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Long-Term Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at December 31 (in millions):
| 2020 |  | 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 |  |  | (6) |  |  | 294 |  |  | — |  |  | — |  |  | — |
Other | 3 |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | 3 |
| 1,318 |  |  | (11) |  |  | 1,307 |  |  | 1,018 |  |  | (5) |  |  | 1,013 |
Direct Subordinated Obligations of AFG: |  |  |  |  |  |  |  |  |  |  |
4.50% Subordinated Debentures due September 2060 | 200 |  |  | (5) |  |  | 195 |  |  | — |  |  | — |  |  | — |
5.125% Subordinated Debentures due December 2059 | 200 |  |  | (6) |  |  | 194 |  |  | 200 |  |  | (6) |  |  | 194 |
5.625% Subordinated Debentures due June 2060 | 150 |  |  | (4) |  |  | 146 |  |  | — |  |  | — |  |  | — |
5.875% Subordinated Debentures due March 2059 | 125 |  |  | (4) |  |  | 121 |  |  | 125 |  |  | (4) |  |  | 121 |
6% Subordinated Debentures due November 2055 | — |  |  | — |  |  | — |  |  | 150 |  |  | (5) |  |  | 145 |
| 675 |  |  | (19) |  |  | 656 |  |  | 475 |  |  | (15) |  |  | 460 |
| $ | 1,993 |  |  | $ | (30) |  |  | $ | 1,963 |  |  | $ | 1,493 |  |  | $ | (20) |  |  | $ | 1,473 |
AFG has no scheduled principal payments on its long-term debt in the next five years. In September 2020, AFG issued $200 million in 4.50% Subordinated Debentures due in September 2060. The net proceeds of this offering were used, in part, to redeem AFG’s $150 million in 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 April 2030 and $150 million in 5.625% Subordinated Debentures due in June 2060, respectively. The net proceeds of these offerings were used for general corporate purposes, which included repurchases of outstanding common shares. In December 2019, AFG issued $200 million in 5.125% Subordinated Debentures due in December 2059. The net proceeds of the offering were used, in part, to redeem AFG’s $150 million of 6-1/4% Subordinated Debentures due in September 2054 at par value in December 2019. In March 2019, AFG issued $125 million in 5.875% Subordinated Debentures due in March 2059. In December 2020, AFG replaced its existing credit facility with a new five-year, $500 million revolving credit facility which expires in December 2025. 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, 2020 or under AFG’s previous credit facility at December 31, 2019. Cash interest payments on long-term debt were $83 million in 2020, $65 million in 2019 and $59 million in 2018.

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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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