Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Gains (losses) recognized on derivative financial instruments were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019		Financial Statement Account
Non-designated foreign exchange contracts	$	(12)	$	13	$	6	$	13	Other items, net

Fair Value Measurements

The following tables set forth our assets and liabilities measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability.


At September 30, 2020	Level 1		Level 2		Level 3		Total
Assets:
Equity securities	$	—	$	32	$	—	$	32
Foreign currency hedges	—		4		—		4
Total Assets	$	—	$	36	$	—	$	36
Liabilities:
Deferred compensation	$	—	$	472	$	—	$	472
Foreign currency hedges	—		19		—		19
Total Liabilities	$	—	$	491	$	—	$	491


At December 31, 2019	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	146	$	—	$	—	$	146
Foreign currency hedges	—		13		—		13
Total Assets	$	146	$	13	$	—	$	159
Liabilities:
Deferred compensation	$	—	$	490	$	—	$	490
Foreign currency hedges	—		14		—		14
Total Liabilities	$	—	$	504	$	—	$	504