Debt

9 Months Ended

Sep. 30, 2019

Debt — Debt at each of the balance sheet periods consisted of:



	September 30, 2019				September 30, 2018				December 31, 2018
(millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
3.75% Senior Notes due 2021	$	499.3	$	516.5	$	499.0	$	503.9	$	499.1	$	506.5
2.45% Senior Notes due 2027	496.8		502.1		496.4		453.3		496.5		455.5
6 5/8% Senior Notes due 2029	296.5		392.2		296.3		360.3		296.4		368.5
4.00% Senior Notes due 2029	544.9		617.0		0		0		544.5		562.4
6.25% Senior Notes due 2032	395.7		547.2		395.4		481.8		395.5		496.6
4.35% Senior Notes due 2044	346.6		414.7		346.6		349.7		346.6		350.2
3.70% Senior Notes due 2045	395.4		431.8		395.3		359.1		395.3		366.7
4.125% Senior Notes due 2047	841.5		987.4		841.3		828.4		841.4		831.9
4.20% Senior Notes due 2048	589.8		704.4		589.6		590.4		589.6		594.0
Total	$	4,406.5	$	5,113.3	$	3,859.9	$	3,926.9	$	4,404.9	$	4,532.3

The Progressive Corporation issued $550 million of 4.00% Senior Notes due 2029 (the “4.00% Senior Notes”) in October 2018, in an underwritten public offering. The net proceeds from the issuance, after deducting underwriters’ discounts, commissions, and other issuance costs, was $544.5 million. Consistent with the other senior notes issued by Progressive, interest on the 4.00% Senior Notes is payable semiannually, principal is due at maturity, and the note is redeemable, in whole or in part, at any time, subject to a treasury “make whole” provision.

During the second quarter 2019, The Progressive Corporation renewed its line of credit with PNC Bank, National Association (PNC) in the maximum principal amount of $250 million on the same terms and conditions. Subject to the terms and conditions of the line of credit documents, advances under the line of credit (if any) will bear interest at a variable rate equal to the higher of PNC’s Prime Rate or the sum of the Federal Funds Open Rate plus 50 basis points. Each advance must be repaid on the 30th day after the advance or, if earlier, on April 30, 2020, the expiration date of the line of credit. Prepayments are permitted without penalty. The line of credit is uncommitted and, as such, all advances are subject to PNC’s discretion. We had no borrowings under either line of credit during any of the periods presented.