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Income Taxes | 9 Months Ended
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Sep. 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 September 30, |  | Nine months ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT
Earnings before income taxes (“EBT”) | $ | 145 |  |  |  |  | $ | 142 |  |  |  |  | $ | 436 |  |  |  |  | $ | 443 |  |  |
Income taxes at statutory rate | $ | 51 |  |  | 35 | % |  | $ | 50 |  |  | 35 | % |  | $ | 153 |  |  | 35 | % |  | $ | 155 |  |  | 35 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest | (6 | ) |  | (4 | %) |  | (5 | ) |  | (3 | %) |  | (18 | ) |  | (4 | %) |  | (16 | ) |  | (4 | %)
Losses of managed investment entities | 10 |  |  | 7 | % |  | (4 | ) |  | (3 | %) |  | 16 |  |  | 4 | % |  | 11 |  |  | 3 | %
Subsidiaries not in AFG’s tax return | 1 |  |  | 1 | % |  | 1 |  |  | 1 | % |  | — |  |  | — | % |  | 1 |  |  | — | %
Other | (2 | ) |  | (2 | %) |  | 2 |  |  | 1 | % |  | 4 |  |  | 1 | % |  | 4 |  |  | 1 | %
Provision for income taxes as shown in the Statement of Earnings | $ | 54 |  |  | 37 | % |  | $ | 44 |  |  | 31 | % |  | $ | 155 |  |  | 36 | % |  | $ | 155 |  |  | 35 | %
In July 2014, AFG finalized a settlement with the IRS related to tax years 2008 and 2009. As a result, AFG’s uncertain tax positions are now effectively settled, allowing AFG to reduce its liability for previously uncertain tax positions and related interest by $20 million in the third quarter of 2014. The majority of the reduction in this liability resulted in offsetting adjustments to AFG’s deferred tax liability and did not impact AFG’s effective tax rate. The portion of the reduction in this liability that favorably impacted the effective tax rate was 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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