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: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 27, 2019) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income | $ 2,621,000 | 1,598,100 | 1,057,200 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 190,400 | 169,900 | 137,400 |
| Amortization of intangible assets | 72,000 | 66,200 | 62,100 |
| Net amortization of fixed-income securities | 34,300 | 86,200 | 77,200 |
| Amortization of equity-based compensation | 77,200 | 95,400 | 85,200 |
| Net realized (gains) losses on securities | 405,500 | (49,600) | (51,100) |
| Net (gains) losses on disposition of property and equipment | 32,100 | 7,200 | 6,600 |
| Other (gains) losses | 0 | 1,000 | (1,600) |
| Net loss on exchange transaction | 0 | 0 | 4,500 |
| Changes in: | |||
| Premiums receivable | (1,074,600) | (913,200) | (518,500) |
| Reinsurance recoverables | (422,700) | (388,600) | (388,200) |
| Prepaid reinsurance premiums | (106,400) | (32,800) | 48,800 |
| Deferred acquisition costs | (171,100) | (129,300) | (103,800) |
| Income taxes | (158,700) | (172,600) | (55,700) |
| Unearned premiums | 1,783,000 | 1,434,900 | 830,700 |
| Loss and loss adjustment expense reserves | 2,313,900 | 1,718,800 | 1,323,200 |
| Accounts payable, accrued expenses, and other liabilities | 746,600 | 400,000 | 308,900 |
| Other, net | (57,700) | (134,800) | (90,200) |
| Net cash provided by operating activities | 6,284,800 | 3,756,800 | 2,732,700 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (21,153,000) | (14,587,800) | (11,610,600) |
| Equity securities | (538,800) | (255,600) | (434,200) |
| Sales: | |||
| Fixed maturities | 7,835,600 | 5,382,500 | 5,694,900 |
| Equity securities | 823,500 | 252,900 | 484,600 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 5,099,800 | 5,215,800 | 4,907,400 |
| Equity securities | 26,600 | 50,000 | 0 |
| Net sales (purchases) of short-term investments | 1,116,300 | 727,600 | (1,357,200) |
| Net unsettled security transactions | 11,700 | (33,600) | 50,900 |
| Purchases of property and equipment | (266,000) | (155,700) | (215,000) |
| Sales of property and equipment | 9,400 | 15,300 | 6,200 |
| Acquisition of additional shares of ARX Holding Corp. | (296,900) | 0 | 0 |
| Acquisition of an insurance company, net of cash acquired | 0 | (18,100) | 0 |
| Net cash disposed in exchange transaction | 0 | 0 | (7,700) |
| Net cash used in investing activities | (7,331,800) | (3,406,700) | (2,480,700) |
| Cash Flows From Financing Activities | |||
| Net proceeds from debt issuance | 1,134,000 | 841,100 | 495,600 |
| Net proceeds from issuance of Serial Preferred Shares, Series B | 493,900 | 0 | 0 |
| Payments of debt | 37,100 | 49,000 | 25,500 |
| Dividends paid to common shareholders | 654,900 | 395,400 | 519,000 |
| Dividends paid to preferred shareholders | (13,500) | 0 | 0 |
| Proceeds from exercise of equity options | 3,300 | 500 | 0 |
| Acquisition of treasury shares for restricted stock tax liabilities | (78,600) | (57,600) | (25,100) |
| Acquisition of treasury shares acquired in open market | (400) | (4,900) | (167,400) |
| Redemption/reacquisition of subordinated debt | 0 | (635,600) | (18,200) |
| Tax benefit from vesting of equity-based compensation | 0 | 0 | 9,200 |
| Net cash provided by (used in) financing activities | 846,700 | (300,900) | (250,400) |
| Effect of exchange rate changes on cash | 0 | (300) | 400 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (200,300) | 48,900 | 2,000 |
| Cash, cash equivalents, and restricted cash - Beginning of year | 275,300 | 226,400 | |
| Cash, cash equivalents, and restricted cash - End of year | 75,000 | 275,300 | 226,400 |
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2018 | |
| 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 |