US Bank 2002 Annual Report Download - page 86

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Aggregate amortization expense consisted of the following:
Year Ended December 31 (Dollars in Millions) 2002 2001 2000
Goodwill (a) ***************************************************************************** $ — $251.1 $235.0
Merchant processing contracts ************************************************************ 135.1 15.3 2.4
Core deposit benefits********************************************************************* 80.9 80.9 57.7
Mortgage servicing rights ***************************************************************** 280.1 106.1 35.0
Trust relationships************************************************************************ 19.3 19.3 19.6
Other identified intangibles **************************************************************** 37.6 56.8 42.6
Total********************************************************************************** $553.0 $529.5 $392.3
(a) The Company adopted SFAS 142 on January 1, 2002, resulting in the elimination of amortization of goodwill and other indefinite lived intangible assets.
Below is the estimated amortization expense for the years ended:
(Dollars in Millions)
2003*********************************************************************************************************************** $425.1
2004*********************************************************************************************************************** 357.7
2005*********************************************************************************************************************** 305.8
2006*********************************************************************************************************************** 256.2
2007*********************************************************************************************************************** 222.3
Short-Term Borrowings
The following table is a summary of short-term borrowings for the last three years:
2002 2001 2000
(Dollars in Millions) Amount Rate Amount Rate Amount Rate
At year-end
Federal funds purchased ***************************** $ 3,025 .98% $ 1,146 1.08% $ 2,849 5.80%
Securities sold under agreements to repurchase ******** 2,950 .97 3,001 1.10 3,347 4.60
Commercial paper *********************************** 380 1.20 452 1.85 223 6.40
Treasury, tax and loan notes************************** 102 .91 4,038 1.27 776 5.20
Other short-term borrowings ************************** 1,349 1.26 6,033 2.54 4,638 6.09
Total ******************************************** $ 7,806 1.03% $14,670 1.75% $11,833 5.60%
Average for the year
Federal funds purchased ***************************** $ 4,145 2.94% $ 4,997 5.02% $ 5,690 6.22%
Securities sold under agreements to repurchase ******** 2,496 1.15 2,657 2.93 3,028 4.83
Commercial paper *********************************** 391 1.74 390 3.85 215 6.27
Treasury, tax and loan notes************************** 707 1.50 1,321 3.53 912 6.06
Other short-term borrowings ************************** 3,565 2.29 3,615 3.98 2,741 7.69
Total ******************************************** $11,304 2.21% $12,980 4.11% $12,586 6.21%
Maximum month-end balance
Federal funds purchased ***************************** $ 7,009 $ 7,829 $ 7,807
Securities sold under agreements to repurchase ******** 2,950 3,001 3,415
Commercial paper *********************************** 452 590 300
Treasury, tax and loan notes************************** 4,164 6,618 3,578
Other short-term borrowings ************************** 6,172 7,149 4,920
84 U.S. Bancorp
Note 13