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Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Available-for-sale securities, at fair value:      
Debt Securities, Available-for-sale, Fixed Maturities $ 23,789.2 $ 20,201.7 $ 18,388.1
Short-term investments (amortized cost: $3,231.2, $3,729.7, and $2,869.4) 3,231.2 2,869.4 3,729.7
Fixed maturities (amortized cost: $24,061.8, $18,311.7, and $20,209.9) 27,020.4 23,071.1 22,117.8
Equity securities, at fair value:      
Equity Securities FV NI Nonredeemable Preferred Stock 758.6 803.8 783.1
Equity Securities FV NI Common Equities 3,142.2 3,399.8 3,077.5
Equity Securities, FV-NI 3,900.8 4,203.6 3,860.6
Investments, Fair Value Disclosure 30,921.2 27,274.7 25,978.4
Cash and cash equivalents 154.8 265.0 161.0
Restricted Cash 2.9 10.3 0.8
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 157.7 275.3 161.8
Accrued investment income 146.3 119.7 112.1
Premiums receivable, net of allowance for doubtful accounts of $210.5, $175.8, and $210.9 6,230.2 5,422.5 5,091.3
Reinsurance recoverables, including $117.6, $79.2, and $103.3 on paid losses and loss adjustment expenses 2,410.7 2,273.4 2,027.1
Prepaid reinsurance premiums 289.8 203.3 212.6
Deferred acquisition costs 895.7 780.5 727.2
Property and equipment, net of accumulated depreciation of $984.7, $894.7, and $940.6 1,116.4 1,119.6 1,152.1
Goodwill 452.7 452.7 452.7
Intangible assets, net of accumulated amortization of $211.7, $140.5, and $175.7 330.6 366.6 401.8
Other assets 412.2 412.9 372.7
Total assets 43,363.5 38,701.2 36,689.8
Liabilities      
Unearned premiums 10,245.9 8,903.5 8,407.7
Loss and loss adjustment expense reserves 14,070.8 13,086.9 12,060.4
Net deferred income taxes 46.0 135.0 191.8
Accounts payable, accrued expenses, and other liabilities 3,922.3 3,481.0 3,153.2
Debt [1] 3,859.5 3,306.3 3,383.4
Total liabilities 32,144.5 28,912.7 27,196.5
Redeemable noncontrolling interest (NCI) [2] 218.2 503.7 501.8
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding 0.5, 0, and 0) 493.9 0.0 0.0
Common shares, $1.00 par value (authorized 900.0; issued 797.5, including treasury shares of 215.0, 216.5, and 215.8) 582.5 581.7 581.0
Paid-in capital 1,425.9 1,389.2 1,351.0
Retained earnings 8,720.4 6,031.7 5,908.8
Accumulated other comprehensive income:      
Net unrealized gains (losses) on securities (210.9) 1,295.0 1,164.6
Net unrealized losses on forecasted transactions (17.6) (14.8) (15.1)
Foreign currency translation adjustment 0.0 0.0 (0.9)
Accumulated other comprehensive (income) loss attributable to NCI 6.6 2.0 2.1
Total accumulated other comprehensive income attributable to Progressive (221.9) 1,282.2 1,150.7
Total shareholders’ equity 11,000.8 9,284.8 8,991.5
Total liabilities, redeemable NCI, and shareholders’ equity $ 43,363.5 $ 38,701.2 $ 36,689.8
[1] Consists of long-term debt. See Note 4 – Debt for further discussion.
[2] See Note 12 – Redeemable Noncontrolling Interest for further discussion.