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v3.20.2

Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2020
Income Tax Disclosure [Abstract] |
Reconciliation of income taxes at the statutory rate and income taxes shown in the Statement of Earnings | The following is a reconciliation of income taxes at the statutory rate of 21% to the provision for income taxes as shown in AFG’s Statement of Earnings (dollars in millions):
| Three months ended September 30, |  | Nine months ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT |  | Amount |  | % of EBT
Earnings (loss) before income taxes (“EBT”) | $ | 134 |  |  |  |  | $ | 177 |  |  |  |  | $ | (36) |  |  |  |  | $ | 849 |  |  |
Income taxes at statutory rate | $ | 28 |  |  | 21 | % |  | $ | 37 |  |  | 21 | % |  | $ | (8) |  |  | 21 | % |  | $ | 178 |  |  | 21 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pending sale of Neon | (73) |  |  | (54 | %) |  | — |  |  | — | % |  | (73) |  |  | 203 | % |  | — |  |  | — | %
Tax exempt interest | (3) |  |  | (2 | %) |  | (4) |  |  | (2 | %) |  | (9) |  |  | 25 | % |  | (11) |  |  | (1 | %)
Stock-based compensation | — |  |  | — | % |  | (2) |  |  | (1 | %) |  | (4) |  |  | 11 | % |  | (6) |  |  | (1 | %)
Dividends received deduction | (1) |  |  | (1 | %) |  | (1) |  |  | (1 | %) |  | (2) |  |  | 6 | % |  | (3) |  |  | — | %
Adjustment to prior year taxes | (1) |  |  | (1 | %) |  | (3) |  |  | (2 | %) |  | (1) |  |  | 3 | % |  | (3) |  |  | — | %
Employee Stock Ownership Plan dividends paid deduction | (1) |  |  | (1 | %) |  | — |  |  | — | % |  | (1) |  |  | 3 | % |  | (1) |  |  | — | %
Change in valuation allowance | 20 |  |  | 15 | % |  | 4 |  |  | 2 | % |  | 31 |  |  | (86 | %) |  | 7 |  |  | 1 | %
Nondeductible expenses | 2 |  |  | 1 | % |  | 2 |  |  | 1 | % |  | 4 |  |  | (11 | %) |  | 6 |  |  | 1 | %
Foreign operations | (4) |  |  | (3 | %) |  | — |  |  | — | % |  | (3) |  |  | 8 | % |  | — |  |  | — | %
Other | 3 |  |  | 3 | % |  | 1 |  |  | 1 | % |  | 3 |  |  | (8 | %) |  | 4 |  |  | (1 | %)
Provision (credit) for income taxes as shown in the statement of earnings | $ | (30) |  |  | (22 | %) |  | $ | 34 |  |  | 19 | % |  | $ | (63) |  |  | 175 | % |  | $ | 171 |  |  | 20 | %

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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