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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2017
Stockholders' Equity Note [Abstract] |
Summary of restricted stock awards activity | The restricted Common Stock that AFG has granted generally vests over a three or four year period. Data relating to grants of restricted stock is presented below:
| Shares |  | Average Grant Date Fair Value
Outstanding at January 1, 2017 | 678,875 |  |  | $ | 60.90 |
Granted | 232,250 |  |  | $ | 94.44 |
Vested | (145,473 | ) |  | $ | 48.76 |
Forfeited | (6,617 | ) |  | $ | 71.30 |
Outstanding at December 31, 2017 | 759,035 |  |  | $ | 73.40 |
Summary of stock options activity | Data for stock options issued under AFG’s stock incentive plans is presented below:
| Shares |  | Average Exercise Price |  | Average Remaining Contractual Term |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2017 | 4,505,101 |  |  | $ | 43.02 |  |  |  |  |
Exercised | (1,020,986 | ) |  | $ | 33.38 |  |  |  |  |
Forfeited/Cancelled | (16,775 | ) |  | $ | 55.82 |  |  |  |  |
Outstanding at December 31, 2017 | 3,467,340 |  |  | $ | 45.80 |  |  | 4.9 years |  | $ | 218 |
Options exercisable at December 31, 2017 | 2,589,277 |  |  | $ | 42.00 |  |  | 4.4 years |  | $ | 172 |
Assumptions used in estimating weighted average fair value of options on grant date | The risk-free rate for periods associated with the expected term is based upon the U.S. Treasury yield curve in effect on the grant date.
| 2015
Exercise price | $ | 63.15 |
Expected dividend yield | 1.6 | %
Expected volatility | 25 | %
Expected term (in years) | 7.25 |
Risk-free rate | 1.88 | %
Grant date fair value | $ | 15.29 |
Components of accumulated other comprehensive income (loss) | The progression of the components of accumulated other comprehensive income follows (in millions):
|  |  | Other Comprehensive Income |  |  |  |
| AOCI Beginning Balance |  | Pretax |  | Tax |  | Net of tax |  | Attributable to noncontrolling interests |  | Attributable to shareholders |  | Other (c) |  | AOCI Ending Balance
Year ended December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on securities arising during the period |  |  | $ | 456 |  |  | $ | (159 | ) |  | $ | 297 |  |  | $ | — |  |  | $ | 297 |  |  |  |  |
Reclassification adjustment for realized (gains) losses included in net earnings (a) |  |  | (15 | ) |  | 5 |  |  | (10 | ) |  | — |  |  | (10 | ) |  |  |  |
Total net unrealized gains on securities (b) | $ | 404 |  |  | 441 |  |  | (154 | ) |  | 287 |  |  | — |  |  | 287 |  |  | $ | 149 |  |  | $ | 840 |
Net unrealized losses on cash flow hedges | (7 | ) |  | (6 | ) |  | 2 |  |  | (4 | ) |  | — |  |  | (4 | ) |  | (2 | ) |  | (13 | )
Foreign currency translation adjustments | (15 | ) |  | 9 |  |  | 3 |  |  | 12 |  |  | — |  |  | 12 |  |  | (3 | ) |  | (6 | )
Pension and other postretirement plans adjustments | (7 | ) |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | (2 | ) |  | (8 | )
Total | $ | 375 |  |  | $ | 445 |  |  | $ | (149 | ) |  | $ | 296 |  |  | $ | — |  |  | $ | 296 |  |  | $ | 142 |  |  | $ | 813 |
Year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on securities arising during the period |  |  | $ | 124 |  |  | $ | (44 | ) |  | $ | 80 |  |  | $ | (4 | ) |  | $ | 76 |  |  |  |  |
Reclassification adjustment for realized (gains) losses included in net earnings (a) |  |  | (19 | ) |  | 7 |  |  | (12 | ) |  | (1 | ) |  | (13 | ) |  |  |  |
Total net unrealized gains on securities (b) | $ | 332 |  |  | 105 |  |  | (37 | ) |  | 68 |  |  | (5 | ) |  | 63 |  |  | $ | 9 |  |  | $ | 404 |
Net unrealized gains (losses) on cash flow hedges | 1 |  |  | (12 | ) |  | 4 |  |  | (8 | ) |  | — |  |  | (8 | ) |  | — |  |  | (7 | )
Foreign currency translation adjustments | (22 | ) |  | 6 |  |  | 1 |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | (15 | )
Pension and other postretirement plans adjustments | (7 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7 | )
Total | $ | 304 |  |  | $ | 99 |  |  | $ | (32 | ) |  | $ | 67 |  |  | $ | (5 | ) |  | $ | 62 |  |  | $ | 9 |  |  | $ | 375 |
Year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding losses on securities arising during the period |  |  | $ | (625 | ) |  | $ | 219 |  |  | $ | (406 | ) |  | $ | 9 |  |  | $ | (397 | ) |  |  |  |
Reclassification adjustment for realized (gains) losses included in net earnings (a) |  |  | 14 |  |  | (5 | ) |  | 9 |  |  | (1 | ) |  | 8 |  |  |  |  |
Reclassification for unrealized gains of subsidiaries sold |  |  | (34 | ) |  | 12 |  |  | (22 | ) |  | — |  |  | (22 | ) |  |  |  |
Total net unrealized gains (losses) on securities (b) | $ | 743 |  |  | (645 | ) |  | 226 |  |  | (419 | ) |  | 8 |  |  | (411 | ) |  | $ | — |  |  | $ | 332 |
Net unrealized gains on cash flow hedges | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Foreign currency translation adjustments | (8 | ) |  | (9 | ) |  | (5 | ) |  | (14 | ) |  | — |  |  | (14 | ) |  | — |  |  | (22 | )
Pension and other postretirement plans adjustments | (8 | ) |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | (7 | )
Total | $ | 727 |  |  | $ | (652 | ) |  | $ | 221 |  |  | $ | (431 | ) |  | $ | 8 |  |  | $ | (423 | ) |  | $ | — |  |  | $ | 304 |
(a) The reclassification adjustment out of net unrealized gains on securities affected the following lines in AFG’s Statement of Earnings:
| OCI component |  | Affected line in the statement of earnings |
| Pretax |  | Realized gains (losses) on securities |
| Tax |  | Provision for income taxes |
| Attributable to noncontrolling interests |  | Net earnings attributable to noncontrolling interests |
(b) | Includes net unrealized gains of $68 million at December 31, 2017 compared to net unrealized gains of $52 million and $51 million at December 31, 2016 and 2015, related to securities for which only the credit portion of an other-than-temporary impairment has been recorded in earnings.
(c) | Other includes the December 2017 reclassification of $145 million stranded in AOCI from accounting for the Tax Cuts and Jobs Act of 2017 to retained earnings (see Note A — “Accounting Policies — Income Taxes”), and the impact on AOCI of the December 2017 sale of redeemable noncontrolling interests in Neon and the November 2016 acquisition of the noncontrolling interest in NATL (see Note B — “Acquisitions and Sale of Businesses”).

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