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: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 27, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net income | $ 1,598,100 | 1,057,200 | 1,300,500 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 169,900 | 137,400 | 103,700 |
| Amortization of intangible assets | 66,200 | 62,100 | 46,800 |
| Net amortization of fixed-income securities | 86,200 | 77,200 | 98,400 |
| Amortization of equity-based compensation | 95,400 | 85,200 | 66,200 |
| Net realized (gains) losses on securities | (49,600) | (51,100) | (112,700) |
| Net (gains) losses on disposition of property and equipment | 7,200 | 6,600 | 2,000 |
| Other (gains) losses | 1,000 | (1,600) | 900 |
| Net loss on exchange transaction | 0 | 4,500 | 0 |
| Changes in: | |||
| Premiums receivable | (913,200) | (518,500) | (421,100) |
| Reinsurance recoverables | (388,600) | (388,200) | (202,600) |
| Prepaid reinsurance premiums | (32,800) | 48,800 | 32,500 |
| Deferred acquisition costs | (129,300) | (103,800) | (42,300) |
| Income taxes | (172,600) | (55,700) | (107,200) |
| Unearned premiums | 1,434,900 | 830,700 | 632,400 |
| Loss and loss adjustment expense reserves | 1,718,800 | 1,323,200 | 917,700 |
| Accounts payable, accrued expenses, and other liabilities | 400,000 | 308,900 | 37,900 |
| Other, net | (134,800) | (90,200) | (60,200) |
| Net cash provided by operating activities | 3,756,800 | 2,732,700 | 2,292,900 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (14,587,800) | (11,610,600) | (9,311,100) |
| Equity securities | (255,600) | (434,200) | (647,100) |
| Sales: | |||
| Fixed maturities | 5,382,500 | 5,694,900 | 4,913,500 |
| Equity securities | 252,900 | 484,600 | 402,400 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 5,215,800 | 4,907,400 | 3,579,500 |
| Equity securities | 50,000 | 0 | 12,000 |
| Net sales (purchases) of short-term investments | 727,600 | (1,357,200) | 20,500 |
| Net unsettled security transactions | (33,600) | 50,900 | (8,200) |
| Purchases of property and equipment | (155,700) | (215,000) | (130,700) |
| Sales of property and equipment | 15,300 | 6,200 | 10,600 |
| Net cash disposed in exchange transaction | 0 | (7,700) | 0 |
| Acquisition of additional shares of ARX Holding Corp. | 0 | 0 | (12,600) |
| Net cash used in investing activities | (3,406,700) | (2,480,700) | (1,923,900) |
| Cash Flows From Financing Activities | |||
| Proceeds from exercise of equity options | 500 | 0 | 200 |
| Net proceeds from debt issuance | 841,100 | 495,600 | 382,000 |
| Payments of debt | (49,000) | (25,500) | (20,400) |
| Redemption/reacquisition of subordinated debt | (635,600) | (18,200) | (19,300) |
| Dividends paid to shareholders | (395,400) | (519,000) | (403,600) |
| Acquisition of treasury shares for restricted stock tax liabilities | (57,600) | (25,100) | (30,600) |
| Acquisition of treasury shares acquired in open market | (4,900) | (167,400) | (177,900) |
| Tax benefit from vesting of equity-based compensation | 0 | 9,200 | 16,800 |
| Net cash used in financing activities | (300,900) | (250,400) | (252,800) |
| Effect of exchange rate changes on cash | (300) | 400 | (200) |
| Increase in cash, cash equivalents, and restricted cash | 48,900 | 2,000 | 116,000 |
| Cash, cash equivalents, and restricted cash - Beginning of year | 226,400 | 224,400 | 108,400 |
| Cash, cash equivalents, and restricted cash - End of year | 275,300 | 226,400 | 224,400 |
| Business Acquisition | |||
| Insurance Company | |||
| Acquisition of business, net of cash acquired | (18,100) | 0 [1] | 0 |
| ARX Holding Corp. | |||
| Acquisition of business, net of cash acquired | 0 | 0 | (752,700) |
| [1] See Note 1 Reporting and Accounting Policies for further information. | |||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2017 | |
| 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 |