american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) at december 31 , 2005 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 2.2 billion and $ 2.4 billion , respectively .if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .
[['years ended december 31,', 'federal', 'state'], ['2006 to 2010', '$ 5248', '$ 469747'], ['2011 to 2015', '10012', '272662'], ['2016 to 2020', '397691', '777707'], ['2021 to 2025', '1744552', '897896'], ['total', '$ 2157503', '$ 2418012']]
sfas no .109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2005 , the company has provided a valuation allowance of approximately $ 422.4 million , including approximately $ 249.5 million attributable to spectrasite , primarily related to net operating loss and capital loss carryforwards .approximately $ 237.8 million of the spectrasite valuation allowance was assumed as of the acquisition date .the balance of the valuation allowance primarily relates to net state deferred tax assets .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 time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period .the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses .in june 2003 and october 2003 , the company filed federal income tax refund claims with the irs relating to the carry back of $ 380.0 million of net operating losses generated prior to 2003 , of which the company initially anticipated receiving approximately $ 90.0 million .based on preliminary discussions with tax authorities , the company has revised its estimate of the net realizable value of the federal income tax refund claims and anticipates receiving a refund of approximately $ 65.0 million as a result of these claims by the end of 2006 .there can be no assurances , however , with respect to the specific amount and timing of any refund .the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations .the projections show a significant decrease in depreciation and interest expense 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 and debt repayments reducing interest expense .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 realization of the company 2019s deferred tax assets as of december 31 , 2005 will be dependent upon its ability to generate approximately $ 1.3 billion in taxable income from january 1 , 2006 to december 31 , 2025 .if the company is unable to generate sufficient taxable income in the future , or carry back losses , as described above , it will be required to reduce its net deferred tax asset through a charge to income tax expense , which would result in a corresponding decrease in stockholders 2019 equity .from time to time the company is subject to examination by various tax authorities in jurisdictions in which the company has significant business operations .the company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations .during the year ended .

Question: what was the percentage of the anticipated approximate tax refund in 2003 based on the nol $ 90.0 million .
Answer: 23.7%