Net income (loss) from discontinued operations |  | 142.0 |  |  | (42.1 | ) |  | 99.9 |
Net gain from sales of discontinued operations |  | — |  |  | 46.6 |  |  | 46.6 |
Total income from discontinued operations |  | 142.0 |  |  | 4.5 |  |  | 146.5 |
Change in foreign currency translation and other from discontinued operations |  | 6.1 |  |  | — |  |  | 6.1 |
Comprehensive income from discontinued operations |  | $ | 148.1 |  |  | $ | 4.5 |  |  | $ | 152.6 |
Net Change in Cash from Discontinued Operations The following summarizes the net change in cash associated with the businesses classified as discontinued operations:
|  | Year ended
|  | December 31,
Millions |  | 2015 |  | 2014 |  | 2013
Net cash provided from (used for) operations |  | $ | 14.7 |  |  | $ | 60.0 |  |  | $ | (61.5 | )
Net cash provided from investing activities |  | 31.3 |  |  | 35.8 |  |  | 148.7 |
Net cash used for financing activities |  | (9.1 | ) |  | (63.2 | ) |  | (87.5 | )
Effect of exchange rate changes on cash |  | (4.5 | ) |  | (14.3 | ) |  | (.2 | )
Net change in cash during the period |  | 32.4 |  |  | 18.3 |  |  | (.5 | )
Cash balances at beginning of period |  | 111.5 |  |  | 93.2 |  |  | 93.7 |
Cash balances at end of period |  | $ | 143.9 |  |  | $ | 111.5 |  |  | $ | 93.2 |
Earnings Per Share Basic earnings per share amounts are based on the weighted average number of common shares outstanding including unvested restricted shares that are considered participating securities. Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding. The following table outlines the computation of earnings per share for discontinued operations for the years ended December 31, 2015, 2014 and 2013:
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |
Net income attributable to White Mountains’s common shareholders |  | $ | 98.8 |  |  | $ | 258.6 |  |  | $ | 146.5 |
Allocation of income for participating unvested restricted common shares (1) |  | (1.1 | ) |  | (3.3 | ) |  | (2.2 | )
Net income attributable to White Mountains’s common shareholders, net of restricted common share amounts (2) |  | $ | 97.7 |  |  | $ | 255.3 |  |  | $ | 144.3 |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 5,879.2 |  |  | 6,104.9 |  |  | 6,200.4 |
Average unvested restricted common shares (3) |  | (68.0 | ) |  | (78.9 | ) |  | (91.4 | )
Basic earnings per share denominator |  | 5,811.2 |  |  | 6,026.0 |  |  | 6,109.0 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 5,879.2 |  |  | 6,104.9 |  |  | 6,200.4 |
Average unvested restricted common shares (3) |  | (68.0 | ) |  | (78.9 | ) |  | (91.4 | )
Average outstanding dilutive options to acquire common shares (4) |  | — |  |  | — |  |  | — |
Diluted earnings per share denominator |  | 5,811.2 |  |  | 6,026.0 |  |  | 6,109.0 |
Basic and diluted earnings per share (in dollars): |  | $ | 16.80 |  |  | $ | 42.36 |  |  | $ | 23.63 |
(1) | Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities.
(2) | Net income (loss) attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the years ended December 31, 2015, 2014 and 2013.
(3) | Restricted common shares outstanding vest either in equal annual installments or upon a stated date (see Note 13 - “Employee Share-Based Incentive Compensation Plans”).
(4) | The diluted earnings (loss) per share denominator for the years ended December 31, 2015, 2014 and 2013 does not include the impact of 125,000 common shares issuable upon exercise of the non-qualified options outstanding as they are anti-dilutive to the calculation.
Sirius Group |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Discontinued Operations | Fair Value of Financial Instruments The following table summarizes the fair value and carrying value of the Sirius Group financials instruments, the SIG Senior Notes and the SIG Preference Shares, as of December 31, 2015 and 2014:
|  | December 31, 2015 |  | December 31, 2014
Millions |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
SIG Senior Notes |  | $ | 410.0 |  |  | $ | 399.8 |  |  | $ | 437.8 |  |  | $ | 399.7 |
SIG Preference Shares |  | 255.0 |  |  | 250.0 |  |  | 260.0 |  |  | 250.0 |
The fair value estimates for the SIG Senior Notes and the SIG Preference Shares have been determined based on indicative broker quotes and are considered to be Level 3 measurements.
Interest Rate Cap | Sirius Group |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Derivatives | Interest Rate Cap In May 2007, SIG issued the SIG Preference Shares, with an initial fixed annual dividend rate of 7.506%. In June 2017, the fixed rate will move to a floating rate equal to the greater of (i) 7.506% or (ii) 3 month LIBOR plus 320 bps. In July 2013, SIG executed an interest rate cap for the period from June 2017 to June 2022 to protect against a significant increase in interest rates during that 5-year period (the “Interest Rate Cap”). The Interest Rate Cap economically fixes the annual dividend rate on the SIG Preference Shares from June 2017 to June 2022 at 8.30%. The cost of the Interest Rate Cap was an upfront premium of 395 bps of the $250.0 million notional value, or approximately $9.9 million for the full notional amount. The Interest Rate Cap does not qualify for hedge accounting. It is recorded in other assets at fair value. Changes in fair value are recognized as unrealized gains or losses and are presented within other revenues. Collateral held is recorded within short-term investments with an equal amount recognized as a liability to return collateral. The fair value of the interest rate cap has been estimated using a single broker quote and accordingly, has been classified as a Level 3 measurement as of December 31, 2015. The following table summarizes the change in the fair value of the Interest Rate Cap for the year ended December 31, 2015:
|  | December 31,
Millions |  | 2015 |  | 2014
Beginning of period |  | $ | 4.1 |  |  | $ | 11.1 |
Net realized and unrealized losses |  | (2.2 | ) |  | (7.0 | )
End of period |  | $ | 1.9 |  |  | $ | 4.1 |
White Mountains does not provide any collateral to the interest rate counterparties. Under the terms of the Interest Rate Cap, White Mountains holds collateral in respect of future amounts due. White Mountains’s liability to return that collateral is based on the amounts provided by the counterparties and investment earnings thereon. The following table summarizes the Interest Rate Cap collateral balances held by White Mountains and ratings by counterparty:
|  | December 31, 2015
Millions |  | Collateral Balances Held |  | Standard & Poor’s Rating(1)
Barclays Bank Plc |  | $ | 1.3 |  |  | A-
Nordea Bank Finland Plc |  | .6 |  |  | AA-
Total |  | $ | 1.9 |  |  |
(1) | Standard & Poor’s ratings as detailed above are: “A” (Strong, which is the sixth highest of twenty-one creditworthiness ratings) and “AA-” (Very Strong, which is the fourth highest of twenty-one creditworthiness ratings).

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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