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: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Mar 2, 2015) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash Flows From Operating Activities | |||
| Net income | $ 1,281,000 | 1,165,400 | 902,300 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 97,100 | 101,300 | 94,400 |
| Amortization of fixed-income securities | 78,200 | 134,000 | 186,700 |
| Amortization of equity-based compensation | 51,400 | 64,900 | 63,400 |
| Net realized (gains) losses on securities | (224,200) | (318,400) | (306,800) |
| Net (gains) losses on disposition of property and equipment | 5,400 | 5,600 | 7,100 |
| (Gains) losses on extinguishment of debt | 4,800 | 4,300 | 1,800 |
| Changes in: | |||
| Premiums receivable | (227,100) | (127,400) | (253,800) |
| Reinsurance recoverables | (141,700) | (189,200) | (83,000) |
| Prepaid reinsurance premiums | (10,400) | (8,600) | 3,500 |
| Deferred acquisition costs | (9,600) | (13,100) | (900) |
| Income taxes | 97,500 | 57,800 | 19,800 |
| Unearned premiums | 266,400 | 244,800 | 351,100 |
| Loss and loss adjustment expense reserves | 378,000 | 641,600 | 592,600 |
| Accounts payable, accrued expenses, and other liabilities | 92,000 | 165,000 | 123,600 |
| Other, net | (13,200) | (28,100) | (10,400) |
| Net cash provided by operating activities | 1,725,600 | 1,899,900 | 1,691,400 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (7,967,500) | (7,100,600) | (5,199,200) |
| Equity securities | (369,700) | (322,200) | (463,100) |
| Sales: | |||
| Fixed maturities | 5,637,500 | 3,083,900 | 3,705,600 |
| Equity securities | 560,100 | 369,200 | 793,000 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 2,296,600 | 1,859,600 | 1,488,900 |
| Equity securities | 14,300 | 21,500 | 16,000 |
| Net sales (purchases) of short-term investments | (876,000) | 716,600 | (438,200) |
| Net unsettled security transactions | (30,000) | 152,200 | (44,000) |
| Purchases of property and equipment | (108,100) | (140,400) | (127,700) |
| Sales of property and equipment | 5,900 | 3,700 | 3,800 |
| Net cash provided by (used in) investing activities | (836,900) | (1,356,500) | (264,900) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of stock options | 0 | 0 | 500 |
| Tax benefit from exercise/vesting of equity-based compensation | 12,800 | 10,300 | 5,800 |
| Net proceeds from debt issuance | 344,700 | 0 | 0 |
| Payment of debt | 0 | (150,000) | (350,000) |
| Reacquisition of debt | (48,900) | (58,100) | (32,500) |
| Dividends paid to shareholders | (892,600) | (175,600) | (853,700) |
| Acquisition of treasury shares | (271,400) | (273,400) | (174,200) |
| Net cash used in financing activities | (855,400) | (646,800) | (1,404,100) |
| Effect of exchange rate changes on cash | 0 | (600) | 1,000 |
| Increase (decrease) in cash | 33,300 | (104,000) | 23,400 |
| Cash, Beginning of year | 75,100 | 179,100 | |
| Cash, End of year | 108,400 | 75,100 | 179,100 |
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2014 | |
| 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 |