Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of earnings per share from continuing operations

The following table presents the Company’s computation of earnings per share from continuing operations for the years ended December 31, 2022, 2021 and 2020. See Note 21 — “Held for Sale and Discontinued Operations”.

	Year Ended December 31,
	2022		2021		2020
Basic and diluted earnings per share numerators (in millions):
Net income (loss) attributable to White Mountains’s    common shareholders	$	792.8	$	(275.4)	$	708.7
Less: total income (loss) from discontinued operations, net of tax (1)	903.2		(3.9)		(11.8)
Less: net (income) loss from discontinued operations attributable    to non-controlling interests	(.7)		1.0		.2
Net income (loss) from continuing operations attributable to    White Mountains’s common shareholders	(109.7)		(272.5)		720.3
Allocation of (earnings) losses to participating restricted common shares (2)	1.3		3.2		(9.5)
Basic and diluted earnings (losses) per share numerators	$	(108.4)	$	(269.3)	$	710.8
Basic earnings per share denominators (in thousands):
Total average common shares outstanding during the period	2,862.4		3,079.0		3,122.2
Average unvested restricted common shares (3)	(36.2)		(36.5)		(40.8)
Basic earnings (losses) per share denominator	2,826.2		3,042.5		3,081.4
Diluted earnings per share denominator (in thousands):
Total average common shares outstanding during the period	2,862.4		3,079.0		3,122.2
Average unvested restricted common shares (3)	(36.2)		(36.5)		(40.8)
Diluted earnings (losses) per share denominator	2,826.2		3,042.5		3,081.4
Basic and diluted earnings per share (in dollars) - continuing operations:
Distributed earnings - dividends declared and paid	$	1.00	$	1.00	$	1.00
Undistributed earnings (losses)	(39.34)		(89.52)		229.69
Basic and diluted earnings (losses) per share	$	(38.34)	$	(88.52)	$	230.69

(1) Includes net income (loss) from discontinued operations, net of tax - NSM Group, net gain (loss) from sale of discontinued operations, net of tax - NSM Group and net gain (loss) from sale of discontinued operations, net of tax - Sirius Group. See Note 21 — “Held for Sale and Discontinued Operations.”

(2) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.

(3) Restricted shares outstanding vest upon a stated date. See Note 12 — “Employee Share-Based Incentive Compensation Plans”.

Schedule of undistributed net earnings (losses) from continuing operations

The following table presents the undistributed net earnings (losses) from continuing operations for the years ended December 31, 2022, 2021 and 2020. See Note 21 — “Held for Sale and Discontinued Operations”.

	Year Ended December 31,
Millions		2022		2021		2020
Undistributed net earnings - continuing operations:
Net income (loss) attributable to White Mountains’s common shareholders,      net of restricted common share amounts		$	(108.4)	$	(269.3)	$	710.8
Dividends declared, net of restricted common share amounts (1)		(3.0)		(3.1)		(3.1)
Total undistributed net earnings (losses), net of restricted common share amounts		$	(111.4)	$	(272.4)	$	707.7

(1) Restricted shares issued by White Mountains receive dividends, and therefore, are considered participating securities.

The following summarizes the assets and liabilities associated with NSM Group classified as held for sale. As of December 31, 2021, the amounts presented exclude $16.1 million of insurance licenses, investments and cash classified as assets held for sale related to one of the Other Operating Businesses.

Millions	December 31, 2021
Assets held for sale
Short-term investments, at fair value	$	7.8
Cash (restricted $89.2)	111.6
Premiums and commissions receivable	85.0
Goodwill and other intangible assets	725.4
Other assets	59.2
Total assets held for sale	$	989.0
Liabilities held for sale
Debt	$	272.1
Premiums payable	135.9
Contingent consideration	6.8
Other liabilities	80.5
Total liabilities held for sale	495.3
Net assets held for sale	$	493.7

Net Income (Loss) from Discontinued Operations 

The following summarizes the results of operations, including related income taxes associated with the businesses classified as discontinued operations for the year ended December 31, 2022, 2021 and 2020:

	December 31,
Millions	2022 (1)		2021		2020
Revenues
Commission revenues	$	176.9	$	258.0	$	232.5
Other revenues	48.1		72.4		52.6
Total revenues - NSM Group	225.0		330.4		285.1
Expenses
General and administrative expenses	126.8		190.4		179.5
Broker commission expenses	52.9		80.2		75.3
Change in fair value of contingent consideration	.1		1.0		(3.3)
Amortization of other intangible assets	9.1		35.2		26.7
Loss on assets held for sale	—		28.7		—
Interest expense	12.1		23.3		22.1
Total expenses - NSM Group	201.0		358.8		300.3
Pre-tax income (loss) from discontinued operations - NSM Group	24.0		(28.4)		(15.2)
Income tax (expense) benefit	(7.6)		5.8		5.7
Net income (loss) from discontinued operations, net tax - NSM Group	16.4		(22.6)		(9.5)
Net gain (loss) from sale of discontinued operations, net of    tax - NSM Group	886.8		—		—
Net gain (loss) from sale of discontinued operations, net of    tax - Sirius Group	—		18.7		(2.3)
Total income (loss) from discontinued operations, net of tax	903.2		(3.9)		(11.8)
Net (income) loss from discontinued operations    attributable to non-controlling interests	(.7)		1.0		$	.2
Total income (loss) from discontinued operations    attributable to White Mountains’s common    shareholders	902.5		(2.9)		(11.6)
Other comprehensive income (loss) from discontinued    operations, net of tax - NSM Group	(5.2)		.2		5.9
Net gain (loss) from foreign currency translation from sale    of discontinued operations, net of tax - NSM Group	2.9		—		—
Comprehensive income (loss) from discontinued operations	900.2		(2.7)		(5.7)
Other comprehensive (income) loss from discontinued    operations attributable to non-controlling interests	.2		(.1)		(.3)
Comprehensive income (loss) from discontinued operations    attributable to White Mountains’s common    shareholders	$	900.4	$	(2.8)	$	(6.0)

(1) As a result of the NSM Transaction, the results of operations for NSM Group are presented for the period from January 1, 2022 to August 1, 2022.

Net Change in Cash from Discontinued Operations

The following summarizes the net change in cash associated with the businesses classified as discontinued operations for the year ended December 31, 2022, 2021 and 2020:

	Year Ended December 31,
Millions	2022		2021		2020
Net cash provided from (used for) operations	$	38.7	$	42.3	$	35.5
Net cash provided from (used for) investing activities	7.1		(56.5)		(124.9)
Net cash used from (used for) financing activities	(17.5)		(1.0)		128.8
Effect of exchange rate changes on cash	4.0		.2		(2.8)
Net change in cash during the period	32.3		(15.0)		36.6
Cash balances at beginning of period (includes restricted cash of $89.2, $78.4 and $56.3)	111.6		126.6		90.0
Cash sold as part of the sale of NSM Group (includes restricted cash of $105.1, $0.0 and $0.0)	(143.9)		—		—
Cash balances at end of period (includes restricted cash of $0.0, $89.2 and $78.4)	—		111.6		126.6
Supplemental cash flows information:
Interest paid	$	(12.0)	$	(16.6)	$	(20.9)
Net income tax payments	$	—	$	—	$	—