Financial report context:
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 ) : .

Financial table:
years ended december 31,: 2011 to 2015; federal: $ 2014; state: $ 2014; foreign: $ 503
years ended december 31,: 2016 to 2020; federal: 2014; state: 331315; foreign: 5509
years ended december 31,: 2021 to 2025; federal: 774209; state: 576780; foreign: 2014
years ended december 31,: 2026 to 2030; federal: 423398; state: 279908; foreign: 92412
years ended december 31,: total; federal: $ 1197607; state: $ 1188003; foreign: $ 98424

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

Question: what portion of the total net operating loss carryforwards is state related?
Answer: 47.8%