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Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt DEBT
Debt at each of the balance sheet periods consisted of:
 September 30, 2023September 30, 2022December 31, 2022
(millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
2.45% Senior Notes due 2027 (issued: $500.0, August 2016)
$498.5 $455.8 $498.1 $459.7 $498.2 $457.7 
2.50% Senior Notes due 2027 (issued: $500.0, March 2022)
497.9 454.0 497.4 451.6 497.5 460.3 
6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999)
297.7 320.8 297.4 322.1 297.5 326.8 
4.00% Senior Notes due 2029 (issued: $550.0, October 2018)
546.8 518.9 546.3 519.5 546.4 527.8 
3.20% Senior Notes due 2030 (issued: $500.0, March 2020)
497.2 435.1 496.8 439.3 496.9 448.6 
3.00% Senior Notes due 2032 (issued: $500.0, March 2022)
496.2 420.5 495.8 418.8 495.9 438.1 
6.25% Senior Notes due 2032 (issued: $400.0, November 2002)
396.6 414.3 396.4 426.0 396.4 435.4 
4.95% Senior Notes due 2033 (issued: $500.0, May 2023)
496.4 474.7 0 0 0 0 
4.35% Senior Notes due 2044 (issued: $350.0, April 2014)
347.0 280.9 346.9 298.5 346.9 298.4 
3.70% Senior Notes due 2045 (issued: $400.0, January 2015)
395.8 288.2 395.7 305.7 395.7 310.2 
4.125% Senior Notes due 2047 (issued: $850.0, April 2017)
842.2 666.3 842.0 710.3 842.1 716.2 
4.20% Senior Notes due 2048 (issued: $600.0, March 2018)
590.6 473.3 590.3 505.9 590.4 507.0 
3.95% Senior Notes due 2050 (issued: $500.0, March 2020)
491.1 373.5 490.9 396.6 490.9 404.9 
3.70% Senior Notes due 2052 (issued: $500.0, March 2022)
493.6 355.8 493.4 380.7 493.5 386.5 
Total$6,887.6 $5,932.1 $6,387.4 $5,634.7 $6,388.3 $5,717.9 
The Progressive Corporation issued $500.0 million of 4.95% Senior Notes due 2033 in May 2023 in an underwritten public offering. The net proceeds from the issuance, after deducting underwriters’ discounts, commissions, and other issuance costs, was approximately $496.3 million. Consistent with the other senior notes issued by Progressive, interest on this note is payable semiannually, principal is due at maturity, and the note is redeemable, in whole or in part, at any time, subject to a treasury “make whole” provision.
There was no short-term debt outstanding at September 30, 2023 and 2022, and December 31, 2022.
During the second quarter 2023, The Progressive Corporation amended its line of credit with PNC Bank, National Association (PNC), to increase the maximum principal amount to $300 million from the previous amount of $250 million and extend the expiration date to April 30, 2024. 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 1-month term Secured Overnight Financing Rate (SOFR) plus 1.10%. Each advance must be repaid on the 30th day after the date of the advance or, if earlier, April 30, 2024, 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 the line of credit during the periods presented.