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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Disclosure of supplemental Balance Sheet information related to leases | AFG’s operating lease right-of-use asset 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):
| 2023 |  | 2022
Right-of-use asset | $ | 176 |  |  | $ | 103 |
Lease liability | 198 |  |  | 116 |
Lease activity | The following table details AFG’s lease activity for the years ended December 31, 2023, 2022 and 2021 (in millions):
| 2023 |  | 2022 |  | 2021
Operating lease expense included in other expenses | $ | 36 |  |  | $ | 36 |  |  | $ | 41 |
Sublease income (*) | — |  |  | (2) |  |  | (2) |
Total lease expense, net of sublease income | $ | 36 |  |  | $ | 34 |  |  | $ | 39 |
(*)Sublease income consisted of rent from third parties of office space and is included in other income in AFG’s Statement of Earnings.
Other operating lease liability information | Other operating lease information for the years ended December 31, 2023, 2022 and 2021 (in millions):
| 2023 |  | 2022 |  | 2021
Cash paid for lease liabilities reported in operating cash flows | $ | 38 |  |  | $ | 38 |  |  | $ | 43 |
Right-of-use assets obtained under new leases | 102 |  |  | 11 |  |  | 10 |
Undiscounted contractual maturities of operating lease liabilities | The following table presents the undiscounted contractual maturities of AFG’s operating lease liability at December 31, 2023 (in millions):
Operating lease payments: |
2024 | $ | 37 |
2025 | 30 |
2026 | 26 |
2027 | 24 |
2028 | 20 |
Thereafter | 150 |
Total lease payments | 287 |
Impact of discounting | (89) |
Operating lease liability | $ | 198 |
Schedule of weighted-average remaining lease term and weighted-average discount rate |
Weighted-average remaining lease term | 13.6 years
Weighted-average discount rate | 5.1 | %

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- Definition Tabular disclosure of supplemental balance sheet information related to leases + References No definition available. + Details
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- Definition Tabular disclosure of other operating lease liability information + References No definition available. + Details
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- Definition Tabular disclosure of the weighted-average remaining lease term and weighted-average discount rate + References No definition available. + Details
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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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