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Debt | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt | Debt The following table presents White Mountains’s debt outstanding as of June 30, 2019 and December 31, 2018:
Millions |  | June 30, 2019 |  | Effective Rate (1) |  | December 31, 2018 |  | Effective Rate (1)
NSM Bank Facility |  | $ | 222.3 |  |  | 7.7% |  | $ | 180.4 |  |  | 7.4%
Unamortized issuance cost |  | (4.3 | ) |  |  |  | (3.8 | ) |  |
NSM Bank Facility, carrying value |  | 218.0 |  |  |  |  | 176.6 |  |  |
Other NSM debt |  | 1.7 |  |  | 2.2% |  | 1.9 |  |  | 2.2%
MediaAlpha Bank Facility |  | — |  |  |  |  | 14.3 |  |  | 7.1%
Unamortized issuance cost |  | — |  |  |  |  | (.1 | ) |  |
MediaAlpha Bank Facility, carrying value |  | — |  |  |  |  | 14.2 |  |  |
Other Operations debt |  | 11.2 |  |  | 9.9% |  | — |  |  |
Unamortized issuance cost |  | (.4 | ) |  |  |  | — |  |  |
Other Operations, carrying value |  | 10.8 |  |  |  |  | — |  |  |
Total debt |  | $ | 230.5 |  |  |  |  | $ | 192.7 |  |  |
(1) Effective rate considers the effect of the debt issuance costs. NSM Bank Facility On May 11, 2018, NSM entered into a secured credit facility (the “NSM Bank Facility”) with Ares Capital Corporation in order to refinance NSM’s existing debt and to fund the acquisitions of subsidiaries. The NSM Bank Facility is comprised of term loans totaling $224.0 million and a revolving credit loan commitment of $10.0 million, under which NSM initially borrowed $2.0 million. The term loans under the NSM Bank Facility mature on May 11, 2024, and the revolving loan under the NSM Bank Facility matures on May 11, 2023. During the three and six months ended June 30, 2019, NSM repaid $0.5 million and $0.9 million on the term loans. During both the three and six months ended June 30, 2019, NSM repaid $6.5 million on the revolving credit loan. During both the three and six months ended June 30, 2019, NSM borrowed $42.9 million on the term loans, which included $20.4 million and $22.5 million for the funding of the acquisitions of Embrace and the Renewal Rights. During the six months ended June 30, 2019, NSM borrowed $6.5 million on the revolving credit loan. As of June 30, 2019, the term loans had an outstanding balance of $222.3 million and the revolving credit loans were undrawn. Interest on the NSM Bank Facility accrues at a floating interest rate equal to the three month LIBOR or the Prime Rate, as published by the Wall Street Journal plus, in each case, an applicable margin. The margin over LIBOR may vary between 4.25% and 4.75%, and the margin over the Prime Rate may vary between 3.25% and 3.75%, in each case, depending on the consolidated total leverage ratio of the borrower. On June 15, 2018, NSM entered into an interest rate swap agreement to hedge its exposure to interest rate risk on $151.0 million of its variable rate term loans. Under the terms of the swap agreement, NSM pays a fixed rate of 2.97% and receives a variable rate, which is reset monthly, based on then-current LIBOR. As of June 30, 2019, the variable rate received by NSM under the swap agreement was 2.43%. As of June 30, 2019, the interest rate, including the effect of the swap, for the outstanding term loans of $149.5 million that are hedged by the swap was 7.47%. The effective interest on the outstanding term loans of $72.9 million that are unhedged was 7.24%. The effective interest rate on the total outstanding term loans under the NSM Bank Facility of $222.3 million was 7.30%, excluding the effect of debt issuance costs. The NSM Bank Facility is secured by all property of the loan parties and contains various affirmative, negative and financial covenants that White Mountains considers to be customary for such borrowings, including a maximum consolidated total leverage ratio covenant. Compliance At June 30, 2019, White Mountains was in compliance with the covenants under all of its debt instruments.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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