MoneyGram 2009 Annual Report Download - page 105

Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Depreciation expense for the year ended December 31 is as follows:
(Amounts in thousands) 2009 2008 2007
Office furniture and equipment $ 4,600 $ 4,055 $ 4,131
Leasehold improvements 3,526 2,593 1,728
Agent equipment 11,449 10,393 8,585
Signage 10,891 11,558 9,814
Computer hardware and software 23,351 23,692 23,415
Total depreciation expense $ 53,817 $ 52,291 $ 47,673
At December 31, 2009 and 2008, there was $1.2 million and $2.6 million, respectively, of property and equipment that had been received
by the Company and included in "Accounts payable and other liabilities" in the Consolidated Balance Sheets.
The Company recognized a $7.0 million impairment charge in 2009 in connection with its decision to sell its corporate airplane. The
Company also fully impaired $1.4 million of software related to its ACH Commerce business based on changes in its exit plan. During
2008 and 2007, the Company decided to discontinue certain software development projects and recognized an impairment charge of
$0.9 million and $0.2 million, respectively. All impairment charges are included in the "Transaction and operations support" line in the
Consolidated Statement of Loss.
Note 9 — Intangible Assets and Goodwill
Intangible assets at December 31 consist of the following:
2009 2008
Gross Net Gross Net
Carrying Accumulated Carrying Carrying Accumulated Carrying
(Amounts in thousands) Value Amortization Value Value Amortization Value
Amortized intangible assets:
Customer lists $ 15,307 $ (9,130) $ 6,177 $ 29,465 $ (17,486) $ 11,979
Non-compete agreements 200 (150) 50 3,417 (2,840) 577
Trademarks and license 597 (1) 596 981 (150) 831
Developed technology 1,519 (662) 857 1,519 (358) 1,161
Total intangible assets $ 17,623 $ (9,943) $ 7,680 $ 35,382 $ (20,834) $ 14,548
In 2009, the Company recorded impairment charges of $3.6 million related to customer lists and trademarks associated with its retail
money order business. Intangible impairment charges are included in the "Transaction and operations support" line of the Consolidated
Statements of Loss. No impairments of intangible assets were identified during 2008 and 2007. In connection with the acquisitions of
MoneyCard and Cambios Sol in 2008, the Company recorded intangible assets of $1.4 million for customer lists, developed technology
and a money transfer license.
Intangible asset amortization expense for 2009, 2008 and 2007 was $3.3 million, $4.4 million and $4.3 million, respectively. The
estimated future intangible asset amortization expense is $2.3 million, $1.2 million, $0.7 million, $0.4 million and $0.3 million for 2010,
2011, 2012, 2013 and 2014, respectively.
F-29