XML 120 R21.htm IDEA: XBRL DOCUMENT
v3.22.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2022
Leases [Abstract] |
Leases | Leases White Mountains has entered into lease agreements, primarily for office space. These leases are classified as operating leases, with lease expense recognized on a straight-line basis over the term of the lease. Lease incentives, such as free rent or landlord reimbursements for leasehold improvements, are recognized at lease inception and amortized on a straight-line basis over the term of the lease. Lease expense and the amortization of leasehold improvements are recognized within general and administrative expenses. Lease payments related to options to extend or renew the lease term are excluded from the calculation of lease liabilities unless White Mountains is reasonably certain of exercising those options. As of March 31, 2022 and December 31, 2021, the right of use (“ROU”) asset was $41.6 million and $42.2 million and lease liabilities were $44.8 million and $45.2 million. The following table summarizes net lease expense recognized in White Mountains’s consolidated statement of operations for the three months ended March 31, 2022 and 2021:
Millions |  |  |  | Three Months Ended March 31,
Lease Cost |  |  |  |  |  | 2022 |  | 2021
Lease cost |  |  |  |  |  | $ | 2.8 |  |  | $ | 1.9 |
Less: sublease income |  |  |  |  |  | .2 |  |  | .1 |
Net lease cost |  |  |  |  |  | $ | 2.6 |  |  | $ | 1.8 |
The following table presents the contractual maturities of the lease liabilities associated with White Mountains’s operating lease agreements as of March 31, 2022:
Millions |  | As of March 31, 2022
Remainder of 2022 |  | $ | 7.6 |
2023 |  | 11.5 |
2024 |  | 10.0 |
2025 |  | 6.8 |
2026 |  | 4.3 |
Thereafter |  | 11.8 |
Total undiscounted lease payments |  | 52.0 |
Less: present value adjustment |  | 7.2 |
Operating lease liability |  | $ | 44.8 |
The following tables present lease related assets and liabilities by reportable segment as of March 31, 2022 and December 31, 2021:
|  | As of March 31, 2022
Millions |  | HG/BAM |  | Ark |  | NSM |  | Kudu |  | Other Operations |  | Total |  | Weighted Average Incremental Borrowing Rate (1)
ROU lease asset |  | $ | 7.1 |  |  | $ | 8.1 |  |  | $ | 13.3 |  |  | $ | 6.4 |  |  | $ | 6.7 |  |  | $ | 41.6 |  |  | 5.1%
Lease liability |  | $ | 7.7 |  |  | $ | 8.1 |  |  | $ | 14.5 |  |  | $ | 7.1 |  |  | $ | 7.4 |  |  | $ | 44.8 |  |
(1) The present value of the remaining lease payments was determined by discounting the lease payments using the incremental borrowing rate.
|  | As of December 31, 2021
Millions |  | HG/BAM |  | Ark |  | NSM |  | Kudu |  | Other Operations |  | Total |  | Weighted Average Incremental Borrowing Rate (1)
ROU lease asset |  | $ | 7.6 |  |  | $ | 7.0 |  |  | $ | 14.0 |  |  | $ | 6.5 |  |  | $ | 7.1 |  |  | $ | 42.2 |  |  | 5.0%
Lease liability |  | $ | 8.1 |  |  | $ | 7.0 |  |  | $ | 15.2 |  |  | $ | 7.1 |  |  | $ | 7.8 |  |  | $ | 45.2 |  |
(1) The present value of the remaining lease payments was determined by discounting the lease payments using the incremental borrowing rate.

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

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration