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Debt And Shareholders' Equity
 3 Months Ended
Mar. 31, 2019
Capitalization, Long-term Debt and Equity [Abstract]  
Debt And Shareholders' Equity
LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY
Long-Term Debt
Long-term debt is summarized as follows:
(In millions)
March 31,
2019
 
December 31, 2018
 
 
 
 
Subordinated notes
$
87

 
$
87

Senior notes
1,141

 
637

Total
$
1,228

 
$
724


The preceding carrying values represent the par value of the debt adjusted for any unamortized premium or discount or unamortized debt issuance costs as well as valuation adjustments for fair value swaps. During the first quarter of 2019, the Bank issued a $500 million senior note with an interest rate of 3.35% and a maturity date of March 4, 2022.
Common Stock and Common Stock Warrants
The Bank’s common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. As of March 31, 2019, there were 182.5 million shares of 0.001 par value common stock outstanding. As of March 31, 2019, 29.3 million common stock warrants (NASDAQ: ZIONW), with an exercise price of $34.61, were outstanding, and each common stock warrant was convertible into 1.06 shares. These warrants expire on May 22, 2020.
Repurchases of Bank Common Stock
During the first quarter of 2019, we continued our common stock buyback program and repurchased 5.5 million shares of common stock outstanding with a fair value of $275 million at an average price of $50.03 per share. During the first quarter of 2018, we repurchased 2.2 million shares of common stock outstanding with a fair value of $115 million, at an average price of $53.46 per share. In April 2019, the Bank announced that the Board approved a plan to repurchase $275 million of common stock during the second quarter of 2019.
Accumulated Other Comprehensive Income
Accumulated other comprehensive income (loss) was $(122) million at March 31, 2019 compared with $(250) million at December 31, 2018. 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, 2019
 
 
 
 
 
 
 
Balance at December 31, 2018
$
(228
)
 
$
(1
)
 
$
(21
)
 
$
(250
)
OCI before reclassifications, net of tax
122

 
5

 
—

 
127

Amounts reclassified from AOCI, net of tax
—

 
1

 
—

 
1

OCI
122

 
6

 
—

 
128

Balance at March 31, 2019
$
(106
)
 
$
5

 
$
(21
)
 
$
(122
)
Income tax expense included in OCI
$
40

 
$
2

 
$
—

 
$
42

Three Months Ended March 31, 2018
 
 
 
 
 
 
 
Balance at December 31, 2017
$
(114
)
 
$
(2
)
 
$
(23
)
 
$
(139
)
OCI (loss) before reclassifications, net of tax
(126
)
 
(2
)
 
—

 
(128
)
Amounts reclassified from AOCI, net of tax
—

 
—

 
—

 
—

OCI (loss)
(126
)
 
(2
)
 
—

 
(128
)
Balance at March 31, 2018
$
(240
)
 
$
(4
)
 
$
(23
)
 
$
(267
)
Income tax benefit included in OCI
$
(41
)
 
$
(1
)
 
$
—

 
$
(42
)

 
 
Amounts reclassified
from AOCI 1
 
Statement of income (SI)
Balance sheet (BS)
 
 
(In millions)
 
Three Months Ended
March 31,
 
 
 
Details about AOCI components
 
2019
 
2018
 
 
Affected line item
 
 
 
 
 
 
 
 
 
Net unrealized losses on derivative instruments
 
$
(1
)
 
$
—

 
SI
 
Interest and fees on loans
Income tax benefit
 
—

 
—

 
 
 
 
Amounts Reclassified from AOCI
 
$
(1
)
 
$
—

 
 
 
 

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