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Income Taxes | 6 Months Ended
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Jun. 30, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following is a reconciliation of income taxes at the statutory rate of 35% to the provision for income taxes as shown in the Statement of Earnings (in millions):
| Three months ended June 30, |  | Six months ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT
Earnings before income taxes (“EBT”) | $ | 130 |  |  |  |  | $ | 126 |  |  |  |  | $ | 291 |  |  |  |  | $ | 301 |  |  |
Income taxes at statutory rate | $ | 46 |  |  | 35 | % |  | $ | 44 |  |  | 35 | % |  | $ | 102 |  |  | 35 | % |  | $ | 105 |  |  | 35 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest | (7 | ) |  | (5 | %) |  | (6 | ) |  | (5 | %) |  | (12 | ) |  | (4 | %) |  | (11 | ) |  | (4 | %)
Losses of managed investment entities | 6 |  |  | 5 | % |  | 11 |  |  | 9 | % |  | 6 |  |  | 2 | % |  | 15 |  |  | 5 | %
Subsidiaries not in AFG’s tax return | (2 | ) |  | (2 | %) |  | (1 | ) |  | (1 | %) |  | (1 | ) |  | — | % |  | — |  |  | — | %
Other | 4 |  |  | 3 | % |  | 1 |  |  | 1 | % |  | 6 |  |  | 2 | % |  | 2 |  |  | 1 | %
Provision for income taxes as shown in the Statement of Earnings | $ | 47 |  |  | 36 | % |  | $ | 49 |  |  | 39 | % |  | $ | 101 |  |  | 35 | % |  | $ | 111 |  |  | 37 | %
During the second quarter and first six months of 2014, there were no material changes to AFG’s liability for uncertain tax positions, which relate to the timing of investment income and the deductibility of certain financing expenses. In July 2014, AFG finalized a settlement with the IRS related to tax years 2008 and 2009. As a result, AFG expects to reduce its liability for uncertain tax positions and related interest by $20 million in the third quarter of 2014 as AFG’s uncertain tax positions are now effectively settled. The majority of the reduction in this liability will result in offsetting adjustments to AFG’s deferred tax liability, which will not have a material impact on AFG’s effective tax rate. The total unrecognized tax benefits and related interest that will favorably impact the effective tax rate is approximately $4 million.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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