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Financial Statement Revisions (Tables)
 3 Months Ended
Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

 
 
 Three months ended March 31, 2017
Millions, except for per share amounts
 
As previously reported
 
Adjustments
 
As revised
Revenues:
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
Financial Guarantee revenues
 
$
6.3

 
$
—

 
$
6.3

Marketing Technology (MediaAlpha)
 
 
 
 
 
 
Marketing Technology revenues
 
32.5

 
—

 
32.5

Other
 
 
 
 
 
 
Advertising & commission revenues
 
6.0

 
(4.7
)
 
1.3

Other revenues (1)
 
48.7

 
—

 
48.7

             Total revenues
 
93.5

 
(4.7
)
 
88.8

 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
Financial Guarantee expenses
 
11.9

 
—

 
11.9

Marketing Technology (MediaAlpha)
 
 
 
 
 
 
Marketing Technology expenses
 
33.5

 
—

 
33.5

Other
 
 
 
 
 
 
Other expenses (2)(3)
 
46.8

 
.2

 
47.0

Total expenses
 
92.2

 
.2

 
92.4

Pre-tax income (loss)
 
1.3

 
(4.9
)
 
(3.6
)
Income tax benefit
 
.3

 
—

 
.3

Net income (loss) from continuing operations
 
1.6

 
(4.9
)
 
(3.3
)
Loss on sale of discontinued operations
 
(1.0
)
 
—

 
(1.0
)
Net income from discontinued operations
 
32.3

 
—

 
32.3

Net income (loss) (4)
 
32.9

 
(4.9
)
 
28.0

Net loss (income) attributable to non-controlling interests
 
1.3

 
(.3
)
 
1.0

Net income (loss) attributable to White Mountains’s common shareholders
 
34.2

 
(5.2
)
 
29.0

Other comprehensive income (loss), net of tax
 
.9

 
(.7
)
 
.2

Comprehensive income (loss)
 
35.1

 
(5.9
)
 
29.2

Comprehensive loss attributable to non-controlling interests
 
—

 
—

 
—

Comprehensive income (loss) attributable to White Mountains’s common shareholders
 
$
35.1

 
$
(5.9
)
 
$
29.2

 
 
 
 
 
 
 
Basic and diluted earnings per share - continuing operations
 
$
7.49

 
$
(1.15
)
 
$
6.34

(1) Total other revenues include earned insurance premiums, net investment income, net realized and unrealized losses, and other revenues.
(2) Total other expenses include loss and loss adjustment expenses, insurance acquisition expenses, cost of sales, general and administrative expenses, and interest expense.
(3) The adjustments to other expenses is primarily related to the write-off of goodwill and intangible assets for Wobi.
(4) 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

 
 
 Three months ended March 31, 2017
Millions
 
As previously reported
 
Adjustments
 
As revised
 
 
 
 
 
 
 
Common shares and paid-in surplus
 
$
807.1

 
$
.7

 
$
807.8

 
 
 
 
 
 
 
Retained earnings, beginning of year
 
2,797.2

 
(20.6
)
 
2,776.6

Share repurchases
 
(5.1
)
 
—

 
(5.1
)
Net income (loss)
 
34.2

 
(5.2
)
 
29.0

Dividends
 
(4.6
)
 
—

 
(4.6
)
Retained earnings, end of period
 
2,821.7

 
(25.8
)
 
2,795.9

 
 
 
 
 
 
 
Accumulated other comprehensive loss, after tax, beginning of year
 
(4.6
)
 
—

 
(4.6
)
Net change in foreign currency translation
 
.9

 
(.7
)
 
.2

Accumulated other comprehensive income, after tax, end of period
 
(3.7
)
 
(.7
)
 
(4.4
)
 
 
 
 
 
 
 
   White Mountains’s common shareholders’ equity
 
3,625.1

 
(25.8
)
 
3,599.3

 
 
 
 
 
 
 
Non-controlling interests, beginning of year
 
133.9

 
(.6
)
 
133.3

Net loss
 
(1.3
)
 
.3

 
(1.0
)
Other changes in non-controlling interests
 
(.2
)
 
(.6
)
 
(.8
)
Non-controlling interests, end of period
 
132.4

 
(.9
)
 
131.5

Total equity
 
$
3,757.5

 
$
(26.7
)
 
$
3,730.8






CONSOLIDATED BALANCE SHEETS (Unaudited)

 
 
March 31, 2017
Millions
 
As previously reported
 
Adjustments
 
As revised
Assets
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
Financial Guarantee assets
 
$
699.1

 
$
—

 
$
699.1

Marketing Technology (MediaAlpha)
 
 
 
 
 
 
Marketing Technology assets
 
53.2

 
—

 
53.2

Other
 
 
 
 
 
 
Goodwill
 
13.4

 
(5.8
)
 
7.6

Other intangible assets
 
4.5

 
(3.4
)
 
1.1

Other assets — commissions receivable
 
21.4

 
(17.2
)
 
4.2

Other assets
 
2,146.3

 
—

 
2,146.3

Assets held for sale
 
3,578.9

 
—

 
3,578.9

Total assets
 
$
6,516.8

 
$
(26.4
)
 
$
6,490.4

Liabilities
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
Financial Guarantee liabilities
 
$
126.4

 
$
—

 
$
126.4

Marketing Technology (MediaAlpha)
 
 
 
 
 
 
Marketing Technology liabilities
 
25.6

 
—

 
25.6

Other
 
 
 
 
 
 
Liabilities held for sale
 
2,535.2

 
—

 
2,535.2

Other liabilities
 
72.1

 
.3

 
72.4

Total liabilities
 
2,759.3

 
.3

 
2,759.6

 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
White Mountains’s common shares
 
4.6

 
—

 
4.6

Paid in surplus
 
802.5

 
.7

 
803.2

Retained earnings
 
2,821.7

 
(25.8
)
 
2,795.9

Accumulated other comprehensive income, net of tax
 
(3.7
)
 
(.7
)
 
(4.4
)
   White Mountains’s common shareholders’ equity
 
3,625.1

 
(25.8
)
 
3,599.3

Non-controlling interests
 
132.4

 
(.9
)
 
131.5

Total equity
 
3,757.5

 
(26.7
)
 
3,730.8

Total liabilities and equity
 
$
6,516.8

 
$
(26.4
)
 
$
6,490.4