eTrade 2002 Annual Report Download - page 167
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Table of Contents
Index to Financial Statements
Other intangible assets, which will continue to be amortized on a straight-line basis, consist of the following (dollars in thousands):
Weighted Average
Useful Life(1) (years) As of December 31, 2002 As of December 31, 2001
Gross Amount Accumulated
Amortization Net Amount Gross Amount Accumulated
Amortization Net Amount
Specialist books 10-30 $ 59,800 $ 2,490 $ 57,310 $ 59,800 $ 506 $ 59,294
Active accounts(2) 7 54,229 20,897 33,332 52,599 7,514 45,085
ATM contracts 5 30,773 14,486 16,287 30,714 8,455 22,259
Deposit intangibles(2) 3 14,634 4,870 9,764 3,165 549 2,616
Proprietary
agreements
7 16,800 1,400 15,400 — — —
Customer list(2) 7 10,833 64 10,769 — — —
Distribution 9 6,200 21 6,179 — — —
Agency relationships 6 6,300 612 5,688 — — —
Other 6 3,683 520 3,163 5,509 1,863 3,646
Total $ 203,252 $ 45,360 $ 157,892 $ 151,787 $ 18,887 $ 132,900
(1) The Company evaluated the useful lives of its other intangible assets and determined that they should continue to be amortized based on
the original useful lives assigned on a straight-line basis.
(2) Amortized using an accelerated method.
Amortization expense of other intangible assets was $28.3 million for fiscal 2002, $13.9 million for fiscal 2001, $1.3 million for the three
months ended December 31, 2000 and $1.0 million for fiscal 2000. Assuming no future impairments of these assets or additions as the result of
acquisitions, annual amortization expense will be $30.5 million in fiscal 2003, $26.5 million in fiscal 2004, $15.8 million in fiscal 2005, $13.6
million in fiscal 2006, $12.9 million in fiscal 2007 and $58.5 million thereafter.
121
2003. EDGAR Online, Inc.