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: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 27, 2023) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Cash Flows From Operating Activities | |||
| Net income | $ 721,500 | 3,350,900 | 5,704,600 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 305,600 | 279,700 | 274,900 |
| Amortization of intangible assets | 31,000 | 57,700 | 56,900 |
| Net amortization (accretion) of fixed-income securities | (25,200) | 130,300 | 100,900 |
| Amortization of equity-based compensation | 122,700 | 100,700 | 89,400 |
| Net realized (gains) losses on securities | 1,912,200 | (1,509,200) | (1,630,000) |
| Net (gains) losses on disposition of property and equipment | (600) | (3,600) | 12,500 |
| Goodwill impairment | 224,800 [1] | 0 [1] | 0 |
| Changes in: | |||
| Premiums receivable | (1,017,400) | (1,146,800) | (652,800) |
| Reinsurance recoverables | (851,600) | (508,700) | (640,500) |
| Prepaid reinsurance premiums | 162,100 | (74,900) | 258,400 |
| Deferred acquisition costs | (188,800) | (118,400) | (180,700) |
| Income taxes | (515,300) | (86,000) | (23,100) |
| Unearned premiums | 1,677,800 | 2,111,400 | 1,048,700 |
| Loss and loss adjustment expense reserves | 4,195,200 | 4,752,800 | 2,160,400 |
| Accounts payable, accrued expenses, and other liabilities | 199,500 | 399,700 | 328,900 |
| Other, net | (104,700) | 26,100 | (2,900) |
| Net cash provided by operating activities | 6,848,800 | 7,761,700 | 6,905,600 |
| Cash Flows From Investing Activities | |||
| Purchases: | |||
| Fixed maturities | (26,510,400) | (33,177,500) | (32,037,500) |
| Equity securities | (158,100) | (838,100) | (951,200) |
| Sales: | |||
| Fixed maturities | 14,055,200 | 18,965,200 | 22,727,200 |
| Equity securities | 1,496,100 | 780,600 | 431,800 |
| Maturities, paydowns, calls, and other: | |||
| Fixed maturities | 5,380,300 | 7,013,800 | 7,109,400 |
| Equity securities | 83,600 | 223,100 | 113,800 |
| Net (purchases) sales of short-term investments | (1,868,200) | 4,355,700 | (3,393,200) |
| Net change in unsettled security transactions | (177,800) | 47,900 | 83,600 |
| Acquisition of Protective Insurance Corporation, net of cash, cash equivalents, and restricted cash equivalents acquired | 0 | (313,200) | 0 |
| Purchases of property and equipment | (292,000) | (243,500) | (223,500) |
| Sales of property and equipment | 35,100 | 66,200 | 21,900 |
| Net cash used in investing activities | (7,956,200) | (3,119,800) | (6,117,700) |
| Cash Flows From Financing Activities | |||
| Dividends paid to common shareholders | (234,000) | (3,746,500) | (1,551,000) [2] |
| Dividends paid to preferred shareholders | (26,800) | (26,800) | (26,800) |
| Acquisition of treasury shares for restricted stock tax liabilities | (76,700) | (67,200) | (68,700) |
| Acquisition of treasury shares acquired in open market | (22,300) | (155,800) | (42,900) |
| Net proceeds from debt issuance | 1,486,000 | 0 | 986,300 |
| Payment of acquired company debt | 0 | (20,000) | 0 |
| Payments of debt | 0 | (500,000) | 0 |
| Acquisition of additional shares of ARX Holding Corp. | 0 | 0 | (243,000) |
| Proceeds from exercise of equity options | 0 | 0 | 7,300 |
| Net cash provided by (used in) financing activities | 1,126,200 | (4,516,300) | (938,800) |
| Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 18,800 | 125,600 | (150,900) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of year | 202,100 | 76,500 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of year | 220,900 | 202,100 | 76,500 |
| [1] See Note 15 Goodwill and Intangible Assets for further discussion. | |||
| [2] See Note 14 Dividends for further discussion. | |||
| External Links | |
| PROGRESSIVE CORP/OH/ (PGR) Fiscal Year 2022 | |
| 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 |