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Held for Sale and Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of discontinued operations balance sheet, income statement, and cash flows | The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations for the years ended December 31, 2022, and 2021:
|  | December 31,
Millions |  | 2022 (1) |  | 2021
Revenues |  |  |  |
Commission revenues |  | $ | 176.9 |  |  | $ | 258.0 |
Other revenues |  | 48.1 |  |  | 72.4 |
Total revenues - NSM Group |  | 225.0 |  |  | 330.4 |
Expenses |  |  |  |
General and administrative expenses |  | 126.8 |  |  | 190.4 |
Broker commission expenses |  | 52.9 |  |  | 80.2 |
Change in fair value of contingent consideration |  | .1 |  |  | 1.0 |
Amortization of other intangible assets |  | 9.1 |  |  | 35.2 |
Loss on assets held for sale |  | — |  |  | 28.7 |
Interest expense |  | 12.1 |  |  | 23.3 |
Total expenses - NSM Group |  | 201.0 |  |  | 358.8 |
Pre-tax income (loss) from discontinued operations - NSM Group |  | 24.0 |  |  | (28.4) |
Income tax (expense) benefit |  | (7.6) |  |  | 5.8 |
Net income (loss) from discontinued operations, net tax - NSM Group |  | 16.4 |  |  | (22.6) |
Net gain (loss) from sale of discontinued operations, net of tax - NSM Group |  | 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 |  | 903.2 |  |  | (3.9) |
Net (income) loss from discontinued operations attributable to noncontrolling interests |  | (.7) |  |  | 1.0 |
Total income (loss) from discontinued operations attributable to White Mountains’s common shareholders |  | 902.5 |  |  | (2.9) |
Other comprehensive income (loss) from discontinued operations, net of tax - NSM Group |  | (5.2) |  |  | .2 |
Net gain (loss) from foreign currency translation from sale of discontinued operations, net of tax - NSM Group |  | 2.9 |  |  | — |
Comprehensive income (loss) from discontinued operations |  | 900.2 |  |  | (2.7) |
Other comprehensive (income) loss from discontinued operations attributable to noncontrolling interests |  | .2 |  |  | (.1) |
Comprehensive income (loss) from discontinued operations attributable to White Mountains’s common shareholders |  | $ | 900.4 |  |  | $ | (2.8) |
(1) As a result of the NSM Transaction, the results of operations for NSM Group are presented for the period from 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 years ended December 31, 2022 and 2021:
|  | Year Ended December 31,
Millions |  | 2022 |  | 2021
Net cash provided from (used for) operations |  | $ | 38.7 |  |  | $ | 42.3 |
Net cash provided from (used for) investing activities |  | 7.1 |  |  | (56.5) |
Net cash used from (used for) financing activities |  | (17.5) |  |  | (1.0) |
Effect of exchange rate changes on cash |  | 4.0 |  |  | .2 |
Net change in cash during the period |  | 32.3 |  |  | (15.0) |
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 $89.2) |  | — |  |  | 111.6 |
Supplemental cash flows information: |  |  |  |
Interest paid |  | $ | (12.0) |  |  | $ | (16.6) |
Net income tax payments |  | $ | — |  |  | $ | — |
Schedule of earnings per share from continuing operations | The following table presents the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2023, 2022 and 2021. See Note 20 — “Held for Sale and Discontinued Operations”.
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 509.2 |  |  | $ | 792.8 |  |  | $ | (275.4) |
Less: total income (loss) from discontinued operations, net of tax (1) |  | — |  |  | 903.2 |  |  | (3.9) |
Less: net (income) loss from discontinued operations attributable to noncontrolling interests |  | — |  |  | (.7) |  |  | 1.0 |
Net income (loss) from continuing operations attributable to White Mountains’s common shareholders |  | 509.2 |  |  | (109.7) |  |  | (272.5) |
Allocation of (earnings) losses to participating restricted common shares (2) |  | (7.2) |  |  | 1.3 |  |  | 3.2 |
Basic and diluted earnings (losses) per share numerators |  | $ | 502.0 |  |  | $ | (108.4) |  |  | $ | (269.3) |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |
Total average common shares outstanding during the period |  | 2,563.3 |  |  | 2,862.4 |  |  | 3,079.0 |
Average unvested restricted common shares (3) |  | (36.0) |  |  | (36.2) |  |  | (36.5) |
Basic earnings (losses) per share denominator |  | 2,527.3 |  |  | 2,826.2 |  |  | 3,042.5 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |
Total average common shares outstanding during the period |  | 2,563.3 |  |  | 2,862.4 |  |  | 3,079.0 |
Average unvested restricted common shares (3) |  | (36.0) |  |  | (36.2) |  |  | (36.5) |
Diluted earnings (losses) per share denominator |  | 2,527.3 |  |  | 2,826.2 |  |  | 3,042.5 |
Basic and diluted earnings per share (in dollars) - continuing operations: |  |  |  |  |  |
Distributed earnings - dividends declared and paid |  | $ | 1.00 |  |  | $ | 1.00 |  |  | $ | 1.00 |
Undistributed earnings (losses) |  | 197.60 |  |  | (39.34) |  |  | (89.52) |
Basic and diluted earnings (losses) per share |  | $ | 198.60 |  |  | $ | (38.34) |  |  | $ | (88.52) |
(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 and net gain (loss) from sale of discontinued operations, net of tax - Sirius Group. See Note 20 — “Held for Sale and Discontinued Operations.” (2) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities. (3) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans”. The following table presents the Company’s computation of earnings per share for discontinued operations for the years ended December 31, 2022 and 2021:
|  | Year Ended December 31,
|  | 2022 |  | 2021
Basic and diluted earnings per share numerators (in millions): |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 792.8 |  |  | $ | (275.4) |
Less: net income (loss) from continuing operations |  | (190.8) |  |  | (318.0) |
Less: net (income) loss from continuing operations attributable to noncontrolling interest |  | 81.1 |  |  | 45.5 |
Total income (loss) from discontinued operations attributable to White Mountains’s common shareholders (1) |  | 902.5 |  |  | (2.9) |
Allocation of (earnings) losses to participating restricted common shares (2) |  | (11.4) |  |  | — |
Basic and diluted (loss) earnings per share numerators |  | $ | 891.1 |  |  | $ | (2.9) |
Basic earnings per share denominators (in thousands): |  |  |  |
Total average common shares outstanding during the period |  | 2,862.4 |  |  | 3,079.0 |
Average unvested restricted common shares (3) |  | (36.2) |  |  | (36.5) |
Basic earnings (loss) per share denominator |  | 2,826.2 |  |  | 3,042.5 |
Diluted earnings per share denominator (in thousands): |  |  |  |
Total average common shares outstanding during the period |  | 2,862.4 |  |  | 3,079.0 |
Average unvested restricted common shares (3) |  | (36.2) |  |  | (36.5) |
Diluted earnings (loss) per share denominator |  | 2,826.2 |  |  | 3,042.5 |
Basic (loss) earnings per share (in dollars) - discontinued operations: |  | $ | 315.30 |  |  | $ | (.94) |
Diluted (loss) earnings per share (in dollars) - discontinued operations: |  | $ | 315.30 |  |  | $ | (.94) |
(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 noncontrolling interests. (2) Restricted shares issued by White Mountains contain dividend participation features, and therefore, are considered participating securities. (3) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans.”

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