MoneyGram 2008 Annual Report Download - page 120

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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Note 8 — Property and Equipment
Property and equipment consists of the following at December 31:
(Amounts in thousands) 2008 2007
Land $ 2,907 $ 2,907
Office furniture and equipment 45,053 44,285
Leasehold improvements 18,522 17,378
Agent equipment 92,124 88,160
Signage 46,808 43,178
Computer hardware and software 179,408 159,266
384,822 355,174
Accumulated depreciation (228,559) (184,166)
Total property and equipment $ 156,263 $ 171,008
Depreciation expense for the year ended December 31 is as follows :
(Amounts in thousands) 2008 2007 2006
Office furniture and equipment $ 4,055 $ 4,131 $ 2,485
Leasehold improvements 2,593 1,728 1,142
Agent equipment 10,393 8,585 8,453
Signage 11,558 9,814 5,452
Computer hardware and software 23,692 23,415 18,314
Total depreciation expense $ 52,291 $ 47,673 $ 35,846
At December 31, 2008 and 2007, there is $2.6 million and $0.7 million, respectively, of property and equipment which has been received
by the Company and included in "Accounts payable and other liabilities" in the Consolidated Balance Sheets.
During the fourth quarters of 2008, 2007 and 2006, the Company decided to discontinue certain software development projects and
recognized an impairment charge of $0.9 million, $0.2 million and $0.9 million, respectively. These charges are included in the
Consolidated Statement of (Loss) Income in "Transaction and operations support."
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