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Long-Term Debt | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in millions):
| March 31, 2016 |  | December 31, 2015
| Principal |  | Debt Issue Costs |  | Carrying Value |  | Principal |  | Debt Issue Costs |  | Carrying Value
Direct Senior Obligations of AFG: |  |  |  |  |  |  |  |  |  |  |
9-7/8% Senior Notes due June 2019 | $ | 350 |  |  | $ | (1 | ) |  | $ | 349 |  |  | $ | 350 |  |  | $ | (1 | ) |  | $ | 349 |
6-3/8% Senior Notes due June 2042 | 230 |  |  | (7 | ) |  | 223 |  |  | 230 |  |  | (7 | ) |  | 223 |
5-3/4% Senior Notes due August 2042 | 125 |  |  | (4 | ) |  | 121 |  |  | 125 |  |  | (4 | ) |  | 121 |
Other | 3 |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 3 |
| 708 |  |  | (12 | ) |  | 696 |  |  | 708 |  |  | (12 | ) |  | 696 |
Direct Subordinated Obligations of AFG: |  |  |  |  |  |  |  |  |  |  |
6-1/4% Subordinated Debentures due September 2054 | 150 |  |  | (5 | ) |  | 145 |  |  | 150 |  |  | (5 | ) |  | 145 |
6% Subordinated Debentures due November 2055 | 150 |  |  | (5 | ) |  | 145 |  |  | 150 |  |  | (5 | ) |  | 145 |
| 300 |  |  | (10 | ) |  | 290 |  |  | 300 |  |  | (10 | ) |  | 290 |
Subsidiaries: |  |  |  |  |  |  |  |  |  |  |
National Interstate bank credit facility | 12 |  |  | — |  |  | 12 |  |  | 12 |  |  | — |  |  | 12 |
| $ | 1,020 |  |  | $ | (22 | ) |  | $ | 998 |  |  | $ | 1,020 |  |  | $ | (22 | ) |  | $ | 998 |
To achieve a desired balance between fixed and variable rate debt, AFG entered into an interest rate swap in June 2015, which effectively converts its 9-7/8% Senior Notes to a floating rate of three-month LIBOR plus 8.099% (8.7329% at March 31, 2016 and 8.6110% at December 31, 2015). The fair value of the interest rate swap (asset of $8 million and $2 million at March 31, 2016 and December 31, 2015, respectively) and the offsetting adjustment to the carrying value of the notes are both included in the carrying value of the 9-7/8% Senior Notes in the table above. Scheduled principal payments on debt for the balance of 2016, the subsequent five years and thereafter were as follows: 2016 — none; 2017 — $12 million; 2018 — none; 2019 — $350 million; 2020 — none; 2021 — none and thereafter — $658 million. As shown below (principal amount, in millions), the majority of AFG’s long-term debt is unsecured obligations of the holding company and its subsidiaries:
| March 31, 2016 |  | December 31, 2015
Senior unsecured obligations | $ | 720 |  |  | $ | 720 |
Subordinated unsecured obligations | 300 |  |  | 300 |
| $ | 1,020 |  |  | $ | 1,020 |
AFG can borrow up to $500 million under its revolving credit facility which expires in December 2016. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.875% (currently 1.375%) over LIBOR based on AFG’s credit rating. No amounts were borrowed under this facility at March 31, 2016 or December 31, 2015. National Interstate can borrow up to $100 million under its unsecured credit agreement, which expires in November 2017. At March 31, 2016, there was $12 million outstanding under this agreement, bearing interest at 1.399% (six-month LIBOR plus 0.875%).

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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