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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2021
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders’ Equity AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value. Accumulated Other Comprehensive Income, Net of Tax (“AOCI”) Comprehensive income is defined as all changes in shareholders’ equity except those arising from transactions with shareholders. Comprehensive income includes net earnings and other comprehensive income, which consists primarily of changes in net unrealized gains or losses on available for sale securities. The progression of the components of accumulated other comprehensive income follows (in millions):
|  |  | Other Comprehensive Income (Loss) |  |  |  |
| AOCI Beginning Balance |  | Pretax |  | Tax |  | Net of tax |  | Attributable to noncontrolling interests |  | Attributable to shareholders |  |  |  | AOCI Ending Balance
Quarter ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on securities arising during the period |  |  | $ | 168 |  |  | $ | (35) |  |  | $ | 133 |  |  | $ | — |  |  | $ | 133 |  |  |  |  |
Reclassification adjustment for realized (gains) losses included in net earnings (*) |  |  | (9) |  |  | 2 |  |  | (7) |  |  | — |  |  | (7) |  |  |  |  |
Reclassification for unrealized gains on securities of subsidiaries sold |  |  | (1,119) |  |  | 235 |  |  | (884) |  |  | — |  |  | (884) |  |  |  |  |
Total net unrealized gains (losses) on securities | $ | 963 |  |  | (960) |  |  | 202 |  |  | (758) |  |  | — |  |  | (758) |  |  |  |  | $ | 205 |
Net unrealized gains (losses) on cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on cash flow hedges arising during the period |  |  | 7 |  |  | (1) |  |  | 6 |  |  | — |  |  | 6 |  |  |  |  |
Reclassification adjustment for investment income included in net earnings from discontinued operations |  |  | (5) |  |  | 1 |  |  | (4) |  |  | — |  |  | (4) |  |  |  |  |
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold |  |  | (37) |  |  | 8 |  |  | (29) |  |  | — |  |  | (29) |  |  |  |  |
Total net unrealized gains (losses) on cash flow hedges | 27 |  |  | (35) |  |  | 8 |  |  | (27) |  |  | — |  |  | (27) |  |  |  |  | — |
Foreign currency translation adjustments | (16) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (16) |
Pension and other postretirement plans (“OPRP”) adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding losses on pension and OPRP arising during the period |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |
Reclassification adjustment for pension settlement loss included in other expense in net earnings |  |  | 11 |  |  | (2) |  |  | 9 |  |  | — |  |  | 9 |  |  |  |  |
Total Pension and OPRP adjustments | (7) |  |  | 10 |  |  | (2) |  |  | 8 |  |  | — |  |  | 8 |  |  |  |  | 1 |
Total | $ | 967 |  |  | $ | (985) |  |  | $ | 208 |  |  | $ | (777) |  |  | $ | — |  |  | $ | (777) |  |  |  |  | $ | 190 |
Quarter ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on securities arising during the period |  |  | $ | 1,293 |  |  | $ | (272) |  |  | $ | 1,021 |  |  | $ | — |  |  | $ | 1,021 |  |  |  |  |
Reclassification adjustment for realized (gains) losses included in net earnings (*) |  |  | (9) |  |  | 2 |  |  | (7) |  |  | — |  |  | (7) |  |  |  |  |
Total net unrealized gains (losses) on securities | $ | 16 |  |  | 1,284 |  |  | (270) |  |  | 1,014 |  |  | — |  |  | 1,014 |  |  |  |  | $ | 1,030 |
Net unrealized gains (losses) on cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on cash flow hedges arising during the period |  |  | 16 |  |  | (4) |  |  | 12 |  |  | — |  |  | 12 |  |  |  |  |
Reclassification adjustment for investment income included in net earnings from discontinued operations |  |  | (12) |  |  | 3 |  |  | (9) |  |  | — |  |  | (9) |  |  |  |  |
Total net unrealized gains on cash flow hedges | 44 |  |  | 4 |  |  | (1) |  |  | 3 |  |  | — |  |  | 3 |  |  |  |  | 47 |
Foreign currency translation adjustments | (21) |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  |  |  | (17) |
Pension and other postretirement plans adjustments | (7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (7) |
Total | $ | 32 |  |  | $ | 1,292 |  |  | $ | (271) |  |  | $ | 1,021 |  |  | $ | — |  |  | $ | 1,021 |  |  |  |  | $ | 1,053 |
|  |  | Other Comprehensive Income (Loss) |  |  |  |
| AOCI Beginning Balance |  | Pretax |  | Tax |  | Net of tax |  | Attributable to noncontrolling interests |  | Attributable to shareholders |  |  |  | AOCI Ending Balance
Six months ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on securities arising during the period |  |  | $ | (187) |  |  | $ | 39 |  |  | $ | (148) |  |  | $ | — |  |  | $ | (148) |  |  |  |  |
Reclassification adjustment for realized (gains) losses included in net earnings (*) |  |  | (23) |  |  | 5 |  |  | (18) |  |  | — |  |  | (18) |  |  |  |  |
Reclassification for unrealized gains of subsidiaries sold |  |  | (1,119) |  |  | 235 |  |  | (884) |  |  | — |  |  | (884) |  |  |  |  |
Total net unrealized gains (losses) on securities | $ | 1,255 |  |  | (1,329) |  |  | 279 |  |  | (1,050) |  |  | — |  |  | (1,050) |  |  |  |  | $ | 205 |
Net unrealized gains (losses) on cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding losses on cash flow hedges arising during the period |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |
Reclassification adjustment for investment income included in net earnings from discontinued operations |  |  | (14) |  |  | 3 |  |  | (11) |  |  | — |  |  | (11) |  |  |  |  |
Reclassification for unrealized gains on cash flow hedges of subsidiaries sold |  |  | (37) |  |  | 8 |  |  | (29) |  |  | — |  |  | (29) |  |  |  |  |
Total net unrealized gains (losses) on cash flow hedges | 41 |  |  | (52) |  |  | 11 |  |  | (41) |  |  | — |  |  | (41) |  |  |  |  | — |
Foreign currency translation adjustments | (16) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (16) |
Pension and OPRP adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding losses on pension and OPRP arising during the period |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |
Reclassification adjustment for pension settlement loss included in other expense in net earnings |  |  | 11 |  |  | (2) |  |  | 9 |  |  | — |  |  | 9 |  |  |  |  |
Total Pension and OPRP adjustments | (7) |  |  | 10 |  |  | (2) |  |  | 8 |  |  | — |  |  | 8 |  |  |  |  | 1 |
Total | $ | 1,273 |  |  | $ | (1,371) |  |  | $ | 288 |  |  | $ | (1,083) |  |  | $ | — |  |  | $ | (1,083) |  |  |  |  | $ | 190 |
Six months ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on securities arising during the period |  |  | $ | 198 |  |  | $ | (42) |  |  | $ | 156 |  |  | $ | — |  |  | $ | 156 |  |  |  |  |
Reclassification adjustment for realized (gains) losses included in net earnings (*) |  |  | 15 |  |  | (3) |  |  | 12 |  |  | — |  |  | 12 |  |  |  |  |
Total net unrealized gains (losses) on securities | $ | 862 |  |  | 213 |  |  | (45) |  |  | 168 |  |  | — |  |  | 168 |  |  |  |  | $ | 1,030 |
Net unrealized gains (losses) on cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on cash flow hedges arising during the period |  |  | 61 |  |  | (13) |  |  | 48 |  |  | — |  |  | 48 |  |  |  |  |
Reclassification adjustment for investment income included in net earnings from discontinued operations |  |  | (23) |  |  | 5 |  |  | (18) |  |  | — |  |  | (18) |  |  |  |  |
Total net unrealized gains on cash flow hedges | 17 |  | 38 |  |  | (8) |  |  | 30 |  |  | — |  |  | 30 |  |  |  |  | 47 |
Foreign currency translation adjustments | (9) |  |  | (6) |  |  | — |  |  | (6) |  |  | (2) |  |  | (8) |  |  |  |  | (17) |
Pension and other postretirement plans adjustments | (7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (7) |
Total | $ | 863 |  |  | $ | 245 |  |  | $ | (53) |  |  | $ | 192 |  |  | $ | (2) |  |  | $ | 190 |  |  |  |  | $ | 1,053 |
(*)The reclassification adjustment out of net unrealized gains (losses) on securities affected the following lines in AFG’s Statement of Earnings:
| OCI component |  | Affected line in the statement of earnings |
| Pretax - continuing operations |  | Realized gains (losses) on securities |
| Pretax - discontinued operations |  | Net earnings (loss) from discontinued operations |
| Tax - continuing operations |  | Provision (credit) for income taxes |
| Tax - discontinued operations |  | Net earnings (loss) from discontinued operations |
Stock Incentive Plans Under AFG’s stock incentive plans, employees of AFG and its subsidiaries are eligible to receive equity awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units and stock awards. In the first six months of 2021, AFG issued 207,020 shares of restricted Common Stock (fair value of $111.13 per share) under the Stock Incentive Plan. Total compensation expense related to stock incentive plans of AFG and its subsidiaries was $2 million and $4 million in the second quarter of 2021 and 2020 and $7 million and $9 million in the first six months of 2021 and 2020.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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