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Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt Debt — Debt at each of the balance sheet periods consisted of:
 September 30, 2020September 30, 2019December 31, 2019
(millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
3.75% Senior Notes due 2021$499.7 $515.3 $499.3 $516.5 $499.4 $515.6 
2.45% Senior Notes due 2027497.2 532.0 496.8 502.1 496.9 501.5 
6 5/8% Senior Notes due 2029296.8 411.4 296.5 392.2 296.6 392.5 
4.00% Senior Notes due 2029545.3 662.5 544.9 617.0 545.0 614.3 
3.20% Senior Notes due 2030496.0 572.4 0 0 0 0 
6.25% Senior Notes due 2032395.9 587.2 395.7 547.2 395.7 552.6 
4.35% Senior Notes due 2044
346.7 450.5 346.6 414.7 346.7 417.0 
3.70% Senior Notes due 2045
395.5 473.5 395.4 431.8 395.4 434.2 
4.125% Senior Notes due 2047
841.7 1,078.5 841.5 987.4 841.6 986.1 
4.20% Senior Notes due 2048
590.0 775.3 589.8 704.4 589.8 705.8 
3.95% Senior Notes due 2050
490.6 628.8 0 0 0 0 
Total$5,395.4 $6,687.4 $4,406.5 $5,113.3 $4,407.1 $5,119.6 
The Progressive Corporation issued $500 million of 3.20% Senior Notes due 2030 (the “3.20% Senior Notes”) and $500 million of 3.95% Senior Notes due 2050 (the “3.95% Senior Notes”) in March 2020, in an underwritten public offering. The net proceeds from the issuances, after deducting underwriters’ discounts, commissions, and other issuance costs, were approximately $986.3 million in aggregate. Consistent with the other senior notes issued by Progressive, interest on the 3.20% and 3.95% Senior Notes is payable semiannually, principal is due at maturity, and the notes are redeemable, in whole or in part, at any time, subject to treasury “make whole” provisions.
During the second quarter 2020, The Progressive Corporation renewed the line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $250 million, that expired in April 2020. Subject to the terms and conditions of the line of credit documents, advances under the line of credit (if any) will bear interest at a variable rate equal to the higher of PNC’s Prime Rate or the sum of the Federal Funds Open Rate plus 175 basis points. Each advance must be repaid on the 30th day after the advance or, if earlier, on April 30, 2021, the expiration date of the line of credit. Prepayments are permitted without penalty. The line of credit is uncommitted and, as such, all advances are subject to PNC’s discretion. We had no borrowings under either line of credit during the periods presented.