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Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | DEBT Debt at each of the balance sheet periods consisted of:
| June 30, 2024 |  | June 30, 2023 |  | December 31, 2023
(millions) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
2.45% Senior Notes due 2027 (issued: $500.0, August 2016) | $ | 498.8 |  |  | $ | 468.8 |  |  | $ | 498.4 |  |  | $ | 459.4 |  |  | $ | 498.6 |  |  | $ | 468.9 |
2.50% Senior Notes due 2027 (issued: $500.0, March 2022) | 498.4 |  |  | 468.0 |  |  | 497.8 |  |  | 458.4 |  |  | 498.1 |  |  | 469.1 |
6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999) | 298.0 |  |  | 320.9 |  |  | 297.6 |  |  | 324.2 |  |  | 297.8 |  |  | 328.7 |
4.00% Senior Notes due 2029 (issued: $550.0, October 2018) | 547.2 |  |  | 526.7 |  |  | 546.7 |  |  | 526.4 |  |  | 546.9 |  |  | 542.6 |
3.20% Senior Notes due 2030 (issued: $500.0, March 2020) | 497.5 |  |  | 455.4 |  |  | 497.1 |  |  | 449.2 |  |  | 497.3 |  |  | 462.2 |
3.00% Senior Notes due 2032 (issued: $500.0, March 2022) | 496.5 |  |  | 433.7 |  |  | 496.1 |  |  | 434.5 |  |  | 496.3 |  |  | 446.0 |
6.25% Senior Notes due 2032 (issued: $400.0, November 2002) | 396.8 |  |  | 428.1 |  |  | 396.6 |  |  | 432.0 |  |  | 396.7 |  |  | 445.6 |
4.95% Senior Notes due 2033 (issued: $500.0, May 2023) | 496.6 |  |  | 494.6 |  |  | 496.3 |  |  | 489.9 |  |  | 496.4 |  |  | 513.0 |
4.35% Senior Notes due 2044 (issued: $350.0, April 2014) | 347.0 |  |  | 301.1 |  |  | 346.9 |  |  | 304.0 |  |  | 347.0 |  |  | 314.2 |
3.70% Senior Notes due 2045 (issued: $400.0, January 2015) | 395.9 |  |  | 309.8 |  |  | 395.8 |  |  | 313.6 |  |  | 395.9 |  |  | 325.1 |
4.125% Senior Notes due 2047 (issued: $850.0, April 2017) | 842.4 |  |  | 698.7 |  |  | 842.2 |  |  | 727.0 |  |  | 842.3 |  |  | 756.2 |
4.20% Senior Notes due 2048 (issued: $600.0, March 2018) | 590.7 |  |  | 493.9 |  |  | 590.5 |  |  | 510.3 |  |  | 590.6 |  |  | 534.1 |
3.95% Senior Notes due 2050 (issued: $500.0, March 2020) | 491.2 |  |  | 392.4 |  |  | 491.0 |  |  | 408.4 |  |  | 491.1 |  |  | 422.3 |
3.70% Senior Notes due 2052 (issued: $500.0, March 2022) | 493.7 |  |  | 373.4 |  |  | 493.5 |  |  | 386.7 |  |  | 493.6 |  |  | 403.3 |
Total | $ | 6,890.7 |  |  | $ | 6,165.5 |  |  | $ | 6,886.5 |  |  | $ | 6,224.0 |  |  | $ | 6,888.6 |  |  | $ | 6,431.3 |
There was no short-term debt outstanding as of the end of all periods presented. During the second quarter 2024, The Progressive Corporation renewed its line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $300 million, which expires April 2025 and has the same terms as the previous line of credit with PNC. See the 2023 Annual Report to Shareholders for a discussion of the terms of this line of credit. We had no borrowings under the line of credit that was available during the periods presented.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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