XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Financial Statement Revisions | 9 Months Ended
--- | ---
Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract] |
Financial Statement Revisions | Financial Statement Revisions In October 2017, White Mountains discovered that the former CEO of Wobi, one of its overseas portfolio companies, had been reporting overstated commission revenues and related receivables to White Mountains. As a result, White Mountains has revised certain of its previously issued financial statements. The revisions resulted in reductions to commission revenues (included in advertising and commission revenues) and commissions receivable (included in other assets). In addition, the overstatements led White Mountains to write down the goodwill and other intangible assets related to Wobi to zero. This write down is recorded in general and administrative expenses in the years ended December 31, 2016 and 2015. White Mountains evaluated the impact of the misstatements resulting from the overstatements at Wobi on prior periods’ financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality, and concluded the misstatements were not material to any previously reported financial statements. However, while not material to any previously reported annual or quarterly period, the aggregate amount of prior period misstatements could be material to White Mountains's results for the full fiscal year ended December 31, 2017. White Mountains has therefore revised all periods impacted including its consolidated balance sheet as of June 30, 2017 and December 31, 2016 and 2015; and its consolidated statements of operations and comprehensive income, consolidated statements of changes in equity, cash flows and earnings per share for the years ended December 31, 2016, 2015 and 2014, the six month period ended June 30, 2017, and the three and nine month periods ended September 30, 2016. The revisions also reflect a previously recorded out of period adjustment in 2015 and 2014. The impact of these revisions to each of the previously reported consolidated statements are disclosed below. Amounts previously reported reflect the reclassification of OneBeacon, Sirius Group and Tranzact to discontinued operations for all applicable periods presented. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
|  | Three months ended |  | Nine months ended
|  | September 30, 2016
Millions, except for per share amounts |  | As previously reported |  | Adjustments |  | As revised |  | As previously reported |  | Adjustments |  | As revised
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 3.4 |  |  | $ | — |  |  | 3.4 |  |  | $ | 10.2 |  |  | $ | — |  |  | $ | 10.2 |
Net investment income |  | 9.6 |  |  | — |  |  | 9.6 |  |  | 18.2 |  |  | — |  |  | 18.2 |
Net realized and unrealized investment gains |  | 10.9 |  |  | — |  |  | 10.9 |  |  | 27.2 |  |  | — |  |  | 27.2 |
Advertising and commission revenues |  | 29.4 |  |  | (1.2 | ) |  | 28.2 |  |  | 92.4 |  |  | (2.8 | ) |  | 89.6 |
Other revenue |  | 4.7 |  |  | — |  |  | 4.7 |  |  | 18.0 |  |  | — |  |  | 18.0 |
Total revenues |  | 58.0 |  |  | (1.2 | ) |  | 56.8 |  |  | 166.0 |  |  | (2.8 | ) |  | 163.2 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 2.2 |  |  | — |  |  | 2.2 |  |  | 6.8 |  |  | — |  |  | 6.8 |
Insurance and acquisition expenses |  | 1.3 |  |  | — |  |  | 1.3 |  |  | 4.4 |  |  | — |  |  | 4.4 |
Other underwriting expenses |  | .2 |  |  | — |  |  | .2 |  |  | .4 |  |  | — |  |  | .4 |
Cost of sales |  | 24.0 |  |  | — |  |  | 24.0 |  |  | 76.9 |  |  | — |  |  | 76.9 |
General and administrative expenses |  | 42.7 |  |  | (.3 | ) |  | 42.4 |  |  | 142.6 |  |  | 2.3 |  |  | 144.9 |
Interest expense on debt |  | .5 |  |  | — |  |  | .5 |  |  | 2.6 |  |  | — |  |  | 2.6 |
Total expenses |  | 70.9 |  |  | (.3 | ) |  | 70.6 |  |  | 233.7 |  |  | 2.3 |  |  | 236.0 |
Pre-tax loss |  | (12.9 | ) |  | (.9 | ) |  | (13.8 | ) |  | (67.7 | ) |  | (5.1 | ) |  | (72.8 | )
Income tax benefit |  | 17.1 |  |  | — |  |  | 17.1 |  |  | 22.7 |  |  | — |  |  | 22.7 |
Net income (loss) from continuing operations |  | 4.2 |  |  | (.9 | ) |  | 3.3 |  |  | (45.0 | ) |  | (5.1 | ) |  | (50.1 | )
Gain on sale of discontinued operations |  | 47.9 |  |  | — |  |  | 47.9 |  |  | 414.5 |  |  | — |  |  | 414.5 |
Net income from discontinued operations |  | 36.5 |  |  | — |  |  | 36.5 |  |  | 100.9 |  |  | — |  |  | 100.9 |
Net income (loss) (1) |  | 88.6 |  |  | (.9 | ) |  | 87.7 |  |  | 470.4 |  |  | (5.1 | ) |  | 465.3 |
Net loss (income) attributable to non-controlling interests |  | 3.1 |  |  | — |  |  | 3.1 |  |  | (24.6 | ) |  | — |  |  | (24.6 | )
Net income (loss) attributable to White Mountains's common shareholders |  | 91.7 |  |  | (.9 | ) |  | 90.8 |  |  | 445.8 |  |  | (5.1 | ) |  | 440.7 |
Other comprehensive income (loss), net of tax |  | .2 |  |  | (.2 | ) |  | — |  |  | 145.6 |  |  | (.2 | ) |  | 145.4 |
Comprehensive income (loss) |  | 91.9 |  |  | (1.1 | ) |  | 90.8 |  |  | 591.4 |  |  | (5.3 | ) |  | 586.1 |
Comprehensive loss attributable to non-controlling interests |  | .1 |  |  | — |  |  | .1 |  |  | .1 |  |  | — |  |  | .1 |
Comprehensive income (loss) attributable to White Mountains's common shareholders |  | $ | 92.0 |  |  | $ | (1.1 | ) |  | $ | 90.9 |  |  | $ | 591.5 |  |  | $ | (5.3 | ) |  | $ | 586.2 |
Basic and diluted earnings per share - continuing operations |  | $ | 1.50 |  |  | $ | (.18 | ) |  | $ | 1.32 |  |  | $ | (13.49 | ) |  | $ | (1.00 | ) |  | $ | (14.49 | )
(1) The adjustment to net income resulted in a corresponding adjustment in the statement of cash flows, with an offsetting adjustment to the change in other assets and liabilities within the operating cash flows section. There was no change to cash flows from operations, cash flows from investing activities or cash flows from financing activities. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
|  | Six months ended June 30, 2017
Millions, except for per share amounts |  | As previously reported |  | Adjustments |  | As revised
Revenues: |  |  |  |  |  |
Earned insurance premiums |  | $ | 5.2 |  |  | $ | — |  |  | $ | 5.2 |
Net investment income |  | 27.5 |  |  | — |  |  | 27.5 |
Net realized and unrealized investment gains |  | 70.0 |  |  | — |  |  | 70.0 |
Advertising and commission revenues |  | 71.7 |  |  | (6.6 | ) |  | 65.1 |
Other revenue |  | 4.5 |  |  | — |  |  | 4.5 |
Total revenues |  | 178.9 |  |  | (6.6 | ) |  | 172.3 |
Expenses: |  |  |  |  |  |
Loss and loss adjustment expenses |  | 1.1 |  |  | — |  |  | 1.1 |
Insurance and acquisition expenses |  | 2.2 |  |  | — |  |  | 2.2 |
Other underwriting expenses |  | .2 |  |  | — |  |  | .2 |
Cost of sales |  | 55.6 |  |  | — |  |  | 55.6 |
General and administrative expenses |  | 117.9 |  |  | .1 |  |  | 118.0 |
Interest expense on debt |  | .9 |  |  | — |  |  | .9 |
Total expenses |  | 177.9 |  |  | .1 |  |  | 178.0 |
Pre-tax income (loss) |  | 1.0 |  |  | (6.7 | ) |  | (5.7 | )
Income tax benefit |  | 1.3 |  |  | — |  |  | 1.3 |
Net income (loss) from continuing operations |  | 2.3 |  |  | (6.7 | ) |  | (4.4 | )
Loss on sale of discontinued operations |  | (1.6 | ) |  | — |  |  | (1.6 | )
Net income from discontinued operations |  | 35.7 |  |  | — |  |  | 35.7 |
Net income (loss) |  | 36.4 |  |  | (6.7 | ) |  | 29.7 |
Net loss (income) attributable to non-controlling interests |  | 13.4 |  |  | (.4 | ) |  | 13.0 |
Net income (loss) attributable to White Mountains's common shareholders |  | 49.8 |  |  | (7.1 | ) |  | 42.7 |
Other comprehensive income (loss), net of tax |  | 1.7 |  |  | (1.3 | ) |  | .4 |
Comprehensive income (loss) |  | 51.5 |  |  | (8.4 | ) |  | 43.1 |
Comprehensive income attributable to non-controlling interests |  | (.1 | ) |  | — |  |  | (.1 | )
Comprehensive income (loss) attributable to White Mountains's common shareholders |  | $ | 51.4 |  |  | $ | (8.4 | ) |  | $ | 43.0 |
Basic and diluted earnings per share - continuing operations |  | $ | 3.42 |  |  | $ | (1.59 | ) |  | $ | 1.83 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|  | As previously reported |  | Adjustments |  | As revised
|  | Years ended December 31,
Millions, except for per share amounts |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earned insurance premiums |  | $ | 13.4 |  |  | $ | 12.0 |  |  | $ | 7.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13.4 |  |  | $ | 12.0 |  |  | $ | 7.9 |
Net investment income |  | 32.1 |  |  | 10.9 |  |  | 12.2 |  |  | — |  |  | — |  |  | — |  |  | 32.1 |  |  | 10.9 |  |  | 12.2 |
Net realized and unrealized investment gains |  | (27.4 | ) |  | 260.5 |  |  | 38.1 |  |  | — |  |  | — |  |  | — |  |  | (27.4 | ) |  | 260.5 |  |  | 38.1 |
Advertising and commission revenues |  | 126.9 |  |  | 110.1 |  |  | 65.7 |  |  | (8.6 | ) |  | (2.7 | ) |  | (.2 | ) |  | 118.3 |  |  | 107.4 |  |  | 65.5 |
Other revenue (1) |  | 21.3 |  |  | 41.8 |  |  | 20.5 |  |  | — |  |  | 7.4 |  |  | (6.9 | ) |  | 21.3 |  |  | 49.2 |  |  | 13.6 |
Total revenues |  | 166.3 |  |  | 435.3 |  |  | 144.4 |  |  | (8.6 | ) |  | 4.7 |  |  | (7.1 | ) |  | 157.7 |  |  | 440.0 |  |  | 137.3 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses |  | 8.0 |  |  | 8.2 |  |  | 8.9 |  |  | — |  |  | — |  |  | — |  |  | 8.0 |  |  | 8.2 |  |  | 8.9 |
Insurance and acquisition expenses |  | 5.6 |  |  | 6.3 |  |  | 2.9 |  |  | — |  |  | — |  |  | — |  |  | 5.6 |  |  | 6.3 |  |  | 2.9 |
Other underwriting expenses |  | .5 |  |  | .4 |  |  | .4 |  |  | — |  |  | — |  |  | — |  |  | .5 |  |  | .4 |  |  | .4 |
Cost of sales |  | 102.0 |  |  | 93.6 |  |  | 57.8 |  |  | — |  |  | — |  |  | — |  |  | 102.0 |  |  | 93.6 |  |  | 57.8 |
General and administrative expenses |  | 183.7 |  |  | 193.2 |  |  | 144.9 |  |  | 2.2 |  |  | 7.5 |  |  | — |  |  | 185.9 |  |  | 200.7 |  |  | 144.9 |
Interest expense on debt |  | 3.0 |  |  | 1.6 |  |  | 1.2 |  |  | — |  |  | — |  |  | — |  |  | 3.0 |  |  | 1.6 |  |  | 1.2 |
Total expenses |  | 302.8 |  |  | 303.3 |  |  | 216.1 |  |  | 2.2 |  |  | 7.5 |  |  | — |  |  | 305.0 |  |  | 310.8 |  |  | 216.1 |
Pre-tax income |  | (136.5 | ) |  | 132.0 |  |  | (71.7 | ) |  | (10.8 | ) |  | (2.8 | ) |  | (7.1 | ) |  | (147.3 | ) |  | 129.2 |  |  | (78.8 | )
Income benefit (expense) |  | 32.9 |  |  | (12.7 | ) |  | 2.5 |  |  | — |  |  | — |  |  | — |  |  | 32.9 |  |  | (12.7 | ) |  | 2.5 |
Net income from continuing operations |  | (103.6 | ) |  | 119.3 |  |  | (69.2 | ) |  | (10.8 | ) |  | (2.8 | ) |  | (7.1 | ) |  | (114.4 | ) |  | 116.5 |  |  | (76.3 | )
Gain on sale of discontinued operations |  | 415.1 |  |  | 17.9 |  |  | 17.2 |  |  | — |  |  | — |  |  | — |  |  | 415.1 |  |  | 17.9 |  |  | 17.2 |
Net income from discontinued operations |  | 108.3 |  |  | 117.2 |  |  | 296.4 |  |  | — |  |  | — |  |  | — |  |  | 108.3 |  |  | 117.2 |  |  | 296.4 |
Income (loss) before equity in earnings of unconsolidated affiliates |  | 419.8 |  |  | 254.4 |  |  | 244.4 |  |  | (10.8 | ) |  | (2.8 | ) |  | (7.1 | ) |  | 409.0 |  |  | 251.6 |  |  | 237.3 |
Equity in earnings of unconsolidated affiliates |  | — |  |  | 25.1 |  |  | 45.6 |  |  |  |  | — |  |  | — |  |  | — |  |  | 25.1 |  |  | 45.6 |
Net income (loss)(2) |  | 419.8 |  |  | 279.5 |  |  | 290.0 |  |  | (10.8 | ) |  | (2.8 | ) |  | (7.1 | ) |  | 409.0 |  |  | 276.7 |  |  | 282.9 |
Net (income) loss attributable to non-controlling interests |  | (7.3 | ) |  | 18.1 |  |  | 22.2 |  |  | .1 |  |  | .4 |  |  | .1 |  |  | (7.2 | ) |  | 18.5 |  |  | 22.3 |
Net income (loss) attributable to White Mountains's common shareholders |  | 412.5 |  |  | 297.6 |  |  | 312.2 |  |  | (10.7 | ) |  | (2.4 | ) |  | (7.0 | ) |  | 401.8 |  |  | 295.2 |  |  | 305.2 |
Other comprehensive income, net of tax (1) |  | 145.6 |  |  | (100.4 | ) |  | (104.9 | ) |  | — |  |  | (7.4 | ) |  | 6.9 |  |  | 145.6 |  |  | (107.8 | ) |  | (98.0 | )
Comprehensive income (loss) |  | 558.1 |  |  | 197.2 |  |  | 207.3 |  |  | (10.7 | ) |  | (9.8 | ) |  | (.1 | ) |  | 547.4 |  |  | 187.4 |  |  | 207.2 |
Comprehensive (income) loss attributable to non-controlling interests |  | (.3 | ) |  | — |  |  | 3.3 |  |  | — |  |  | — |  |  | — |  |  | (.3 | ) |  | — |  |  | 3.3 |
Comprehensive income (loss) attributable to White Mountains's common shareholders |  | $ | 557.8 |  |  | $ | 197.2 |  |  | $ | 210.6 |  |  | $ | (10.7 | ) |  | $ | (9.8 | ) |  | $ | (.1 | ) |  | $ | 547.1 |  |  | $ | 187.4 |  |  | $ | 210.5 |
Basic and diluted earnings per share - continuing operations |  | $ | (22.13 | ) |  | $ | 27.63 |  |  | $ | (.24 | ) |  | $ | (2.15 | ) |  | $ | (.42 | ) |  | $ | (1.16 | ) |  | $ | (24.28 | ) |  | $ | 27.21 |  |  | $ | (1.40 | )
(1) In 2015 and 2014, White Mountains recorded a foreign currency translation gain related to its investment in Symetra in net income when it should have been recorded through other comprehensive income. The correction to properly reflect the translation amount through other comprehensive income did not have any impact on comprehensive income attributable to White Mountains's common shareholders or to book value per share. (2) The adjustment to net income resulted in a corresponding adjustment in the statement of cash flows, with an offsetting adjustment to the change in other assets and liabilities within the operating cash flows section. There was no change to cash flows from operations, cash flows from investing activities or cash flows from financing activities. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
|  | As previously reported |  | Adjustments |  | As revised
|  | Years ended December 31,
Millions |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Common shares and paid-in surplus |  | $ | 810.7 |  |  | $ | 978.2 |  |  | $ | 1,034.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 810.7 |  |  | $ | 978.2 |  |  | $ | 1,034.7 |
Retained earnings, beginning of year |  | 3,084.9 |  |  | 3,010.5 |  |  | 2,801.9 |  |  | (9.9 | ) |  | (7.5 | ) |  | (.5 | ) |  | 3,075.0 |  |  | 3,003.0 |  |  | 2,801.4 |
Share repurchases |  | (694.8 | ) |  | (217.2 | ) |  | (97.4 | ) |  | — |  |  | — |  |  | — |  |  | (694.8 | ) |  | (217.2 | ) |  | (97.4 | )
Net income (loss) |  | 412.5 |  |  | 297.6 |  |  | 312.2 |  |  | (10.7 | ) |  | (2.4 | ) |  | (7.0 | ) |  | 401.8 |  |  | 295.2 |  |  | 305.2 |
Dividends |  | (5.4 | ) |  | (6.0 | ) |  | (6.2 | ) |  | — |  |  | — |  |  | — |  |  | (5.4 | ) |  | (6.0 | ) |  | (6.2 | )
Retained earnings, end of year |  | 2,797.2 |  |  | 3,084.9 |  |  | 3,010.5 |  |  | (20.6 | ) |  | (9.9 | ) |  | (7.5 | ) |  | 2,776.6 |  |  | 3,075.0 |  |  | 3,003.0 |
Accumulated other comprehensive income, after tax, beginning of year |  | (149.9 | ) |  | (49.5 | ) |  | 52.1 |  |  | — |  |  | 7.4 |  |  | .5 |  |  | (149.9 | ) |  | (42.1 | ) |  | 52.6 |
Net change in foreign currency translation |  | 31.4 |  |  | (65.8 | ) |  | (168.2 | ) |  | — |  |  | (7.4 | ) |  | 6.9 |  |  | 31.4 |  |  | (73.2 | ) |  | (161.3 | )
Net other changes in AOCI |  | 113.9 |  |  | (34.6 | ) |  | 66.6 |  |  | — |  |  | — |  |  | — |  |  | 113.9 |  |  | (34.6 | ) |  | 66.6 |
Accumulated other comprehensive income, after tax, end of year |  | (4.6 | ) |  | (149.9 | ) |  | (49.5 | ) |  | — |  |  | — |  |  | 7.4 |  |  | (4.6 | ) |  | (149.9 | ) |  | (42.1 | )
Total White Mountains Common Shareholders' Equity |  | 3,603.3 |  |  | 3,913.2 |  |  | 3,995.7 |  |  | (20.6 | ) |  | (9.9 | ) |  | (.1 | ) |  | 3,582.7 |  |  | 3,903.3 |  |  | 3,995.6 |
Non-controlling interests, beginning of year |  | 454.8 |  |  | 542.7 |  |  | 491.7 |  |  | (.5 | ) |  | (.1 | ) |  | — |  |  | 454.3 |  |  | 542.6 |  |  | 491.7 |
Net income (loss) |  | 7.3 |  |  | (18.1 | ) |  | (22.2 | ) |  | (.1 | ) |  | (.4 | ) |  | (.1 | ) |  | 7.2 |  |  | (18.5 | ) |  | (22.3 | )
Other changes in NCI |  | (328.2 | ) |  | (69.8 | ) |  | 73.2 |  |  | — |  |  | — |  |  | — |  |  | (328.2 | ) |  | (69.8 | ) |  | 73.2 |
Non-controlling interests, end of year |  | 133.9 |  |  | 454.8 |  |  | 542.7 |  |  | (.6 | ) |  | (.5 | ) |  | (.1 | ) |  | 133.3 |  |  | 454.3 |  |  | 542.6 |
Total equity |  | $ | 3,737.2 |  |  | $ | 4,368.0 |  |  | $ | 4,538.4 |  |  | $ | (21.2 | ) |  | $ | (10.4 | ) |  | $ | (.2 | ) |  | $ | 3,716.0 |  |  | $ | 4,357.6 |  |  | $ | 4,538.2 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
|  | Nine months ended September 30, 2016 |  | Six months ended June 30, 2017
Millions |  | As previously reported |  | Adjustments |  | As revised |  | As previously reported |  | Adjustments |  | As revised
Common shares and paid-in surplus |  | $ | 809.8 |  |  | $ | — |  |  | $ | 809.8 |  |  | $ | 815.1 |  |  | $ | .7 |  |  | $ | 815.8 |
Retained earnings, beginning of year |  | 3,084.9 |  |  | (9.9 | ) |  | 3,075.0 |  |  | 2,797.2 |  |  | (20.6 | ) |  | 2,776.6 |
Share repurchases |  | (678.6 | ) |  | — |  |  | (678.6 | ) |  | (7.2 | ) |  | — |  |  | (7.2 | )
Net income (loss) |  | 445.8 |  |  | (5.1 | ) |  | 440.7 |  |  | 49.8 |  |  | (7.1 | ) |  | 42.7 |
Dividends |  | (5.4 | ) |  | — |  |  | (5.4 | ) |  | (4.6 | ) |  | — |  |  | (4.6 | )
Retained earnings, end of period |  | 2,846.7 |  |  | (15.0 | ) |  | 2,831.7 |  |  | 2,835.2 |  |  | (27.7 | ) |  | 2,807.5 |
Accumulated other comprehensive income, after tax, beginning of year |  | (149.9 | ) |  | — |  |  | (149.9 | ) |  | (4.6 | ) |  | — |  |  | (4.6 | )
Net change in foreign currency translation |  | 32.0 |  |  | (.2 | ) |  | 31.8 |  |  | 1.6 |  |  | (1.3 | ) |  | .3 |
Net other changes in AOCI |  | 113.6 |  |  | — |  |  | 113.6 |  |  | — |  |  | — |  |  | — |
Accumulated other comprehensive income, after tax, end of year |  | (4.3 | ) |  | (.2 | ) |  | (4.5 | ) |  | (3.0 | ) |  | (1.3 | ) |  | (4.3 | )
Total White Mountains Common Shareholders' Equity |  | 3,652.2 |  |  | (15.2 | ) |  | 3,637.0 |  |  | 3,647.3 |  |  | (28.3 | ) |  | 3,619.0 |
Non-controlling interests, beginning of year |  | 454.8 |  |  | (.5 | ) |  | 454.3 |  |  | 133.9 |  |  | (.6 | ) |  | 133.3 |
Net income (loss) |  | 24.6 |  |  | — |  |  | 24.6 |  |  | (13.4 | ) |  | .4 |  |  | (13.0 | )
Other changes in NCI |  | (330.2 | ) |  | — |  |  | (330.2 | ) |  | (3.7 | ) |  | (.7 | ) |  | (4.4 | )
Non-controlling interests, end of period |  | 149.2 |  |  | (.5 | ) |  | 148.7 |  |  | 116.8 |  |  | (.9 | ) |  | 115.9 |
Total equity |  | $ | 3,801.4 |  |  | $ | (15.7 | ) |  | $ | 3,785.7 |  |  | $ | 3,764.1 |  |  | $ | (29.2 | ) |  | $ | 3,734.9 |
CONSOLIDATED BALANCE SHEETS
|  | December 31, 2016 |  | December 31, 2015
Millions |  | As previously reported |  | Adjustments |  | As revised |  | As previously reported |  | Adjustments |  | As revised
Assets |  |  |  |  |  |  |  |  |  |  |  |
Investments |  | $ | 2,714.4 |  |  | $ | — |  |  | $ | 2,714.4 |  |  | $ | 1,679.7 |  |  | $ | — |  |  | $ | 1,679.7 |
Cash |  | 80.2 |  |  | — |  |  | 80.2 |  |  | 77.8 |  |  | — |  |  | 77.8 |
Insurance premiums receivable |  | 1.6 |  |  | — |  |  | 1.6 |  |  | 1.3 |  |  | — |  |  | 1.3 |
Deferred acquisition costs |  | 10.6 |  |  | — |  |  | 10.6 |  |  | 6.9 |  |  | — |  |  | 6.9 |
Deferred tax asset |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Accrued investment income |  | 14.8 |  |  | — |  |  | 14.8 |  |  | 3.8 |  |  | — |  |  | 3.8 |
Accounts receivable on unsettled investment sales |  | 4.8 |  |  | — |  |  | 4.8 |  |  | 11.4 |  |  | — |  |  | 11.4 |
Goodwill |  | 31.7 |  |  | (5.8 | ) |  | 25.9 |  |  | 24.1 |  |  | (5.5 | ) |  | 18.6 |
Intangible assets |  | 23.0 |  |  | (3.7 | ) |  | 19.3 |  |  | 28.9 |  |  | (2.0 | ) |  | 26.9 |
Assets held for sale |  | 3,599.5 |  |  | — |  |  | 3,599.5 |  |  | 8,365.6 |  |  | — |  |  | 8,365.6 |
Other assets |  | 64.1 |  |  | (15.0 | ) |  | 49.1 |  |  | 83.1 |  |  | (3.9 | ) |  | 79.2 |
Total assets |  | $ | 6,544.7 |  |  | $ | (24.5 | ) |  | $ | 6,520.2 |  |  | $ | 10,282.6 |  |  | $ | (11.4 | ) |  | $ | 10,271.2 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Unearned insurance premiums |  | $ | 82.9 |  |  | $ | — |  |  | $ | 82.9 |  |  | $ | 50.2 |  |  | $ | — |  |  | $ | 50.2 |
Debt |  | 12.7 |  |  | — |  |  | 12.7 |  |  | 64.7 |  |  | — |  |  | 64.7 |
Deferred tax liability |  | — |  |  | — |  |  | — |  |  | 27.4 |  |  | — |  |  | 27.4 |
Accrued incentive compensation |  | 95.7 |  |  | — |  |  | 95.7 |  |  | 96.2 |  |  | — |  |  | 96.2 |
Liabilities held for sale |  | 2,569.3 |  |  | — |  |  | 2,569.3 |  |  | 5,618.1 |  |  | — |  |  | 5,618.1 |
Other liabilities |  | 46.9 |  |  | (3.3 | ) |  | 43.6 |  |  | 58.0 |  |  | (1.0 | ) |  | 57.0 |
Total liabilities |  | 2,807.5 |  |  | (3.3 | ) |  | 2,804.2 |  |  | 5,914.6 |  |  | (1.0 | ) |  | 5,913.6 |
Equity |  |  |  |  |  |  |  |  |  |  |  |
White Mountains's common shares |  | 4.6 |  |  | — |  |  | 4.6 |  |  | 5.6 |  |  | — |  |  | 5.6 |
Paid in surplus |  | 806.1 |  |  | — |  |  | 806.1 |  |  | 972.6 |  |  | — |  |  | 972.6 |
Retained earnings |  | 2,797.2 |  |  | (20.6 | ) |  | 2,776.6 |  |  | 3,084.9 |  |  | (9.9 | ) |  | 3,075.0 |
Accumulated other comprehensive income, net of tax |  | (4.6 | ) |  | — |  |  | (4.6 | ) |  | (149.9 | ) |  | — |  |  | (149.9 | )
Total White Mountains's common shareholders' equity |  | 3,603.3 |  |  | (20.6 | ) |  | 3,582.7 |  |  | 3,913.2 |  |  | (9.9 | ) |  | 3,903.3 |
Non-controlling interests |  | 133.9 |  |  | (.6 | ) |  | 133.3 |  |  | 454.8 |  |  | (.5 | ) |  | 454.3 |
Total equity |  | 3,737.2 |  |  | (21.2 | ) |  | 3,716.0 |  |  | 4,368.0 |  |  | (10.4 | ) |  | 4,357.6 |
Total liabilities and equity |  | $ | 6,544.7 |  |  | $ | (24.5 | ) |  | $ | 6,520.2 |  |  | $ | 10,282.6 |  |  | $ | (11.4 | ) |  | $ | 10,271.2 |
CONSOLIDATED BALANCE SHEET (Unaudited)
|  | June 30, 2017
Millions |  | As previously reported |  | Adjustments |  | As revised
Assets |  |  |  |  |  |
Investments |  | $ | 2,692.9 |  |  | $ | — |  |  | $ | 2,692.9 |
Cash |  | 53.3 |  |  | — |  |  | 53.3 |
Insurance and reinsurance premiums receivable |  | 2.8 |  |  | — |  |  | 2.8 |
Deferred acquisition costs |  | 13.0 |  |  | — |  |  | 13.0 |
Accrued investment income |  | 16.0 |  |  | — |  |  | 16.0 |
Accounts receivable on unsettled investment sales |  | 199.5 |  |  | — |  |  | 199.5 |
Goodwill |  | 31.7 |  |  | (5.8 | ) |  | 25.9 |
Intangible assets |  | 17.8 |  |  | (3.4 | ) |  | 14.4 |
Assets held for sale |  | 3,696.4 |  |  | — |  |  | 3,696.4 |
Other assets |  | 62.8 |  |  | (19.7 | ) |  | 43.1 |
Total assets |  | $ | 6,786.2 |  |  | $ | (28.9 | ) |  | $ | 6,757.3 |
Liabilities |  |  |  |  |  |
Unearned insurance premiums |  | $ | 109.9 |  |  | $ | — |  |  | $ | 109.9 |
Debt |  | 10.6 |  |  | — |  |  | 10.6 |
Accrued incentive compensation |  | 63.3 |  |  | — |  |  | 63.3 |
Accounts payable for unsettled investment purchases |  | 114.6 |  |  | — |  |  | 114.6 |
Liabilities held for sale |  | 2,678.8 |  |  | — |  |  | 2,678.8 |
Other liabilities |  | 44.9 |  |  | .3 |  |  | 45.2 |
Total liabilities |  | 3,022.1 |  |  | .3 |  |  | 3,022.4 |
Equity |  |  |  |  |  |
White Mountains's common shares |  | 4.6 |  |  | — |  |  | 4.6 |
Paid in surplus |  | 810.5 |  |  | .7 |  |  | 811.2 |
Retained earnings |  | 2,835.2 |  |  | (27.7 | ) |  | 2,807.5 |
Accumulated other comprehensive income, net of tax |  | (3.0 | ) |  | (1.3 | ) |  | (4.3 | )
Total White Mountains's common shareholders' equity |  | 3,647.3 |  |  | (28.3 | ) |  | 3,619.0 |
Non-controlling interests |  | 116.8 |  |  | (.9 | ) |  | 115.9 |
Total equity |  | 3,764.1 |  |  | (29.2 | ) |  | 3,734.9 |
Total liabilities and equity |  | $ | 6,786.2 |  |  | $ | (28.9 | ) |  | $ | 6,757.3 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 6.G.2.b(b)(1)) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e31034-122693 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22595-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration