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Financial Statement Revisions (Tables)
 12 Months Ended
Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
 
 
As previously reported
 
Adjustments
 
As revised
 
 
 Years ended December 31,
Millions, except for per share amounts
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
 
 
 
 
 
 
Financial Guarantee revenues
 
$
16.7

 
$
10.7

 
$
—

 
$
—

 
$
16.7

 
$
10.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
 
 
 
 
 
 
 
 
Marketing Technology revenues
 
116.5

 
105.5

 
—

 
—

 
116.5

 
105.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
 
 
 
Advertising & commission revenues
 
10.4

 
4.6

 
(8.6
)
 
(2.7
)
 
1.8

 
1.9

Other revenues (1)(2)
 
22.7

 
314.5

 
—

 
7.4

 
22.7

 
321.9

         Other revenues
 
33.1

 
319.1

 
(8.6
)
 
4.7

 
24.5

 
323.8

             Total revenues
 
166.3

 
435.3

 
(8.6
)
 
4.7

 
157.7

 
440.0

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
 
 
 
 
 
 
Financial Guarantee expenses
 
43.4

 
40.1

 
—

 
—

 
43.4

 
40.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
 
 
 
 
 
 
 
 
Marketing Technology expenses
 
120.6

 
107.5

 
—

 
—

 
120.6

 
107.5

 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
 
 
 
Other expenses (3)
 
137.6

 
154.5

 
3.0

(5 
) 
8.2

(5 
) 
140.6

 
162.7

Amortization of other intangible assets
 
1.2

 
1.2

 
(.8
)
 
(.7
)
 
.4

 
.5

        Other expenses
 
138.8

 
155.7

 
2.2

 
7.5

 
141.0

 
163.2

             Total expenses
 
302.8

 
303.3

 
2.2

 
7.5

 
305.0

 
310.8

Pre-tax (loss) income
 
(136.5
)
 
132.0

 
(10.8
)
 
(2.8
)
 
(147.3
)
 
129.2

Income benefit (expense)
 
32.9

 
(12.7
)
 
—

 
—

 
32.9

 
(12.7
)
Net (loss) income from continuing operations
 
(103.6
)
 
119.3

 
(10.8
)
 
(2.8
)
 
(114.4
)
 
116.5

Gain on sale of discontinued operations, net of tax
 
415.1

 
18.2

 
—

 
—

 
415.1

 
18.2

Net income from discontinued operations
 
108.3

 
116.9

 
—

 
—

 
108.3

 
116.9

Income before equity in earnings of unconsolidated
   affiliates
 
419.8

 
254.4

 
(10.8
)
 
(2.8
)
 
409.0

 
251.6

Equity in earnings of unconsolidated affiliates
 
—

 
25.1

 
—

 
—

 
—

 
25.1

Net income (4)
 
419.8

 
279.5

 
(10.8
)
 
(2.8
)
 
409.0

 
276.7

Net (income) loss attributable to non-controlling interests
 
(7.3
)
 
18.1

 
.1

 
.4

 
(7.2
)
 
18.5

Net income attributable to White Mountains's
   common shareholders
 
412.5

 
297.6

 
(10.7
)
 
(2.4
)
 
401.8

 
295.2

Other comprehensive income (loss), net of tax (1)
 
145.6

 
(100.4
)
 
—

 
(7.4
)
 
145.6

 
(107.8
)
Comprehensive income
 
558.1

 
197.2

 
(10.7
)
 
(9.8
)
 
547.4

 
187.4

Comprehensive income attributable to non-controlling
  interests
 
(.3
)
 
—

 
—

 
—

 
(.3
)
 
—

Comprehensive income attributable to White
   Mountains's common shareholders
 
$
557.8

 
$
197.2

 
$
(10.7
)
 
$
(9.8
)
 
$
547.1

 
$
187.4

Basic and diluted earnings per share - continuing operations
 
$
(22.13
)
 
$
27.63

 
$
(2.13
)
 
$
(.41
)
 
$
(24.26
)
 
$
27.22

(1) In 2015, White Mountains recorded a foreign currency translation gain related to its investment in Symetra in net income when it should have been recorded through other comprehensive income. The correction to properly reflect the translation amount through other comprehensive income did not have any impact on comprehensive income attributable to White Mountains's common shareholders or to book value per share.
(2) Total other revenues include earned insurance premiums, net investment income, net realized and unrealized losses, and other revenues.
(3) Total other expenses include loss and loss adjustment expenses, insurance acquisition expenses, other underwriting expenses, cost of sales, general and administrative expenses, and interest expense.
(4) The adjustment to net income resulted in a corresponding adjustment in the statement of cash flows, with an offsetting adjustment to the change in other assets and liabilities within the operating cash flows section. There was no change to cash flows from operations, cash flows from investing activities or cash flows from financing activities.
(5) The adjustments to other expenses is primarily related to the write-off of goodwill and intangible assets for Wobi.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

 
 
As previously reported
 
Adjustments
 
As revised
 
 
 Years ended December 31,
Millions
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common shares and
   paid-in surplus
 
$
810.7

 
$
978.2

 
$
1,034.7

 
$
—

 
$
—

 
$
—

 
$
810.7

 
$
978.2

 
$
1,034.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retained earnings,
  beginning of year
 
3,084.9

 
3,010.5

 
2,801.9

 
(9.9
)
 
(7.5
)
 
(.5
)
 
3,075.0

 
3,003.0

 
2,801.4

Share repurchases
 
(694.8
)
 
(217.2
)
 
(97.4
)
 
—

 
—

 
—

 
(694.8
)
 
(217.2
)
 
(97.4
)
Net income
 
412.5

 
297.6

 
312.2

 
(10.7
)
 
(2.4
)
 
(7.0
)
 
401.8

 
295.2

 
305.2

Dividends
 
(5.4
)
 
(6.0
)
 
(6.2
)
 
—

 
—

 
—

 
(5.4
)
 
(6.0
)
 
(6.2
)
Retained earnings, end of year
 
2,797.2

 
3,084.9

 
3,010.5

 
(20.6
)
 
(9.9
)
 
(7.5
)
 
2,776.6

 
3,075.0

 
3,003.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated other
   comprehensive (loss) income,
   after-tax, beginning of year
 
(149.9
)
 
(49.5
)
 
52.1

 
—

 
7.4

 
.5

 
(149.9
)
 
(42.1
)
 
52.6

Net change in
   foreign currency translation
 
31.4

 
(65.8
)
 
(168.2
)
 
—

 
(7.4
)
 
6.9

 
31.4

 
(73.2
)
 
(161.3
)
Net other changes in AOCI
 
113.9

 
(34.6
)
 
66.6

 
—

 
—

 
—

 
113.9

 
(34.6
)
 
66.6

Accumulated other
   comprehensive loss,
   after-tax, end of year
 
(4.6
)
 
(149.9
)
 
(49.5
)
 
—

 
—

 
7.4

 
(4.6
)
 
(149.9
)
 
(42.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total White Mountains
   Common Shareholders'
   Equity
 
3,603.3

 
3,913.2

 
3,995.7

 
(20.6
)
 
(9.9
)
 
(.1
)
 
3,582.7

 
3,903.3

 
3,995.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-controlling interests,
   beginning of year
 
454.8

 
542.7

 
491.7

 
(.5
)
 
(.1
)
 
—

 
454.3

 
542.6

 
491.7

Net income (loss)
 
7.3

 
(18.1
)
 
(22.2
)
 
(.1
)
 
(.4
)
 
(.1
)
 
7.2

 
(18.5
)
 
(22.3
)
Other changes in NCI
 
(328.2
)
 
(69.8
)
 
73.2

 
—

 
—

 
—

 
(328.2
)
 
(69.8
)
 
73.2

Non-controlling interests,
   end of year
 
133.9

 
454.8

 
542.7

 
(.6
)
 
(.5
)
 
(.1
)
 
133.3

 
454.3

 
542.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total equity
 
$
3,737.2

 
$
4,368.0

 
$
4,538.4

 
$
(21.2
)
 
$
(10.4
)
 
$
(.2
)
 
$
3,716.0

 
$
4,357.6

 
$
4,538.2






CONSOLIDATED BALANCE SHEETS

 
 
December 31, 2016
Millions
 
As previously reported
 
Adjustments
 
As revised
Assets
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
Financial Guarantee assets
 
$
677.6

 
$
—

 
$
677.6

 
 
 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
 
 
Marketing Technology assets
 
57.6

 
—

 
57.6

 
 
 
 
 
 
 
Other
 
 
 
 
 
 
Investments
 
2,084.7

 
—

 
2,084.7

Goodwill
 
13.4

 
(5.8
)
 
7.6

Other intangible assets
 
4.7

 
(3.7
)
 
1.0

Other assets — commissions receivable
 
14.8

 
(14.8
)
 
—

Other assets (1)
 
85.5

 
(.2
)
 
85.3

Assets held for sale
 
3,606.4

 
—

 
3,606.4

   Other segment assets
 
5,809.5

 
(24.5
)
 
5,785.0

 
 
 
 
 
 
 
Total assets
 
$
6,544.7

 
$
(24.5
)
 
$
6,520.2

Liabilities
 
 
 
 
 
 
Financial Guarantee (HG Global/BAM)
 
 
 
 
 
 
Total Financial Guarantee liabilities
 
$
108.9

 
$
—

 
$
108.9

 
 
 
 
 
 
 
Marketing Technology (MediaAlpha)
 
 
 
 
 
 
Total Marketing Technology liabilities
 
28.3

 
—

 
28.3

 
 
 
 
 
 
 
Other
 
 
 
 
 
 
Accrued incentive compensation
 
79.1

 
—

 
79.1

Other liabilities (2)
 
21.9

 
(3.3
)
 
18.6

Liabilities held for sale
 
2,569.3

 
—

 
2,569.3

   Total Other segment liabilities
 
2,670.3

 
(3.3
)
 
2,667.0

 
 
 
 
 
 
 
Total liabilities
 
2,807.5

 
(3.3
)
 
2,804.2

 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
White Mountains's common shares
 
4.6

 
—

 
4.6

Paid in surplus
 
806.1

 
—

 
806.1

Retained earnings
 
2,797.2

 
(20.6
)
 
2,776.6

Accumulated other comprehensive income, net of tax
 
(4.6
)
 
—

 
(4.6
)
Total White Mountains's common shareholders' equity
 
3,603.3

 
(20.6
)
 
3,582.7

Non-controlling interests
 
133.9

 
(.6
)
 
133.3

Total equity
 
3,737.2

 
(21.2
)
 
3,716.0

Total liabilities and equity
 
$
6,544.7

 
$
(24.5
)
 
$
6,520.2