Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

White Mountains has recognized goodwill and other intangible assets at the acquisition date fair values in connection with its purchases of subsidiaries.

On January 15, 2016, MediaAlpha acquired certain assets from Oversee.net for a purchase price of $3.9 million. The majority of assets acquired, which are included in other intangible assets, consists of customer relationships, a customer contract, a non-compete agreement from the seller, domain names and technology.

On August 4, 2016, White Mountains acquired a 70.9% ownership share in Buzzmove for a purchase price of GBP 6.1 million (approximately $8.1 million based upon the foreign exchange spot rate at the date of acquisition). White Mountains recognized total assets acquired related to Buzzmove of $11.5 million, including $7.6 million of goodwill and $1.1 million of intangible assets, and total liabilities assumed of $0.1 million, reflecting acquisition date fair values.

The following table shows the change in goodwill and other intangible assets:



	Three Months Ended September 30,
	2017								2016
Millions	Goodwill		Other intangible assets			Total			Goodwill		Other intangible assets			Total
Beginning balance	$	25.9	$	14.4		$	40.3		$	18.3	$	23.3		$	41.6
Acquisition of businesses	—		—			—			7.6		1.1			8.7
Amortization, including foreign currency translation	—		(2.5		)	(2.5		)	—		(2.6		)	(2.6		)
Ending balance	$	25.9	$	11.9		$	37.8		$	25.9	$	21.8		$	47.7



	Nine Months Ended September 30,
	2017								2016
Millions	Goodwill		Other intangible assets			Total			Goodwill			Other intangible assets			Total
Beginning balance	$	25.9	$	19.3		$	45.2		$	18.6		$	26.9		$	45.5
Add: Amounts held for sale at beginning of the period⁽¹⁾	—		—			—			—			.4			.4
Acquisition of businesses						—			7.6			5.0			12.6
Wobi write off	—		—			—			(.3		)	(2.5		)	(2.8		)
Amortization, including foreign currency translation	—		(7.4		)	(7.4		)	—			(8.0		)	(8.0		)
Ending balance	$	25.9	$	11.9		$	37.8		$	25.9		$	21.8		$	47.7

⁽¹⁾See Note 15 — “Held for Sale and Discontinued Operations”.

The following table is a summary of goodwill and other intangible assets as of September 30, 2017, December 31, 2016, and September 30, 2016:



Millions	September 30, 2017			December 31, 2016
Goodwill
MediaAlpha	$	18.3		$	18.3
Buzzmove	7.6			7.6
Total goodwill	25.9			25.9
Other intangible assets
MediaAlpha	11.0			18.3
Buzzmove	.9			1.0
Total other intangible assets	11.9			19.3
Total goodwill and other intangible assets	37.8			45.2
Goodwill and other intangible assets held for sale	—			1.2
Goodwill and other intangible assets attributed to non-controlling interests	(13.7		)	(17.1		)
Goodwill and other intangible assets included in White Mountains's common shareholders' equity	$	24.1		$	29.3

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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