Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lease, Cost

The following table summarizes net lease expense recognized in White Mountains’s consolidated statement of operations for the three and six months ended June 30, 2020 and 2019:

Millions	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2020		2019		2020		2019
Lease cost	$	2.1	$	1.8	$	4.1	$	3.5
Less: sublease income	.1		.1		.2		.2
Net lease cost	$	2.0	$	1.7	$	3.9	$	3.3

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 June 30, 2020:

Millions	As of June 30, 2020
Remainder of 2020	$	3.1
2021	6.8
2022	6.3
2023	6.1
2024	5.2
Thereafter	14.1
Total undiscounted lease payments	41.6
Less: present value adjustment	7.4
Operating lease liability	$	34.2

Schedule of Right-of-Use Assets and Lease Liabilities

Millions	As of June 30, 2020
Remainder of 2020	$	3.1
2021	6.8
2022	6.3
2023	6.1
2024	5.2
Thereafter	14.1
Total undiscounted lease payments	41.6
Less: present value adjustment	7.4
Operating lease liability	$	34.2

The following tables present lease related assets and liabilities by reportable segment as of June 30, 2020 and December 31, 2019:

	As of June 30, 2020
Millions	HG/BAM		NSM		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate (1)
ROU lease asset	$	9.8	$	16.8	$	2.2	$	5.2	$	34.0	4.8%
Lease liability	$	9.8	$	16.8	$	2.2	$	5.4	$	34.2

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

	As of December 31, 2019
Millions	HG/BAM		NSM		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate (1)
ROU lease asset	$	10.4	$	4.8	$	2.3	$	5.1	$	22.6	4.6%
Lease liability	$	10.4	$	4.8	$	2.3	$	5.3	$	22.8

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