Note 16.

Fair Value

We believe the carrying values of our financial instruments related to current assets and current liabilities approximate fair value. The following table presents the carrying amounts and estimated fair values of our long-term financial instruments (in millions):

			March 31, 2016				December 31, 2015
	Hierarchy		Carrying		Fair		Carrying		Fair
	Level		Amount		Value		Amount		Value
Assets:
Restricted cash		1	$	4	$	4	$	4	$	4
VOI notes receivable		3		419		518		402		495
Securitized vacation ownership notes receivable		3		127		158		141		174
Other notes receivable		3		73		73		63		63
Total financial assets			$	623	$	753	$	610	$	736
Liabilities:
Long-term debt		1	$	2,318	$	2,410	$	2,144	$	2,178
Long-term securitized debt		3		111		113		123		126
Total financial liabilities			$	2,429	$	2,523	$	2,267	$	2,304
Off-Balance sheet:
Letters of credit		2	$	—	$	78	$	—	$	80
Surety bonds		2		—		30		—		32
Total off-balance sheet			$	—	$	108	$	—	$	112

The carrying value of our restricted cash approximates its fair value. We estimate the fair value of our vacation ownership notes receivable using assumptions related to current securitization market transactions. The fair value of other notes receivable is estimated based on the terms of the instrument and current market conditions. These financial instrument assets are recorded in the other assets line item in our consolidated balance sheet.

We estimate the fair value of our publicly traded debt based on the bid prices in the public debt markets. The carrying amount of our floating rate debt is a reasonable basis of fair value due to the variable nature of the interest rates. Our non-public, securitized debt and fixed rate debt fair value is determined based upon discounted cash flows for the debt at rates deemed reasonable for the type of debt, prevailing market conditions and the length to maturity for the debt.

The fair values of our letters of credit and surety bonds are estimated to be the same as the contract values based on the nature of the fee arrangements with the issuing financial institutions.