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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2017
Dec. 31, 2016
Investments – Available-for-sale, at fair value:    
Fixed maturities (amortized cost: $20,209.9 and $16,287.1) $ 20,201.7 $ 16,243.8
Equity securities:    
Nonredeemable preferred stocks (cost: $698.6 and $734.2) 803.8 853.5
Common equities (cost: $1,499.0 and $1,437.5) 3,399.8 2,812.4
Short-term investments (amortized cost: $2,869.4 and $3,572.9) 2,869.4 3,572.9
Total investments 27,274.7 23,482.6
Cash 265.0 211.5
Restricted Cash 10.3 14.9
Total Cash, Cash Equivalents, and Restricted Cash 275.3 226.4
Accrued investment income 119.7 103.9
Premiums receivable, net of allowance for doubtful accounts of $210.9 and $186.8 5,422.5 4,509.2
Reinsurance recoverables, including $103.3 and $83.8 on paid losses and loss adjustment expenses 2,273.4 1,884.8
Prepaid reinsurance premiums 203.3 170.5
Deferred acquisition costs 780.5 651.2
Property and equipment, net of accumulated depreciation of $940.6 and $845.8 1,119.6 1,177.1
Goodwill 452.7 449.4
Intangible assets, net of accumulated amortization of $175.7 and $109.5 366.6 432.8
Other assets 412.9 339.6
Total assets 38,701.2 33,427.5
Liabilities    
Unearned premiums 8,903.5 7,468.3
Loss and loss adjustment expense reserves 13,086.9 11,368.0
Net deferred income taxes 135.0 111.3
Dividends payable 655.1 395.4
Accounts payable, accrued expenses, and other liabilities [1] 2,825.9 2,495.5
Debt [2] 3,306.3 3,148.2
Total liabilities 28,912.7 24,986.7
Redeemable noncontrolling interest (NCI) [3] 503.7 483.7
Shareholders’ Equity    
Common shares, $1.00 par value (authorized 900.0; issued 797.5 including treasury shares of 215.8 and 217.6) 581.7 579.9
Paid-in capital 1,389.2 1,303.4
Retained earnings 6,031.7 5,140.4
Accumulated other comprehensive income:    
Net unrealized gains (losses) on securities 1,295.0 939.6
Net unrealized losses on forecasted transactions (14.8) (9.4)
Foreign currency translation adjustment 0.0 (1.1)
Accumulated other comprehensive (income) loss attributable to NCI 2.0 4.3
Total accumulated other comprehensive income attributable to Progressive 1,282.2 933.4
Total shareholders’ equity 9,284.8 7,957.1
Total liabilities, redeemable NCI, and shareholders’ equity $ 38,701.2 $ 33,427.5
[1] See Note 12 – Litigation and Note 13 – Commitments and Contingencies for further discussion.
[2] Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion.
[3] See Note 15 – Redeemable Noncontrolling Interest for further discussion.