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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Amounts Charged to Income for Employees Incentive Compensation Plans

The amounts charged to income for Progressive and ARX incentive compensation plans for the years ended December 31, were:

	2017							2016							2015
(millions)	Pretax			After Tax				Pretax			After Tax				Pretax			After Tax
Non-equity incentive plans – cash	$	461.3		$	299.8			$	386.8		$	251.4			$	337.7		$	219.5
Equity incentive plans:
Equity awards	92.9			60.4				80.9			52.6				64.5			41.9
Liability awards	2.5			1.6				4.3			2.8				1.7			1.1

Assets Held in Deferral Plan Irrevocable Grantor Trust Account

The Deferral Plan Irrevocable Grantor Trust account held the following assets at December 31:

(millions)	2017			2016
Progressive common shares1	$	128.2		$	122.2
Other investment funds2	167.0			136.9
Total	$	295.2		$	259.1

¹ Included 4.4 million and 4.7 million common shares as of December 31, 2017 and 2016, respectively, to be distributed in common shares.

² Amount is included in other assets on the balance sheet.

Employee

Summary of Restricted Stock Activity

A summary of all employee restricted equity award activity during the years ended December 31, follows:

	2017						2016						2015
Restricted Equity Awards	Number of Shares1		Weighted Average Grant Date Fair Value				Number of Shares1		Weighted Average Grant Date Fair Value				Number of Shares1		Weighted Average Grant Date Fair Value
Beginning of year	6,951,373		$	26.18			7,725,227		$	23.37			9,051,564		$	21.27
Add (deduct):
Granted2	2,383,475		32.01				1,870,660		31.54				2,489,976		25.20
Vested	(3,220,671	)	22.53				(2,422,700	)	21.50				(3,682,644	)	19.53
Forfeited	(255,329	)	28.03				(221,814	)	24.64				(133,669	)	21.63
End of year3,4	5,858,848		$	30.47			6,951,373		$	26.18			7,725,227		$	23.37

¹ Includes restricted stock units; 2015 also includes restricted stock. Upon vesting, all units will be converted on a one-for-one basis into Progressive common shares funded from existing treasury shares. All performance-based awards are included at their target amounts.

² We reinvest dividend equivalents on restricted stock units. For 2017, 2016, and 2015, the number of units “granted” shown in the table above includes 157,396, 165,045, and 196,947 of dividend equivalent units, respectively, at a weighted average grant date fair value of $0, since the dividends were factored into the grant date fair value of the original grant.

³ At December 31, 2017, the number of shares included 1,513,779 performance-based units at their target amounts. We expect 3,244,111 units to vest based upon our current estimates of the likelihood of achieving the pre-determined performance goals applicable to each award.

⁴ At December 31, 2017, the total unrecognized compensation cost related to unvested equity awards was $87.1 million, which includes performance-based awards at their currently estimated vesting value. This compensation expense will be recognized into the income statement over the weighted average vesting period of 2.2 years.

Director

Summary of Restricted Stock Activity

A summary of all directors’ restricted stock activity during the years ended December 31, follows:

	2017						2016						2015
Restricted Stock	Number of Shares		Weighted Average Grant Date Fair Value				Number of Shares		Weighted Average Grant Date Fair Value				Number of Shares		Weighted Average Grant Date Fair Value
Beginning of year	55,839		$	33.24			89,427		$	27.23			81,579		$	25.45
Add (deduct):
Granted	53,284		40.54				55,839		33.24				89,427		27.23
Vested	(55,839	)	33.24				(89,427	)	27.23				(81,579	)	25.45
End of year	53,284		$	40.54			55,839		$	33.24			89,427		$	27.23

Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block]

A summary of all ARX employee stock option activity since acquisition, follows:

	2017						2016						2015
Options Outstanding	Number of Shares		Weighted Average Exercise Price				Number of Shares		Weighted Average Exercise Price				Number of Shares		Weighted Average Exercise Price
Beginning of year	24,995		$	526.46			24,995		$	526.46			NA		NA
At acquisition date 4/1/2015	NA		NA				NA		NA				26,000		$	513.72
Add (deduct):
Exercised1	(2,445	)	174.65				0		0				(1,005	)	197.01
End of year	22,550		$	564.60			24,995		$	526.46			24,995		$	526.46
Exercisable, end of year	17,950		$	517.75			16,995		$	438.77			12,995		$	386.69

NA = Not Applicable

¹ At the time of exercise in 2017 and 2015, the value earned by the option holders was $2.9 million and $1.1 million, respectively.

	2017						2016						2015
Non-Vested Options Outstanding	Number of Shares		Weighted Average Exercise Price				Number of Shares		Weighted Average Exercise Price				Number of Shares		Weighted Average Exercise Price
Beginning of year	8,000		$	712.74			12,000		$	677.81			NA		NA
At acquisition date 4/1/2015	NA		NA				NA		NA				14,800		$	675.55
Add (deduct):
Vested	(3,400	)	665.79				(4,000	)	607.95				(2,800	)	665.85
End of year1	4,600		$	747.45			8,000		$	712.74			12,000		$	677.81

NA = Not Applicable

¹ At December 31, 2017, 2016, and 2015, the remaining unrecognized compensation cost related to unvested options was $0.7 million, $1.6 million, and $2.9 million, respectively, and the remaining weighted average vesting period on the unvested awards was 1.01 years, 1.36 years, and 1.72 years, respectively.

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901

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