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Leases (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and 2019:



Millions	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Cost	2020		2019		2020		2019
Lease cost	$	1.6	$	1.9	$	5.7	$	5.4
Less: sublease income	.1		.1		.3		.3
Net lease cost	$	1.5	$	1.8	$	5.4	$	5.1

Schedule of Future Maturities of Operating Lease Liabilities, Lessee

The following table presents the contractual maturities of the lease liabilities associated with White Mountains’s operating lease agreements as of September 30, 2020:



Millions	As of September 30, 2020
Remainder of 2020	$	1.8
2021	7.6
2022	7.1
2023	6.9
2024	5.7
Thereafter	17.2
Total undiscounted lease payments	46.3
Less: present value adjustment	7.2
Operating lease liability	$	39.1

Schedule of Right-of-Use Assets and Lease Liabilities



Millions	As of September 30, 2020
Remainder of 2020	$	1.8
2021	7.6
2022	7.1
2023	6.9
2024	5.7
Thereafter	17.2
Total undiscounted lease payments	46.3
Less: present value adjustment	7.2
Operating lease liability	$	39.1

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



	As of September 30, 2020
Millions	HG/BAM		NSM		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate ⁽¹⁾
ROU lease asset	$	9.9	$	17.0	$	2.1	$	9.3	$	38.3	4.6%
Lease liability	$	9.9	$	17.0	$	2.1	$	10.1	$	39.1	4.6%

⁽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	4.6%

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