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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of total income tax benefit (expense)

The following table presents the total income tax benefit for the years ended December 31, 2018, 2017 and 2016:

		Year Ended December 31,
Millions		2018				2017				2016
Current income tax (expense) benefit:
U.S. federal		$	(.1	)		$	(.3	)		$	21.4
State		(1.4		)		(1.3		)		(.7		)
Non-U.S.		(2.9		)		(2.0		)		(.3		)
Total current income tax (expense) benefit		(4.4		)		(3.6		)		20.4
Deferred income tax benefit:
U.S. federal		8.3				11.4				12.5
Non-U.S.		.1				—				—
Total deferred income tax benefit		8.4				11.4				12.5
Total income tax benefit		$	4.0			$	7.8			$	32.9

Reconciliation of the U.S. federal statutory income tax rate and actual effective tax rate on pre-tax income

The following table presents a reconciliation of taxes calculated for 2018 using the 21% U.S. federal statutory rate and for 2017 and 2016 using the 35% U.S. federal statutory rate (the tax rate at which the majority of White Mountains’s worldwide operations are taxed) to the income tax benefit (expense) on pre-tax (loss) income:

		Year Ended December 31,
Millions		2018				2017				2016
Tax benefit (expense) at the U.S. statutory rate		$	37.4			$	(2.7	)		$	51.6
Differences in taxes resulting from:
Change in valuation allowance		(31.0		)		42.6				6.9
State taxes		4.0				.6				(1.2		)
Non-U.S. earnings, net of foreign taxes		(2.9		)		21.5				(19.2		)
Withholding tax		(2.7		)		(2.0		)		(.2		)
Member’s surplus contributions (“MSC”)		(2.6		)		(3.0		)		(2.3		)
Tax rate changes		1.7				(44.3		)		(3.9		)
Tax reserve adjustments		(.8		)		(.3		)		—
Tax exempt interest and dividends		.6				.5				.1
Officer compensation		—				(4.1		)		—
Other, net		.3				(1.0		)		1.1
Total income tax benefit on pre-tax (loss) income		$	4.0			$	7.8			$	32.9

Schedule of components of deferred income tax assets and liabilities

The following table presents an outline of the significant components of White Mountains’s U.S. federal, state and non-U.S. deferred tax assets and liabilities:

		December 31,
Millions		2018				2017
Deferred tax assets related to:
U.S. federal and state net operating and capital    loss carryforwards		$	95.5			$	73.0
Non-U.S. net operating loss carryforwards		36.6				33.9
Incentive compensation		14.1				20.4
Investment basis difference		11.1				4.9
Net unrealized investment losses		9.5				—
Tax credit carryforwards		4.2				1.3
Deferred acquisition costs		3.5				2.0
Other items		5.8				1.6
Total gross deferred tax assets		180.3				137.1
Less: valuation allowances		139.9				109.6
Total net deferred tax assets		40.4				27.5
Deferred tax liabilities related to:
MSC		32.8				24.1
Purchase accounting		4.2				.2
Net unrealized investment gains		—				1.0
Other items		1.2				.9
Total deferred tax liabilities		38.2				26.2
Net deferred tax asset		$	2.2			$	1.3

Schedule of net operating and capital loss carryforwards by expiration dates and the deferred tax assets thereon

The following table presents net operating loss and capital loss carryforwards as of December 31, 2018, the expiration dates and the deferred tax assets thereon:

		December 31, 2018
Millions		United States				Luxembourg				United Kingdom				Israel				Total
2019-2023		$	.4			$	—			$	—			$	—			$	.4
2024-2028		—				—				—				—				—
2029-2038		342.8				47.0				—				—				389.8
No expiration date		81.5				29.8				14.9				61.1				187.3
Total		$	424.7			$	76.8			$	14.9			$	61.1			$	577.5
Gross deferred tax asset		89.7				20.0				2.6				14.0				126.3
Valuation allowance		(87.3		)		(20.0		)		(1.8		)		(14.0		)		(123.1		)
Net deferred tax asset		$	2.4			$	—			$	.8			$	—			$	3.2

Reconciliation of changes in the amount of unrecognized tax benefits

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for 2018 and 2017:

Millions		Permanent Differences (1)				Temporary Differences (2)				Interest and Penalties (3)				Total
Balance at January 1, 2017		$	—			$	—			$	—			$	—
Changes in prior year tax positions		.1				—				—				.1
Tax positions taken during the current year		.2				—				—				.2
Balance at December 31, 2017		.3				—				—				.3
Changes in prior year tax positions		.8				—				—				.8
Balance at December 31, 2018		$	1.1			$	—			$	—			$	1.1

⁽¹⁾  Represents the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate.

⁽²⁾  Represents the amount of unrecognized tax benefits that, if recognized, would create a temporary difference between the reported amount of an item in White Mountains’s Consolidated Balance Sheet and its tax basis.

⁽³⁾  Net of tax benefit.

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