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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of total income tax benefit (expense) | The following table presents the total income tax (expense) benefit for the years ended December 31, 2021, 2020 and 2019:
|  | Year Ended December 31,
Millions |  | 2021 |  | 2020 |  | 2019
Current income tax (expense) benefit: |  |  |  |  |  |
U.S. federal |  | $ | (3.8) |  |  | $ | (10.4) |  |  | $ | .9 |
State |  | (2.1) |  |  | (4.2) |  |  | (3.7) |
Non-U.S. |  | (3.9) |  |  | (1.1) |  |  | (1.7) |
Total current income tax (expense) benefit |  | (9.8) |  |  | (15.7) |  |  | (4.5) |
Deferred income tax (expense) benefit: |  |  |  |  |  |
U.S. federal |  | (4.9) |  |  | 23.2 |  |  | (14.9) |
State |  | (5.6) |  |  | 10.3 |  |  | (10.4) |
Non-U.S. |  | (18.3) |  |  | 2.7 |  |  | .5 |
Total deferred income tax (expense) benefit |  | (28.8) |  |  | 36.2 |  |  | (24.8) |
Total income tax (expense) benefit |  | $ | (38.6) |  |  | $ | 20.5 |  |  | $ | (29.3) |
Schedule of U.S. federal statutory income tax rate and actual effective tax rate on pre-tax income | The following table presents a reconciliation of taxes calculated for 2021, 2020 and 2019 using the 21% U.S. federal statutory rate U.S. federal statutory rate (the tax rate at which the majority of White Mountains’s worldwide operations are taxed) to the income tax (expense) benefit on pre-tax income (loss):
|  | Year Ended December 31,
Millions |  | 2021 |  | 2020 |  | 2019
Tax (expense) benefit at the U.S. statutory rate |  | $ | 63.4 |  |  | $ | (135.5) |  |  | $ | (85.1) |
Differences in taxes resulting from: |  |  |  |  |  |
Non-U.S. earnings, net of foreign taxes |  | (77.2) |  |  | 78.4 |  |  | 27.1 |
Tax rate changes |  | (11.2) |  |  | 2.7 |  |  | (5.7) |
State taxes |  | (6.2) |  |  | (8.5) |  |  | (17.5) |
Member’s surplus contributions |  | (5.6) |  |  | (4.8) |  |  | (3.6) |
Change in valuation allowance |  | (2.4) |  |  | (29.2) |  |  | 63.6 |
Officer compensation |  | (1.5) |  |  | (1.1) |  |  | — |
Withholding tax |  | (.3) |  |  | (5.0) |  |  | (1.6) |
Tax exempt interest and dividends |  | .2 |  |  | .8 |  |  | 1.1 |
Reorganization |  | — |  |  | 130.5 |  |  | — |
Tax reserve adjustments |  | — |  |  | 1.9 |  |  | (.7) |
Other, net |  | 2.2 |  |  | (9.7) |  |  | (6.9) |
Total income tax (expense) benefit on pre-tax income (loss) |  | $ | (38.6) |  |  | $ | 20.5 |  |  | $ | (29.3) |
Schedule of components of deferred income tax assets and liabilities | The following table presents an outline of the significant components of White Mountains’s U.S. federal, state and non-U.S. deferred tax assets and liabilities:
|  | December 31,
Millions |  | 2021 |  | 2020
Deferred tax assets related to: |  |  |  |
U.S. federal and state net operating and capital loss carryforwards |  | $ | 102.8 |  |  | $ | 79.6 |
Non-U.S. net operating loss carryforwards |  | 47.1 |  |  | 50.5 |
Incentive compensation |  | 14.6 |  |  | 17.5 |
Accrued interest |  | 10.8 |  |  | 7.9 |
Deferred acquisition costs |  | 6.4 |  |  | 5.5 |
Tax credit carryforwards |  | 4.9 |  |  | 5.5 |
Other items |  | .7 |  |  | 1.3 |
Total gross deferred tax assets |  | 187.3 |  |  | 167.8 |
Less: valuation allowances |  | 92.3 |  |  | 97.4 |
Total net deferred tax assets |  | 95.0 |  |  | 70.4 |
Deferred tax liabilities related to: |  |  |  |
Member’s surplus contributions |  | 60.4 |  |  | 52.9 |
Purchase accounting |  | 48.5 |  |  | 5.1 |
Investment basis difference |  | 33.7 |  |  | 11.8 |
Net unrealized investment gains (losses) |  | 10.7 |  |  | .3 |
Deferred underwriting |  | 4.1 |  | — |
Other items |  | 2.7 |  |  | 2.8 |
Total deferred tax liabilities |  | 160.1 |  |  | 72.9 |
Net deferred tax asset (liability) |  | $ | (65.1) |  |  | $ | (2.5) |
Schedule of net operating and capital loss carryforwards | The following table presents net operating loss and capital loss carryforwards as of December 31, 2021, the expiration dates and the deferred tax assets thereon:
|  | December 31, 2021
Millions |  | United States |  | Luxembourg |  |  |  |  |  | United Kingdom |  | Israel |  | Total
2021-2025 |  | $ | — |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2026-2030 |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
2031-2040 |  | 250.7 |  |  | 68.3 |  |  |  |  |  |  | — |  |  | — |  |  | 319.0 |
No expiration date |  | 213.8 |  |  | 28.8 |  |  |  |  |  |  | 6.9 |  |  | 93.3 |  |  | 342.8 |
Total |  | $ | 464.5 |  |  | $ | 97.1 |  |  |  |  |  |  | $ | 6.9 |  |  | $ | 93.3 |  |  | $ | 661.8 |
Gross deferred tax asset |  | $ | 97.6 |  |  | $ | 24.3 |  |  |  |  |  |  | $ | 1.4 |  |  | $ | 21.4 |  |  | $ | 144.7 |
Valuation allowance |  | (83.2) |  |  | (24.3) |  |  |  |  |  |  | (.4) |  |  | (21.4) |  |  | (129.3) |
Net deferred tax asset |  | $ | 14.4 |  |  | $ | — |  |  |  |  |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 15.4 |
Schedule of changes in amount of unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits from 2019 to 2021:
Millions |  | Permanent Differences (1) |  | Temporary Differences (2) |  | Interest and Penalties (3) |  | Total
Balance at December 31, 2018 |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |
Changes in prior year tax positions |  | 1.3 |  |  | — |  |  | — |  |  | 1.3 |
Balance at December 31, 2019 |  | 2.4 |  |  | — |  |  | — |  |  | 2.4 |
Changes in prior year tax positions |  | .1 |  |  | — |  |  | — |  |  | .1 |
Tax positions taken during the current year |  | .1 |  |  | — |  |  | — |  |  | .1 |
Changes in prior year tax positions |  | (2.6) |  |  | — |  |  | — |  |  | (2.6) |
Balance at December 31, 2020 |  | — |  |  | — |  |  | — |  |  | — |
Changes in prior year tax positions |  | — |  |  | — |  |  | — |  |  | — |
Balance at December 31, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Represents the amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate. (2)Represents the amount of unrecognized tax benefits that, if recognized, would create a temporary difference between the reported amount of an item in White Mountains’s Consolidated Balance Sheet and its tax basis. (3)Net of tax benefit.

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