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Long-Term Debt | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at December 31 (in millions):
| 2019 |  | 2018
| Principal |  | Discount and Issue Costs |  | Carrying Value |  | Principal |  | Discount and Issue Costs |  | Carrying Value
Direct Senior Obligations of AFG: |  |  |  |  |  |  |  |  |  |  |
4.50% Senior Notes due June 2047 | $ | 590 |  |  | $ | (2 | ) |  | $ | 588 |  |  | $ | 590 |  |  | $ | (2 | ) |  | $ | 588 |
3.50% Senior Notes due August 2026 | 425 |  |  | (3 | ) |  | 422 |  |  | 425 |  |  | (4 | ) |  | 421 |
Other | 3 |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 3 |
| 1,018 |  |  | (5 | ) |  | 1,013 |  |  | 1,018 |  |  | (6 | ) |  | 1,012 |
Direct Subordinated Obligations of AFG: |  |  |  |  |  |  |  |  |  |  |  |  |
5.125% Subordinated Debentures due December 2059 | 200 |  |  | (6 | ) |  | 194 |  |  | — |  |  | — |  |  | — |
6% Subordinated Debentures due November 2055 | 150 |  |  | (5 | ) |  | 145 |  |  | 150 |  |  | (5 | ) |  | 145 |
5.875% Subordinated Debentures due March 2059 | 125 |  |  | (4 | ) |  | 121 |  |  | — |  |  | — |  |  | — |
6-1/4% Subordinated Debentures due September 2054 | — |  |  | — |  |  | — |  |  | 150 |  |  | (5 | ) |  | 145 |
| 475 |  |  | (15 | ) |  | 460 |  |  | 300 |  |  | (10 | ) |  | 290 |
| $ | 1,493 |  |  | $ | (20 | ) |  | $ | 1,473 |  |  | $ | 1,318 |  |  | $ | (16 | ) |  | $ | 1,302 |
AFG has no scheduled principal payments on its long-term debt in the next five years. In December 2019, AFG issued $200 million in 5.125% Subordinated Debentures due in 2059. The net proceeds of the offering were used, in part, to redeem AFG’s $150 million outstanding principal amount of 6-1/4% Subordinated Debentures due September 2054 at par value in December 2019. In March 2019, AFG issued $125 million in 5.875% Subordinated Debentures due in 2059. 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 December 31, 2019 or December 31, 2018. Cash interest payments on long-term debt were $65 million in 2019, $59 million in 2018 and $85 million in 2017.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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