v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt at each of the balance sheet periods consisted of the following Senior Notes:
($ in millions)June 30, 2026June 30, 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 $495 $499 $488 $499 $493 
500 2.50 March 2022March 2027500 493 499 487 499 492 
300 6 5/8March 1999March 2029299 316 298 324 299 323 
550 4.00 October 2018March 2029548 544 548 547 548 551 
500 3.20 March 2020March 2030498 477 498 477 498 484 
500 4.60 March 2026March 2031497 498 0 0 0 0 
500 3.00 March 2022March 2032497 456 497 456 497 462 
400 6.25 November 2002December 2032398 432 397 438 397 442 
500 4.95 May 2023June 2033497 504 497 511 497 513 
1,000 5.15 March 2026March 2036990 1,000 0 0 0 0 
350 4.35 April 2014April 2044347 297 347 299 347 304 
400 3.70 January 2015January 2045396 311 396 310 396 314 
850 4.125 April 2017April 2047843 688 843 699 843 702 
600 4.20 March 2018March 2048591 491 591 493 591 498 
500 3.95 March 2020March 2050492 389 491 392 492 392 
500 3.70 March 2022March 2052494 367 494 373 494 375 
Total$8,387 $7,758 $6,895 $6,294 $6,897 $6,345 
At June 30, 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 June 30, 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 The Progressive Corporation, 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.
During the second quarter 2026, 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 30, 2027. The renewal amended the interest rate to 1-month term Secured Overnight Financing Rate (SOFR) plus 1.0%. The remaining terms are unchanged from the previous line of credit. 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.