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: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Mar 1, 2021) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Net income | $ 5,704,600 | 3,980,000 | 2,621,000 |
| Cash Flows From Operating Activities | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 274,900 | 239,800 | 190,400 |
| Amortization of intangible assets | 56,900 | 66,300 | 72,000 |
| Net amortization of fixed-income securities | 100,900 | 33,300 | 34,300 |
| Amortization of equity-based compensation | 89,400 | 90,200 | 77,200 |
| Net realized (gains) losses on securities | (1,630,000) | (1,029,200) | 405,500 |
| Net (gains) losses on disposition of property and equipment | 12,500 | 11,000 | 32,100 |
| Changes in: | |||
| Premiums receivable | (652,800) | (1,010,200) | (1,074,600) |
| Reinsurance recoverables | (640,500) | (682,800) | (422,700) |
| Prepaid reinsurance premiums | 258,400 | (316,800) | (106,400) |
| Deferred acquisition costs | (180,700) | (104,900) | (171,100) |
| Income taxes | (23,100) | 227,200 | (158,700) |
| Unearned premiums | 1,048,700 | 1,702,300 | 1,783,000 |
| Loss and loss adjustment expense reserves | 2,160,400 | 2,704,600 | 2,313,900 |
| Accounts payable, accrued expenses, and other liabilities | 328,900 | 611,600 | 746,600 |
| Other, net | (2,900) | (260,800) | (57,700) |
| Net cash provided by operating activities | 6,905,600 | 6,261,600 | 6,284,800 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (32,037,500) | (28,765,200) | (21,153,000) |
| Equity securities | (951,200) | (379,900) | (538,800) |
| Sales: | |||
| Fixed maturities | 22,727,200 | 18,412,700 | 7,835,600 |
| Equity securities | 431,800 | 471,400 | 823,500 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 7,109,400 | 6,145,500 | 5,099,800 |
| Equity securities | 113,800 | 49,900 | 26,600 |
| Net (purchases) sales of short-term investments | (3,393,200) | 31,500 | 1,116,300 |
| Net unsettled security transactions | 83,600 | 6,000 | 11,700 |
| Purchases of property and equipment | (223,500) | (363,500) | (266,000) |
| Sales of property and equipment | 21,900 | 53,300 | 9,400 |
| Net cash used in investing activities | (6,117,700) | (4,338,300) | (7,034,900) |
| Cash Flows From Financing Activities | |||
| Dividends paid to common shareholders | (1,551,000) | (1,643,200) | (654,900) |
| Dividends paid to preferred shareholders | (26,800) | (26,800) | (13,500) |
| Acquisition of treasury shares for restricted stock tax liabilities | (68,700) | (84,400) | (78,600) |
| Acquisition of treasury shares acquired in open market | (42,900) | (6,900) | (400) |
| Acquisition of additional shares of ARX Holding Corp. | (243,000) | (11,200) | (296,900) |
| Net proceeds from debt issuance | 986,300 | 0 | 1,134,000 |
| Proceeds from exercise of equity options | 7,300 | 1,600 | 3,300 |
| Net proceeds from issuance of Serial Preferred Shares, Series B | 0 | 0 | 493,900 |
| Payments of debt | 0 | 0 | (37,100) |
| Net cash provided by (used in) financing activities | (938,800) | (1,770,900) | 549,800 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (150,900) | 152,400 | (200,300) |
| Cash, cash equivalents, and restricted cash - beginning of year | 227,400 | 75,000 | |
| Cash, cash equivalents, and restricted cash - end of year | 76,500 | 227,400 | 75,000 |
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2020 | |
| 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 |