XML 54 R44.htm IDEA: XBRL DOCUMENT
v3.22.2

Held for Sale and Discontinued Operations (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The following summarizes the assets and liabilities associated with NSM Group classified as held for sale. As of December 31, 2021, the amounts presented exclude $16.1 million of insurance licenses, investments and cash classified as assets held for sale related to one of the Other Operating Businesses.
Millions |  | June 30, 2022 |  | December 31, 2021
Assets held for sale |  |  |  |
Short-term investments, at fair value |  | $ | — |  |  | $ | 7.8 |
Cash (restricted $108.9 and $89.2) |  | 142.7 |  |  | 111.6 |
Premiums and commissions receivable |  | 97.8 |  |  | 85.0 |
Goodwill and other intangible assets |  | 698.1 |  |  | 725.4 |
Other assets |  | 59.1 |  |  | 59.2 |
Total assets held for sale |  | $ | 997.7 |  |  | $ | 989.0 |
Liabilities held for sale |  |  |  |
Debt |  | $ | 261.7 |  |  | $ | 272.1 |
Premiums payable |  | 163.4 |  |  | 135.9 |
Contingent consideration |  | — |  |  | 6.8 |
Other liabilities |  | 79.3 |  |  | 80.5 |
Total liabilities held for sale |  | 504.4 |  |  | 495.3 |
Net assets held for sale |  | $ | 493.3 |  |  | $ | 493.7 |
Net Income (Loss) from Discontinued Operations The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations for the three and six months ended June 30, 2022 and 2021:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Millions |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenues |  |  |  |  |  |  |  |
Commission revenues |  | $ | 80.2 |  |  | $ | 68.0 |  |  | $ | 150.3 |  |  | $ | 127.6 |
Other revenues |  | 22.7 |  |  | 16.3 |  |  | 41.1 |  |  | 31.5 |
Total revenues - NSM Group |  | 102.9 |  |  | 84.3 |  |  | 191.4 |  |  | 159.1 |
Expenses |  |  |  |  |  |  |  |
General and administrative expenses |  | 57.1 |  |  | 47.7 |  |  | 111.1 |  |  | 93.5 |
Broker commission expenses |  | 24.1 |  |  | 21.6 |  |  | 44.7 |  |  | 40.5 |
Change in fair value of contingent consideration |  | — |  |  | — |  |  | .1 |  |  | .2 |
Amortization of other intangible assets |  | — |  |  | 8.2 |  |  | 9.1 |  |  | 16.8 |
Loss on assets held for sale |  | — |  |  | — |  |  | — |  |  | 28.7 |
Interest expense |  | 8.4 |  |  | 5.9 |  |  | 10.5 |  |  | 11.8 |
Total expenses - NSM Group |  | 89.6 |  |  | 83.4 |  |  | 175.5 |  |  | 191.5 |
Pre-tax income (loss) from NSM Group discontinued operations |  | 13.3 |  |  | .9 |  |  | 15.9 |  |  | (32.4) |
Income tax (expense) benefit |  | (6.9) |  |  | .2 |  |  | (5.8) |  |  | 3.3 |
Net income (loss) income from NSM Group discontinued operations |  | 6.4 |  |  | 1.1 |  |  | 10.1 |  |  | (29.1) |
Gain (loss) from sale of Sirius Group, net of tax |  | — |  |  | — |  |  | — |  |  | 18.7 |
Total income (loss) from discontinued operations, net of tax |  | 6.4 |  |  | 1.1 |  |  | 10.1 |  |  | (10.4) |
Net (income) loss from discontinued operations attributable to non-controlling interests |  | (.5) |  |  | — |  |  | (.6) |  |  | 1.1 |
Total income (loss) from discontinued operations attributable to White Mountains’s common shareholders |  | 5.9 |  |  | 1.1 |  |  | 9.5 |  |  | (9.3) |
Other comprehensive income (loss) from NSM discontinued operations, net of tax |  | (4.0) |  |  | .5 |  |  | (5.9) |  |  | 2.6 |
Comprehensive income (loss) from discontinued operations |  | 1.9 |  |  | 1.6 |  |  | 3.6 |  |  | (6.7) |
Other comprehensive income (loss) from NSM discontinued operations attributable to non-controlling interests |  | .2 |  |  | — |  |  | .3 |  |  | (.1) |
Comprehensive income (loss) from discontinued operations attributable to White Mountains’s common shareholders |  | $ | 2.1 |  |  | $ | 1.6 |  |  | $ | 3.9 |  |  | $ | (6.8) |
Net Change in Cash from Discontinued Operations The following summarizes the net change in cash associated with the businesses classified as discontinued operations for the six months ended June 30, 2022 and 2021:
|  | Six Months Ended June 30,
Millions |  | 2022 |  | 2021
Net cash provided from (used for) operations |  | $ | 36.7 |  |  | $ | 42.4 |
Net cash provided from (used for) investing activities |  | 7.1 |  |  | (2.6) |
Net cash used from (used for) financing activities |  | (16.9) |  |  | (11.2) |
Effect of exchange rate changes on cash |  | 4.2 |  |  | (.4) |
Net change in cash during the period |  | 31.1 |  |  | 28.2 |
Cash balances at beginning of period (includes restricted cash of $89.2 and $78.4) |  | 111.6 |  |  | 126.6 |
Cash balances at end of period (includes restricted cash of $108.9 and $90.3) |  | 142.7 |  |  | 154.8 |
Supplemental cash flows information: |  |  |  |
Interest paid |  | $ | 10.4 |  |  | $ | 11.1 |
Net income tax payments |  | $ | — |  |  | $ | — |
The following table presents the Company’s computation of earnings per share for discontinued operations for the three and six months ended June 30, 2022 and 2021:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | (169.2) |  |  | $ | 138.5 |  |  | $ | (135.8) |  |  | $ | 63.2 |
Less: net income (loss) from continuing operations |  | $ | (216.6) |  |  | $ | 131.4 |  |  | $ | (228.7) |  |  | $ | 32.4 |
Less: net (income) loss from continuing operations attributable to non-controlling interests |  | $ | 41.5 |  |  | $ | 6.0 |  |  | $ | 83.4 |  |  | $ | 40.1 |
Total gain (loss) from discontinued operations attributable to White Mountains’s common shareholders (1) |  | $ | 5.9 |  |  | $ | 1.1 |  |  | $ | 9.5 |  |  | $ | (9.3) |
Allocation of earnings to participating restricted common shares (2) |  | (.1) |  |  | — |  |  | (.1) |  |  | .1 |
Basic and diluted earnings per share numerators (3) |  | $ | 5.8 |  |  | $ | 1.1 |  |  | $ | 9.4 |  |  | $ | (9.2) |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 2,979.0 |  |  | 3,107.8 |  |  | 2,992.5 |  |  | 3,104.0 |
Average unvested restricted common shares (4) |  | (38.3) |  |  | (37.8) |  |  | (33.9) |  |  | (35.1) |
Basic earnings per share denominator |  | 2,940.7 |  |  | 3,070.0 |  |  | 2,958.6 |  |  | 3,068.9 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 2,979.0 |  |  | 3,107.8 |  |  | 2,992.5 |  |  | 3,104.0 |
Average unvested restricted common shares (4) |  | (38.3) |  |  | (37.8) |  |  | (33.9) |  |  | (35.1) |
Diluted earnings per share denominator |  | 2,940.7 |  |  | 3,070.0 |  |  | 2,958.6 |  |  | 3,068.9 |
Basic and diluted earnings (losses) per share (in dollars) - discontinued operations: |  | $ | 1.98 |  |  | $ | .35 |  |  | $ | 3.17 |  |  | $ | (3.00) |
(1) Includes net gain (loss) from sale of Sirius Group, net of tax, net income (loss) from NSM Group discontinued operations, net of tax and net (income) loss from discontinued operations attributable to non-controlling interests. (2) Restricted shares issued by White Mountains receive dividends and are therefore considered participating securities. (3) Net earnings attributable to White Mountains’s common shareholders, net of restricted share amounts, is equal to undistributed earnings for the three and six months ended June 30, 2022 and 2021. (4) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans.”

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

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration