DEBT AND SHAREHOLDERS’ EQUITY

Long-term debt is summarized as follows:



(In millions)	March 31, 2017		December 31, 2016

Subordinated notes	$	247	$	247
Senior notes	135		287
Capital lease obligations	1		1
Total	$	383	$	535

The preceding carrying values represent the par value of the debt adjusted for any unamortized premium or discount or unamortized debt issuance costs.

Debt Redemptions and Maturities

During the first three months of 2017, $153 million of our 4.5% senior notes matured.

Shareholders’ Equity

During the first quarter of 2017, the Company continued its common stock buyback program and repurchased 1 million shares of common stock outstanding with a fair value of $45 million at an average price of $42.43 per share, leaving $45 million of buyback capacity remaining in the 2016 capital plan (which spans the timeframe of July 2016 to June 2017).

On April 27, 2017, we announced that we will redeem all outstanding shares of our 7.9% Series F preferred stock on the redemption date of June 15, 2017, for a cash payment of approximately $144 million. After the redemption date, the Series F preferred shares will cease to be entitled to dividends and the holders of such shares will not be entitled to exercise any right with regard to such shares except that of receiving the redemption amount. The amount of dividends payable with respect to the June 15, 2017 dividend date has been declared and approved, and will amount to $0.49375 per depositary share for a total amount of $3 million.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income (loss) was $(111) million at March 31, 2017 compared to $(122) million at December 31, 2016. Changes in AOCI by component are as follows:



(In millions)	Net unrealized gains (losses) on investment securities			Net unrealized gains (losses) on derivatives and other			Pension and post-retirement			Total
Three Months Ended March 31, 2017
Balance at December 31, 2016	$	(93	)	$	2		$	(31	)	$	(122	)
OCI before reclassifications, net of tax	12			—			—			12
Amounts reclassified from AOCI, net of tax	—			(1		)	—			(1		)
OCI (loss)	12			(1		)	—			11
Balance at March 31, 2017	$	(81	)	$	1		$	(31	)	$	(111	)
Income tax expense (benefit) included in OCI (loss)	$	7		$	(1	)	$	—		$	6
Three Months Ended March 31, 2016
Balance at December 31, 2015	$	(18	)	$	1		$	(38	)	$	(55	)
OCI before reclassifications, net of tax	32			14			(1		)	45
Amounts reclassified from AOCI, net of tax	—			(2		)	—			(2		)
OCI (loss)	32			12			(1		)	43
Balance at March 31, 2016	$	14		$	13		$	(39	)	$	(12	)
Income tax expense included in OCI (loss)	$	20		$	7		$	1		$	28



	Amounts reclassified from AOCI ¹				Statement of income (SI) Balance sheet (BS)
(In millions)	Three Months Ended March 31,
Details about AOCI components	2017		2016			Affected line item

Net unrealized gains on derivative instruments	$	2	$	3	SI	Interest and fees on loans
Income tax expense	1		1
Amounts Reclassified from AOCI	$	1	$	2


¹	Negative reclassification amounts indicate decreases to earnings in the statement of income and increases to balance sheet assets. The opposite applies to positive reclassification amounts.