The remaining $90 million of the goodwill charge is related to the acquisition of less-than-truckload company Watkins Motor Lines -- now known as FedEx National LTL -- in 2006.
Less-than-truckload companies consolidate smaller loads into a single truck. FedEx's acquisition of Watkins was welcomed by analysts at the time. But the business has suffered along with the rest of the U.S. trucking sector, which has struggled with weak volumes since late 2006 and has been battered by the recession.
