Please answer the given financial question based on the context.
Context: notes to consolidated financial statements ( continued ) note 6 2014income taxes ( continued ) a reconciliation of the provision for income taxes , with the amount computed by applying the statutory federal income tax rate ( 35% ( 35 % ) in 2005 , 2004 , and 2003 ) to income before provision for income taxes , is as follows ( in millions ) : .
||2005|2004|2003|
|computed expected tax|$ 636|$ 134|$ 32|
|state taxes net of federal effect|-19 ( 19 )|-5 ( 5 )|-4 ( 4 )|
|indefinitely invested earnings of foreign subsidiaries|-98 ( 98 )|-31 ( 31 )|-13 ( 13 )|
|nondeductible executive compensation|11|10|5|
|research and development credit net|-26 ( 26 )|-5 ( 5 )|-7 ( 7 )|
|other items|-24 ( 24 )|4|11|
|provision for income taxes|$ 480|$ 107|$ 24|
|effective tax rate|26% ( 26 % )|28% ( 28 % )|26% ( 26 % )|
during 2005 , the company reversed certain tax contingency reserves and recorded a corresponding benefit to income tax expense primarily as a result of a change in the estimated outcome of certain tax disputes . additionally , during the fourth quarter of 2005 , the company recorded a benefit to tax expense to adjust its net deferred tax assets as a result of the company 2019s year-end review of its deferred tax accounts , the impact of which was not material to the current or prior periods 2019 results of operations . the total benefit to income tax expense from the reversal of these tax contingency reserves and adjustments to net deferred tax assets was $ 67 million . the company also recorded a $ 14 million credit to income tax expense resulting from a reduction of the valuation allowance . the internal revenue service ( irs ) has completed its field audit of the company 2019s federal income tax returns for all years prior to 2002 and proposed certain adjustments . certain of these adjustments are being contested through the irs appeals office . substantially all irs audit issues for these years have been resolved . in addition , the company is also subject to audits by state , local , and foreign tax authorities . management believes that adequate provisions have been made for any adjustments that may result from tax examinations . however , the outcome of tax audits cannot be predicted with certainty . should any issues addressed in the company 2019s tax audits be resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs . note 7 2014shareholders 2019 equity preferred stock the company has 5 million shares of authorized preferred stock , none of which is outstanding . under the terms of the company 2019s restated articles of incorporation , the board of directors is authorized to determine or alter the rights , preferences , privileges and restrictions of the company 2019s authorized but unissued shares of preferred stock. .
Question: what was the average effective tax rate for the three year period?


Answer: The answer is:0.26667