We report our financial results of operations in the following three reportable segments: Corrugated Packaging, which consists of our containerboard mill, corrugated packaging and distribution operations, as well as our merchandising displays and recycling procurement operations; Consumer Packaging, which consists of our consumer mills, food and beverage and partition operations; and Land and Development, which sells real estate primarily in the Charleston, SC region. Effective in the first quarter of fiscal 2019, we aligned our financial results for all periods presented to move our merchandising displays operations from our Consumer Packaging segment to our Corrugated Packaging segment and to allocate certain previously non-allocated costs and certain pension and other postretirement non-service income to our reportable segments. Separately, in the first quarter of fiscal 2019, we began conducting our recycling operations primarily as a procurement function. Since then, recycling net sales have not been recorded and the margin from the operations has reduced cost of goods sold. Certain income and expenses are not allocated to our segments and, thus, the information that management uses to make operating decisions and assess performance does not reflect these amounts. Items not allocated are reported as non-allocated expenses or in other line items in the table below after segment income.

The following table shows selected operating data for our segments (in millions):

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Net sales (aggregate):
Corrugated Packaging	$	3,072.8		$	2,444.6		$	8,797.3		$	7,155.6
Consumer Packaging		1,650.1			1,669.6			4,937.2			4,908.2
Land and Development		8.6			64.8			23.3			102.9
Total	$	4,731.5		$	4,179.0		$	13,757.8		$	12,166.7
Less net sales (intersegment):
Corrugated Packaging	$	19.7		$	21.6		$	57.1		$	63.0
Consumer Packaging		21.8			19.9			63.3			55.2
Total	$	41.5		$	41.5		$	120.4		$	118.2
Net sales (unaffiliated customers):
Corrugated Packaging	$	3,053.1		$	2,423.0		$	8,740.2		$	7,092.6
Consumer Packaging		1,628.3			1,649.7			4,873.9			4,853.0
Land and Development		8.6			64.8			23.3			102.9
Total	$	4,690.0		$	4,137.5		$	13,637.4		$	12,048.5
Segment income:
Corrugated Packaging	$	392.7		$	321.9		$	949.8		$	854.6
Consumer Packaging		91.0			126.1			253.1			314.9
Land and Development		1.6			9.9			2.8			25.3
Segment income		485.3			457.9			1,205.7			1,194.8
(Loss) gain on sale of certain closed facilities		(2.7	)		—			47.8			—
Multiemployer pension withdrawals		1.7			(4.2	)		1.7			(184.2	)
Land and Development impairments		—			(1.7	)		(13.0	)		(29.3	)
Restructuring and other costs		(17.9	)		(17.1	)		(107.1	)		(65.1	)
Non-allocated expenses		(24.4	)		(13.0	)		(67.8	)		(50.3	)
Interest expense, net		(111.1	)		(76.7	)		(317.3	)		(219.8	)
(Loss) gain on extinguishment of debt		(3.2	)		0.9			(4.7	)		—
Other income (expense), net		3.7			9.7			(2.3	)		13.3
Income before income taxes	$	331.4		$	355.8		$	743.0		$	659.4

In October 2018, our containerboard and pulp mill located in Panama City, FL sustained extensive damage from Hurricane Michael. In the three and nine months ended June 30, 2019, we received $30.0 million and $110.0 million of insurance proceeds, respectively, in our Corrugated Packaging segment related primarily to the Panama City mill. The proceeds received were recorded in the condensed consolidated statements of income as a reduction to cost of goods sold.

	June 30, 2019		September 30, 2018
Intangibles, net:
Corrugated Packaging	$	1,711.5	$	506.2
Consumer Packaging		2,463.3		2,615.8
Total	$	4,174.8	$	3,122.0

Identifiable assets:
Corrugated Packaging	$	16,893.5	$	11,069.6
Consumer Packaging		11,216.9		11,511.1
Land and Development		27.4		49.1
Assets held for sale		26.6		59.5
Corporate		2,647.7		2,671.2
Total	$	30,812.1	$	25,360.5

The changes in the carrying amount of goodwill during the nine months ended June 30, 2019 is as follows (in millions):

	Corrugated Packaging			Consumer Packaging			Total
Balance as of September 30, 2018
Goodwill	$	1,966.8		$	3,653.6		$	5,620.4
Accumulated impairment losses		(0.1	)		(42.7	)		(42.8	)
		1,966.7			3,610.9			5,577.6
Goodwill acquired		1,745.1			6.8			1,751.9
Purchase price allocation adjustments		0.9			(2.0	)		(1.1	)
Translation and other adjustments		(6.9	)		0.4			(6.5	)
Balance as of June 30, 2019
Goodwill		3,705.9			3,658.8			7,364.7
Accumulated impairment losses		(0.1	)		(42.7	)		(42.8	)
	$	3,705.8		$	3,616.1		$	7,321.9

We review the carrying value of our goodwill annually at the beginning of the fourth quarter of each fiscal year, or more often if events or changes in circumstances indicate that the carrying amount may exceed fair value. We determine recoverability by comparing the estimated fair value of the reporting unit to which the goodwill applies to the carrying value (including goodwill) of that reporting unit. We determine the fair value of each reporting unit using the discounted cash flow method or, as appropriate, a combination of the discounted cash flow method and the guideline public company method. See “Note 1. Description of Business and Summary of Significant Accounting Policies — Goodwill and Long-Lived Assets” of the Notes to Consolidated Financial Statements section in Exhibit 99.1 of the May 9, 2019 Form 8-K for more information regarding our accounting policy for goodwill.

During the third quarter of fiscal 2019, we tested our goodwill for potential impairment on an interim basis due to changing market conditions, including the impact on the trading price of our Common Stock. All reporting units that have goodwill were noted to have a fair value that exceeded their carrying values as of the interim impairment test date. The discount rate used for each reporting unit ranged from 8.5% to 14.0%. We used perpetual growth rates in the reporting units that have goodwill ranging from 0.0% to 1.0%. Our Consumer Packaging reporting unit had a fair value that exceeded its carrying value by less than 10%. Additionally, Victory Packaging, a new reporting unit acquired as part of the KapStone Acquisition, had a fair value that exceeded its carrying value by less than 10% primarily due its recent acquisition. If we had concluded that it was appropriate to increase the discount rate we used by 100 basis points to estimate the fair value of each reporting unit that has goodwill, the fair value of each

of our reporting units would have continued to exceed its carrying value, except for the Consumer Packaging reporting unit. The Consumer Packaging reporting unit had $3,616.1 million of goodwill at June 30, 2019. We will continue to monitor industry economic trends until the end of our fiscal year to determine if additional testing for goodwill impairment is warranted. We have not made any material changes to our impairment loss assessment methodology during the past three fiscal years. Currently, we do not believe there is a reasonable likelihood that there will be a material change in future assumptions or estimates we use to calculate impairment losses. However, if actual results are not consistent with our assumptions and estimates, we may be exposed to impairment losses that could be material. See “We Have a Significant Amount of Goodwill and Other Intangible Assets and a Write-Down Would Adversely Impact Our Operating Results and Shareholders’ Equity” in the “Risk Factors” section of our Fiscal 2018 Form 10-K.