Progressive 2012 Annual Report Download - page 58
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H. Income Taxes
Income taxes are comprised of net current income taxes payable/recoverable, which are reported in the balance sheets as
part of “other liabilities” in 2012 and “other assets” in 2011, and net deferred tax assets and liabilities. A deferred tax asset/
liability is a tax benefit/expense that is expected to be realized in a future tax return.
The $86.6 million decrease in our net deferred tax asset during 2012 is primarily due to the increase in unrealized gains that
occurred in our investment portfolio. At both December 31, 2012 and 2011, we determined that we did not need a valuation
allowance on our deferred tax asset. Although realization of the deferred tax asset is not assured, management believes it
is more likely than not that the gross deferred tax asset will be realized based on our expectation that we will be able to fully
utilize the deductions that are ultimately recognized for tax purposes.
There were no material changes in our uncertain tax positions during 2012.
See Note 5 – Income Taxes for further information.
App.-A-58