Derivative Instruments (Tables)

3 Months Ended

Apr. 03, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of the Company's interest rate swaps

The fair value of the interest rate swaps and foreign currency forward contracts was as follows:

	Asset derivatives
	Balance sheet line item	April 3, 2020		January 3, 2020
		(in millions)
Fair value interest rate swaps	Other current assets(1)	$	4	$	2
Foreign currency forward contracts	Other current assets	1		—
		$	5	$	2
(1) The carrying amount of the fair value interest rate swaps were recorded within "Other assets" as of January 3, 2020.
	Liability derivatives
	Balance sheet line item	April 3, 2020		January 3, 2020
		(in millions)
Cash flow interest rate swaps	Other long-term liabilities	$	125	$	75

Schedule of amounts recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges

The following amounts were recorded on the condensed consolidated balance sheets related to cumulative basis adjustments for fair value hedges:

	Carrying amount of hedged item				Cumulative amount of fair value adjustment included within the hedged item
Balance sheet line item of hedged item	April 3, 2020		January 3, 2020		April 3, 2020		January 3, 2020
	(in millions)
Long-term debt, current portion(1)	$	454	$	452	$	4	$	2

⁽¹⁾ The carrying amount of the hedged item and cumulative amount of fair value adjustments were recorded within "Long-term debt, net of current portion" as of January 3, 2020.

Schedule of effect of the Company's cash flow hedges on other comprehensive income and earnings

The effect of the cash flow hedges on other comprehensive loss and earnings for the periods presented was as follows:

	Three Months Ended
	April 3, 2020		March 29, 2019
	(in millions)
Total interest expense, net presented in the condensed consolidated statements of income in which the effects of cash flow hedges are recorded	$	48	$	38
Amount recognized in other comprehensive loss	$	(55)	$	(18)
Amount reclassified from accumulated other comprehensive loss to interest expense, net	—		(2)