Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of Lease Expense

The following table summarizes net lease expense recognized in White Mountains’s consolidated statements of operations for the three and six months ended June 30, 2022 and 2021:

Millions	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2022		2021		2022		2021
Lease cost	$	2.0	$	1.8	$	4.0	$	2.9
Less: sublease income	.1		.1		.3		.2
Net lease cost	$	1.9	$	1.7	$	3.7	$	2.7

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 June 30, 2022:

Millions	As of June 30, 2022
Remainder of 2022	$	3.4
2023	8.2
2024	7.2
2025	4.9
2026	2.6
Thereafter	5.0
Total undiscounted lease payments	31.3
Less: present value adjustment	3.1
Operating lease liability	$	28.2

Schedule of Right-of-Use Assets and Lease Liabilities

The following tables present lease related assets and liabilities by reportable segment as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022
Millions	HG/BAM		Ark		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate (1)
ROU lease asset	$	6.7	$	7.3	$	6.1	$	6.1	$	26.2	4.1%
Lease liability	$	7.2	$	7.3	$	6.9	$	6.8	$	28.2

(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, 2021
Millions	HG/BAM		Ark		Kudu		Other Operations		Total		Weighted Average Incremental Borrowing Rate (1)
ROU lease asset	$	7.6	$	7.0	$	6.4	$	7.1	$	28.1	4.0%
Lease liability	$	8.1	$	7.0	$	7.1	$	7.8	$	30.0

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