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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Our policies for managing risk related to foreign currency, interest rates, credit and markets and our process for determining fair value have not changed from those described in our Annual Report on Form 10-K for 2023.
In 2023 we recorded $192 of contingent consideration related to the acquisition of Cerus Endovascular Limited (Cerus) described in Note 7.
There were no significant transfers into or out of any level of the fair value hierarchy in 2024.
Assets Measured at Fair Value
June 30December 31
20242023
Cash and cash equivalents$1,874 $2,971 
Trading marketable securities241 209 
Level 1 - Assets$2,115 $3,180 
Available-for-sale marketable securities:
Corporate and asset-backed debt securities$48 $43 
United States agency debt securities1 4 
United States treasury debt securities29 31 
Certificates of deposit5 4 
Total available-for-sale marketable securities$83 $82 
Foreign currency exchange forward contracts88 116 
Level 2 - Assets$171 $198 
Total assets measured at fair value$2,286 $3,378 
Liabilities Measured at Fair Value
June 30December 31
20242023
Deferred compensation arrangements$241 $209 
Level 1 - Liabilities$241 $209 
Foreign currency exchange forward contracts$48 $97 
Level 2 - Liabilities$48 $97 
Contingent consideration:
Beginning$289 $121 
Additions1 192 
Change in estimate and foreign exchange(15)(2)
Settlements(48)(22)
Ending$227 $289 
Level 3 - Liabilities$227 $289 
Total liabilities measured at fair value$516 $595 
Fair Value of Available for Sale Securities by Maturity
June 30December 31
20242023
Due in one year or less$41 $46 
Due after one year through three years$42 $36 
On June 30, 2024 and December 31, 2023 the aggregate difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest income on cash and cash equivalents, short-term investments and marketable securities income was $26 and $11 in the three months and $62 and $25 in the six months 2024 and 2023, 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.