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: 2011 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Cash Flows From Operating Activities | |||
| Net income | $ 1,015,500 | 1,068,300 | 1,057,500 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 88,500 | 83,100 | 87,300 |
| Amortization of fixed-income securities | 233,000 | 229,200 | 230,800 |
| Amortization of stock-based compensation | 50,500 | 45,900 | 40,300 |
| Net realized (gains) losses on securities | (102,600) | (96,100) | (27,100) |
| Net (gains) losses on disposition of property and equipment | 8,700 | 2,300 | 13,300 |
| Net (gains) losses on extinguishment of debt | 100 | (6,400) | 0 |
| Changes in: | |||
| Premiums receivable | (191,400) | (283,600) | (46,200) |
| Reinsurance recoverables | (76,500) | (176,700) | (276,300) |
| Prepaid reinsurance premiums | 18,300 | (18,800) | (6,900) |
| Deferred acquisition costs | (16,400) | (15,000) | 11,800 |
| Income taxes | 28,400 | 48,100 | 29,700 |
| Unearned premiums | 225,600 | 180,800 | (3,000) |
| Loss and loss adjustment expense reserves | 174,800 | 418,000 | 475,600 |
| Accounts payable, accrued expenses, and other liabilities | 35,500 | 210,200 | (71,800) |
| Other, net | 5,900 | (10,000) | (28,200) |
| Net cash provided by operating activities | 1,497,900 | 1,679,300 | 1,486,800 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (6,032,400) | (4,491,700) | (10,046,300) |
| Equity securities | (582,000) | (511,400) | (624,200) |
| Sales: | |||
| Fixed maturities | 4,442,600 | 3,055,800 | 7,950,000 |
| Equity securities | 423,500 | 241,900 | 919,400 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 1,540,900 | 1,341,100 | 842,500 |
| Equity securities | 0 | 0 | 15,700 |
| Net sales (purchases) of short-term investments - other | (461,000) | (11,500) | 75,600 |
| Net unsettled security transactions | (600) | (54,000) | (246,500) |
| Purchases of property and equipment | (78,900) | (64,700) | (66,600) |
| Sales of property and equipment | 3,000 | 8,000 | 1,800 |
| Net cash provided by (used in) investing activities | (744,900) | (486,500) | (1,178,600) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of stock options | 22,400 | 27,200 | 18,800 |
| Tax benefit from exercise/vesting of stock-based compensation | 6,400 | 14,000 | 9,700 |
| Proceeds from debt issuance | 491,900 | 0 | 0 |
| Reacquisition of debt | (15,000) | (214,300) | 0 |
| Dividends paid to shareholders | (263,600) | (763,700) | 0 |
| Acquisition of treasury shares | (997,800) | (258,600) | (180,600) |
| Net cash used in financing activities | (755,700) | (1,195,400) | (152,100) |
| Effect of exchange rate changes on cash | (500) | 800 | 1,700 |
| Increase (decrease) in cash | (3,200) | (1,800) | 157,800 |
| Cash, beginning of year | 158,900 | 160,700 | |
| Cash, End of year | 155,700 | 158,900 | 160,700 |
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2011 | |
| 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 |