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Leases (Tables)

9 Months Ended

Sep. 30, 2019

The following table summarizes net lease expense recognized in White Mountains’s consolidated statement of operations for the three and nine months ended September 30, 2019:



Millions Lease Cost	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Lease cost	$	1.9	$	5.4
Less: sublease income	.1		.3
Net lease cost	$	1.8	$	5.1

Lessee, Operating Lease, Liability, Maturity

The following table presents the contractual maturities of the lease liabilities associated with White Mountains’s operating lease agreements as of September 30, 2019:



Millions	As of September 30, 2019
Remainder of 2019	$	1.7
2020	5.7
2021	4.7
2022	4.2
2023	3.6
Thereafter	6.3
Total undiscounted lease payments	26.2
Less: present value adjustment	2.9
Operating lease liability	$	23.3

Schedule of Right-of-Use Assets and Lease Liabilities

The following table presents lease related assets and liabilities by reportable segment as of September 30, 2019:



	As of September 30, 2019
Millions	HG/BAM		NSM		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate ⁽¹⁾
ROU lease asset	$	10.8	$	4.4	$	2.3	$	5.5	$	23.0	4.5%
Lease liability	$	10.8	$	4.4	$	2.3	$	5.8	$	23.3	4.5%

⁽¹⁾ The present value of the remaining lease payments were determined by discounting the lease payments using the incremental borrowing rate.