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Long-Term Debt | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in millions):
| September 30, 2020 |  | December 31, 2019
| 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 |  |  | (3) |  |  | 422 |
5.25% Senior Notes due April 2030 | 300 |  |  | (7) |  |  | 293 |  |  | — |  |  | — |  |  | — |
Other | 3 |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 3 |
| 1,318 |  |  | (12) |  |  | 1,306 |  |  | 1,018 |  |  | (5) |  |  | 1,013 |
Direct Subordinated Obligations of AFG: |  |  |  |  |  |  |  |  |  |  |
4.50% Subordinated Debentures due September 2060 | 200 |  |  | (4) |  |  | 196 |  |  | — |  |  | — |  |  | — |
5.125% Subordinate Debentures due December 2059 | 200 |  |  | (6) |  |  | 194 |  |  | 200 |  |  | (6) |  |  | 194 |
6% Subordinated Debentures due November 2055 | 150 |  |  | (5) |  |  | 145 |  |  | 150 |  |  | (5) |  |  | 145 |
5.625% Subordinated Debentures due June 2060 | 150 |  |  | (4) |  |  | 146 |  |  | — |  |  | — |  |  | — |
5.875% Subordinated Debentures due March 2059 | 125 |  |  | (4) |  |  | 121 |  |  | 125 |  |  | (4) |  |  | 121 |
| 825 |  |  | (23) |  |  | 802 |  |  | 475 |  |  | (15) |  |  | 460 |
| $ | 2,143 |  |  | $ | (35) |  |  | $ | 2,108 |  |  | $ | 1,493 |  |  | $ | (20) |  |  | $ | 1,473 |
In September 2020, AFG issued $200 million in 4.50% Subordinated Debentures due in September 2060. The net proceeds of this offering will be used for general corporate purposes, including the redemption of AFG’s 6% Subordinated Debentures due in November 2055 at par value on November 15, 2020. In April and May 2020, AFG issued $300 million in 5.25% Senior Notes due in 2030 and $150 million in 5.625% Subordinated Debentures due in June 2060, respectively. The net proceeds of these offerings will be used for general corporate purposes, which includes repurchases of outstanding common shares. Other than the announced redemption of AFG’s 6% Subordinated Debentures in November 2020 mentioned above, AFG has no scheduled principal payments on its long-term debt for the balance of 2020 or in the subsequent five years. 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, 2020 or December 31, 2019.

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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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