XML 70 R19.htm IDEA: XBRL DOCUMENT
v3.19.3

Employee Share-Based Incentive Compensation Plans | 9 Months Ended
--- | ---
Sep. 30, 2019
Share-based Payment Arrangement [Abstract] |
Employee Share-Based Incentive Compensation Plans | Employee Share-Based Incentive Compensation Plans White Mountains’s Long-Term Incentive Plan (the “WTM Incentive Plan”) provides for grants of various types of share-based and non-share-based incentive awards to key employees of White Mountains. As of September 30, 2019, White Mountains’s share-based compensation incentive awards consist of performance shares and restricted shares. Performance Shares Performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of cash. Awards generally vest at the end of a three-year period, are subject to the attainment of pre-specified performance goals, and are valued based on the market value of common shares at the time awards are approved for payment. The following table presents the performance share activity for the three and nine months ended September 30, 2019 and 2018 for performance shares granted under the WTM Incentive Plan:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Millions, except share amounts |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense |  | Target Performance Shares Outstanding |  | Accrued Expense
Beginning of period |  | 42,473 |  |  | $ | 30.8 |  |  | 40,616 |  |  | $ | 27.2 |  |  | 40,616 |  |  | $ | 31.7 |  |  | 50,515 |  |  | $ | 45.8 |
Shares paid (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,715 | ) |  | (18.1 | ) |  | (23,186 | ) |  | (28.4 | )
New grants |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,600 |  |  | — |  |  | 14,105 |  |  | — |
Forfeitures and cancellations(2) |  | — |  |  | — |  |  | — |  |  | (.1 | ) |  | (28 | ) |  | — |  |  | (818 | ) |  | .1 |
Expense recognized |  | — |  |  | 5.6 |  |  | — |  |  | 7.8 |  |  | — |  |  | 22.8 |  |  | — |  |  | 17.4 |
End of period |  | 42,473 |  |  | $ | 36.4 |  |  | 40,616 |  |  | $ | 34.9 |  |  | 42,473 |  |  | $ | 36.4 |  |  | 40,616 |  |  | $ | 34.9 |
(1) WTM performance share payments in 2019 for the 2016-2018 performance cycle, which were paid in cash in March 2019, ranged from 139% to 166% of target. WTM performance share payments in 2018 for the 2015-2017 performance cycle, which were paid in cash in March 2018, ranged from 145% to 147% of target. (2) Amounts include changes in assumed forfeitures, as required under GAAP. For performance shares earned in the 2016-2018 and 2015-2017 performance cycles, all performance shares earned were settled in cash. If all the outstanding WTM performance shares had vested on September 30, 2019, the total additional compensation cost to be recognized would have been $21.1 million, based on accrual factors (common share price and payout assumptions) as of September 30, 2019. The following table presents performance shares outstanding and accrued expense for performance shares awarded under the WTM Incentive Plan as of September 30, 2019 for each performance cycle:
|  | Nine Months Ended September 30, 2019
Millions, except share amounts |  | Target Performance Shares Outstanding |  | Accrued Expense
Performance cycle: |  |  |  |  |  |
2017 – 2019 |  | 14,070 |  |  | $ | 24.4 |
2018 – 2020 |  | 13,450 |  |  | 8.5 |
2019 – 2021 |  | 15,600 |  |  | 4.0 |
Sub-total |  | 43,120 |  |  | 36.9 |
Assumed forfeitures |  | (647 | ) |  | (.5 | )
September 30, 2019 |  | 42,473 |  |  | $ | 36.4 |
Restricted Shares The following table presents the unrecognized compensation cost associated with the outstanding restricted share awards for the three and nine months ended September 30, 2019 and 2018:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Millions, except share amounts |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value |  | Restricted Shares |  | Unamortized Issue Date Fair Value
Non-vested, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  | 43,395 |  |  | $ | 21.9 |  |  | 41,510 |  |  | $ | 19.0 |  |  | 41,510 |  |  | $ | 12.5 |  |  | 53,755 |  |  | $ | 14.3 |
Issued |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,600 |  |  | 14.5 |  |  | 14,105 |  |  | 11.4 |
Vested |  | — |  |  | — |  |  | — |  |  | — |  |  | (13,715 | ) |  | — |  |  | (25,381 | ) |  | — |
Forfeited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (969 | ) |  | (.2 | )
Expense recognized |  | — |  |  | (2.6 | ) |  | — |  |  | (3.2 | ) |  | — |  |  | (7.7 | ) |  | — |  |  | (9.7 | )
End of period |  | 43,395 |  |  | $ | 19.3 |  |  | 41,510 |  |  | $ | 15.8 |  |  | 43,395 |  |  | $ | 19.3 |  |  | 41,510 |  |  | $ | 15.8 |
During the nine months ended September 30, 2019, White Mountains issued 15,600 restricted shares that vest on January 1, 2022. During the nine months ended September 30, 2018, White Mountains issued 13,450 restricted shares that vest on January 1, 2021, 290 restricted shares that vest on January 1, 2020 and 365 restricted shares that vested on January 1, 2019. The unamortized issue date fair value as of September 30, 2019 is expected to be recognized ratably over the remaining vesting periods.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration