Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of Lease Expense

The following table summarizes net lease expense recognized in White Mountains’s consolidated statement of operations for the three months ended March 31, 2022 and 2021:

Millions	Three Months Ended March 31,
Lease Cost	2022		2021
Lease cost	$	2.8	$	1.9
Less: sublease income	.2		.1
Net lease cost	$	2.6	$	1.8

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 March 31, 2022:

Millions	As of March 31, 2022
Remainder of 2022	$	7.6
2023	11.5
2024	10.0
2025	6.8
2026	4.3
Thereafter	11.8
Total undiscounted lease payments	52.0
Less: present value adjustment	7.2
Operating lease liability	$	44.8

Schedule of Right-of-Use Assets and Lease Liabilities

The following tables present lease related assets and liabilities by reportable segment as of March 31, 2022 and December 31, 2021:

	As of March 31, 2022
Millions	HG/BAM		Ark		NSM		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate (1)
ROU lease asset	$	7.1	$	8.1	$	13.3	$	6.4	$	6.7	$	41.6	5.1%
Lease liability	$	7.7	$	8.1	$	14.5	$	7.1	$	7.4	$	44.8

(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, 2021
Millions	HG/BAM		Ark		NSM		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate (1)
ROU lease asset	$	7.6	$	7.0	$	14.0	$	6.5	$	7.1	$	42.2	5.0%
Lease liability	$	8.1	$	7.0	$	15.2	$	7.1	$	7.8	$	45.2

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