10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROGRESSIVE CORP/OH/ | |||
Ticker: PGR Fiscal Year: 2009 | |||
Statement Of Cash Flows Indirect Insurance Based Operations | |||
Period Ending Dec 31, 2009 10-K (Filed: Mar 1, 2010) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Cash Flows From Operating Activities | |||
| Net income (loss) | $ 1,057,500 | (70,000) | 1,182,500 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation | 87,300 | 99,100 | 106,900 |
| Amortization of fixed-income securities | 230,800 | 249,600 | 284,100 |
| Amortization of stock-based compensation | 40,300 | 34,500 | 26,500 |
| Net realized (gains) losses on securities | (27,100) | 1,445,100 | (106,300) |
| Net loss on disposition of property and equipment | 13,300 | 1,600 | 400 |
| Changes in: | |||
| Premiums receivable | (46,200) | (13,500) | 103,100 |
| Reinsurance recoverables | (276,300) | 46,600 | 98,700 |
| Prepaid reinsurance premiums | (6,900) | 7,400 | 19,700 |
| Deferred acquisition costs | 11,800 | 12,300 | 14,700 |
| Income taxes | 29,700 | (423,800) | (30,300) |
| Unearned premiums | (3,000) | (34,500) | (124,600) |
| Loss and loss adjustment expense reserves | 475,600 | 234,700 | 217,700 |
| Accounts payable, accrued expenses, and other liabilities | (71,800) | (101,200) | 2,400 |
| Other, net | (28,200) | 61,300 | (4,500) |
| Net cash provided by operating activities | 1,486,800 | 1,549,200 | 1,791,000 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (10,046,300) | (7,593,900) | (8,184,600) |
| Equity securities | (624,200) | (598,300) | (1,490,300) |
| Short-term investments - auction rate securities | 0 | (631,500) | (7,156,600) |
| Sales: | |||
| Fixed maturities | 7,950,000 | 5,629,500 | 8,327,600 |
| Equity securities | 919,400 | 1,401,000 | 775,200 |
| Short-term investments - auction rate securities | 0 | 631,500 | 7,325,400 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 842,500 | 505,500 | 557,900 |
| Equity securities | 15,700 | 34,900 | 10,700 |
| Net sales (purchases) of short-term investments - other | 75,600 | (771,000) | 30,000 |
| Net unsettled security transactions | (246,500) | 177,200 | 35,100 |
| Purchases of property and equipment | (66,600) | (98,500) | (136,300) |
| Sales of property and equipment | 1,800 | 1,100 | 2,000 |
| Net cash provided by (used in) investing activities | (1,178,600) | (1,312,500) | 96,100 |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of stock options | 18,800 | 27,000 | 30,800 |
| Tax benefits from exercise/vesting of stock-based compensation | 9,700 | 11,100 | 15,500 |
| Proceeds from debt | 0 [1] | 0 | 1,021,700 |
| Dividends paid to shareholders | 0 | (98,300) | (1,406,500) |
| Acquisition of treasury shares | (180,600) | (179,400) | (1,548,400) |
| Net cash used in financing activities | (152,100) | (239,600) | (1,886,900) |
| Effect of exchange rate changes on cash | 1,700 | 0 | 0 |
| Increase (decrease) in cash | 157,800 | (2,900) | 200 |
| Cash, Beginning of year | 2,900 | 5,800 | |
| Cash, End of year | 160,700 | 2,900 | 5,800 |
| [1] 2007 includes a pretax gain received upon closing a forecasted debt issuance hedge. See Note 4 - Debt for further discussion. | |||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2009 | |
| 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 |