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Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt — Debt at each of the balance sheet periods consisted of:
 June 30, 2022June 30, 2021December 31, 2021
(millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
3.75% Senior Notes due 2021 (issued: $500.0, August 2011)
$0 $0 $499.9 $502.5 $0 $0 
2.45% Senior Notes due 2027 (issued: $500.0, August 2016)
497.9 471.3 497.5 529.9 497.7 517.9 
2.50% Senior Notes due 2027 (issued: $500.0, March 2022)
497.2 472.6 0 0 0 0 
6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999)
297.3 340.6 297.0 396.1 297.2 388.2 
4.00% Senior Notes due 2029 (issued: $550.0, October 2018)
546.2 543.3 545.7 631.5 545.9 621.0 
3.20% Senior Notes due 2030 (issued: $500.0, March 2020)
496.7 463.0 496.3 549.0 496.5 536.3 
3.00% Senior Notes due 2032 (issued: $500.0, March 2022)
495.7 448.3 0 0 0 0 
6.25% Senior Notes due 2032 (issued: $400.0, November 2002)
396.3 459.2 396.1 553.7 396.2 547.9 
4.35% Senior Notes due 2044 (issued: $350.0, April 2014)
346.9 324.6 346.8 434.8 346.8 428.4 
3.70% Senior Notes due 2045 (issued: $400.0, January 2015)
395.7 332.4 395.6 458.1 395.6 447.1 
4.125% Senior Notes due 2047 (issued: $850.0, April 2017)
842.0 769.3 841.8 1,041.4 841.9 1,029.3 
4.20% Senior Notes due 2048 (issued: $600.0, March 2018)
590.3 550.5 590.1 747.0 590.2 741.3 
3.95% Senior Notes due 2050 (issued: $500.0, March 2020)
490.9 437.8 490.7 602.7 490.8 600.0 
3.70% Senior Notes due 2052 (issued: $500.0, March 2022)
493.4 416.0 0 0 0 0 
Total$6,386.5 $6,028.9 $5,397.5 $6,446.7 $4,898.8 $5,857.4 
The Progressive Corporation issued $500 million of 2.50% Senior Notes due 2027, $500 million of 3.00% Senior Notes due 2032, and $500 million of 3.70% Senior Notes due 2052 in March 2022, in an underwritten public offering. The net proceeds from the issuances, after deducting underwriters’ discounts, commissions, and other issuance costs, were approximately $1,486.0 million in aggregate. Consistent with the other senior notes issued by Progressive, interest on these notes is payable semiannually, principal is due at maturity, and the notes are redeemable, in whole or in part, at any time, subject to a treasury “make whole” provision.
There was no short-term debt outstanding at June 30, 2022 and December 31, 2021. Short-term debt outstanding at June 30, 2021 consisted of the $500 million 3.75% Senior Notes that matured in August 2021.
The Progressive Corporation has a line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $250 million, which has the same terms as the line of credit with PNC that expired in April 2022. See the 2021 Annual Report to Shareholders for terms of this line of credit. We had no borrowings under the line of credit during the periods presented.