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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | Leases AFG and its subsidiaries lease real estate that is primarily used for office space and, to a lesser extent, equipment under operating lease arrangements. Most of AFG’s real estate leases include an option to extend or renew the lease term at AFG’s option. The operating lease liability includes lease payments related to options to extend or renew the lease term if AFG is reasonably certain of exercising those options. Lease payments are discounted using the implicit discount rate in the lease. If the implicit discount rate for the lease cannot be readily determined, AFG uses an estimate of its incremental secured borrowing rate. AFG did not have any material contracts accounted for as finance leases at March 31, 2019 or January 1, 2019. At March 31, 2019, AFG’s $167 million operating lease right-of-use asset (presented net of $23 million in deferred rent and lease incentives) and $190 million operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet. The following table details AFG’s lease activity for the three months ended March 31, 2019 (dollars in millions):
| Three months ended
| March 31, 2019
Lease expense: |
Operating leases | $ | 11 |
Short-term leases | — |
Total lease expense | $ | 11 |
Other operating lease information: |
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows | $ | 12 |
Right-of-use assets obtained in exchange for new lease liabilities | 3 |
Weighted-average remaining lease term | 5.9 years |
Weighted-average discount rate | 4.1 | %
The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at March 31, 2019 (dollars in millions):
| March 31, 2019
Operating lease payments: |
Remainder of 2019 | $ | 35 |
2020 | 42 |
2021 | 36 |
2022 | 28 |
2023 | 23 |
Thereafter | 51 |
Total lease payments | 215 |
Impact of discounting | (25 | )
Operating lease liability | $ | 190 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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