Table:
| (in thousands) | Federal | State |
| --- | --- | --- |
| Net operating losses (1) | $120,722 | $3,337 |
| Net operating losses due to acquisitions (1) | $76,827 | $778 |
| Credit carryforwards (2) | $8,202 | $1,958 |
| Credit carryforwards due to acquisitions | $640 | $227 |
Paragraphs:
At December 31, 2019, the Company’s net operating losses and credit carryforwards are:
(1) Excludes federal and state net operating losses of $60.2 million and $0.8 million, respectively, from prior acquisitions that the Company expects will expire unutilized
(2) Excludes federal and state tax credits of $0.1 million and $8.3 million, respectively, that the Company expects will expire unutilized
Carryforward losses and credits expire between 2020 and 2038, except for the 2019 federal net operating loss of $43.9 million and $1 million of state credits, which both have unlimited carryforward periods.
The Company’s India subsidiary is primarily located in Special Economic Zones (“SEZs”) and is entitled to a tax holiday in India. The tax holiday reduces or eliminates income tax in India. The tax holiday in the Hyderabad SEZ is scheduled to expire in 2024. The tax holiday in the Bangalore SEZ is scheduled to expire in 2022. For 2019, 2018 and 2017, the income tax holiday reduced the Company’s provision for income taxes by $1.9 million, $1.3 million, and $1 million, respectively.
Question:
What is the difference between the company's federal and state net operating losses?
Answer: 120722 - 3337  = 117385