10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
| ||||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2016 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Mar 1, 2017) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Revenues | |||
| Net premiums earned | $ 22,474,000 | 19,899,100 | 18,398,500 |
| Investment income | 478,900 | 454,600 | 408,400 |
| Net realized gains (losses) on securities: | |||
| Net impairment losses recognized in earnings | 86,800 | 23,800 | 7,900 |
| Net realized gains (losses) on securities | 137,900 | 136,500 | 232,100 |
| Total net realized gains (losses) on securities | 51,100 | 112,700 | 224,200 |
| Fees and other revenues | 332,500 | 302,000 | 309,100 |
| Service revenues | 103,300 | 86,300 | 56,000 |
| Gains (losses) on extinguishment of debt | 1,600 | (900) | (4,800) |
| Total revenues | 23,441,400 | 20,853,800 | 19,391,400 |
| Expenses | |||
| Losses and loss adjustment expenses | 16,879,600 | 14,342,000 | 13,306,200 |
| Policy acquisition costs | 1,863,800 | 1,651,800 | 1,524,000 |
| Other underwriting expenses | 2,972,000 | 2,712,100 | 2,467,100 |
| Investment expenses | 22,400 | 22,800 | 18,900 |
| Service expenses | 92,000 | 77,500 | 50,900 |
| Interest expense | 140,900 | 136,000 | 116,900 |
| Total expenses | 21,970,700 | 18,942,200 | 17,484,000 |
| Net Income | |||
| Income before income taxes | 1,470,700 | 1,911,600 | 1,907,400 |
| Provision for income taxes | 413,500 | 611,100 | 626,400 |
| Net income | 1,057,200 | 1,300,500 | 1,281,000 |
| Net (income) loss attributable to noncontrolling interest (NCI) | (26,200) | (32,900) | 0 |
| Net income attributable to Progressive | 1,031,000 | 1,267,600 | 1,281,000 |
| Other Comprehensive Income (Loss) | |||
| Changes in: | |||
| Total net unrealized gains (losses) on securities | 130,600 | (212,900) | 74,900 |
| Net unrealized losses on forecasted transactions | (1,200) | (9,700) | (2,600) |
| Foreign currency translation adjustment | 400 | (1,200) | (900) |
| Other comprehensive income (loss) | 129,800 | (223,800) | 71,400 |
| Other comprehensive (income) loss attributable to NCI | 3,200 | 1,100 | 0 |
| Comprehensive income attributable to Progressive | 1,164,000 | 1,044,900 | 1,352,400 |
| Computation of Per Share Earnings Attributable to Progressive | |||
| Average shares outstanding Basic | 581,700 | 585,500 | 590,600 |
| Net effect of dilutive stock-based compensation | 3,300 | 3,700 | 4,200 |
| Total average equivalent shares Diluted | 585,000 | 589,200 | 594,800 |
| Basic: Earnings per share (usd per share) | 1.77 | 2.16 | 2.17 |
| Basic: Earnings per share (usd per share | 1.76 | 2.15 | 2.15 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2016 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2016 10-K (Filed: Mar 1, 2017) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Cash Flows From Operating Activities | |||
| Net income | $ 1,057,200 | 1,300,500 | 1,281,000 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 137,400 | 103,700 | 97,100 |
| Net amortization of intangible assets | 62,100 | 46,800 | 0 |
| Net amortization of fixed-income securities | 77,200 | 98,400 | 78,200 |
| Amortization of equity-based compensation | 85,200 | 66,200 | 51,400 |
| Net realized (gains) losses on securities | (51,100) | (112,700) | (224,200) |
| Net (gains) losses on disposition of property and equipment | 6,600 | 2,000 | 5,400 |
| (Gains) losses on extinguishment of debt | (1,600) | 900 | 4,800 |
| Net loss on exchange transaction | 4,500 | 0 | 0 |
| Changes in: | |||
| Premiums receivable | (518,500) | (421,100) | (227,100) |
| Reinsurance recoverables | (388,200) | (202,600) | (141,700) |
| Prepaid reinsurance premiums | 48,800 | 32,500 | (10,400) |
| Deferred acquisition costs | (103,800) | (42,300) | (9,600) |
| Income taxes | (55,700) | (107,200) | 97,500 |
| Unearned premiums | 830,700 | 632,400 | 266,400 |
| Loss and loss adjustment expense reserves | 1,323,200 | 917,700 | 378,000 |
| Accounts payable, accrued expenses, and other liabilities | 308,900 | 37,900 | 92,000 |
| Restricted cash | (14,600) | (300) | 0 |
| Other, net | (106,400) | (60,200) | (13,200) |
| Net cash provided by operating activities | 2,701,900 | 2,292,600 | 1,725,600 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (11,610,600) | (9,311,100) | (7,967,500) |
| Equity securities | (434,200) | (647,100) | (369,700) |
| Sales: | |||
| Fixed maturities | 5,694,900 | 4,913,500 | 5,637,500 |
| Equity securities | 484,600 | 402,400 | 560,100 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 4,907,400 | 3,579,500 | 2,296,600 |
| Equity securities | 0 | 12,000 | 14,300 |
| Net sales (purchases) of short-term investments | (1,357,200) | 20,500 | (876,000) |
| Net unsettled security transactions | 50,900 | (8,200) | (30,000) |
| Purchases of property and equipment | (215,000) | (130,700) | (108,100) |
| Sales of property and equipment | 6,200 | 10,600 | 5,900 |
| Net cash acquired in exchange transaction | 8,500 | 0 | 0 |
| Acquisition of ARX Holding Corp., net of cash acquired | 0 | (752,700) | 0 |
| Acquisition of additional shares of ARX Holding Corp. | 0 | (12,600) | 0 |
| Net cash used in investing activities | (2,464,500) | (1,923,900) | (836,900) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of equity options | 0 | 200 | 0 |
| Tax benefit from vesting of equity-based compensation | 9,200 | 16,800 | 12,800 |
| Net proceeds from debt issuance | 495,600 | 382,000 | 344,700 |
| Payments of debt | (25,500) | (20,400) | 0 |
| Reacquisitions of debt | (18,200) | (19,300) | (48,900) |
| Dividends paid to shareholders | (519,000) | (403,600) | (892,600) |
| Acquisition of treasury shares | (192,500) | (208,500) | (271,400) |
| Net cash used in financing activities | (250,400) | (252,800) | (855,400) |
| Effect of exchange rate changes on cash | 400 | (200) | 0 |
| Increase (decrease) in cash | (12,600) | 115,700 | 33,300 |
| Cash, Beginning of year | 224,100 | 108,400 | |
| Cash, End of year | 211,500 | 224,100 | 108,400 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROGRESSIVE CORP/OH/ | ||
Ticker: PGR Fiscal Year: 2016 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2016 10-K (Filed: Mar 1, 2017) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2016 | Dec 31, 2015 | |
| Assets | ||
| Investments - Available-for-sale, at fair value: | ||
| Fixed maturities (amortized cost: $16,287.1 and $15,347.9) | $ 16,243,800 | 15,332,200 |
| Equity securities: | ||
| Nonredeemable preferred stocks (cost: $734.2 and $674.2) | 853,500 | 782,600 |
| Common equities (cost: $1,437.5 and $1,494.3) | 2,812,400 | 2,650,500 |
| Short-term investments (amortized cost: $3,572.9 and $2,172.0) | 3,572,900 | 2,172,000 |
| Total investments | 23,482,600 | 20,937,300 |
| Cash | 211,500 | 224,100 |
| Restricted cash | 14,900 | 300 [1] |
| Accrued investment income | 103,900 | 102,200 |
| Premiums receivable, net of allowance for doubtful accounts of $186.8 and $164.8 | 4,509,200 | 3,987,700 |
| Reinsurance recoverables, including $83.8 and $46.1 on paid losses and loss adjustment expenses | 1,884,800 | 1,488,800 |
| Prepaid reinsurance premiums | 170,500 | 199,300 |
| Deferred acquisition costs | 651,200 | 564,100 |
| Property and equipment, net of accumulated depreciation of $845.8 and $778.3 | 1,177,100 | 1,037,200 |
| Goodwill | 449,400 | 447,600 |
| Intangible assets, net of accumulated amortization of $109.5 and $47.4 | 432,800 | 494,900 |
| Other assets | 339,600 | 335,800 |
| Total assets | 33,427,500 | 29,819,300 |
| Liabilities | ||
| Unearned premiums | 7,468,300 | 6,621,800 |
| Loss and loss adjustment expense reserves | 11,368,000 | 10,039,000 |
| Net deferred income taxes | 111,300 | 109,300 |
| Dividends payable | 395,400 | 519,200 |
| Accounts payable, accrued expenses, and other liabilities | 2,495,500 | 2,067,800 [2] |
| Debt | 3,148,200 | 2,707,900 [3] |
| Total liabilities | 24,986,700 | 22,065,000 |
| Redeemable noncontrolling interest (NCI) | 483,700 | 464,900 [4] |
| Shareholders' Equity | ||
| Common shares, $1.00 par value (authorized 900.0; issued 797.5 and 797.6 including treasury shares of 217.6 and 214.0) | 579,900 | 583,600 |
| Paid-in capital | 1,303,400 | 1,218,800 |
| Retained earnings | 5,140,400 | 4,686,600 |
| Accumulated other comprehensive income: | ||
| Net unrealized gains (losses) on securities | 939,600 | 809,000 |
| Net unrealized losses on forecasted transactions | (9,400) | (8,200) |
| Foreign currency translation adjustment | (1,100) | (1,500) |
| Accumulated other comprehensive (income) loss attributable to NCI | 4,300 | 1,100 |
| Total accumulated other comprehensive income attributable to Progressive | 933,400 | 800,400 |
| Total shareholders equity | 7,957,100 | 7,289,400 |
| Total liabilities, redeemable NCI, and shareholders equity | 33,427,500 | 29,819,300 |
| [1] See Note 1 Reporting and Accounting Policies - Supplemental Cash Flow information for further discussion. | ||
| [2] See Note 12 Litigation and Note 13 Commitments and Contingencies for further discussion. | ||
| [3] Consists of both short-term and long-term debt. See Note 4 Debt for further discussion. | ||
| [4] See Note 15 Redeemable Noncontrolling Interest for further discussion. | ||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2016 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |