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Held for Sale and Discontinued Operations (Tables) | 9 Months Ended
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Sep. 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 |  |  |  | December 31, 2021
Assets held for sale |  |  |  |
Short-term investments, at fair value |  |  |  | $ | 7.8 |
Cash (restricted $89.2) |  |  |  | 111.6 |
Premiums and commissions receivable |  |  |  | 85.0 |
Goodwill and other intangible assets |  |  |  | 725.4 |
Other assets |  |  |  | 59.2 |
Total assets held for sale |  |  |  | $ | 989.0 |
Liabilities held for sale |  |  |  |
Debt |  |  |  | $ | 272.1 |
Premiums payable |  |  |  | 135.9 |
Contingent consideration |  |  |  | 6.8 |
Other liabilities |  |  |  | 80.5 |
Total liabilities held for sale |  |  |  | 495.3 |
Net assets held for sale |  |  |  | $ | 493.7 |
The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations for the three and nine months ended September 30, 2022 and 2021:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Millions |  | 2022 (1) |  | 2021 |  | 2022 (1) |  | 2021
Revenues |  |  |  |  |  |  |  |
Commission revenues |  | $ | 26.6 |  |  | $ | 67.0 |  |  | $ | 176.9 |  |  | $ | 194.6 |
Other revenues |  | 7.0 |  |  | 15.3 |  |  | 48.1 |  |  | 46.8 |
Total revenues - NSM Group |  | 33.6 |  |  | 82.3 |  |  | 225.0 |  |  | 241.4 |
Expenses |  |  |  |  |  |  |  |
General and administrative expenses |  | 15.7 |  |  | 48.9 |  |  | 126.8 |  |  | 142.4 |
Broker commission expenses |  | 8.2 |  |  | 20.4 |  |  | 52.9 |  |  | 60.9 |
Change in fair value of contingent consideration |  | — |  |  | .6 |  |  | .1 |  |  | .8 |
Amortization of other intangible assets |  | — |  |  | 8.2 |  |  | 9.1 |  |  | 25.0 |
Loss on assets held for sale |  | — |  |  | — |  |  | — |  |  | 28.7 |
Interest expense |  | 1.6 |  |  | 5.9 |  |  | 12.1 |  |  | 17.7 |
Total expenses - NSM Group |  | 25.5 |  |  | 84.0 |  |  | 201.0 |  |  | 275.5 |
Pre-tax income (loss) from discontinued operations - NSM Group |  | 8.1 |  |  | (1.7) |  |  | 24.0 |  |  | (34.1) |
Income tax (expense) benefit |  | (1.8) |  |  | 7.0 |  |  | (7.6) |  |  | 10.3 |
Net income (loss) from discontinued operations, net of tax - NSM Group |  | 6.3 |  |  | 5.3 |  |  | 16.4 |  |  | (23.8) |
Net gain (loss) from sale of discontinued operations, net of tax - NSM Group |  | 886.8 |  |  | — |  |  | 886.8 |  |  | — |
Net gain (loss) from sale of discontinued operations, net of tax - Sirius Group |  | — |  |  | — |  |  | — |  |  | 18.7 |
Total income (loss) from discontinued operations, net of tax |  | 893.1 |  |  | 5.3 |  |  | 903.2 |  |  | (5.1) |
Net (income) loss from discontinued operations attributable to non-controlling interests |  | (.2) |  |  | — |  |  | (.8) |  |  | 1.1 |
Total income (loss) from discontinued operations attributable to White Mountains’s common shareholders |  | 892.9 |  |  | 5.3 |  |  | 902.4 |  |  | (4.0) |
Other comprehensive income (loss) from discontinued operations, net of tax - NSM Group |  | .7 |  |  | (1.7) |  |  | (5.2) |  |  | .9 |
Net gain (loss) from foreign currency translation from sale of discontinued operations, net of tax - NSM Group |  | 2.9 |  |  | — |  |  | 2.9 |  |  | — |
Comprehensive income (loss) from discontinued operations |  | 896.5 |  |  | 3.6 |  |  | 900.1 |  |  | (3.1) |
Other comprehensive income (loss) from discontinued operations attributable to non-controlling interests |  | (.1) |  |  | — |  |  | .2 |  |  | (.1) |
Comprehensive income (loss) from discontinued operations attributable to White Mountains’s common shareholders |  | $ | 896.4 |  |  | $ | 3.6 |  |  | $ | 900.3 |  |  | $ | (3.2) |
(1) As a result of the NSM Transaction, the results of operations for NSM Group are presented for the periods from July 1, 2022 to August 1, 2022 and January 1, 2022 to August 1, 2022. 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 nine months ended September 30, 2022 and 2021:
|  | Nine Months Ended September 30,
Millions |  | 2022 |  | 2021
Net cash provided from (used for) operations |  | $ | 38.7 |  |  | $ | 40.3 |
Net cash provided from (used for) investing activities |  | 7.1 |  |  | (54.6) |
Net cash used from (used for) financing activities |  | (17.5) |  |  | 13.8 |
Effect of exchange rate changes on cash |  | 4.0 |  |  | .6 |
Net change in cash during the period |  | 32.3 |  |  | .1 |
Cash balances at beginning of period (includes restricted cash of $89.2 and $78.4) |  | 111.6 |  |  | 126.6 |
Cash sold as part of the sale of NSM Group (includes restricted cash of $105.1 and $0.0) |  | (143.9) |  |  | — |
Cash balances at end of period (includes restricted cash of $0.0 and $92.2) |  | — |  |  | 126.7 |
Supplemental cash flows information: |  |  |  |
Interest paid |  | $ | (12.0) |  |  | $ | (16.6) |
Net income tax payments |  | $ | — |  |  | $ | — |
The following table presents the Company’s computation of earnings per share for discontinued operations for the three and nine months ended September 30, 2022 and 2021:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 888.2 |  |  | $ | (371.4) |  |  | $ | 752.4 |  |  | $ | (308.2) |
Less: net income (loss) from continuing operations |  | $ | (23.6) |  |  | $ | (389.2) |  |  | $ | (252.3) |  |  | $ | (356.8) |
Less: net (income) loss from continuing operations attributable to non-controlling interests |  | $ | 18.8 |  |  | $ | 12.5 |  |  | $ | 102.2 |  |  | $ | 52.6 |
Total gain (loss) from discontinued operations attributable to White Mountains’s common shareholders (1) |  | $ | 893.0 |  |  | $ | 5.3 |  |  | $ | 902.5 |  |  | $ | (4.0) |
Allocation of earnings to participating restricted common shares (2) |  | (11.8) |  |  | (.1) |  |  | (10.8) |  |  | — |
Basic and diluted earnings per share numerators (3) |  | $ | 881.2 |  |  | $ | 5.2 |  |  | $ | 891.7 |  |  | $ | (4.0) |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 2,893.8 |  |  | 3,090.3 |  |  | 2,959.3 |  |  | 3,099.4 |
Average unvested restricted common shares (4) |  | (38.3) |  |  | (37.8) |  |  | (35.5) |  |  | (36.0) |
Basic earnings per share denominator |  | 2,855.5 |  |  | 3,052.5 |  |  | 2,923.8 |  |  | 3,063.4 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |  |  |
Total average common shares outstanding during the period |  | 2,893.8 |  |  | 3,090.3 |  |  | 2,959.3 |  |  | 3,099.4 |
Average unvested restricted common shares (4) |  | (38.3) |  |  | (37.8) |  |  | (35.5) |  |  | (36.0) |
Diluted earnings per share denominator |  | 2,855.5 |  |  | 3,052.5 |  |  | 2,923.8 |  |  | 3,063.4 |
Basic and diluted earnings (losses) per share (in dollars) - discontinued operations: |  | $ | 308.59 |  |  | $ | 1.72 |  |  | $ | 304.97 |  |  | $ | (1.29) |
(1) Includes net income (loss) from discontinued operations, net of tax - NSM Group, net gain (loss) from sale of discontinued operations, net of tax - NSM Group, net gain (loss) from sale of discontinued operations, net of tax - Sirius Group 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 nine months ended September 30, 2022 and 2021. (4) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans.”

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