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Held for Sale and Discontinued Operations | 3 Months Ended
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Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Held for Sale and Discontinued Operations | Held for Sale and Discontinued Operations Sirius Group On April 18, 2016, White Mountains completed the sale of Sirius Group to CMI. During the three months ended March 31, 2018, White Mountains recorded a $0.1 million gain from sale of Sirius Group as a result of a change to the valuation of the accrued incentive compensation payable to Sirius Group employees. In October 2018, the Swedish Administrative Court ruled against Sirius Group on its appeal of the Swedish Tax Agency’s denial of certain interest deductions relating to periods prior to the sale of Sirius Group to CMI. In connection with the sale, White Mountains indemnified Sirius Group against the loss of certain tax attributes, including those related to these interest deductions. As a result, as of March 31, 2019 and December 31, 2018, White Mountains recorded a liability of $16.6 million and $17.3 million, reflecting the value of these interest deductions. For the three months ended March 31, 2019, the change in the liability, of $0.7 million, is related to foreign currency translation and is included within net gain on sale of discontinued operations. See Note 16 — “Commitments and Contingencies”. Other As of December 31, 2017, White Mountains has classified its Guilford, Connecticut property, which consists of an office building and adjacent land, as held for sale. The property has been measured at its estimated fair value net of costs of disposal, of $3.3 million as of March 31, 2019 and December 31, 2018.
Discontinued Operations |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Held for Sale and Discontinued Operations | Net Change in Cash from Discontinued Operations The following table presents the net change in cash, including income tax payments to national governments and interest paid associated with the business classified as discontinued operations:
|  | Three Months Ended
Millions |  | 2018
Net cash provided from operations |  | $ | .1 |
Net cash used for investing activities |  | (.1 | )
Net cash used for financing activities |  | — |
Net change in cash during the period |  | — |
Cash balances at beginning of period |  | — |
Cash balances at end of period |  | $ | — |
Supplemental cash flows information: |  |
Interest paid |  | $ | — |
Net income tax payment to national governments |  | $ | — |
Earnings Per Share from Discontinued Operations White Mountains calculates earnings per share using the two-class method, which allocates earnings between common and unvested restricted common shares. Both classes of shares participate equally in earnings on a per share basis. Basic earnings per share amounts are based on the weighted average number of common shares outstanding adjusted for unvested restricted common shares. Diluted earnings per share amounts are also impacted by the net effect of potentially dilutive common shares outstanding. The following table presents the Company’s computation of earnings per share for discontinued operations for the three months ended March 31, 2019 and 2018:
|  | Three Months Ended
|  | March 31,
|  | 2019 |  | 2018
Basic and diluted earnings per share numerators (in millions): |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 284.4 |  |  | $ | (48.0 | )
Less: total income (loss) from continuing operations, net of tax |  | 283.7 |  |  | (48.1 | )
Net income from discontinued operations attributable to White Mountains’s common shareholders |  | $ | .7 |  |  | $ | .1 |
Allocation of earnings to participating restricted common shares (1) |  | — |  |  | — |
Basic and diluted earnings per share numerators (2) |  | $ | .7 |  |  | $ | .1 |
Basic earnings per share denominators (in thousands): |  |  |  |  |
Total average common shares outstanding during the period |  | 3,172.2 |  |  | 3,746.1 |
Average unvested restricted common shares (3) |  | (32.5 | ) |  | (35.9 | )
Basic earnings per share denominator |  | 3,139.7 |  |  | 3,710.2 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |
Total average common shares outstanding during the period |  | 3,172.2 |  |  | 3,746.1 |
Average unvested restricted common shares (3) |  | (32.5 | ) |  | (35.9 | )
Diluted earnings per share denominator |  | 3,139.7 |  |  | 3,710.2 |
Basic and diluted earnings per share (in dollars) - discontinued operations: |  | $ | .22 |  |  | $ | .03 |
(1) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (2) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three months ended March 31, 2019 and 2018. (3) Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Incentive Compensation Plans”.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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