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Leases Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Lease liability and right-of-use asset | 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.
Lease activity | 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 liability information | 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 |
Undiscounted contractual maturities of operating lease liabilities | 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 |
Schedule of weighted-average remaining lease term and weighted-average discount rate |
Weighted-average remaining lease term | 5.4 years
Weighted-average discount rate | 3.9 | %

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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