Table:
|  | Revised Preliminary | Measurement | Revised Preliminary |
| --- | --- | --- | --- |
|  | Allocation | Period | Allocation |
| (In millions) | As of August 1, 2019 | Adjustments | As of December 31, 2019 |
| Total consideration transferred | $ 445.7 | $ — | $ 445.7 |
| Assets: |  |  |  |
| Cash and cash equivalents(1) | 16.0 | (0.2) | 15.8 |
| Trade receivables, net | 37.3 | — | 37.3 |
| Other receivables(1) | 0.3 | — | 0.3 |
| Inventories, net | 40.7 | (0.7) | 40.0 |
| Prepaid expenses and other current assets | 2.3 | — | 2.3 |
| Property and equipment, net | 79.3 | 9.3 | 88.6 |
| Identifiable intangible assets, net | 78.7 | (1.4) | 77.3 |
| Goodwill | 261.3 | (7.4) | 253.9 |
| Operating lease right-of-use-assets | — | 4.3 | 4.3 |
| Other non-current assets | 24.7 | 1.3 | 26.0 |
| Total assets | $ 540.6 | $ 5.2 | $ 545.8 |
| Liabilities: |  |  |  |
| Accounts Payable | 12.0 | — | 12.0 |
| Current portion of long-term debt | 2.6 | — | 2.6 |
| Current portion of operating lease liabilities | — | 1.5 | 1.5 |
| Other current liabilities(2) | 56.2 | (1.1) | 55.1 |
| Long-term debt, less current portion | 4.3 | — | 4.3 |
| Long-term operating lease liabilities, less current portion | — | 2.8 | 2.8 |
| Deferred taxes | — | 0.4 | 0.4 |
| Other non-current liabilities(2) | 19.8 | 1.6 | 21.4 |
| Total liabilities | $ 94.9 | $ 5.2 | $ 100.1 |
Paragraphs:
On August 1, 2019 the Company acquired 100% of the limited liability company interest in Automated Packaging Systems, LLC, formerly Automated Packaging Systems, Inc., a manufacturer of automated bagging systems. The acquisition is included in our Product Care reporting segment. Automated offers opportunities to expand the Company's automated solutions as well as expand into adjacent markets.
Consideration exchanged for Automated was $445.7 million in cash. The preliminary opening balance sheet includes $58.2 million of assumed liabilities in connection with a deferred incentive compensation plan for Automated's European employees. Of this amount $19.7 million was paid as of December 31, 2019. Sealed Air will make the remaining payments to deferred incentive compensation plan participants in approximately equal installments over the next two years.
The purchase price was primarily funded with proceeds from the incremental term facility provided for under an amendment to our Credit Agreement, as described in Note 14, "Debt and Credit Facilities," of the Notes to Consolidated Financial Statements. For the year ended December 31, 2019, transaction expenses recognized for the Automated acquisition was $3.3 million. These expenses are included within selling, general and administrative expenses in the Consolidated Statements of Operations.
The following table summarizes the consideration transferred to acquire Automated and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.
(1) On August 1, 2019, $8.6 million in cash was initially recorded as Other receivables in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. The Company determined this balance should be reflected in Cash as the amount was settled to Automated on the day of purchase. This change had no impact on consideration paid or on our Consolidated Balance Sheets as of September 30, 2019.
(2) On August 1, 2019, $19.4 million was initially recorded within Other non-current liabilities in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. This amount was related to the second installment payment of the deferred incentive compensation plan for Automated's European employees. As two payments were expected to be made within the first twelve months after acquisition, the amount related to the second payment should have been reflected in other current liabilities. The preliminary allocation as of August 1, 2019 now shows the second installment within other current liabilities.
Question:
What is the liability to asset ratio as of December 31, 2019?
Answer: 100.1/545.8 = 18.34