LONG-TERM DEBT

Long-term debt is summarized as follows:



	December 31,
(In millions)	2017		2016

Subordinated notes	$	247	$	246
Senior notes	135		288
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.

Subordinated Notes

Subordinated notes were issued by the Parent and consist of the following at December 31, 2017:



(Dollar amounts in millions)	Subordinated notes
Coupon rate	Balance		Par amount		Maturity

5.65%	$	160	$	162	Nov 2023
6.95%	87		88		Sep 2028
Total	$	247	$	250

These notes are unsecured, and interest is payable semiannually on the 5.65% notes and quarterly on the 6.95% notes. Interest payments on the 5.65% notes commenced May 15, 2014 to the earliest possible redemption date of November 15, 2018, after which they are payable quarterly at an annual floating rate equal to 3mL+4.19%. For the 6.95% notes, interest payments commenced December 15, 2013 to the earliest possible redemption date of September 15, 2023, after which the interest rate changes to an annual floating rate equal to 3mL+3.89%.

Senior Notes

Senior notes were issued by the Parent and consist of the following at December 31, 2017:



(Dollar amounts in millions)	Senior notes
Coupon rate	Balance		Par amount		Maturity

4.50%	$	135	$	136	June 2023

These notes are unsecured and interest is payable semiannually. The notes were issued under a shelf registration filed with the SEC and were sold via the Company’s online auction process and direct sales. The notes are not redeemable prior to maturity.

Debt Maturities and Redemptions

During 2017, $153 million of our senior notes matured. During 2016, we elected to exercise our right to redeem junior subordinated debentures related to trust preferred securities. The following amounts of long-term debt matured or were redeemed during 2016:



(Dollar amounts in millions)
Note type	Par amount
Trust preferred:
3mL+2.85% (3.38%)	$	51
3mL+1.90% (2.22%)	36
3mL+1.78% (2.29%)	62
3mL+3.15% (3.75%)	8
3mL+2.89% (3.42%)	8
Total trust preferred	165
Senior notes:
3.60%	11
4.00%	89
Total senior notes	100
Total	$	265

Debt Extinguishment Costs

During 2017, we had no debt extinguishment costs, compared with less than $1 million in 2016 and $3 million in 2015.

Maturities of Long-term Debt

Maturities of long-term debt are as follows for the years succeeding December 31, 2017:



(In millions)	Consolidated		Parent only

2018	$	—	$	—
2019	1		—
2020	—		—
2021	—		—
2022	—		—
Thereafter	382		382
Total	$	383	$	382

The consolidated Zions Bancorporation long-term debt maturities include $1 million of capital lease obligations in addition to the subordinated and senior debt issued by the Parent.