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Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS We believe that the fair values of our current assets and current liabilities approximate their reported carrying amounts. We present the carrying values and the fair values of noncurrent financial assets and liabilities that qualify as financial instruments, determined under current guidance for disclosures on the fair value of financial instruments, in the following table:
| March 31, 2021 |  | December 31, 2020
($ in millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Senior, mezzanine, and other loans | $ | 162 |  |  | $ | 146 |  |  | $ | 159 |  |  | $ | 142 |
Total noncurrent financial assets | $ | 162 |  |  | $ | 146 |  |  | $ | 159 |  |  | $ | 142 |
Senior Notes | $ | (8,716) |  |  | $ | (9,404) |  |  | $ | (8,031) |  |  | $ | (8,941) |
Commercial paper / Credit Facility | (400) |  |  | (400) |  |  | (900) |  |  | (900) |
Other long-term debt | (126) |  |  | (128) |  |  | (126) |  |  | (128) |
Other noncurrent liabilities | (426) |  |  | (426) |  |  | (426) |  |  | (426) |
Total noncurrent financial liabilities | $ | (9,668) |  |  | $ | (10,358) |  |  | $ | (9,483) |  |  | $ | (10,395) |
The carrying value of our Credit Facility borrowings approximate fair value because they bear interest at a market rate. See Note 13. Fair Value of Financial Instruments and the “Fair Value Measurements” caption of Note 2. Summary of Significant Accounting Policies of our 2020 Form 10-K for more information on the input levels we use in determining fair value.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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