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Long-Term Debt
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt

Long-term debt consisted of the following at December 31 (in millions): 
 
2019
 
2018
 
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

 
(4
)
 
421

Other
3

 
—

 
3

 
3

 
—

 
3

 
1,018

 
(5
)
 
1,013

 
1,018

 
(6
)
 
1,012

 
 
 
 
 
 
 
 
 
 
 
 
Direct Subordinated Obligations of AFG:
 
 
 
 


 
 
 
 
 


5.125% Subordinated Debentures due December 2059
200

 
(6
)
 
194

 
—

 
—

 
—

6% Subordinated Debentures due November 2055
150

 
(5
)
 
145

 
150

 
(5
)
 
145

5.875% Subordinated Debentures due March 2059
125

 
(4
)
 
121

 
—

 
—

 
—

6-1/4% Subordinated Debentures due September 2054
—

 
—

 
—

 
150

 
(5
)
 
145

 
475

 
(15
)
 
460

 
300

 
(10
)
 
290

 
$
1,493

 
$
(20
)
 
$
1,473

 
$
1,318

 
$
(16
)
 
$
1,302


AFG has no scheduled principal payments on its long-term debt in the next five years.

In December 2019, AFG issued $200 million in 5.125% Subordinated Debentures due in 2059. The net proceeds of the offering were used, in part, to redeem AFG’s $150 million outstanding principal amount of 6-1/4% Subordinated Debentures due September 2054 at par value in December 2019.

In March 2019, AFG issued $125 million in 5.875% Subordinated Debentures due in 2059.

AFG can borrow up to $500 million under its revolving credit facility, which expires in June 2021. 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, 2019 or December 31, 2018.

Cash interest payments on long-term debt were $65 million in 2019, $59 million in 2018 and $85 million in 2017.