Total Debt Total debt at July 1, 2006 was $1,762,692,000, of which approximately 75% was at fixed rates averaging 6.0% with an average life of 19 years, and the remainder was at floating rates averaging 5.2%.
Certain loan agreements contain typical debt covenants to protect noteholders, including provisions to maintain the company’s long-term debt to total capital ratio below a specified level.
SYSCO was in compliance with all debt covenants at July 1, 2006.
The fair value of SYSCO’s total long-term debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the company for debt of the same remaining maturities.
The fair value of total long-term debt approximated $1,669,999,000 at July 1, 2006 and $1,442,721,000 at July 2, 2005, respectively.
Other As of July 1, 2006 and July 2, 2005, letters of credit outstanding were $60,000,000 and $76,817,000, respectively.9.
LEASES Although SYSCO normally purchases assets, it has obligations under capital and operating leases for certain distribution facilities, vehicles and computers.
Total rental expense under operating leases was $100,690,000, $92,710,000, and $86,842,000 in fiscal 2006, 2005 and 2004, respectively.
Contingent rentals, subleases and assets and obligations under capital leases are not significant.
Aggregate minimum lease payments by fiscal year under existing non-capitalized long-term leases are as follows:
## Table 0 ##
10.
EMPLOYEE BENEFIT PLANS SYSCO has defined benefit and defined contribution retirement plans for its employees.
Also, the company contributes to various multi-employer plans under collective bargaining agreements and provides certain health care benefits to eligible retirees and their dependents.
SYSCO maintains a qualified retirement plan (Retirement Plan) that pays benefits to employees at retirement, using formulas based on a participant’s years of service and compensation.
The defined contribution 401(k) plan provides that under certain circumstances the company may make matching contributions of up to 50% of the first 6% of a participant’s compensation.
SYSCO’s contributions to this plan were $21,898,000 in 2006, $28,109,000 in 2005, and $27,390,000 in 2004.
In addition to receiving benefits upon retirement under the company’s defined benefit plan, participants in the Management Incentive Plan (see ‘‘Management Incentive Compensation’’ under ‘‘Stock Based Compensation Plans’’) will receive benefits under a Supplemental Executive Retirement Plan (SERP).
This plan is a nonqualified, unfunded supplementary retirement plan.
In order to meet its obligations under the SERP, SYSCO maintains life insurance policies on the lives of the participants with carrying values of $153,659,000 at July 1, 2006 and $138,931,000 at July 2, 2005.
These policies are not included as plan assets or in the funded status amounts in the table below.
SYSCO is the sole owner and beneficiary of such policies.
Projected benefit obligations and accumulated benefit obligations for the SERP were $327,450,000 and $238,599,000, respectively, as of July 1, 2006 and $375,491,000 and $264,010,000, respectively, as of July 2, 2005.
The company made cash contributions to its pension plans of $73,764,000 and $220,361,000 in fiscal years 2006 and 2005, respectively, including $66,000,000 and $214,000,000 in voluntary contributions to the Retirement Plan in fiscal 2006 and 2005, respectively.
In fiscal 2006, the company’s voluntary contribution to the Retirement Plan represented the maximum tax-deductible amount.
In fiscal 2005, the company made a voluntary contribution of $134,000,000 in the fourth quarter in addition to the $80,000,000
## Table 1 ##
Minimum pension liability adjustment
## Table 2 ##
The following table provides a summary of the changes in accumulated other comprehensive income (loss) for the years presented:
## Table 3 ##
15.
SHARE-BASED COMPENSATION Prior to July 3, 2005, SYSCO accounted for its stock option plans and its Employees’ Stock Purchase Plan using the intrinsic value method of accounting provided under APB Opinion No.25, “Accounting for Stock Issued to Employees,” (APB 25) and related interpretations, as permitted by FASB Statement No.123, “Accounting for Stock-Based Compensation,” (SFAS 123) under which no compensation expense was recognized for stock option grants and issuances of stock pursuant to the Employees’ Stock Purchase Plan.
However, share-based compensation expense was recognized in periods prior to fiscal 2006 (and continues to be recognized) for stock issuances pursuant to the Management Incentive Plan and stock grants to non-employee directors.
Share-based compensation was a pro forma disclosure in the financial statement footnotes and continues to be provided for periods prior to fiscal 2006.
Effective July 3, 2005, SYSCO adopted the fair value recognition provisions of FASB Statement No.123(R), “Share-Based Payment,” (SFAS 123(R)) using the modified-prospective transition method.
Under this transition method, compensation cost recognized in fiscal 2006 and later years includes: a) compensation cost for all share-based payments granted through July 2, 2005, but for which the requisite service period had not been completed as of the beginning of the fiscal year, based on the grant date fair value estimated in accordance with the original provisions of SFAS 123, and b) compensation cost for all share-based payments granted during the fiscal year, based on the grant date fair value estimated in accordance with the provisions of SFAS 123(R).
Results for prior periods were not restated.
The adoption of SFAS 123(R) results in lower diluted shares outstanding than would have been calculated had compensation cost not been recorded for stock options and stock issuances under the Employees’ Stock Purchase Plan.
This is due to a modification required by SFAS 123(R) of the treasury stock method calculation utilized to compute the dilutive effect of stock options.
Sysco provides compensation benefi ts to employees and non-employee directors under several share-based payment arrangements including various employee stock option plans, the Employees’ Stock Purchase Plan, the Management Incentive Plan and various non-employee director plans.
Stock Incentive Plans In November?2009, Sysco’s 2007 Stock Incentive Plan was amended and provides for the issuance of up to 55,000,000?shares of Sysco common stock for share-based awards to offi cers and other employees of the company.
Of the 55,000,000 authorized?shares, the full 55,000,000?shares may be issued as options or stock appreciation rights and up to 10,000,000?shares may be issued as restricted stock, restricted stock units or other types of stock-based awards.
To date, Sysco has issued options, restricted stock and restricted stock units under this plan.
Vesting requirements for awards under this plan will vary by individual grant and may include either time-based vesting or time-based vesting subject to acceleration based on performance criteria for fi scal periods of at least one year.
The contractual life of all options granted under this plan will be no greater than seven years.
As of June?29,?2013, there were 10,159,110 remaining?shares authorized and available for grant in total under the amended 2007 Stock Incentive Plan, of which the full 10,159,110?shares may be issued as options or stock appreciation rights, or as a combination of up to 5,530,402?shares that may be issued as restricted stock, restricted stock units or other types of stock-based awards with the remainder available for issuance as options or stock appreciation rights.
Sysco has also granted employee options under several previous employee stock option plans for which previously granted options remain outstanding as of June?29,?2013.
No new options will be issued under any of the prior plans, as future grants to employees will be made through the amended 2007 Stock Incentive Plan or subsequently adopted plans.
Vesting requirements for awards under these plans vary by individual grant and include either timebased vesting or time-based vesting subject to acceleration based on performance criteria.
The contractual life of all options granted under these plans through July?3,?2004 is 10 years; options granted after July?3,?2004 have a contractual life of seven years.
In November?2009, Sysco’s 2009 Non-Employee Directors Stock Plan was adopted and provides for the issuance of up to 750,000?shares of Sysco common stock for share-based awards to non-employee directors.
The authorized?shares may be granted as restricted stock, restricted stock units, elected?shares or additional?shares.
In addition, options and unvested common?shares also remained outstanding as of June?29,?2013 under previous non-employee director stock plans.
No further grants will be made under these previous plans, as all future grants to non-employee directors will be made through the 2009 Non-Employee Directors Stock Plan or subsequently adopted plans.
Vesting requirements for awards under these plans vary by individual grant and include either time-based vesting or vesting based on performance criteria.
The contractual life of all options granted under these plans through July?3,?2004 is 10 years; options granted after July?3,?2004 have a contractual life of seven years.
As of June?29,?2013, there were 483,096 remaining?shares authorized and available for grant in total under the 2009 Non-Employee Directors Stock Plan.
Stock Options Sysco’s option awards are subject to graded vesting over a service period.
Sysco recognizes compensation cost on a straight-line basis over the requisite service period for the entire award.
In addition, certain of Sysco’s options provide that the options continue to vest as if the optionee continued to be an employee or director if the optionee meets certain age and years of service thresholds upon retirement.
In these cases, Sysco will recognize compensation cost for such awards over the period from the grant date to the date the employee or director fi rst becomes eligible to retire with the options continuing to vest after retirement.
The fair value of each option award is estimated as of the date of grant using a Black-Scholes option pricing model.
The weighted average assumptions for the periods indicated are noted in the following table.
Expected volatility is based on historical volatility of Sysco’s stock, implied volatilities from traded options on Sysco’s stock and other factors.
Sysco utilizes historical data to estimate option exercise and employee termination behavior within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes.
Expected dividend yield is estimated based on the historical pattern of dividends and the average stock price for the year preceding the option grant.
The risk-free rate for the expected term of the option is based on the U. S.  Treasury yield curve in effect at the time of grant.
The following weighted-average assumptions were used for each fi scal year presented:
## Table 4 ##
PART II – FINANCIAL INFORMATION ITEM 8?Financial Statements and Supplementary Data NOTE?19 Share-Based Compensation Sysco provides compensation benefits to employees under several share-based payment arrangements, including various long-term employee stock incentive plans and the 2015 Employee Stock Purchase Plan (ESPP).
Stock Incentive Plans In November 2018, Sysco’s Omnibus Incentive Plan (2018 Plan) was adopted and reserved up to 51,500,000 shares of Sysco common stock for share-based awards to employees, non-employee directors and key advisors.
Of the 51,500,000 authorized shares, the full 51,500,000 shares may be issued as options or stock appreciation rights and up to 17,500,000 shares may be issued as restricted stock, restricted stock units or other types of stock-based awards.
To date, Sysco has issued options, restricted stock units and performance share units under the 2018 Plan.
Vesting requirements for awards under the 2018 Plan vary by individual grant and may include either time-based vesting or time-based vesting subject to acceleration based on performance criteria for fiscal periods of at least one year.
The contractual life of all options granted under the 2018 Plan are and will be no greater than ten years.
As of June?29, 2019, there were 50,783,126 remaining shares authorized and available for grant in total under the 2018 Plan, of which the full 50,783,126 shares may be issued as options or stock appreciation rights, or as a combination of up to 16,841,942 shares that may be issued as restricted stock, restricted stock units or other types of stock-based awards, with the remainder available for issuance as options or stock appreciation rights.
Sysco has also granted employee options under several previous employee stock option plans for which previously granted options remain outstanding as of June 29, 2019.
No new options will be issued under any of the prior plans, as future grants to employees will be made through the 2018 Plan or subsequently adopted plans.
Awards under these plans are subject to time-based vesting with vesting periods that vary by individual grant.
The contractual life of all options granted under these plans is ten years.
Sysco’s policy is to utilize treasury stock for issuing shares upon share option exercise or share unit conversion.
Performance Share Units During fiscal 2019 and 2018, 581,174 and 895,968 performance share units (PSUs), respectively, were granted to employees.
Based on the jurisdiction in which the employee resides, some of these PSUs were granted with forfeitable dividend equivalents.
The fair value of each PSU award granted with a dividend equivalent is based on the company’s stock price as of the date of grant.
For PSUs granted without dividend equivalents, the fair value was reduced by the present value of expected dividends during the vesting period.
The weighted average grant-date fair value per performance share unit granted during fiscal 2019 and 2018 was $74.86 and $51.11, respectively.
The PSUs granted will vest and convert into shares of Sysco common stock at the end of the performance periods, which conclude at the end of fiscal 2021 and fiscal 2020, respectively, based on financial performance targets consisting of Sysco’s earnings per share, compound annual growth rate and adjusted return on invested capital.
Stock Options Sysco’s option awards are subject to graded vesting over a requisite service period with compensation cost recognized on a straight-line basis over the requisite service period over the duration of the award.
In addition, certain of Sysco’s options provide that the options continue to vest as if the optionee continued as an employee or director if the optionee meets certain age and years of service thresholds upon retirement.
In these cases, Sysco will recognize compensation cost for such awards over the period from the grant date to the date the employee or director first becomes eligible to retire with the options continuing to vest after retirement.
The fair value of each option award is estimated as of the date of grant using a Black-Scholes option pricing model.
Expected dividend yield is estimated based on the historical pattern of dividends and the average stock price for the year preceding the option grant.
Expected volatility is based on historical volatility of Sysco’s stock, implied volatilities from traded options on Sysco’s stock and other factors.
The risk-free rate for the expected term of the option is based on the U. S.  Treasury yield curve in effect at the time of grant.
Sysco utilizes historical data to estimate option exercise and employee termination behavior within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately in determining the expected life of awards for valuation purposes.
The weighted average assumptions discussed above are noted in the table below for relevant periods as follows:

<table><tr><td></td><td>Amount</td></tr><tr><td>2007</td><td>$56,499,000</td></tr><tr><td>2008</td><td>46,899,000</td></tr><tr><td>2009</td><td>39,904,000</td></tr><tr><td>2010</td><td>33,329,000</td></tr><tr><td>2011</td><td>25,666,000</td></tr><tr><td>Later years</td><td>128,981,000</td></tr></table>
<table><tr><td></td><td colspan="3"> 2007</td></tr><tr><td></td><td> Before-Tax   Amount</td><td> Income Tax</td><td> After-Tax   Amount</td></tr><tr><td>Minimum pension liability adjustment</td><td>$5,633,000</td><td>$2,164,000</td><td>$3,469,000</td></tr><tr><td>Foreign currency translation adjustment</td><td>25,052,000</td><td>—</td><td>25,052,000</td></tr><tr><td>Amortization of cash flow hedge</td><td>694,000</td><td>266,000</td><td>428,000</td></tr><tr><td>Other comprehensive income</td><td>$31,379,000</td><td>$2,430,000</td><td>$28,949,000</td></tr></table>
<table><tr><td></td><td colspan="3"> 2006</td></tr><tr><td></td><td> Before-Tax   Amount</td><td> Income Tax</td><td> After-Tax   Amount</td></tr><tr><td>Minimum pension liability adjustment</td><td>$70,097,000</td><td>$26,917,000</td><td>$43,180,000</td></tr><tr><td>Foreign currency translation adjustment</td><td>47,718,000</td><td>—</td><td>47,718,000</td></tr><tr><td>Change in fair value of interest rate swap</td><td>11,388,000</td><td>4,324,000</td><td>7,064,000</td></tr><tr><td>Amortization of cash flow hedge</td><td>540,000</td><td>207,000</td><td>333,000</td></tr><tr><td>Other comprehensive income</td><td>$129,743,000</td><td>$31,448,000</td><td>$98,295,000</td></tr></table>
<table><tr><td></td><td>Pension and Other Postretirement Benefit Plans</td><td> Foreign Currency   Translation</td><td>Interest Rate Swap</td><td>Total</td></tr><tr><td>Balance as of July 2, 2005</td><td>$-54,286,000</td><td>$60,730,000</td><td>$-20,121,000</td><td>$-13,677,000</td></tr><tr><td>Minimum pension liability adjustment</td><td>43,180,000</td><td>—</td><td>—</td><td>43,180,000</td></tr><tr><td>Foreign currency translation adjustment</td><td>—</td><td>47,718,000</td><td>—</td><td>47,718,000</td></tr><tr><td>Change in fair value of interest rate swap</td><td>—</td><td>—</td><td>7,064,000</td><td>7,064,000</td></tr><tr><td>Amortization of cash flow hedge</td><td>—</td><td>—</td><td>333,000</td><td>333,000</td></tr><tr><td>Balance as of July 1, 2006</td><td>-11,106,000</td><td>108,448,000</td><td>-12,724,000</td><td>84,618,000</td></tr><tr><td>Minimum pension liability adjustment</td><td>3,469,000</td><td>—</td><td>—</td><td>3,469,000</td></tr><tr><td>Foreign currency translation adjustment</td><td>—</td><td>25,052,000</td><td>—</td><td>25,052,000</td></tr><tr><td>Amortization of cash flow hedge</td><td>—</td><td>—</td><td>428,000</td><td>428,000</td></tr><tr><td>Adoption of SFAS 158 recognition provision</td><td>-117,628,000</td><td>—</td><td>—</td><td>-117,628,000</td></tr><tr><td>Balance as of June 30, 2007</td><td>-125,265,000</td><td>133,500,000</td><td>-12,296,000</td><td>-4,061,000</td></tr><tr><td>Adoption of SFAS 158 measurement date provision</td><td>22,780,000</td><td>—</td><td>—</td><td>22,780,000</td></tr><tr><td>Foreign currency translation adjustment</td><td>—</td><td>30,514,000</td><td>—</td><td>30,514,000</td></tr><tr><td>Amortization of cash flow hedge</td><td>—</td><td>—</td><td>427,000</td><td>427,000</td></tr><tr><td>Amortization of prior service cost</td><td>3,777,000</td><td>—</td><td>—</td><td>3,777,000</td></tr><tr><td>Amortization of net actuarial losses</td><td>2,003,000</td><td>—</td><td>—</td><td>2,003,000</td></tr><tr><td>Amortization of transition obligation</td><td>93,000</td><td>—</td><td>—</td><td>93,000</td></tr><tr><td>Pension funded status adjustment</td><td>-124,301,000</td><td>—</td><td>—</td><td>-124,301,000</td></tr><tr><td>Balance as of June 28, 2008</td><td>$-220,913,000</td><td>$164,014,000</td><td>$-11,869,000</td><td>$-68,768,000</td></tr></table>
<table><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Dividend yield</td><td>3.7%</td><td>3.7%</td><td>3.5%</td></tr><tr><td>Expected volatility</td><td>20.7</td><td>23.4</td><td>23.4</td></tr><tr><td>Risk-free interest rate</td><td>0.7</td><td>1.0</td><td>1.2</td></tr><tr><td>Expected life</td><td>5.4 years</td><td>5.4 years</td><td>5.0 years</td></tr></table>

Question: What is the total amount of Balance as of July 1, 2006 of Interest Rate Swap, and Minimum pension liability adjustment of 2006 Income Tax ?
Answer: 39641000