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v3.22.2.2

Leases | 9 Months Ended
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Sep. 30, 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 September 30, 2022 and December 31, 2021, the right of use (“ROU”) lease assets were $24.5 million and $28.1 million and lease liabilities were $26.5 million and $30.0 million. The following table summarizes net lease expense recognized in White Mountains’s consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021:
Millions |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Lease Cost |  | 2022 |  | 2021 |  | 2022 |  | 2021
Lease cost |  | $ | 1.9 |  |  | $ | 1.9 |  |  | $ | 5.9 |  |  | $ | 4.8 |
Less: sublease income |  | .2 |  |  | .1 |  |  | .5 |  |  | .3 |
Net lease cost |  | $ | 1.7 |  |  | $ | 1.8 |  |  | $ | 5.4 |  |  | $ | 4.5 |
The following table presents the contractual maturities of the lease liabilities associated with White Mountains’s operating lease agreements as of September 30, 2022:
Millions |  | As of September 30, 2022
Remainder of 2022 |  | $ | 1.7 |
2023 |  | 8.1 |
2024 |  | 7.1 |
2025 |  | 4.9 |
2026 |  | 2.6 |
Thereafter |  | 5.0 |
Total undiscounted lease payments |  | 29.4 |
Less: present value adjustment |  | 2.9 |
Operating lease liabilities |  | $ | 26.5 |
The following tables present lease related assets and liabilities by reportable segment as of September 30, 2022 and December 31, 2021:
|  | As of September 30, 2022
Millions |  | HG/BAM |  | Ark |  |  |  | Kudu |  | Other Operations |  | Total |  | Weighted Average Incremental Borrowing Rate (1)
ROU lease assets |  | $ | 6.2 |  |  | $ | 6.6 |  |  |  |  | $ | 5.9 |  |  | $ | 5.8 |  |  | $ | 24.5 |  |  | 4.1%
Lease liabilities |  | $ | 6.7 |  |  | $ | 6.6 |  |  |  |  | $ | 6.8 |  |  | $ | 6.4 |  |  | $ | 26.5 |  |
(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 |  |  |  | Kudu |  | Other Operations |  | Total |  | Weighted Average Incremental Borrowing Rate (1)
ROU lease assets |  | $ | 7.6 |  |  | $ | 7.0 |  |  |  |  | $ | 6.4 |  |  | $ | 7.1 |  |  | $ | 28.1 |  |  | 4.0%
Lease liabilities |  | $ | 8.1 |  |  | $ | 7.0 |  |  |  |  | $ | 7.1 |  |  | $ | 7.8 |  |  | $ | 30.0 |  |
(1) The present value of the remaining lease payments was determined by discounting the lease payments using the incremental borrowing rate.

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- References No definition available. + Details
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- 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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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