. the fair value of sysco 2019s 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 $ 1669999000 at july 1 , 2006 and $ 1442721000 at july 2 , 2005 , respectively . as of july 1 , 2006 and july 2 , 2005 , letters of credit outstanding were $ 60000000 and $ 76817000 , respectively . 9