Derivative Instruments (Tables)

The fair value of the interest rate swaps was as follows:

Asset derivatives

Balance sheet line item

July 3,
2020

January 3,
2020

(in millions)

Fair value interest rate swaps

Other current assets⁽¹⁾

⁽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

July 3,
2020

January 3,
2020

(in millions)

Cash flow interest rate swaps

Other long-term liabilities

124

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	July 3, 2020		January 3, 2020		July 3, 2020		January 3, 2020
	(in millions)
Long-term debt, current portion⁽¹⁾	$	452	$	452	$	2	$	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.

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


	Three Months Ended						Six Months Ended
	July 3, 2020		June 28, 2019		July 3, 2020		June 28, 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	$	41	$	33	$	89	$	71

Amount recognized in other comprehensive income (loss)	$	(7)	$	(31)	$	(62)	$	(49)
Amount reclassified from accumulated other comprehensive loss to interest expense, net	4		(2)		4		(4)