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Held for Sale and Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Schedule of discontinued operations balance sheet, income statement, and cash flows
The following table presents the undistributed net earnings (losses) from continuing operations for the years ended December 31, 2019, 2018 and 2017. See Note 20 — “Held for Sale and Discontinued Operations”.
 
Year Ended December 31,
Millions
 
2019
 
2018
 
2017
Undistributed net earnings - continuing operations:
 
 
 
 
 
 
Net income (loss) attributable to White Mountains’s common shareholders,
     net of restricted common share amounts
 
$
408.4

 
$
(122.6
)
 
$
49.0

Dividends declared, net of restricted common share amounts (1)
 
(3.2
)
 
(3.7
)
 
(4.5
)
Total undistributed net earnings (losses), net of restricted common share amounts
 
$
405.2

 
$
(126.3
)
 
$
44.5

(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.
Net Income (Loss) from Discontinued Operations 

The following table present the results of operations, including related income taxes associated with the business classified as discontinued operations. For the year ended December 31, 2017, the amounts presented relate to OneBeacon, Sirius Group and Tranzact.
 
 
Year Ended December 31, 2017
Millions
 
OneBeacon
 
Sirius Group
 
Tranzact
 
Total
Revenues
 
 
 
 
 
 
 
 

Earned insurance premiums
 
$
807.6

 
$
—

 
$
—

 
$
807.6

Net investment income
 
39.7

 
—

 
—

 
39.7

Net realized and unrealized investment gains
 
38.8

 
—

 
—

 
38.8

Other revenues
 
7.7

 
—

 
—

 
7.7

Total revenues
 
893.8

 
—

 
—

 
893.8

Expenses
 
 
 
 
 
 
 
 
Loss and loss adjustment expenses
 
546.0

 
—

 
—

 
546.0

Insurance and reinsurance acquisition expenses
 
145.6

 
—

 
—

 
145.6

Other underwriting expenses
 
156.2

 
—

 
—

 
156.2

General and administrative expenses
 
21.2

 
—

 
—

 
21.2

Interest expense
 
10.0

 
—

 
—

 
10.0

Total expenses
 
879.0

 
—

 
—

 
879.0

Pre-tax income
 
14.8

 
—

 
—

 
14.8

Income tax benefit
 
5.7

 
—

 
—

 
5.7

Net income from discontinued operations
 
20.5

 
—

 
—

 
20.5

   Gain (loss) from sale of discontinued operations, net of tax
 
554.5

 
(.7
)
 
3.2

 
557.0

Total income (loss) from discontinued operations
 
575.0

 
(.7
)
 
3.2

 
577.5

  Change in foreign currency translation and other comprehensive
   income from discontinued operations, net of tax
 
.3

 
—

 
—

 
.3

  Recognition of benefit plan assets and obligations from the sale of
    OneBeacon, net of tax
 
2.9

 
—

 
—

 
2.9

Comprehensive income (loss) from discontinued operations
 
$
578.2

 
$
(.7
)
 
$
3.2

 
$
580.7


Net Change in Cash from Discontinued Operations

The transactions to purchase the investments in OneBeacon and other investments held by Sirius Group prior to the closing are presented in the statement of cash flows as net settlement of investment cash flows with discontinued operations. The following table presents the net change in cash associated with the businesses classified as discontinued operations:
 
 
December 31, 2017
Millions
 
Net cash provided from operations
 
$
157.0

Net cash provided from investing activities
 
3.0

Net cash used for financing activities
 
(61.9
)
Net change in cash during the period
 
98.1

Cash balances at beginning of period
 
70.5

Net change in cash held for sale
 
(.9
)
Cash sold as part of sale of consolidated subsidiaries
 
(167.7
)
Cash balances at end of period
 
$
—
Discontinued operations, computation of earnings per share The following table presents the Company’s computation of earnings per share for discontinued operations for the years ended December 31, 2019, 2018 and 2017:
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Basic and diluted earnings per share numerators (in millions):
 
 

 
 

 
 
Net income (loss) attributable to White Mountains’s common shareholders
 
$
414.5

 
$
(141.2
)
 
$
627.2

Less: total income (loss) from continuing operations, net of tax
 
413.7

 
(124.0
)
 
49.7

Net income (loss) from discontinued operations attributable to
White Mountains’s common shareholders
 
.8

 
(17.2
)
 
577.5

Allocation of (earnings) losses to participating restricted common shares (1)
 
—

 
.2

 
(7.3
)
Basic and diluted earnings (loss) per share numerators
 
$
.8

 
$
(17.0
)
 
$
570.2

Basic earnings per share denominators (in thousands):
 
 
 
 

 
 

Total average common shares outstanding during the period
 
3,181.6

 
3,382.5

 
4,293.8

Average unvested restricted common shares (3)
 
(40.5
)
 
(40.1
)
 
(54.3
)
Basic earnings (loss) per share denominator
 
3,141.1

 
3,342.4

 
4,239.5

Diluted earnings per share denominator (in thousands):
 
 
 
 

 
 

Total average common shares outstanding during the period
 
3,181.6

 
3,382.5

 
4,293.8

Average unvested restricted common shares (3)
 
(40.5
)
 
(40.1
)
 
(54.3
)
Diluted earnings (loss) per share denominator
 
3,141.1

 
3,342.4

 
4,239.5

Basic earnings (loss) per share (in dollars) - discontinued operations:
 
$
.25

 
$
(5.09
)
 
$
134.50

Diluted earnings (loss) per share (in dollars) - discontinued operations:
 
$
.25

 
$
(5.09
)
 
$
134.50

(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 years ended December 31, 2019, 2018 and 2017.
(3) 
Restricted common shares outstanding vest either in equal annual installments or upon a stated date. See Note 10 — “Employee Share-Based Compensation Plans”.
Summary of the fair value and carrying value of financial instruments
 
 
December 31, 2019
 
December 31, 2018
Millions
 
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
NSM Bank Facility
 
$
221.2

 
$
217.4

 
$
176.1

 
$
176.6

Other NSM debt
 
$
1.7

 
$
1.8

 
$
1.9

 
$
1.9

Kudu Bank Facility (1)
 
$
53.6

 
$
53.6

 
$
—

 
$
—

MediaAlpha Bank Facility
 
$
—

 
$
—

 
$
14.6

 
$
14.2

Other Operations debt
 
$
11.3

 
$
10.7

 
$
—

 
$
—