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Consolidated Statements of Income | Consolidated Balance Sheets | Consolidated Statements of Changes in Shareholders' Equity
Consolidated Statements of Cash Flows | Notes to Consolidated Financial Statements
The Progressive Corporation and Subsidiaries
Consolidated Statements of Changes in Shareholders' Equity
| For the years ended December 31, | 2005 | 2004 | 2003 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings |
||||||||||||
| Balance, Beginning of year | $ | 3,812.9 | $ | 3,729.8 | $ | 2,796.0 | ||||||
| Net income | 1,393.9 | $ | 1,393.9 | 1,648.7 | $ | 1,648.7 | 1,255.4 | $ | 1,255.4 | |||
| Cash dividends on Common Shares ($.12, $.11 and $.10 per share) |
(23.7) | (23.3) | (21.7) | |||||||||
| Treasury shares purchased1 | (457.0) | (1,542.4) | (297.5) | |||||||||
| Other, net | (.1) | .1 | (2.4) | |||||||||
| Balance, End of year | $ | 4,726.0 | $ | 3,812.9 | $ | 3,729.8 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax |
||||||||||||
| Balance, Beginning of year | $ | 444.8 | $ | 425.0 | $ | 169.3 | ||||||
| Changes in: | ||||||||||||
| Net unrealized gains on securities | (45.0) | 16.9 | 255.8 | |||||||||
| Net unrealized gains on forecasted
transactions |
(1.1) | (1.0) | (1.0) | |||||||||
| Foreign currency translation adjustment | — | 3.9 | .9 | |||||||||
| Other comprehensive income | (46.1) | (46.1) | 19.8 | 19.8 | 255.7 | 255.7 | ||||||
| Balance, End of year | $ | 398.7 | $ | 444.8 | $ | 425.0 | ||||||
| Comprehensive Income | $ | 1,347.8 | $ | 1,668.5 | $ | 1,511.1 | ||||||
Common Shares, $1.00 Par Value |
||||||||||||
| Balance, Beginning of year | $ | 200.4 | $ | 216.4 | $ | 218.0 | ||||||
| Stock options exercised | 1.6 | 2.1 | 2.8 | |||||||||
| Treasury shares purchased1 | (5.2) | (18.6) | (5.0) | |||||||||
| Restricted stock issued, net of forfeitures | .5 | .5 | .6 | |||||||||
| Balance, End of year | $ | 197.3 | $ | 200.4 | $ | 216.4 | ||||||
Paid-In Capital |
||||||||||||
| Balance, Beginning of year | $ | 743.3 | $ | 688.3 | $ | 584.7 | ||||||
| Stock options exercised | 42.6 | 49.6 | 47.2 | |||||||||
| Tax benefits from exercise/vesting of stock-based compensation |
41.2 | 44.3 | 44.0 | |||||||||
| Treasury shares purchased1 | (20.6) | (67.5) | (14.3) | |||||||||
| Restricted stock issued, net of forfeitures | 41.7 | 27.3 | 26.7 | |||||||||
| Other | — | 1.3 | — | |||||||||
| Balance, End of year | $ | 848.2 | $ | 743.3 | $ | 688.3 | ||||||
Unamortized Restricted Stock |
||||||||||||
| Balance, Beginning of year | $ | (46.0) | $ | (28.9) | $ | - | ||||||
| Restricted stock issued, net of forfeitures | (42.2) | (40.6) | (37.3) | |||||||||
| Restricted stock market value adjustment | (8.2) | (.3) | (2.6) | |||||||||
| Amortization of restricted stock | 33.7 | 23.8 | 11.0 | |||||||||
| Balance, End of year | $ | (62.7) | $ | (46.0) | $ | (28.9) | ||||||
| Total Shareholders' Equity | $ | 6,107.5 | $ | 5,155.4 | $ | 5,030.6 | ||||||
1) Includes 16.9 million Common Shares purchased pursuant to a “Dutch auction” tender offer in 2004; these shares were purchased at a price of $88 per share, for a total cost of $1.5 billion.
There are 20.0 million Serial Preferred Shares authorized; no such shares are issued or outstanding.
There are 5.0 million Voting Preference Shares authorized; no such shares have been issued.
See notes to consolidated financial statements.
CONTINUE TO Consolidated Statements of Cash Flows
