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Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
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 1Quoted market prices in active markets for identical assets or liabilities.
Level 2Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3Unobservable 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
20202019
Cash and cash equivalents$2,943 $4,337 
Trading marketable securities171 149 
Level 1 - Assets$3,114 $4,486 
Available-for-sale marketable securities:
Corporate and asset-backed debt securities$38 $32 
United States agency debt securities5 2 
United States treasury debt securities36 49 
Certificates of deposit2 5 
Total available-for-sale marketable securities$81 $88 
Foreign currency exchange forward contracts20 226 
Interest rate swap asset— 17 
Level 2 - Assets$101 $331 
Total assets measured at fair value$3,215 $4,817 
Liabilities Measured at Fair Value
20202019
Deferred compensation arrangements$171 $149 
Level 1 - Liabilities$171 $149 
Foreign currency exchange forward contracts$160 $23 
Interest rate swap liability53 — 
Level 2 - Liabilities$213 $23 
Contingent consideration:
Beginning$306 $117 
Additions108 298 
Change in estimate 9 (10)
Settlements(30)(99)
Ending$393 $306 
Level 3 - Liabilities$393 $306 
Total liabilities measured at fair value$777 $478 
Fair Value of Available for Sale Securities by Maturity
20202019
Due in one year or less$42 $50 
Due after one year through three years$39 $38 
On December 31, 2020 the aggregate difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest and marketable securities income was $102, $155 and $119 in 2020, 2019 and 2018, 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.