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Fair Value Measurements
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified in their entirety based on the lowest level of input and disclosed in one of the following three categories:
Level 1
Quoted market prices in active markets for identical assets or liabilities.
Level 2
Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3
Unobservable inputs reflecting our assumptions or external inputs from active markets.
Use of observable market data, when available, is required in making fair value measurements. When inputs used fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. We determine fair value for Level 1 instruments using exchange-traded prices for identical instruments. We determine fair value of Level 2 instruments using exchange-traded prices of similar instruments, where available, or utilizing other observable inputs that take into account our credit risk and that of our counterparties. Foreign currency exchange contracts and interest rate hedges are included in Level 2 and we use inputs other than quoted prices that are observable for the asset or liability. The Level 2 derivative instruments are primarily valued using standard calculations and models that use readily observable market data as their basis. Our Level 3 liabilities are comprised of contingent consideration arising from recently completed acquisitions. We determine fair value of these Level 3 liabilities using a discounted cash flow technique. Significant unobservable inputs were used in our assessment of fair value, including assumptions regarding future business results, discount rates, discount periods and probability assessments based on the likelihood of reaching various targets. We remeasure the fair value of our assets and liabilities each reporting period. We record the changes in fair value within selling, general and administrative expense and the changes in the time value of money within other income (expense), net.
Assets Measured at Fair Value
 
2019
2018
Cash and cash equivalents
$
4,337

$
3,616

Trading marketable securities
149

118

Level 1 - Assets
$
4,486

$
3,734

Available-for-sale marketable securities:
 
 
Corporate and asset-backed debt securities
$
32

$
38

United States agency debt securities
2

11

United States treasury debt securities
49

23

Certificates of deposit
5

11

Total available-for-sale marketable securities
$
88

$
83

Foreign currency exchange forward contracts
226

77

Interest rate swap asset
17

—

Level 2 - Assets
$
331

$
160

Total assets measured at fair value
$
4,817

$
3,894


Liabilities Measured at Fair Value
 
2019
2018
Deferred compensation arrangements
$
149

$
118

Level 1 - Liabilities
$
149

$
118

Foreign currency exchange forward contracts
$
23

$
20

Level 2 - Liabilities
$
23

$
20

Contingent consideration:
 
 
Beginning
$
117

$
32

Additions
298

77

Change in estimate
(10
)
15

Settlements
(99
)
(7
)
Ending
$
306

$
117

Level 3 - Liabilities
$
306

$
117

Total liabilities measured at fair value
$
478

$
255


Fair Value of Available for Sale Securities by Maturity
 
2019
2018
Due in one year or less
$
50

$
51

Due after one year through three years
$
38

$
32


On December 31, 2019 the aggregate difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest and marketable securities income was $155, $119 and $60 in 2019, 2018 and 2017, which was recorded in other income (expense), net.
Our investments in available-for-sale marketable securities had a minimum credit quality rating of A2 (Moody's), A (Standard & Poor's) and A (Fitch). We do not plan to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. We do not consider these investments to be other-than-temporarily impaired on December 31, 2019. On December 31, 2019 the majority of our investments with unrealized losses that were not deemed to be other-than-temporarily impaired were in a continuous unrealized loss position for less than twelve months, and the losses were not material.
Securities in a Continuous Unrealized Loss Position
 
Number of Investments
Fair Value
Corporate and Asset-Backed
2
$
1

United States Treasury
6
13

Certificate of Deposit
4
1

Total
12
$
15