what portion of the total net operating loss carryforwards is state related?
american tower corporation and subsidiaries notes to consolidated financial statements the valuation allowance increased from $ 47.8 million as of december 31 , 2009 to $ 48.2 million as of december 31 , 2010 . the increase was primarily due to valuation allowances on foreign loss carryforwards . at december 31 , 2010 , the company has provided a valuation allowance of approximately $ 48.2 million which primarily relates to state net operating loss carryforwards , equity investments and foreign items . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient taxable income to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing projections based on its current operations . the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the company 2019s deferred tax assets as of december 31 , 2010 and 2009 in the table above do not include $ 122.1 million and $ 113.9 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses . total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122.1 million if and when any such excess tax benefits are ultimately realized . at december 31 , 2010 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.2 billion , including losses related to employee stock options of $ 0.3 billion . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .

| Years ended December 31, | Federal | State | Foreign |
| :--- | :--- | :--- | :--- |
| 2011 to 2015 | $— | $— | $503 |
| 2016 to 2020 | — | 331,315 | 5,509 |
| 2021 to 2025 | 774,209 | 576,780 | — |
| 2026 to 2030 | 423,398 | 279,908 | 92,412 |
| Total | $1,197,607 | $1,188,003 | $98,424 |

in addition , the company has mexican tax credits of $ 5.2 million which if not utilized would expire in 2017. .

carryforwards = 1197607 + 1188003
carryforwards_total = carryforwards + 98424
carryforwards_federal = carryforwards_total
carryforwards_state = 1188003
carryforwards_foreign = 98424
percent_carryforwards_state = carryforwards_state / carryforwards_total
answer = percent_carryforwards_state * 100