Financial report context:
notes to consolidated financial statements ( continued ) note 7 2014income taxes ( continued ) as of september 30 , 2006 , the company has state and foreign tax loss and state credit carryforwards , the tax effect of which is $ 55 million . certain of those carryforwards , the tax effect of which is $ 12 million , expire between 2016 and 2019 . a portion of these carryforwards was acquired from the company 2019s previous acquisitions , the utilization of which is subject to certain limitations imposed by the internal revenue code . the remaining benefits from tax losses and credits do not expire . as of september 30 , 2006 and september 24 , 2005 , a valuation allowance of $ 5 million was recorded against the deferred tax asset for the benefits of state operating losses that may not be realized . management believes it is more likely than not that forecasted income , including income that may be generated as a result of certain tax planning strategies , together with the tax effects of the deferred tax liabilities , will be sufficient to fully recover the remaining deferred tax assets . a reconciliation of the provision for income taxes , with the amount computed by applying the statutory federal income tax rate ( 35% ( 35 % ) in 2006 , 2005 , and 2004 ) to income before provision for income taxes , is as follows ( in millions ) : 2006 2005 2004 as restated ( 1 ) as restated ( 1 ) .

Financial table:
2006: computed expected tax; 2005 as restated ( 1 ): $ 987; 2004 as restated ( 1 ): $ 633; column_4: $ 129
2006: state taxes net of federal effect; 2005 as restated ( 1 ): 86; 2004 as restated ( 1 ): -19 ( 19 ); column_4: -5 ( 5 )
2006: indefinitely invested earnings of foreign subsidiaries; 2005 as restated ( 1 ): -224 ( 224 ); 2004 as restated ( 1 ): -98 ( 98 ); column_4: -31 ( 31 )
2006: nondeductible executive compensation; 2005 as restated ( 1 ): 11; 2004 as restated ( 1 ): 14; column_4: 12
2006: research and development credit net; 2005 as restated ( 1 ): -12 ( 12 ); 2004 as restated ( 1 ): -26 ( 26 ); column_4: -5 ( 5 )
2006: other items; 2005 as restated ( 1 ): -19 ( 19 ); 2004 as restated ( 1 ): -24 ( 24 ); column_4: 4
2006: provision for income taxes; 2005 as restated ( 1 ): $ 829; 2004 as restated ( 1 ): $ 480; column_4: $ 104
2006: effective tax rate; 2005 as restated ( 1 ): 29% ( 29 % ); 2004 as restated ( 1 ): 27% ( 27 % ); column_4: 28% ( 28 % )

Additional report context:
( 1 ) see note 2 , 201crestatement of consolidated financial statements . 201d the company 2019s income taxes payable has been reduced by the tax benefits from employee stock options . the company receives an income tax benefit calculated as the difference between the fair market value of the stock issued at the time of the exercise and the option price , tax effected . the net tax benefits from employee stock option transactions were $ 419 million , $ 428 million ( as restated ( 1 ) ) , and $ 83 million ( as restated ( 1 ) ) in 2006 , 2005 , and 2004 , respectively , and were reflected as an increase to common stock in the consolidated statements of shareholders 2019 equity. .

Question: what was the lowest effective tax rate in the three year period?
Answer: 27%