Financial report 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 ) : .

Financial table:
2005: computed expected tax; 2004: $ 636; 2003: $ 134; column_4: $ 32
2005: state taxes net of federal effect; 2004: -19 ( 19 ); 2003: -5 ( 5 ); column_4: -4 ( 4 )
2005: indefinitely invested earnings of foreign subsidiaries; 2004: -98 ( 98 ); 2003: -31 ( 31 ); column_4: -13 ( 13 )
2005: nondeductible executive compensation; 2004: 11; 2003: 10; column_4: 5
2005: research and development credit net; 2004: -26 ( 26 ); 2003: -5 ( 5 ); column_4: -7 ( 7 )
2005: other items; 2004: -24 ( 24 ); 2003: 4; column_4: 11
2005: provision for income taxes; 2004: $ 480; 2003: $ 107; column_4: $ 24
2005: effective tax rate; 2004: 26% ( 26 % ); 2003: 28% ( 28 % ); column_4: 26% ( 26 % )

Additional report context:
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: 26.7