undistributed earnings of $ 696.9 million from certain foreign subsidiaries are considered to be permanently reinvested abroad and will not be repatriated to the united states in the foreseeable future .
because those earnings are considered to be indefinitely reinvested , no domestic federal or state deferred income taxes have been provided thereon .
if we were to make a distribution of any portion of those earnings in the form of dividends or otherwise , we would be subject to both u.s .
income taxes ( subject to an adjustment for foreign tax credits ) and withholding taxes payable to the various foreign jurisdictions .
because of the availability of u.s .
foreign tax credit carryforwards , it is not practicable to determine the domestic federal income tax liability that would be payable if such earnings were no longer considered to be reinvested indefinitely .
a valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized .
changes to our valuation allowance during the years ended may 31 , 2015 and 2014 are summarized below ( in thousands ) : .

Balance at May 31, 2013
$(28,464)
Utilization of foreign net operating loss carryforwards
2,822
Allowance for foreign tax credit carryforward
18,061
Other
382
Balance at May 31, 2014
(7,199)
Utilization of foreign net operating loss carryforwards
3,387
Other
(11)
Balance at May 31, 2015
$(3,823)

net operating loss carryforwards of foreign subsidiaries totaling $ 12.4 million and u.s .
net operating loss carryforwards previously acquired totaling $ 19.8 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2033 if not utilized .
capital loss carryforwards of u.s .
subsidiaries totaling $ 4.7 million will expire if not utilized by may 31 , 2017 .
tax credit carryforwards totaling $ 8.4 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2023 if not utilized .
we conduct business globally and file income tax returns in the u.s .
federal jurisdiction and various state and foreign jurisdictions .
in the normal course of business , we are subject to examination by taxing authorities around the world .
as a result of events that occurred in the fourth quarter of the year ended may 31 , 2015 , management concluded that it was more likely than not that the tax positions in a foreign jurisdiction , for which we had recorded estimated liabilities of $ 65.6 million in other noncurrent liabilities on our consolidated balance sheet , would be sustained on their technical merits based on information available as of may 31 , 2015 .
therefore , the liability and corresponding deferred tax assets were eliminated as of may 31 , 2015 .
the uncertain tax positions have been subject to an ongoing examination in that foreign jurisdiction by the tax authority .
discussions and correspondence between the tax authority and us during the fourth quarter indicated that the likelihood of the positions being sustained had increased .
subsequent to may 31 , 2015 , we received a final closure notice regarding the examination resulting in no adjustments to taxable income related to this matter for the tax returns filed for the periods ended may 31 , 2010 through may 31 , 2013 .
the unrecognized tax benefits were effectively settled with this final closure notice .
we are no longer subjected to state income tax examinations for years ended on or before may 31 , 2008 , u.s .
federal income tax examinations for fiscal years prior to 2012 and united kingdom federal income tax examinations for years ended on or before may 31 , 2013 .
78 2013 global payments inc .
| 2015 form 10-k annual report .

Question: Analyse this data from a financial earnings document. what is the total net operating loss that must be utilized before expiration between may 31 , 2017 and may 31 , 2033?
Choices:
0.3
29.8
32.2
716.7
24.8
Correct choice index: 2