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: 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 |
| 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 |