Premium revenue increased 40.0%, or $4,629.0 million, to $16,206.2 million for the year ended December 31, 2002 from $11,577.2 million for the year ended December 31, 2001. Excluding premium revenue attributable to the acquired RightCHOICE business of $1,157.7 million for the eleven months ended December 31, 2002 and premium revenue attributable to the acquired Cerulean business of $540.0 million from January 1, 2002 to March 15, 2002, premium revenue increased $2,931.3 million, or 25.3%, on a Same-Store basis. The increase, excluding these acquisitions, was primarily due to a 12.5% increase in insured member months and the implementation of premium increases overall. The majority of the increase is attributable to the California region.
Effective March 30, 2001, the Company entered into two unsecured revolving credit facilities allowing aggregate indebtedness of $1.0 billion in principal amount. Borrowings under these facilities (which are generally referred to collectively in this annual report on Form 10-K as the Company's "revolving credit facility") bear interest at rates determined by reference to the bank's base rate or to the London InterBank Offered Rate ("LIBOR") plus a margin determined by reference to the then-current rating of the Company's senior unsecured long-term debt by specified rating agencies. One facility, which provides for borrowings not to exceed $750.0 million at any time outstanding, expires as of March 30, 2006, although it may be extended for up to two additional one-year periods under certain circumstances. The other facility, which provides for borrowings not to exceed $250.0 million at any time outstanding, expires on March 26, 2004. Any amount outstanding under this facility as of March 26, 2004 may be converted into a one-year term loan at the option of the Company and will bear interest at rates determined by reference to the bank's base rate or LIBOR plus a margin determined by reference to the then-current rating of the Company's unsecured long-term debt by specified rating agencies, plus 0.125% until paid in full. The Company is currently in negotiations to extend the term of the $250.0 million facility to March 25, 2005. Loans under the $250.0 million facility are made on a committed basis. Loans under the $750.0 million facility are made on a committed basis
The Company's contractual obligations relating to debt, leases, significant purchase obligations and other long-term liabilities at December 31, 2003 were as follows:
The Company adopted SFAS No. 142 on January 1, 2002 and, accordingly, no longer amortizes goodwill and other intangible assets with indefinite useful lives. In accordance with SFAS No. 142, the Company completed the transitional evaluation of its goodwill and other intangible assets at January 1, 2002 and the annual evaluation at December 31, 2003 and 2002, and determined that there was no impairment loss. As of December 31, 2003 and 2002, total goodwill and other intangible assets were $3.3 billion and $2.4 billion, respectively. The Cobalt acquisition added $849.1 million of goodwill and other intangible assets to the balance at December 31, 2003. The Company uses an independent valuation company to determine the allocation of the intangible assets obtained in its major acquisitions. (See Note 7 to the Consolidated Financial Statements for further discussion of the Company's goodwill and other intangible assets.)