v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt at each of the balance sheet periods consisted of the following Senior Notes:
($ in millions)March 31, 2026March 31, 2025December 31, 2025
Principal Amount Interest RateIssuance DateMaturity DateCarrying
Value		Fair
Value		Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
$500 2.45 %August 2016January 2027$500 $493 $499 $484 $499 $493 
500 2.50 March 2022March 2027500 492 499 483 499 492 
300 6 5/8March 1999March 2029299 320 298 322 299 323 
550 4.00 October 2018March 2029548 547 548 542 548 551 
500 3.20 March 2020March 2030498 478 498 470 498 484 
500 4.60 March 2026March 2031497 501 0 0 0 0 
500 3.00 March 2022March 2032497 457 497 447 497 462 
400 6.25 November 2002December 2032397 435 397 434 397 442 
500 4.95 May 2023June 2033497 507 497 503 497 513 
1,000 5.15 March 2026March 2036990 1,001 0 0 0 0 
350 4.35 April 2014April 2044347 295 347 300 347 304 
400 3.70 January 2015January 2045396 305 396 310 396 314 
850 4.125 April 2017April 2047843 678 842 695 843 702 
600 4.20 March 2018March 2048591 478 591 493 591 498 
500 3.95 March 2020March 2050492 380 491 393 492 392 
500 3.70 March 2022March 2052494 361 494 371 494 375 
Total$8,386 $7,728 $6,894 $6,247 $6,897 $6,345 
At March 31, 2026, short-term debt consisted of the $500 million 2.45% senior notes that mature in January 2027 and the $500 million 2.50% senior notes that mature in March 2027. There was no short-term debt outstanding at March 31, 2025, or December 31, 2025.
In March 2026, the Progressive Corporation issued $500 million of 4.60% Senior Notes due 2031 and $1 billion of 5.15% Senior Notes due 2036, in an underwritten public offering. The net proceeds from the issuances, after deducting underwriters’ discounts, commissions, and other issuance costs, were approximately
$1,487 million in aggregate. Consistent with the other senior notes issued by Progressive, interest on these notes is payable semiannually, principal is due at maturity, and the notes are redeemable, in whole or in part, at any time, subject to a treasury “make whole” provision.
The Progressive Corporation has a line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $300 million. See the 2025 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.