XML 72 R55.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Held for Sale and Discontinued Operations (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
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 year ended December 31, 2022:
|  | December 31, 2022 (1)
Millions |
Revenues |  |
Commission revenues |  | $ | 176.9 |
Other revenues |  | 48.1 |
Total revenues - NSM Group |  | 225.0 |
Expenses |  |
General and administrative expenses |  | 126.8 |
Broker commission expenses |  | 52.9 |
Change in fair value of contingent consideration |  | .1 |
Amortization of other intangible assets |  | 9.1 |
Interest expense |  | 12.1 |
Total expenses - NSM Group |  | 201.0 |
Pre-tax income (loss) from discontinued operations - NSM Group |  | 24.0 |
Income tax (expense) benefit |  | (7.6) |
Net income (loss) from discontinued operations, net tax - NSM Group |  | 16.4 |
Net gain (loss) from sale of discontinued operations, net of tax - NSM Group |  | 886.8 |
Total income (loss) from discontinued operations, net of tax |  | 903.2 |
Net (income) loss from discontinued operations attributable to noncontrolling interests |  | (.7) |
Total income (loss) from discontinued operations attributable to White Mountains’s common shareholders |  | 902.5 |
Other comprehensive income (loss) from discontinued operations, net of tax - NSM Group |  | (5.2) |
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 |
Other comprehensive (income) loss from discontinued operations attributable to noncontrolling interests |  | .2 |
Comprehensive income (loss) from discontinued operations attributable to White Mountains’s common shareholders |  | $ | 900.4 |
(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:
|  | Year Ended December 31, 2022
Millions |
Net cash provided from (used for) operations |  | $ | 38.7 |
Net cash provided from (used for) investing activities |  | 7.1 |
Net cash used from (used for) financing activities |  | (17.5) |
Effect of exchange rate changes on cash |  | 4.0 |
Net change in cash during the period |  | 32.3 |
Cash balances at beginning of period (includes restricted cash of $89.2) |  | 111.6 |
Cash sold as part of the sale of NSM Group (includes restricted cash of $105.1) |  | (143.9) |
Cash balances at end of period (includes restricted cash of $0.0) |  | $ | — |
Supplemental cash flows information: |  |
Interest paid |  | $ | (12.0) |
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, 2024, 2023 and 2022. See Note 20 — “Held for Sale and Discontinued Operations.”
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Basic and diluted earnings per share numerators (in millions): |  |  |  |  |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 230.4 |  |  | $ | 509.2 |  |  | $ | 792.8 |
Less: total income (loss) from discontinued operations, net of tax (1) |  | — |  |  | — |  |  | 903.2 |
Less: net (income) loss from discontinued operations attributable to noncontrolling interests |  | — |  |  | — |  |  | (.7) |
Net income (loss) from continuing operations attributable to White Mountains’s common shareholders |  | 230.4 |  |  | 509.2 |  |  | (109.7) |
Allocation of (earnings) losses to participating restricted common shares (2) |  | (3.0) |  |  | (7.2) |  |  | 1.3 |
Basic and diluted earnings (losses) per share numerators |  | $ | 227.4 |  |  | $ | 502.0 |  |  | $ | (108.4) |
Basic earnings per share denominators (in thousands): |  |  |  |  |  |
Total average common shares outstanding during the period |  | 2,565.7 |  |  | 2,563.3 |  |  | 2,862.4 |
Average unvested restricted common shares (3) |  | (33.5) |  |  | (36.0) |  |  | (36.2) |
Basic earnings (losses) per share denominator |  | 2,532.2 |  |  | 2,527.3 |  |  | 2,826.2 |
Diluted earnings per share denominator (in thousands): |  |  |  |  |  |
Total average common shares outstanding during the period |  | 2,565.7 |  |  | 2,563.3 |  |  | 2,862.4 |
Average unvested restricted common shares (3) |  | (33.5) |  |  | (36.0) |  |  | (36.2) |
Diluted earnings (losses) per share denominator |  | 2,532.2 |  |  | 2,527.3 |  |  | 2,826.2 |
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) |  | 88.79 |  |  | 197.60 |  |  | (39.34) |
Basic and diluted earnings (losses) per share |  | $ | 89.79 |  |  | $ | 198.60 |  |  | $ | (38.34) |
(1) Includes net income (loss) from discontinued operations, net of tax - NSM Group and net gain (loss) from sale of discontinued operations, net of tax - NSM 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:
|  | Year Ended December 31, 2022
Basic and diluted earnings per share numerators (in millions): |  |
Net income (loss) attributable to White Mountains’s common shareholders |  | $ | 792.8 |
Less: net income (loss) from continuing operations |  | (190.8) |
Less: net (income) loss from continuing operations attributable to noncontrolling interest |  | 81.1 |
Total income (loss) from discontinued operations attributable to White Mountains’s common shareholders (1) |  | 902.5 |
Allocation of (earnings) losses to participating restricted common shares (2) |  | (11.4) |
Basic and diluted (loss) earnings per share numerators |  | $ | 891.1 |
Basic earnings per share denominators (in thousands): |  |
Total average common shares outstanding during the period |  | 2,862.4 |
Average unvested restricted common shares (3) |  | (36.2) |
Basic earnings (loss) per share denominator |  | 2,826.2 |
Diluted earnings per share denominator (in thousands): |  |
Total average common shares outstanding during the period |  | 2,862.4 |
Average unvested restricted common shares (3) |  | (36.2) |
Diluted earnings (loss) per share denominator |  | 2,826.2 |
Basic (loss) earnings per share (in dollars) - discontinued operations: |  | $ | 315.30 |
Diluted (loss) earnings per share (in dollars) - discontinued operations: |  | $ | 315.30 |
(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 (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.”

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 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration