PROGRESSIVE CORP/OH/ (PGR) FY2024 YTD Q3 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2024-01-01 to 2024-09-30

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PROGRESSIVE CORP/OH/ cash flow reconciliation, Jan 1, 2024 through Sep 30, 2024One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $6,123,500,000.00Unearned premiums → Operating adjustments reconciliation: $4,638,800,000.00Loss and loss adjustment expense reserves → Operating adjustments reconciliation: $3,672,300,000.00Accounts payable, accrued expenses, and other liabilities → Operating adjustments reconciliation: $1,600,300,000.00Reinsurance recoverables → Operating adjustments reconciliation: $212,400,000.00Depreciation → Operating adjustments reconciliation: $208,200,000.00Amortization of equity-based compensation → Operating adjustments reconciliation: $85,800,000.00Prepaid reinsurance premiums → Operating adjustments reconciliation: $25,800,000.00Operating adjustments reconciliation → Net cash from operating activities: $5,988,200,000.00Operating adjustments reconciliation → Premiums receivable: $3,177,200,000.00Operating adjustments reconciliation → Income taxes: $366,800,000.00Operating adjustments reconciliation → Deferred acquisition costs: $344,200,000.00Operating adjustments reconciliation → Net realized (gains) losses on securities: $316,700,000.00Operating adjustments reconciliation → Other, net: $225,100,000.00Operating adjustments reconciliation → Net amortization (accretion) of fixed-income securities: $23,500,000.00Operating adjustments reconciliation → Net (gains) losses on disposition of property and equipment: $1,900,000.00Fixed maturities → investing reconciliation: $18,582,500,000.00Fixed maturities → investing reconciliation: $4,749,800,000.00Net (purchases) sales of short-term investments → investing reconciliation: $1,070,300,000.00Net change in unsettled security transactions → investing reconciliation: $514,100,000.00Equity securities → investing reconciliation: $221,900,000.00Equity securities → investing reconciliation: $110,200,000.00Sales of property and equipment → investing reconciliation: $64,500,000.00investing reconciliation → Fixed maturities: $35,835,500,000.00investing reconciliation → Purchases of property and equipment: $174,800,000.00investing reconciliation → Equity securities: $110,600,000.00Net cash used in financing activities → financing reconciliation: $1,256,700,000.00financing reconciliation → Dividends paid to common shareholders: $615,100,000.00financing reconciliation → Redemption of Serial Preferred Shares, Series B: $500,000,000.00financing reconciliation → Acquisition of treasury shares for equity award tax liabilities: $120,700,000.00financing reconciliation → Acquisition of treasury shares acquired in open market: $13,100,000.00financing reconciliation → Dividends paid to preferred shareholders: $7,800,000.00Net cash used in investing activities → investing reconciliation: $10,807,600,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $99,600,000.00Net cash from operating activities → Cash sources and uses: $12,111,700,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $147,000,000.00Cash sources and uses → Net cash used in investing activities: $10,807,600,000.00Cash sources and uses → Net cash used in financing activities: $1,256,700,000.00Net income: $6,123,500,000.00Net income+$6.12 BDepreciation: $208,200,000.00Depreciation expense+$208.20 MNet amortization (accretion) of fixed-income securities: -$23,500,000.00Investment discount & premium−$23.50 MAmortization of equity-based compensation: $85,800,000.00Stock-based compensation+$85.80 MNet realized (gains) losses on securities: -$316,700,000.00Realized investment gain & loss−$316.70 MNet (gains) losses on disposition of property and equipment: -$1,900,000.00PP&E disposal gain & loss−$1.90 MPremiums receivable: -$3,177,200,000.00Premiums receivable−$3.18 BReinsurance recoverables: $212,400,000.00Reinsurance recoverables+$212.40 MPrepaid reinsurance premiums: $25,800,000.00Prepaid reinsurance premiums+$25.80 MDeferred acquisition costs: -$344,200,000.00Deferred acquisition costs−$344.20 MIncome taxes: -$366,800,000.00Income tax balances−$366.80 MUnearned premiums: $4,638,800,000.00Unearned premiums+$4.64 BLoss and loss adjustment expense reserves: $3,672,300,000.00Claims reserves+$3.67 BAccounts payable, accrued expenses, and other liabilities: $1,600,300,000.00Payables & accrued liabilities+$1.60 BOther, net: -$225,100,000.00Other working capital, net−$225.10 MNet cash from operating activities: $12,111,700,000.00Operating cash+$12.11 BOperating adjustments reconciliation: $10,443,600,000.00Redemption of Serial Preferred Shares, Series B: -$500,000,000.00Preferred stock redeemed−$500.00 MDividends paid to common shareholders: -$615,100,000.00Common dividends paid−$615.10 MDividends paid to preferred shareholders: -$7,800,000.00Preferred dividends paid−$7.80 MAcquisition of treasury shares for equity award tax liabilities: -$120,700,000.00Treasury shares for award taxes−$120.70 MNet proceeds from debt issuances: $0.00Acquisition of treasury shares acquired in open market: -$13,100,000.00Acquisition of treasury shares acquired in openmarket−$13.10 MNet cash used in financing activities: -$1,256,700,000.00. Cash required to fund net payments.Financing cash−$1.26 Bfinancing reconciliation: $1,256,700,000.00Fixed maturities: -$35,835,500,000.00AFS securities purchases−$35.84 BEquity securities: -$110,600,000.00Equity securities purchases−$110.60 MFixed maturities: $18,582,500,000.00AFS securities sales+$18.58 BEquity securities: $221,900,000.00Equity securities sales+$221.90 MFixed maturities: $4,749,800,000.00AFS securities maturities+$4.75 BEquity securities: $110,200,000.00Equity securities+$110.20 MNet (purchases) sales of short-term investments: $1,070,300,000.00Short-term investments, net+$1.07 BNet change in unsettled security transactions: $514,100,000.00Unsettled security trades, net+$514.10 MPurchases of property and equipment: -$174,800,000.00PP&E purchases−$174.80 MSales of property and equipment: $64,500,000.00PP&E sales+$64.50 MNet cash used in investing activities: -$10,807,600,000.00. Cash required to fund net payments.Investing cash−$10.81 Binvesting reconciliation: $36,120,900,000.00Cash sources and uses: $12,211,300,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $99,600,000.00Beginning cash$99.60 MEnding cash: Cash, cash equivalents, and restricted cash: $147,000,000.00Ending cash$147.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$11.94 BOperating cash − cash spent on PP&ECash flow / Net income1.98×Operating cash flow ÷ net incomeNet cash change+$47.40 MEnding cash − beginning cash
Chart details

PROGRESSIVE CORP/OH/ cash flow reconciliation, Jan 1, 2024 through Sep 30, 2024

Cash flows for Jan 1, 2024 through Sep 30, 2024. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2023. Ending cash: Sep 30, 2024. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2023
99,600,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
12,111,700,000 US dollars. Net cash provided.
Net income
6,123,500,000 US dollars
Depreciation
208,200,000 US dollars
Net amortization (accretion) of fixed-income securities
negative 23,500,000 US dollars
Amortization of equity-based compensation
85,800,000 US dollars
Net realized (gains) losses on securities
negative 316,700,000 US dollars
Net (gains) losses on disposition of property and equipment
negative 1,900,000 US dollars
Premiums receivable
negative 3,177,200,000 US dollars
Reinsurance recoverables
212,400,000 US dollars
Prepaid reinsurance premiums
25,800,000 US dollars
Deferred acquisition costs
negative 344,200,000 US dollars
Income taxes
negative 366,800,000 US dollars
Unearned premiums
4,638,800,000 US dollars
Loss and loss adjustment expense reserves
3,672,300,000 US dollars
Accounts payable, accrued expenses, and other liabilities
1,600,300,000 US dollars
Other, net
negative 225,100,000 US dollars
Investing activities
negative 10,807,600,000 US dollars. Net cash used.
Fixed maturities
negative 35,835,500,000 US dollars
Equity securities
negative 110,600,000 US dollars
Fixed maturities
18,582,500,000 US dollars
Equity securities
221,900,000 US dollars
Fixed maturities
4,749,800,000 US dollars
Equity securities
110,200,000 US dollars
Net (purchases) sales of short-term investments
1,070,300,000 US dollars
Net change in unsettled security transactions
514,100,000 US dollars
Purchases of property and equipment
negative 174,800,000 US dollars
Sales of property and equipment
64,500,000 US dollars
Financing activities
negative 1,256,700,000 US dollars. Net cash used.
Redemption of Serial Preferred Shares, Series B
negative 500,000,000 US dollars
Dividends paid to common shareholders
negative 615,100,000 US dollars
Dividends paid to preferred shareholders
negative 7,800,000 US dollars
Acquisition of treasury shares for equity award tax liabilities
negative 120,700,000 US dollars
Net proceeds from debt issuances
0 US dollars
Acquisition of treasury shares acquired in open market
negative 13,100,000 US dollars
Operating adjustment reconciliation
10,443,600,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
1,256,700,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
36,120,900,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Sep 30, 2024
147,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
12,211,300,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
47,400,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.98×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
12,111,700,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
174,800,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
11,936,900,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $5.99B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 12,111,700,000 US dollars minus 174,800,000 US dollars equals 11,936,900,000 US dollars.
PROGRESSIVE CORP/OH/ (PGR) FY2024 YTD Q3 Statement of Cash Flows Sankey chart
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