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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | LeasesAFG 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 December 31, 2020 or December 31, 2019. AFG’s operating lease right-of-use asset (net of deferred rent and lease incentives) and operating lease liability are included in other assets and other liabilities, respectively, in AFG’s Balance Sheet at December 31 and are presented in the following table (in millions):
| 2020 |  | 2019
Right-of-use asset (*) | $ | 139 |  |  | $ | 158 |
Lease liability | 159 |  |  | 180 |
(*)Net of deferred rent and lease incentives of $20 million at December 31, 2020 and $22 million at December 31, 2019. The following table details AFG’s lease activity for the years ended December 31, 2020 and December 31, 2019 (in millions):
| 2020 |  | 2019
Lease expense: |  |  |
Operating leases | $ | 47 |  |  | $ | 46 |
Short-term leases | — |  |  | 1 |
Total lease expense | $ | 47 |  |  | $ | 47 |
Other operating lease information for the years ended December 31, 2020 and December 31, 2019 (in millions):
| 2020 |  | 2019
Cash paid for lease liabilities reported in operating cash flows | $ | 50 |  |  | $ | 49 |
Right-of-use assets obtained under new leases | 25 |  |  | 19 |
The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2020 (in millions):
Operating lease payments: |
2021 | $ | 43 |
2022 | 35 |
2023 | 29 |
2024 | 23 |
2025 | 20 |
Thereafter | 28 |
Total lease payments | 178 |
Impact of discounting | (19) |
Operating lease liability | $ | 159 |
Weighted-average remaining lease term | 5.4 years
Weighted-average discount rate | 3.9 | %

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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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