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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table provides a reconciliation of reportable segment revenues, depreciation and amortization, operating income (loss)
and segment assets to consolidated financial statement totals for the years ended or as of May 31 (in millions):
FedEx FedEx FedEx FedEx
Express Ground Freight Kinko’s Other and Consolidated
Segment Segment Segment Segment(1) Eliminations(2) Total
Revenues
2005 $19,485 $ 4,680 $ 3,217 $ 2,066 $ (85) $ 29,363
2004 17,497 3,910 2,689 521 93 24,710
2003 16,467 3,581 2,443 – (4) 22,487
Depreciation and amortization
2005 $ 798 $ 176 $ 102 $ 138 $ 248 $ 1,462
2004 810 154 92 33 286 1,375
2003 818 155 88 – 290 1,351
Operating income
2005(3) $ 1,414 $ 604 $ 354 $ 100 $ (1) $ 2,471
2004(4) 629 522 244 39 6 1,440
2003 783 494 193 – 1 1,471
Segment assets(5)
2005 $13,130 $ 2,776 $ 2,047 $ 2,987 $ (536) $ 20,404
2004 12,443 2,248 1,924 2,903 (384) 19,134
2003 11,188 1,846 1,825 – 526 15,385
(1) Includes the operations of FedEx Kinko’s from the formation of the FedEx Kinko’s segment on March 1, 2004.
(2) Includes the results of operations of FedEx Kinko’s from February 12, 2004 (date of acquisition) through February 29, 2004 (approximately $100 million of revenue and $6 million of oper-
ating income).
(3) Includes $48 million related to an Airline Stabilization Act charge.
(4) Includes business realignment costs of $428 million in the FedEx Express segment, $1 million in the FedEx Ground segment and $6 million in Other and Eliminations.
(5) Segment assets include intercompany receivables.
The following table provides a reconciliation of reportable segment capital expenditures to consolidated totals for the years ended
May 31 (in millions): FedEx FedEx FedEx FedEx
Express Ground Freight Kinko’s Consolidated
Segment Segment Segment Segment Other Total
2005 $1,195 $ 456 $217 $152 $ 216 $ 2,236
2004 592 314 130 36 199 1,271
2003 917 252 139 – 203 1,511
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