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SCHEDULE II CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Schedule II - Condensed Financial Information of the Registrant | CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED BALANCE SHEETS (1)
|  | December 31,
Millions |  | 2021 |  | 2020
Assets: |  |  |  |
Cash |  | $ | .6 |  |  | $ | .7 |
Fixed maturity investments, at fair value |  | — |  |  | 10.1 |
Short-term investments, at amortized cost |  | 6.7 |  |  | 24.3 |
Other assets |  | 3.0 |  |  | 2.5 |
Investments in consolidated subsidiaries |  | 3,661.8 |  |  | 3,726.0 |
Total assets |  | $ | 3,672.1 |  |  | $ | 3,763.6 |
Liabilities: |  |  |  |
Payable to subsidiary |  | $ | 104.9 |  |  | $ | (195.6) |
Other liabilities (2) |  | 10.1 |  |  | 39.7 |
Total liabilities |  | 115.0 |  |  | (155.9) |
White Mountains’s common shareholders’ equity |  | 3,548.1 |  |  | 3,906.0 |
Non-controlling interests |  | 9.0 |  |  | 13.5 |
Total liabilities and equity |  | $ | 3,672.1 |  |  | $ | 3,763.6 |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings from consolidated and unconsolidated subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to and distributions from consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows. (2) As of December 31, 2020, White Mountains’s other liabilities includes $18.7 related to the Sirius Group tax contingency, which was reversed during 2021. See Note 21 — “Held for Sale and Discontinued Operations”. Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. SCHEDULE II (continued) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (1)
|  | Year Ended December 31,
Millions |  | 2021 |  | 2020 |  | 2019 |
Revenues (loss) (including realized and unrealized gains and losses) |  | $ | (.2) |  |  | $ | (8.7) |  |  | $ | 65.0 |  |
Expenses |  | 39.0 |  |  | 61.0 |  |  | 47.1 |  |
Pre-tax income (loss) |  | (39.2) |  |  | (69.7) |  |  | 17.9 |  |
Income tax benefit (expense) |  | — |  |  | (.3) |  |  | (.9) |  |
Net income (loss) |  | (39.2) |  |  | (70.0) |  |  | 17.0 |  |
Net gain (loss) from discontinued operations, net of tax (2) |  | 18.7 |  |  | (2.3) |  |  | .8 |  |
Equity in earnings from consolidated and unconsolidated subsidiaries, net of tax |  | (257.4) |  |  | 782.0 |  |  | 398.5 |  |
Net (income) loss attributable to non-controlling interests |  | 2.5 |  |  | (1.0) |  |  | (1.8) |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | (275.4) |  |  | 708.7 |  |  | 414.5 |  |
Other comprehensive (loss) income items, net of tax |  | 2.1 |  |  | 6.8 |  |  | (1.4) |  |
Comprehensive income (loss) attributable to White Mountains’s common shareholders |  | $ | (273.3) |  |  | $ | 715.5 |  |  | $ | 413.1 |  |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings of subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to and distributions from subsidiaries are presented within investing activities on the condensed statements of cash flows. (2) During 2021, 2020 and 2019, net gain (loss) from discontinued operations includes $18.7, $(2.3) and $0.8 arising from the tax contingency on the sale of Sirius Group. See Note 21 — “Held for Sale and Discontinued Operations”. Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes. SCHEDULE II (continued) CONDENSED STATEMENTS OF CASH FLOWS (1)
|  | Year Ended December 31,
Millions |  | 2021 |  | 2020 |  | 2019
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | (275.4) |  |  | $ | 708.7 |  |  | $ | 414.5 |
Charges (credits) to reconcile net income to net cash from operations: |  |  |  |  |  |
Net realized and unrealized investment (gains) losses on sales of investments |  | .1 |  |  | 10.1 |  |  | (61.0) |
Undistributed earnings from subsidiaries |  | 257.4 |  |  | (782.0) |  |  | (398.5) |
Net (gain) loss from sale of discontinued operations, net of tax (2) |  | (18.7) |  |  | 2.3 |  |  | (.8) |
Other non-cash reconciling items, primarily amortization of restricted share and option awards (3) |  | 14.1 |  |  | 19.0 |  |  | 20.0 |
Net change in other assets and liabilities (4) |  | (5.7) |  |  | (2.6) |  |  | 3.0 |
Net cash (used for) provided from operations |  | (28.2) |  |  | (44.5) |  |  | (22.8) |
Cash flows from investing activities: |  |  |  |  |  |
Net change in short-term investments (5)(6) |  | 17.7 |  |  | (127.4) |  |  | (37.6) |
Purchases of investment securities |  | — |  |  | (6.7) |  |  | (14.8) |
Sales and maturities of investment securities (6) |  | — |  |  | 189.7 |  |  | 207.9 |
Purchases of investment securities from subsidiaries |  | (26.4) |  |  | — |  |  | — |
Sales of investment securities to subsidiaries |  | 36.4 |  |  | — |  |  | — |
Issuance of debt (to) from subsidiaries (7) |  | 94.0 |  |  | (44.5) |  |  | (83.5) |
Repayment of debt to (from) subsidiaries(5) |  | — |  |  | 92.6 |  |  | 5.0 |
Net distributions from (contributions to) subsidiaries (5)(8)(9) |  | 17.0 |  |  | 29.1 |  |  | (46.1) |
Net cash provided from (used for) investing activities |  | 138.7 |  |  | 132.8 |  |  | 30.9 |
Cash flows from financing activities: |  |  |  |  |  |
Repurchases and retirement of common shares |  | (100.1) |  |  | (78.5) |  |  | — |
Dividends paid on common shares |  | (3.1) |  |  | (3.2) |  |  | (3.2) |
Payments of restricted shares withholding taxes |  | (7.4) |  |  | (6.6) |  |  | (4.9) |
Net cash used for financing activities |  | (110.6) |  |  | (88.3) |  |  | (8.1) |
Net decrease in cash during the year |  | (.1) |  |  | — |  |  | — |
Cash balance at beginning of year |  | .7 |  |  | .7 |  |  | .7 |
Cash balance at end of year |  | $ | .6 |  |  | $ | .7 |  |  | $ | .7 |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in consolidated subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from consolidated subsidiaries is reported on a net of tax basis as equity in earnings of subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to and distributions from consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows. (2) During 2021, 2020 and 2019, net gain (loss) from sale of discontinued operations includes $18.7, $(2.3) and $0.8 arising from the tax contingency on the sale of Sirius Group. See Note 21 — “Held for Sale and Discontinued Operations” (3) For the years ended December 31, 2021, 2020 and 2019, amortization of restricted share awards was $14.7, $16.6 and $10.5. (4) For 2021, 2020 and 2019, net change in other assets and liabilities also included a $6.5, $(4.8), and $(6.6) net change in (receivables) payables to the Company’s subsidiaries. (5) During 2021, the Company’s wholly-owned subsidiary, Bridge Holdings (“Bridge”) repaid $200.0 of outstanding intercompany debt to the Company by transferring shares of its wholly-owned subsidiary, White Mountains Lincoln Holdings, Inc., (“WM Lincoln”), which had carrying value of $212.6. The $12.6 excess of the intercompany debt was a non-cash distribution to the Company. Also as part of the transaction, the Company received a distribution of $18.0 from Bridge, including $17.9 of short-term investments and $0.1 of cash. Subsequent to that transaction, the Company contributed the shares of WM Lincoln, which had a carrying value of $212.6, to its wholly-owned subsidiary White Mountains Adams, Inc. (“WM Adams”). The Company also contributed an additional $42.7 to WM Adams, including $37.1 of short-term investments and $5.6 of cash. (6) During 2020, the Company had non-cash purchases of short-term investments of $169.6. (7) During 2020, the Company had non-cash issuance of debt of $169.6 to Bridge. Proceeds of the debt, which were short-term investments, were transferred to Bridge. (8) During 2019, the Company made cash contributions of $70.5 and $2.0 to Bridge and its wholly-owned subsidiary, White Mountains Investment Bermuda, Ltd (“WMIB”) (9) During 2021, the Company received a distribution of $19.7, including $19.1 of short-term investments and $0.6 of cash, from WMIB. During 2020, the Company received cash distributions of $6.8 and $22.3 from its wholly-owned subsidiary, PSC Holdings, Ltd. and the Company’s subsidiary, HG Global Ltd. During 2019, the Company received cash distributions of $24.4 and $1.9 from WMIB and the Company’s subsidiary, HG Global Ltd. Schedules of the Registrant should be read in conjunction with the Consolidated Financial Statements and Notes.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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