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Long-Term Debt | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in millions):
| September 30, 2017 |  | December 31, 2016
| Principal |  | Discount and Issue Costs |  | Carrying Value |  | Principal |  | Discount and Issue Costs |  | Carrying Value
Direct Senior Obligations of AFG: |  |  |  |  |  |  |  |  |  |  |
9-7/8% Senior Notes due June 2019 | $ | 350 |  |  | $ | (1 | ) |  | $ | 349 |  |  | $ | 350 |  |  | $ | (1 | ) |  | $ | 349 |
4.50% Senior Notes due June 2047 | 350 |  |  | (5 | ) |  | 345 |  |  | — |  |  | — |  |  | — |
3.50% Senior Notes due August 2026 | 300 |  |  | (3 | ) |  | 297 |  |  | 300 |  |  | (3 | ) |  | 297 |
6-3/8% Senior Notes due June 2042 | — |  |  | — |  |  | — |  |  | 230 |  |  | (7 | ) |  | 223 |
5-3/4% Senior Notes due August 2042 | — |  |  | — |  |  | — |  |  | 125 |  |  | (4 | ) |  | 121 |
Other | 3 |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 3 |
| 1,003 |  |  | (9 | ) |  | 994 |  |  | 1,008 |  |  | (15 | ) |  | 993 |
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 |
| $ | 1,303 |  |  | $ | (19 | ) |  | $ | 1,284 |  |  | $ | 1,308 |  |  | $ | (25 | ) |  | $ | 1,283 |
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% (9.4190% at September 30, 2017 and 9.0624% at December 31, 2016). The fair value of the interest rate swap (a liability of less than $1 million at September 30, 2017 and an asset of $1 million at December 31, 2016) 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 2017, the subsequent five years and thereafter were as follows: 2017 — none; 2018 — none; 2019 — $350 million; 2020 — none; 2021 — none; 2022 — none and thereafter — $953 million. In June 2017, AFG issued $350 million in 4.50% Senior Notes due in 2047 at a price of 99.46%. The net proceeds were used to redeem AFG’s $230 million outstanding principal amount of 6-3/8% Senior Notes due June 2042 at par value and to redeem AFG’s $125 million outstanding principal amount of 5-3/4% Senior Notes due August 2042 at par value in June 2017 and August 2017, respectively. AFG can borrow up to $500 million under its revolving credit facility, which expires in June 2021. 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 September 30, 2017 or December 31, 2016.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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