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Goodwill and Other Intangibles | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles | Goodwill and Other Intangibles The carrying value of goodwill was $305 million at September 30, 2023 and $246 million at December 31, 2022, an increase of $59 million due primarily to the July 3, 2023 acquisition of CRS (see Note B — “Acquisition of Businesses”). Additionally, during the third quarter of 2023, AFG recorded a goodwill impairment charge of $26 million related to its investment in Verikai. The impairment indicator was slower than anticipated growth in the business supported by the Verikai technology relative to what was projected at acquisition. Management utilized the discounted cash flow method of the income approach to calculate the impairment charge. This charge and the impact of reducing the fair value of the contingent consideration related to the Verikai acquisition (see Note D — “Fair Value Measurements”) are included in realized loss on subsidiary in AFG’s Statement of Earnings. Included in other assets in AFG’s Balance Sheet is $217 million at September 30, 2023 and $108 million at December 31, 2022 in amortizable intangible assets related to acquisitions. These amounts are net of accumulated amortization of $35 million and $24 million, respectively. The increase in amortizable intangible assets in the first nine months of 2023 reflects the acquisition of CRS in July 2023 (see Note B — “Acquisition of Businesses”). Amortization of intangibles was $5 million and $2 million in the third quarter of 2023 and 2022, respectively, and $11 million and $7 million in the first nine months of 2023 and 2022, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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