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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
Par Value to Fair Value Reconciliation of Surplus Notes [Table Text Block] | Below is a table illustrating the valuation adjustments taken to arrive at the estimated fair value of the OneBeacon surplus notes as of December 31, 2015 and 2014:
|  | Type of Surplus Note |  | Total as of December 31, 2015 |  | Total as of December 31, 2014
Millions |  | Seller Priority |  | Pari Passu |
Par Value |  | $ | 57.9 |  |  | $ | 43.1 |  |  | $ | 101.0 |  |  | $ | 101.0 |
Fair value adjustments to reflect: |  |  |  |  |  |  |  |
Current market rates on public debt and contract-based repayments(1) |  | (.4 | ) |  | (14.7 | ) |  | (15.1 | ) |  | (6.6 | )
Regulatory approval (2) |  | (11.7 | ) |  | (12.5 | ) |  | (24.2 | ) |  | (12.6 | )
Liquidity adjustment (3) |  | (7.8 | ) |  | (2.4 | ) |  | (10.2 | ) |  | (16.7 | )
Total adjustments |  | (19.9 | ) |  | (29.6 | ) |  | (49.5 | ) |  | (35.9 | )
Fair value(4) |  | $ | 38.0 |  |  | $ | 13.5 |  |  | $ | 51.5 |  |  | $ | 65.1 |
(1) | Represents the value of the surplus notes, at current market yields on comparable 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. (4) The decrease in the fair value of the surplus notes during the twelve months ended December 31, 2015 was primarily due to widening of non-investment grade credit spreads.
Pre-tax net investment income | Pre-tax net investment income for 2015, 2014 and 2013 consisted of the following:
|  | Year Ended December 31,
Millions |  | 2015 |  | 2014 |  | 2013
Investment income: |  |  |  |  |  |
Fixed maturity investments |  | $ | 52.6 |  |  | $ | 51.3 |  |  | $ | 48.1 |
Short-term investments |  | .2 |  |  | .1 |  |  | .8 |
Common equity securities |  | 10.1 |  |  | 16.6 |  |  | 16.5 |
Other long-term investments |  | 3.3 |  |  | 4.4 |  |  | 6.8 |
Total investment income |  | 66.2 |  |  | 72.4 |  |  | 72.2 |
Third-party investment expenses |  | (5.4 | ) |  | (12.9 | ) |  | (12.4 | )
Net investment income, pre-tax |  | $ | 60.8 |  |  | $ | 59.5 |  |  | $ | 59.8 |
Net Realized and Unrealized Investment Gains and Losses | Net realized and unrealized investment gains (losses) consisted of the following:
|  | Year Ended December 31,
Millions |  | 2015 |  | 2014 |  | 2013
Net realized investment gains, pre-tax |  | $ | 77.3 |  |  | $ | 166.8 |  |  | $ | 95.5 |
Net unrealized investment gains (losses), pre-tax |  | 148.1 |  |  | (88.3 | ) |  | 38.4 |
Net realized and unrealized investment gains, pre-tax |  | 225.4 |  |  | 78.5 |  |  | 133.9 |
Income tax expense attributable to net realized and unrealized investment gains |  | (35.2 | ) |  | (18.0 | ) |  | (12.8 | )
Net realized and unrealized investment gains, after tax |  | $ | 190.2 |  |  | $ | 60.5 |  |  | $ | 121.1 |
Net unrealized investment gains (losses) for Level 3 investments | The following table summarizes the amount of total gains (losses) included in earnings attributable to unrealized investment gains (losses) for Level 3 investments for the years ended December 31, 2015, 2014 and 2013.
|  | Year Ended December 31,
Millions |  | 2015 |  | 2014 |  | 2013
Fixed maturity investments |  | $ | (1.1 | ) |  | $ | 1.9 |  |  | $ | (1.6 | )
Common equity securities |  | (9.0 | ) |  | 5.8 |  |  | .9 |
Other long-term investments |  | (40.1 | ) |  | — |  |  | 2.1 |
Total net unrealized investment (losses) gains, pre-tax - Level 3 investments |  | $ | (50.2 | ) |  | $ | 7.7 |  |  | $ | 1.4 |
Net realized and unrealized investment gains, after-tax, as recorded on the statements of operations and comprehensive income (losses) | The components of White Mountains’s net realized and unrealized investment gains (losses), after-tax, as recorded on the statements of operations and comprehensive income were as follows:
|  | Year Ended December 31,
Millions |  | 2015 |  | 2014 |  | 2013
Net change in pre-tax unrealized gains (losses) on investments in unconsolidated affiliates |  | $ | (39.2 | ) |  | $ | 81.2 |  |  | $ | (106.4 | )
Income tax benefit (expense) |  | 2.9 |  |  | (5.9 | ) |  | 8.3 |
Net change in unrealized (losses) gains on investments in unconsolidated affiliates, after tax |  | (36.3 | ) |  | 75.3 |  |  | (98.1 | )
Reversal of accumulated other comprehensive income related to change in accounting for the investment in Symetra |  | 1.4 |  |  | — |  |  | — |
Total investment (losses) gains through accumulated other comprehensive income |  | (34.9 | ) |  | 75.3 |  |  | (98.1 | )
Net realized and unrealized investment gains, after-tax |  | 190.2 |  |  | 60.5 |  |  | 121.1 |
Total investment gains recorded during the period, after-tax |  | $ | 155.3 |  |  | $ | 135.8 |  |  | $ | 23.0 |
Realized Gain (Loss) on Investments | Net realized investment gains for 2015, 2014 and 2013 consisted of the following:
|  | Year ended December 31, 2015
Millions |  | Net realized gains (losses) |  | Net foreign exchange gains |  | Total changes in fair value reflected in earnings
Fixed maturity investments |  | $ | 1.9 |  |  | $ | — |  |  | $ | 1.9 |
Common equity securities |  | 64.4 |  |  | .4 |  |  | 64.8 |
Other long-term investments |  | 10.6 |  |  | — |  |  | 10.6 |
Net realized investment gains, pre-tax |  | 76.9 |  |  | .4 |  |  | 77.3 |
Income tax expense attributable to realized investment gains |  | (22.8 | ) |  | — |  |  | (22.8 | )
Net realized investment gains, after-tax |  | $ | 54.1 |  |  | $ | .4 |  |  | $ | 54.5 |
|  | Year ended December 31, 2014
Millions |  | Net realized gains (losses) |  | Net foreign exchange gains |  | Total changes in fair value reflected in earnings
Fixed maturity investments |  | $ | 5.8 |  |  | $ | — |  |  | $ | 5.8 |
Common equity securities |  | 138.0 |  |  | — |  |  | 138.0 |
Other long-term investments |  | 23.0 |  |  | — |  |  | 23.0 |
Net realized investment gains, pre-tax |  | 166.8 |  |  | — |  |  | 166.8 |
Income tax expense attributable to realized investment gains |  | (28.4 | ) |  | — |  |  | (28.4 | )
Net realized investment gains, after-tax |  | $ | 138.4 |  |  | $ | — |  |  | $ | 138.4 |
|  | Year ended December 31, 2013
Millions |  | Net realized gains (losses) |  | Net foreign exchange gains |  | Total changes in fair value reflected in earnings
Fixed maturity investments |  | $ | (.2 | ) |  | $ | (.2 | ) |  | $ | (.4 | )
Short-term investments |  | .1 |  |  | — |  |  | .1 |
Common equity securities |  | 89.4 |  |  | — |  |  | 89.4 |
Other long-term investments |  | 6.4 |  |  | — |  |  | 6.4 |
Net realized investment gains (losses), pre-tax |  | 95.7 |  |  | (.2 | ) |  | 95.5 |
Income tax (expense) benefit attributable to realized investment gains (losses) |  | (16.2 | ) |  | .1 |  |  | (16.1 | )
Net realized investment gains (losses), after-tax |  | $ | 79.5 |  |  | $ | (.1 | ) |  | $ | 79.4 |
Unrealized Gain (Loss) on Investments | The following table summarizes net unrealized investment gains (losses) and changes in the carrying value of investments measured at fair value:
|  | Year ended December 31, 2015
Millions |  | Net unrealized gains (losses) |  | Net foreign exchange gains (losses) |  | Total net unrealized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | (15.6 | ) |  | $ | — |  |  | $ | (15.6 | )
Common equity securities |  | 207.6 |  |  | (3.7 | ) |  | 203.9 |
Other long-term investments |  | (39.1 | ) |  | (1.1 | ) |  | (40.2 | )
Net unrealized investment gains (losses), pre-tax |  | 152.9 |  |  | (4.8 | ) |  | 148.1 |
Income tax expense attributable to unrealized investment gains (losses) |  | (12.3 | ) |  | (.1 | ) |  | (12.4 | )
Net unrealized investment gains (losses), after-tax |  | $ | 140.6 |  |  | $ | (4.9 | ) |  | $ | 135.7 |
|  | Year ended December 31, 2014
Millions |  | Net unrealized gains (losses) |  | Net foreign exchange gains (losses) |  | Total net unrealized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | 11.3 |  |  | $ | — |  |  | $ | 11.3 |
Common equity securities |  | (83.0 | ) |  | (7.7 | ) |  | (90.7 | )
Other long-term investments |  | (7.6 | ) |  | (1.3 | ) |  | (8.9 | )
Net unrealized investment losses, pre-tax |  | (79.3 | ) |  | (9.0 | ) |  | (88.3 | )
Income tax benefit attributable to unrealized investment losses |  | 9.9 |  |  | .5 |  |  | 10.4 |
Net unrealized investment losses, after-tax |  | $ | (69.4 | ) |  | $ | (8.5 | ) |  | $ | (77.9 | )
|  | Year ended December 31, 2013
Millions |  | Net unrealized gains (losses) |  | Net foreign exchange gains (losses) |  | Total net unrealized gains (losses) reflected in earnings
Fixed maturity investments |  | $ | (49.9 | ) |  | $ | — |  |  | $ | (49.9 | )
Common equity securities |  | 86.1 |  |  | (1.9 | ) |  | 84.2 |
Other long-term investments |  | 4.1 |  |  | — |  |  | 4.1 |
Net unrealized investment gains (losses), pre-tax |  | 40.3 |  |  | (1.9 | ) |  | 38.4 |
Income tax benefit attributable to unrealized investment gains (losses) |  | 3.3 |  |  | — |  |  | 3.3 |
Net unrealized investment gains (losses), after-tax |  | $ | 43.6 |  |  | $ | (1.9 | ) |  | $ | 41.7 |
Investment holdings, fixed maturity investments | The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and losses, and carrying values of White Mountains’s fixed maturity investments as of December 31, 2015 and 2014, were as follows:
|  | December 31, 2015
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency gains (losses) |  | Carrying value
US Government and agency obligations |  | $ | 160.4 |  |  | $ | — |  |  | $ | (.4 | ) |  | $ | — |  |  | $ | 160.0 |
Debt securities issued by corporations |  | 1,001.0 |  |  | 4.3 |  |  | (5.3 | ) |  | — |  |  | 1,000.0 |
Municipal obligations |  | 227.8 |  |  | 2.2 |  |  | (1.2 | ) |  | — |  |  | 228.8 |
Mortgage-backed and asset-backed securities |  | 1,170.6 |  |  | 2.0 |  |  | (5.6 | ) |  | — |  |  | 1,167.0 |
Foreign government, agency and provincial obligations |  | 1.0 |  |  | .2 |  |  | — |  |  | — |  |  | 1.2 |
Preferred stocks |  | 78.3 |  |  | 4.4 |  |  | — |  |  | — |  |  | 82.7 |
Total fixed maturity investments |  | $ | 2,639.1 |  |  | $ | 13.1 |  |  | $ | (12.5 | ) |  | $ | — |  |  | $ | 2,639.7 |
|  | December 31, 2014
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency losses |  | Carrying value
US Government and agency obligations |  | $ | 105.4 |  |  | $ | .1 |  |  | $ | (.3 | ) |  | $ | — |  |  | $ | 105.2 |
Debt securities issued by corporations |  | 1,162.0 |  |  | 13.1 |  |  | (3.4 | ) |  | — |  |  | 1,171.7 |
Municipal obligations |  | 81.0 |  |  | 1.4 |  |  | (.2 | ) |  | — |  |  | 82.2 |
Mortgage-backed and asset-backed securities |  | 967.5 |  |  | 2.8 |  |  | (2.4 | ) |  | — |  |  | 967.9 |
Foreign government, agency and provincial obligations |  | 11.5 |  |  | .3 |  |  | (1.0 | ) |  | — |  |  | 10.8 |
Preferred stocks |  | 78.3 |  |  | 5.9 |  |  | — |  |  | — |  |  | 84.2 |
Total fixed maturity investments |  | $ | 2,405.7 |  |  | $ | 23.6 |  |  | $ | (7.3 | ) |  | $ | — |  |  | $ | 2,422.0 |
Schedule of contractual maturities of fixed maturities | The cost or amortized cost and carrying value of White Mountains’s fixed maturity investments as of December 31, 2015 is presented below by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.
|  | December 31, 2015
Millions |  | Cost or amortized cost |  | Carrying value
Due in one year or less |  | $ | 241.6 |  |  | $ | 242.0 |
Due after one year through five years |  | 982.3 |  |  | 981.5 |
Due after five years through ten years |  | 96.4 |  |  | 96.1 |
Due after ten years |  | 69.9 |  |  | 70.4 |
Mortgage-backed and asset-backed securities |  | 1,170.6 |  |  | 1,167.0 |
Preferred stocks |  | 78.3 |  |  | 82.7 |
Total |  | $ | 2,639.1 |  |  | $ | 2,639.7 |
Investment holdings, equity securities, convertible fixed maturities and other long-term investments | The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and losses, and carrying values of White Mountains’s common equity securities and other long-term investments as of December 31, 2015 and 2014 were as follows:
|  | December 31, 2015
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency losses |  | Carrying value
Common equity securities |  | $ | 822.5 |  |  | $ | 302.8 |  |  | $ | (11.4 | ) |  | $ | — |  |  | $ | 1,113.9 |
Other long-term investments |  | $ | 304.5 |  |  | $ | 32.0 |  |  | $ | (18.4 | ) |  | $ | (2.3 | ) |  | $ | 315.8 |
|  | December 31, 2014
Millions |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Net foreign currency losses |  | Carrying value
Common equity securities |  | $ | 495.3 |  |  | $ | 127.4 |  |  | $ | (3.6 | ) |  | $ | (7.4 | ) |  | $ | 611.7 |
Other long-term investments |  | $ | 286.7 |  |  | $ | 53.3 |  |  | $ | (6.8 | ) |  | $ | (1.3 | ) |  | $ | 331.9 |
Fair value measurements by level, investment securities | The following tables summarize White Mountains’s fair value measurements for investments as of December 31, 2015 and 2014 by level. The major security types were based on the legal form of the securities. White Mountains has disaggregated its fixed maturity investments based on the issuing entity type, which impacts credit quality, with debt securities issued by U.S. government entities carrying minimal credit risk, while the credit and other risks associated with other issuers, such as corporations, foreign governments, municipalities or entities issuing asset-backed securities vary depending on the nature of the issuing entity type. White Mountains further disaggregates debt securities issued by corporations and equity securities by industry sector because investors often reference commonly used benchmarks and their subsectors to monitor risk and performance. Accordingly, White Mountains has further disaggregated these asset classes into subclasses based on the similar sectors and industry classifications it uses to evaluate investment risk and performance against commonly used benchmarks, such as the Barclays Intermediate Aggregate and S&P 500 indices. The fair value measurements for derivative assets associated with White Mountains’s variable annuity business are presented in Note 9.
|  | December 31, 2015
Millions |  | Fair value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Fixed maturity investments: |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 160.0 |  |  | $ | 133.4 |  |  | $ | 26.6 |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |
Consumer |  | 253.3 |  |  | — |  |  | 253.3 |  |  | — |
Financials |  | 175.9 |  |  | — |  |  | 175.9 |  |  | — |
Health Care |  | 151.3 |  |  | — |  |  | 151.3 |  |  | — |
Industrial |  | 135.6 |  |  | — |  |  | 135.6 |  |  | — |
Energy |  | 82.0 |  |  | — |  |  | 82.0 |  |  | — |
Utilities |  | 61.5 |  |  | — |  |  | 61.5 |  |  | — |
Technology |  | 60.0 |  |  | — |  |  | 60.0 |  |  | — |
Communications |  | 49.2 |  |  | — |  |  | 49.2 |  |  | — |
Materials |  | 31.2 |  |  | — |  |  | 31.2 |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Total debt securities issued by corporations: |  | 1,000.0 |  |  | — |  |  | 1,000.0 |  |  | — |
Mortgage-backed and asset-backed securities |  | 1,167.0 |  |  | — |  |  | 1,167.0 |  |  | — |
Municipal obligations |  | 228.8 |  |  | — |  |  | 228.8 |  |  | — |
Foreign government, agency and provincial obligations |  | 1.2 |  |  | .6 |  |  | .6 |  |  | — |
Preferred stocks |  | 82.7 |  |  | — |  |  | 12.7 |  |  | 70.0 |
Total fixed maturity investments |  | 2,639.7 |  |  | 134.0 |  |  | 2,435.7 |  |  | 70.0 |
Short-term investments |  | 211.3 |  |  | 211.3 |  |  | — |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Exchange traded funds |  | 141.8 |  |  | 120.5 |  |  | 21.3 |  |  | — |
Financials |  | 694.7 |  |  | 694.7 |  |  | — |  |  | — |
Consumer |  | 70.0 |  |  | 70.0 |  |  | — |  |  | — |
Communications |  | 43.7 |  |  | 43.7 |  |  | — |  |  | — |
Health Care |  | 35.7 |  |  | 35.7 |  |  | — |  |  | — |
Technology |  | 27.0 |  |  | 27.0 |  |  | — |  |  | — |
Industrial |  | 26.6 |  |  | 26.6 |  |  | — |  |  | — |
Other |  | 74.4 |  |  | — |  |  | 74.4 |  |  | — |
Total common equity securities |  | 1,113.9 |  |  | 1,018.2 |  |  | 95.7 |  |  | — |
Other long-term investments (1) |  | 297.3 |  |  | — |  |  | — |  |  | 297.3 |
Total investments (1) |  | $ | 4,262.2 |  |  | $ | 1,363.5 |  |  | $ | 2,531.4 |  |  | $ | 367.3 |
(1) | Excludes carrying value of $3.8 associated with other long-term investment limited partnerships accounted for using the equity method. Excludes carrying value of $14.7 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method.
|  | December 31, 2014
Millions |  | Fair value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Fixed maturity investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 105.2 |  |  | $ | 51.2 |  |  | $ | 54.0 |  |  | $ | — |
Debt securities issued by corporations: |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  | 259.2 |  |  | — |  |  | 259.2 |  |  | — |
Financials |  | 254.7 |  |  | — |  |  | 254.7 |  |  | — |
Health Care |  | 181.8 |  |  | — |  |  | 181.8 |  |  | — |
Industrial |  | 107.3 |  |  | — |  |  | 102.0 |  |  | 5.3 |
Communications |  | 71.5 |  |  | — |  |  | 71.5 |  |  | — |
Energy |  | 65.6 |  |  | — |  |  | 65.6 |  |  | — |
Utilities |  | 84.1 |  |  | — |  |  | 84.1 |  |  | — |
Technology |  | 88.3 |  |  | — |  |  | 88.3 |  |  | — |
Materials |  | 51.7 |  |  | — |  |  | 51.7 |  |  | — |
Other |  | 7.5 |  |  | — |  |  | 7.5 |  |  | — |
Total debt securities issued by corporations: |  | 1,171.7 |  |  | — |  |  | 1,166.4 |  |  | 5.3 |
Mortgage-backed and asset-backed securities |  | 967.9 |  |  | — |  |  | 967.9 |  |  | — |
Municipal obligations |  | 82.2 |  |  | — |  |  | 82.2 |  |  | — |
Foreign government, agency and provincial obligations |  | 10.8 |  |  | .6 |  |  | 10.2 |  |  | — |
Preferred stocks |  | 84.2 |  |  | — |  |  | 13.1 |  |  | 71.1 |
Total fixed maturity investments |  | 2,422.0 |  |  | 51.8 |  |  | 2,293.8 |  |  | 76.4 |
Short-term investments |  | 376.8 |  |  | 376.3 |  |  | .5 |  |  | — |
Common equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Financials |  | 180.7 |  |  | 141.2 |  |  | — |  |  | 39.5 |
Consumer |  | 116.0 |  |  | 115.9 |  |  | .1 |  |  | — |
Health Care |  | 74.4 |  |  | 74.4 |  |  | — |  |  | — |
Industrial |  | 57.1 |  |  | 57.1 |  |  | — |  |  | — |
Technology |  | 44.8 |  |  | 44.8 |  |  | — |  |  | — |
Communications |  | 28.5 |  |  | 28.5 |  |  | — |  |  | — |
Energy |  | 18.1 |  |  | 18.1 |  |  | — |  |  | — |
Materials |  | 12.0 |  |  | 12.0 |  |  | — |  |  | — |
Utilities |  | 4.9 |  |  | 4.9 |  |  | — |  |  | — |
Other |  | 75.2 |  |  | 1.9 |  |  | 73.3 |  |  | — |
Total common equity securities |  | 611.7 |  |  | 498.8 |  |  | 73.4 |  |  | 39.5 |
Other long-term investments (1) |  | 309.9 |  |  | — |  |  | 5.7 |  |  | 304.2 |
Total investments (1) |  | $ | 3,720.4 |  |  | $ | 926.9 |  |  | $ | 2,373.4 |  |  | $ | 420.1 |
(1) | Excludes the carrying value of $5.2 associated with other long-term investment limited partnerships accounted for using the equity method and the carrying value of $16.8 associated with a tax advantaged federal affordable housing development fund accounted for using the proportional amortization method.
Debt securities issued by corporations, credit ratings | The following table summarizes the ratings of the corporate debt securities held in White Mountains’s investment portfolio as of December 31, 2014 and 2013:
|  | Fair Value at
|  | December 31,
Millions |  | 2015 |  | 2014
AA |  | $ | 95.2 |  |  | $ | 144.9 |
A |  | 397.7 |  |  | 594.9 |
BBB |  | 507.1 |  |  | 426.5 |
Other |  | — |  |  | 5.4 |
Debt securities issued by corporations(1) |  | $ | 1,000.0 |  |  | $ | 1,171.7 |
(1) | Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor’s and 2) Moody’s.
Mortgage-backed, asset-backed securities |
|  | December 31, 2015 |  | December 31, 2014
Millions |  | Fair Value |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 2 |  | Level 3
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GNMA |  | $ | 265.5 |  |  | $ | 265.5 |  |  | $ | — |  |  | $ | 308.7 |  |  | $ | 308.7 |  |  | $ | — |
FNMA |  | 42.2 |  |  | 42.2 |  |  | — |  |  | 33.4 |  |  | 33.4 |  |  | — |
FHLMC |  | 22.8 |  |  | 22.8 |  |  | — |  |  | 28.9 |  |  | 28.9 |  |  | — |
Total Agency(1) |  | 330.5 |  |  | 330.5 |  |  | — |  |  | 371.0 |  |  | 371.0 |  |  | — |
Non-agency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | 133.2 |  |  | 133.2 |  |  | — |  |  | 71.0 |  |  | 71.0 |  |  | — |
Commercial |  | 140.4 |  |  | 140.4 |  |  | — |  |  | 109.3 |  |  | 109.3 |  |  | — |
Total Non-agency |  | 273.6 |  |  | 273.6 |  |  | — |  |  | 180.3 |  |  | 180.3 |  |  | — |
Total mortgage-backed securities |  | 604.1 |  |  | 604.1 |  |  | — |  |  | 551.3 |  |  | 551.3 |  |  | — |
Asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit card receivables |  | 217.7 |  |  | 217.7 |  |  | — |  |  | 218.1 |  |  | 218.1 |  |  | — |
Vehicle receivables |  | 269.7 |  |  | 269.7 |  |  | — |  |  | 152.8 |  |  | 152.8 |  |  | — |
Other |  | 75.5 |  |  | 75.5 |  |  | — |  |  | 45.7 |  |  | 45.7 |  |  | — |
Total asset-backed securities |  | 562.9 |  |  | 562.9 |  |  | — |  |  | 416.6 |  |  | 416.6 |  |  | — |
Total mortgage and asset-backed securities |  | $ | 1,167.0 |  |  | $ | 1,167.0 |  |  | $ | — |  |  | $ | 967.9 |  |  | $ | 967.9 |  |  | $ | — |
(1) | Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. government (i.e., GNMA) or are guaranteed by a government sponsored entity (i.e., FNMA, FHLMC).
Schedule of security issuance years of investments in non-agency RMBS and non-agency CMBS securities | The security issuance years of White Mountains’s investments in non-agency RMBS and non-agency CMBS securities as of December 31, 2015 are as follows:
|  |  |  |  |  | Security Issuance Year |  |  |  |  |  |  |  |
Millions |  | Fair Value |  | 2004 |  | 2005 |  | 2006 |  | 2007 |  | 2008 |  | 2009 |  | 2010 |  | 2011 |  | 2012 |  | 2013 |  | 2014 |  | 2015
Non-agency RMBS |  | $ | 133.2 |  |  | $ | 17.3 |  |  | $ | 8.6 |  |  | $ | 3.9 |  |  | $ | — |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 15.2 |  |  | $ | 13.5 |  |  | $ | 9.8 |  |  | $ | 14.0 |  |  | $ | 47.3 |  |  | $ | — |
Non-agency CMBS |  | 140.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.4 |  |  | — |  |  | 18.0 |  |  | 17.2 |  |  | 55.0 |  |  | $ | 44.8 |
Total |  | $ | 273.6 |  |  | $ | 17.3 |  |  | $ | 8.6 |  |  | $ | 3.9 |  |  | $ | — |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | 20.6 |  |  | $ | 13.5 |  |  | $ | 27.8 |  |  | $ | 31.2 |  |  | $ | 102.3 |  |  | $ | 44.8 |
Non-agency residential mortgage securities, collateral quality and tranche levels | The classification of the underlying collateral quality and the tranche levels of White Mountains’s non-agency RMBS securities are as follows as of December 31, 2015:
Millions |  | Fair Value |  | Super Senior(1) |  | Senior(2) |  | Subordinate(3)
Prime |  | $ | 133.1 |  |  | $ | 65.6 |  |  | $ | 67.5 |  |  | $ | — |
Non-prime |  | .1 |  |  | — |  |  | .1 |  |  | — |
Sub-prime |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 133.2 |  |  | $ | 65.6 |  |  | $ | 67.6 |  |  | $ | — |
(1) | At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to other “AAA” or “Aaa” bonds.
(2) | At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to non-“AAA” or non-“Aaa” bonds.
(3) | At issuance, Subordinate were not rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were junior to “AAA” or “Aaa” bonds.
Non-agency commercial mortgage securities, type of interest rate and tranche levels | The amount of fixed and floating rate securities and their tranche levels of White Mountains’s non-agency CMBS securities are as follows as of December 31, 2015:
Millions |  | Fair Value |  | Super Senior(1) |  | Senior(2) |  | Subordinate(3)
Fixed rate CMBS |  | $ | 101.1 |  |  | $ | 8.7 |  |  | $ | 48.6 |  |  | $ | 43.8 |
Floating rate CMBS |  | 39.3 |  |  | — |  |  | — |  |  | 39.3 |
Total |  | $ | 140.4 |  |  | $ | 8.7 |  |  | $ | 48.6 |  |  | $ | 83.1 |
(1) | At issuance, Super Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to other “AAA” or “Aaa” bonds.
(2) | At issuance, Senior, or in the case of resecuritization, the underlying securities, were rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were senior to non-“AAA” or non-“Aaa” bonds.
(3) | At issuance, Subordinate were not rated “AAA” by Standard & Poor’s, “Aaa” by Moody’s or “AAA” by Fitch and were junior to “AAA” or “Aaa” bonds
Other long-term investments | The following table summarizes investments in hedge funds and private equity funds by investment objective and sector as of December 31, 2015 and 2014:
|  | December 31, 2015 |  | December 31, 2014
Millions |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Hedge funds |  |  |  |  |  |  |  |  |  |  |  |
Long/short equity REIT |  | $ | 20.6 |  |  | $ | — |  |  | $ | 20.4 |  |  | $ | — |
Long/short credit & distressed |  | — |  |  | — |  |  | 8.4 |  |  | — |
Long/short banks and financial |  | 12.8 |  |  | — |  |  | 29.9 |  |  | — |
Other |  | 3.6 |  |  | — |  |  | 15.7 |  |  | — |
Total hedge funds |  | 37.0 |  |  | — |  |  | 74.4 |  |  | — |
Private equity funds |  |  |  |  |  |  |  |  |  |  |  |
Energy infrastructure & services |  | 20.7 |  |  | 3.4 |  |  | 33.1 |  |  | 4.8 |
Manufacturing/Industrial |  | 24.9 |  |  | 2.5 |  |  | 23.2 |  |  | 7.3 |
Multi-sector |  | 14.8 |  |  | 2.1 |  |  | 14.5 |  |  | 2.2 |
Aerospace/Defense/Government |  | 19.8 |  |  | 30.3 |  |  | 20.7 |  |  | 5.1 |
Healthcare |  | 3.8 |  |  | .4 |  |  | 3.1 |  |  | 1.4 |
Private equity secondaries |  | 4.4 |  |  | 2.1 |  |  | 5.7 |  |  | 2.1 |
Insurance |  | 2.0 |  |  | 41.3 |  |  | 2.1 |  |  | 41.3 |
Real estate |  | .4 |  |  | .1 |  |  | 1.7 |  |  | 0.1 |
Total private equity funds |  | 90.8 |  |  | 82.2 |  |  | 104.1 |  |  | 64.3 |
Total hedge and private equity funds included in other long-term investments |  | $ | 127.8 |  |  | $ | 82.2 |  |  | $ | 178.5 |  |  | $ | 64.3 |
Fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds | The following summarizes the December 31, 2015 fair value of hedge funds subject to restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds:
Redemption frequency |  | Notice Period
Millions |  | 30-59 days notice |  | 60-89 days notice |  | 90-119 days notice |  | 120+ days notice |  | Total
Monthly |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Quarterly |  | 13.8 |  |  | — |  |  | — |  |  | — |  |  | 13.8 |
Semi-annual |  | — |  |  | 20.6 |  |  | — |  |  | — |  |  | 20.6 |
Annual |  | — |  |  | — |  |  | 2.6 |  |  | — |  |  | 2.6 |
Total |  | $ | 13.8 |  |  | $ | 20.6 |  |  | $ | 2.6 |  |  | $ | — |  |  | $ | 37.0 |
Fair Value of private equity funds subject to lock-up periods | As of December 31, 2015, investments in private equity funds were subject to lock-up periods as follows:
Millions |  | 1-3 years |  | 3 – 5 years |  | 5 – 10 years |  | >10 years |  | Total
Private Equity Funds — expected lock-up period remaining |  | $ | 24.3 |  |  | $ | 10.9 |  |  | $ | 55.6 |  |  | $ | — |  |  | $ | 90.8 |
Rollforward of fair value investments by level | The following tables summarize the changes in White Mountains’s fair value measurements by level for the years ended December 31, 2015 and 2014:
|  |  |  |  |  | Level 3 Investments |  |  |
Millions |  | Level 1 Investments |  | Level 2 Investments |  | Fixed maturity investments |  | Common equity securities |  | Other long-term investments |  | Total |
Balance at January 1, 2015 |  | $ | 550.6 |  |  | $ | 2,372.9 |  |  | $ | 76.4 |  |  | $ | 39.5 |  |  | $ | 304.2 |  | (1) | $ | 3,343.6 |  | (1)(2)
Total realized and unrealized gains (losses) |  | 263.0 |  |  | (13.7 | ) |  | (1.1 | ) |  | 7.8 |  |  | (29.2 | ) |  | 226.8 |  | (3)(4)
Amortization/Accretion |  | — |  |  | (19.6 | ) |  | — |  |  | — |  |  | — |  |  | (19.6 | ) |
Purchases |  | 814.5 |  |  | 1,436.0 |  |  | 35.3 |  |  | — |  |  | 91.3 |  |  | 2,377.1 |  |
Sales |  | (825.7 | ) |  | (1,286.0 | ) |  | — |  |  | (43.7 | ) |  | (54.7 | ) |  | (2,210.1 | ) |
Symetra transfer |  | 394.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 394.5 |  |
Effect of redemption of Prospector hedge funds |  | (43.5 | ) |  | — |  |  | — |  |  | (3.6 | ) |  | (14.3 | ) |  | (61.4 | ) |
Transfers in |  | — |  |  | 41.8 |  |  | — |  |  | — |  |  | — |  |  | 41.8 |  |
Transfers out |  | (1.2 | ) |  | — |  |  | (40.6 | ) |  | — |  |  | — |  |  | (41.8 | ) |
Balance at December 31, 2015 |  | $ | 1,152.2 |  |  | $ | 2,531.4 |  |  | $ | 70.0 |  |  | $ | — |  |  | $ | 297.3 |  | (1) | $ | 4,050.9 |  | (1)(2)
(1) | Excludes carrying value of $3.8 and $5.2 as of December 31, 2015 and January 1, 2015 associated with other long-term investments accounted for using the equity method.
(2) | Excludes carrying value of $211.3 and $376.8 as of December 31, 2015 and January 1, 2015 classified as short-term investments.
(3) | Excludes $0.8 of realized and unrealized losses associated with the Prospector Funds consolidation of investment-related liabilities.
(4) | Includes unrealized gains of $258.8 associated with the Symetra transfer from investments in unconsolidated affiliates to common equity securities.
|  |  |  |  |  | Level 3 Investments |
Millions |  | Level 1 Investments |  | Level 2 Investments |  | Fixed maturity investments |  | Common equity securities |  | Other long-term investments |  | Total |
Balance at January 1, 2014 |  | $ | 997.2 |  |  | $ | 2,575.4 |  |  | $ | 81.8 |  |  | $ | 45.4 |  |  | $ | 189.2 |  | (1) | $ | 3,889.0 |  | (1)(2)(3)
Total realized and unrealized gains |  | 50.1 |  |  | 8.9 |  |  | 1.8 |  |  | 6.2 |  |  | 16.3 |  |  | 83.3 |  |
Amortization/Accretion |  | .1 |  |  | (18.7 | ) |  | .1 |  |  | — |  |  | — |  |  | (18.5 | ) |
Purchases |  | 886.9 |  |  | 1,805.3 |  |  | 39.6 |  |  | 5.0 |  |  | 131.7 |  |  | 2,868.5 |  |
Sales |  | (1,384.2 | ) |  | (2,065.9 | ) |  | — |  |  | (17.1 | ) |  | (33.0 | ) |  | (3,500.2 | ) |
Net change in investments related to purchases and sales of consolidated affiliates |  | (2.7 | ) |  | 24.2 |  |  | — |  |  | — |  |  | — |  |  | 21.5 |  |
Exchange |  | 3.4 |  |  | (9.3 | ) |  | 5.9 |  |  | — |  |  | — |  |  | — |  |
Transfers in |  | — |  |  | 53.0 |  |  | — |  |  | — |  |  | — |  |  | 53.0 |  |
Transfers out |  | (.2 | ) |  | — |  |  | (52.8 | ) |  | — |  |  | — |  |  | (53.0 | ) |
Balance at December 31, 2014 |  | $ | 550.6 |  |  | $ | 2,372.9 |  |  | $ | 76.4 |  |  | $ | 39.5 |  |  | $ | 304.2 |  | (1) | $ | 3,343.6 |  | (1)(2)(3)
(1) | Excludes carrying value of $5.2 and $6.8 as of December 31, 2014 and January 1, 2014 associated with other long-term investment limited partnerships accounted for using the equity method.
(2) | Carrying value includes $236.3 as of January 1, 2014 that is classified as assets held for sale relating to discontinued operations.
(3) | Excludes carrying value of $376.8 and $310.4 as of December 31, 2014 and January 1, 2014 classified as short-term investments.
(4) | Excludes $4.0 of realized and unrealized losses associated with the Prospector Funds and Prospector Turtle Fund consolidation of investment-related liabilities.
Schedule of significant unobservable inputs used in estimating the fair value of investment securities | The fair value of investments in hedge funds and private equity funds, which are classified within Level 3, are estimated using the net asset value of the funds.
Description |  | December 31, 2015
$ in millions, except share price |  | Rating(2) |  | Valuation Technique(s) |  | Fair Value(3) |  | Unobservable Input
Preferred Stock(1) |  | NR |  | Par value(8) |  | $70.0 |  | Issuer’s intent to call | - | $70.0
Private equity security(1) |  | NR |  | Share price of most recent transaction |  | $21.0 |  | Share price | - | $1.00
Private equity security(1) |  | NR |  | Share price of most recent transaction |  | $33.8 |  | Share price | - | $1.03
Convertible preferred security(1) |  | NR |  | Multiple of EBITDA |  | $5.7 |  | EBITDA multiple | - | 6.00
Convertible preferred security(1) |  | NR |  | Share price of most recent transaction |  | $27.0 |  | Share price | - | $3.83
Private equity security(1) |  | NR |  | Option pricing method |  | $9.6 |  |  |  |
|  |  |  |  |  |  |  | Time until expiration | - | 4 years
|  |  |  |  |  | Volatility/Standard deviation | - | 60.0%
|  |  |  |  |  | Risk free rate | - | 1.15%
Surplus notes(7): |  | NR |  |  |  |  |  |
- Seller priority |  |  |  | Discounted cash flow |  | $38.0 |  | Discount rate(4) | - | 13.0%
|  |  |  |  |  | Timing of interest payments(6) | - | 5 years
|  |  |  |  |  | Timing of principal payments(6) | - | 10 years
- Pari passu |  |  |  | Discounted cash flow |  | $13.5 |  | Discount rate(5) | - | 22.4%
|  |  |  |  |  | Timing of interest payments(6) | - | 5 years
|  |  |  |  |  | Timing of principal payments(6) | - | 15 years
(1) As of December 31, 2015 each asset type consists of one security. (2) Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor’s and 2) Moody’s. (3) Includes the unrealized gains and losses associated with foreign currency; foreign currency effects based on observable inputs. (4) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the seller priority note is roughly equivalent to that of a conventional debt security with a credit rating of ‘B’. The corresponding credit spread increased by an additional 250 bps to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note. (5) Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the pari passu note is roughly equivalent to that of a conventional debt security with a credit rating of ‘CCC’. The corresponding credit spread increased by an additional 250 bps to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note. (6) For estimated value purposes, the assumption has been made that interest payouts begin in year five and that principal repayments being on a graduated basis in year ten for the seller priority notes and year fifteen for the pari passu note. (7) The decrease in the fair value of the surplus notes during the twelve months ended December 31, 2015 was primarily due to widening of non-investment grade credit spreads. (8) Valuation based on the issuer’s intent as of December 31, 2015 to call the security in the near term.
Description |  | December 31, 2014
$ in millions, except share price |  | Rating(2) |  | Valuation Technique(s) |  | Fair Value(7) |  | Unobservable Input
Preferred Stock(1) |  | NR |  | Discounted cash flow |  | $71.1 |  | Discount yield | - | 7.1%
Private equity security(1) |  | NR |  | Multiple of GAAP book value |  | $39.5 |  | Multiple of GAAP book value | - | 1.10
Private equity security(1) |  | NR |  | Share price of most recent transaction |  | $20.1 |  | Share price | - | $1.06
Convertible preferred security(1) |  | NR |  | Multiple of EBITDA |  | $3.8 |  | EBITDA multiple | - | 6.00
Convertible preferred security(1) |  | NR |  | Share price of most recent transaction |  | $4.5 |  | Share price | - | $0.71
Debt security issued by corporation(1) |  | NR |  | Discounted cash flow |  | $5.3 |  | Illiquidity discount(3) | - | 10.0%
Private equity security(1) |  | NR |  | Share price of recent transaction |  | $10.4 |  | Share price | - | $290.96
Surplus notes: |  | NR |  |  |  |  |  |
- Seller priority |  |  |  | Discounted cash flow |  | $44.0 |  | Discount rate(4) | - | 9.3%
|  |  |  |  |  | Timing of interest payments(6) | - | 5 years
|  |  |  |  |  | Timing of principal payments(6) | - | 10 years
- Pari passu |  |  |  | Discounted cash flow |  | $21.1 |  | Discount rate(5) | - | 13.5%
|  |  |  |  |  | Timing of interest payments(6) | - | 5 years
|  |  |  |  |  | Timing of principal payments(6) | - | 15 years
(1) | As of December 31, 2014 each asset type consists of one security.
(2) | Credit ratings are assigned based on the following hierarchy: 1) Standard & Poor’s and 2) Moody’s.
(3) | Judgmentally determined based on the Company’s limited trading ability of the issuer.
(4) | Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the seller priority note is roughly equivalent to that of a conventional debt security with a credit rating of ‘B’. The corresponding credit spread increased by an additional 250 bps to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note.
(5) | Stochastic modeling supporting the fair value estimation indicates that the average percentage of discounted payments missed on the pari passu note is roughly equivalent to that of a conventional debt security with a credit rating of ‘CCC’. The corresponding credit spread increased by an additional 250 bps to reflect both a liquidity discount for a private debt instrument and regulatory payment approval uncertainty, was added to the treasury rate to determine the discount rate for the seller priority note.
(6) | For estimated value purposes, the assumption has been made that interest payouts begin in year five and that principal repayments being on a graduated basis in year ten for the seller priority notes and year fifteen for the pari passu note.
(7) | Includes the unrealized gains and losses associated with foreign currency; foreign currency effects based on observable inputs.
Other Investments Not Readily Marketable [Table Text Block] | Other long-term investments consist of the following as of December 31, 2015 and 2014:
|  | Carrying Value at
Millions |  | December 31, 2015 |  | December 31, 2014
Hedge funds and private equity funds, at fair value(1) |  | $ | 127.8 |  |  | $ | 178.5 |
Private equity securities and limited liability companies, at fair value(1) |  | 82.1 |  |  | 45.3 |
Surplus notes investments, at fair value(1) |  | 51.5 |  |  | 65.1 |
Convertible preferred securities(1) |  | 32.7 |  |  | 8.3 |
Tax advantaged federal affordable housing development fund(2) |  | 14.7 |  |  | 16.8 |
Partnership investments accounted for under the equity method |  | 3.8 |  |  | 5.2 |
Convertible fixed maturity investments(1) |  | — |  |  | 5.6 |
Other(1) |  | 3.2 |  |  | 7.1 |
Total other-long term investments |  | $ | 315.8 |  |  | $ | 331.9 |
(1) See Fair Value Measurements by Level table. (2) Fund accounted for using the proportional amortization method.

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- Definition Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c)-(e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51813488&loc=d3e22054-111558 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.M) -URI http://asc.fasb.org/extlink&oid=27011274&loc=d3e87990-122713 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section M + Details
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- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of other investments not readily marketable, including, but not limited to, description of investment, fair value and value as measured by quoted price. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 820 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35710923&loc=d3e45360-110995 + Details
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