. 133 . the fair value of the forward contracts is approximately zero at december 31 , 2004 , and january 2 , 2004 . we recorded a $ 3 million and $ 2 million net loss relating to these forward foreign exchange contracts for the years ended december 31 , 2004 and january 2 , 2004 , respectively . the net losses for both years were offset by income recorded from translating the related monetary assets denominated in pounds sterling into u.s . dollars