The Progressive Corporation (a property and casualty insurance company) reported the following in its 2016 annual report: (in millions) Unearned premiums Loss and loss adjustment expense reserves Net deferred income taxes Dividends payable Accounts payable, accrued expenses and other liabilities Debt* Total liabilities *For purposes of this exercise, assume the entire debt amount is long-term. 2016 $7,468.3 11,368.0 111.3 395.4 2,495.5 3,148.2 $24,986.7 2015 $6,621.8 10,039.0 109.3 519.2 2,067.8 2,707.9 $22,065.0 What percentage of Progressive's total liabilities relates to current operating liabilities for 2016? What is the main driver of the Total Liabilities? Why? Which current liability reported by Progressive is the least reliably measured that is, the most subjective? What are the implications? Fully explain.