8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

March 31, 2010

(Date of Report; Date of Earliest Event Reported)

BORDERS GROUP, INC.

(Exact Name of Registrant as Specified in its Charter)

Michigan	1-13740	38-3294588
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

100 Phoenix Drive, Ann Arbor, MI 48108

(Address of Principal Executive Offices)

734-477-1100

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02                      Results of Operations and Financial Condition

On March 31, 2010 Borders Group, Inc. (the “Company”) issued a press release regarding its financial results for the fourth quarter and full year of fiscal 2009 ended January 30, 2010. A copy of the press release is attached hereto as Exhibit 99.4.

The information contained in such exhibit is furnished pursuant to Item 2.02 of Form 8-K and is not to be considered “filed” under Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01                      Financial Statements and Exhibits

Exhibits:

99.4             Press release issued by Borders Group, Inc. on March 31, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Borders Group, Inc.

(Registrant)

Dated: March 31, 2010	By: /s/ MARK R. BIERLEY
	Mark R. Bierley
	Executive Vice President and
	Chief Financial Officer
	(Principal Financial and
	Accounting Officer)

EXHIBIT INDEX

DESCRIPTION OF EXHIBITS

Exhibits:

99.4              Press release issued by Borders Group, Inc. on March 31, 2010.

EX-99.4

                                                                                                                                                                0;                                                        Exhibit 99.4

   &# 160;

                                                                                                                                                          
60;                                                                                                          

News Release

Investor Contact:                                                                                                                                        0;                                                             Media Contact:

Mark Bierley                                                                                                                                            0;                                                                 Anne Roman

(734) 477-4105                                                                                                                                           &# 160;                                                               (734) 477-1392

Borders Group Reports Fourth Quarter, Full Year 2009 Results

Conference call tomorrow, April 1 at 10:30 a.m. Eastern

ANN ARBOR, Mich., March 31, 2010—Borders Group, Inc. (NYSE: BGP) today reported results for its fiscal fourth quarter and full year 2009, ended January 30, 2010. Highlights include:

·   Earnings per share from continuing operations in the fourth quarter improved to $0.91 from $0.48 in the same period one year ago. For the full year, the loss from continuing operations improved to $1.83 per share compared to a loss from continuing operations of $3.07 per share in 2008.

·   Income from continuing operations in the fourth quarter improved to $59.9 million from $28.9 million in the same period a year ago. On a full year basis, the loss from continuing operations improved to $110.2 million compared to a loss of $184.7 million in 2008.

·   Adjusted EBITDA for the fourth quarter was $91.3 million on total consolidated sales of $937.3 million compared to adjusted EBITDA of $132.6 million on sales of $1.1 billion for the same period a year ago.  For the full year, adjusted EBITDA was $67.0 million on total consolidated sales of $2.8 billion compared to adjusted EBITDA of $107.7 million on total consolidated sales of $3.2 billion in 2008.

·   Debt net of cash at the end of the fourth quarter was $245.0 million, a $37.6 million or 13.3% reduction from the prior year.

·   Comparable store sales in the fourth quarter declined 14.0% and 8.5% in the Borders and Waldenbooks segments, respectively.  For the full year, comparable store sales declined 14.4% and 8.1% in the Borders and Waldenbooks segments, respectively.

“Restoring the financial health and profitability of the company remains our top priority,” said Borders Group Interim President and Chief Executive Officer Mike Edwards. “We took important steps toward this goal with the long-term extension of our existing credit facility and the additional capital provided by the new term loan. We have made significant operational and financial improvements and will maintain those disciplines as we shift our focus now to growing market share by acquiring, engaging and retaining customers through a transformation of the Borders brand. I’m pleased with the cooperation we h ave received from our bank group, lenders, vendors, partners and associates who share our vision for a successful Borders.”

-more-

Borders Group—2

Consolidated Results

All earnings/loss figures reported throughout this news release are on a GAAP basis unless otherwise noted.

Fourth quarter total consolidated sales were $937.3 million, down 13.3% from the same period a year ago. For the full year, total consolidated sales were $2.8 billion, a 13.9% decrease from 2008.

Borders Group generated fourth quarter income from continuing operations of $59.9 million or $0.91 per share compared to income from continuing operations of $28.9 million or $0.48 per share for the same period a year ago. For the full year, the company generated a loss from continuing operations of $110.2 million or $1.83 per share compared to a loss from continuing operations of $184.7 million or $3.07 per share in 2008.  Fourth quarter and full year 2009 results were impacted favorably by a $32.4 million tax refund related to the extension of the net operating loss carryback provision.

Gross margin as a percent of sales decreased in the fourth quarter 2.2% from 27.1% to 24.9%. The shift from lower margin multimedia product to higher margin gifts and stationery and kids categories had a positive impact on gross margin. However, this shift did not offset the negative impact of the de-leveraging of occupancy costs as a percent of sales, which resulted from the comparable store sales decline. Gross margin was also negatively impacted by product markdowns in Waldenbooks Specialty Retail stores that closed during the quarter. For the full year, gross margin as a percent of sales decreased 1.7% from 24.3% to 22.6%.

SG&A as a percent of sales increased in the fourth quarter 0.7% from 20.3% to 21.0%, but declined in dollars by $22.7 million due to the company’s aggressive expense reduction initiatives, which were partially offset by de-leveraging due to negative sales trends. For the full year, SG&A as a percent of sales improved 0.4% from 25.9% to 25.5%.  In dollars, for the full year, SG&A declined $131.1 million.

At the end of the fourth quarter, inventory investment was $873.8 million, down $41.4 million or 4.5% from the prior year. The inventory decline was primarily attributed to the closure of Waldenbooks Specialty Retail stores.

Operating cash flow for the fourth quarter was $138.4 million compared to $219.2 million for the same period a year ago. For the full year, the company generated operating cash flow of $56.1 million compared to $233.6 million in 2008. The 2008 cash flow was primarily the result of significant inventory reductions that took place in the fourth quarter of that year.

Fourth quarter capital expenditures were $6.7 million compared to $7.9 million for the same period a year ago. For the full year, capital expenditures were $17.9 million compared to $79.9 million in 2008 as management continued to conserve capital.

-more-

Borders Group—3

Year-end debt net of cash totaled $245.0 million compared to debt net of cash at the end of 2008 of $282.6 million, a $37.6 million or 13.3% decrease.

Borders Superstores

Total sales at Borders superstores in the fourth quarter were $723.1 million, down 14.2% from a year ago. For the full year, total segment sales were $2.3 billion, down 13.7% from 2008.  Comparable store sales at Borders decreased by 14.0% in the fourth quarter and decreased by 14.4% for the full year.  Factoring out multimedia, comparable store sales at Borders decreased 10.2% in the fourth quarter and decreased 10.8% for the full year.

Operating income in the fourth quarter was $33.0 million compared to $17.1 million for the same period a year ago. For the full year, the operating loss improved to $47.1 million from $100.9 million in 2008.

The company closed five Borders superstores during the fourth quarter and closed seven Borders stores in fiscal 2009, ending the year with a total of 508 Borders superstore locations.

Waldenbooks Specialty Retail

Total fourth quarter sales at stores within the Waldenbooks Specialty Retail segment were $163.0 million, a 16.7% decline from same period last year. For the full year, total segment sales were $387.3 million, down 19.3% from 2008 due to store closures. Comparable store sales in the fourth quarter declined 8.5% and declined 8.1% for the full year.

The segment generated a fourth quarter operating loss of $13.4 million compared to operating income of $11.5 million for the same period a year ago. For the full year, there was an operating of loss of $33.3 million compared to an operating loss of $27.5 million in 2008.

The company closed 186 Waldenbooks Specialty Retail locations in the fourth quarter, bringing the fiscal 2009 closure total to 212. Borders Group ended fiscal 2009 with a total of 175 locations in the segment.

International

Total fourth quarter sales within the International segment were $51.2 million, which is up 18.5% compared to the same period a year ago. Excluding the impact of foreign currency translation, fourth quarter total sales increased 10.5%. For the full year, total International sales were $138.0 million, which is up by 1.0% over 2008. Excluding currency translation, full year total sales increased by 9.8%. Comparable store sales for Paperchase increased 11.3% in the fourth quarter and increased 9.7% for the year.

The International segment generated operating income of $3.9 million in the fourth quarter compared to operating income of $5.5 million for the same period a year ago. For the full year, operating income was $0.9 million compared to $3.7 million in 2008.

-more-

Borders Group—4

Conference Call Tomorrow, April 1 at 10:30 a.m. Eastern

Management will hold a conference call tomorrow at 10:30 a.m. Eastern. This call will be webcast by Thomson Financial and can be accessed at www.bordersgroupinc.com. A replay will be accessible on the Web site through April 30. In addition, a replay phone service will be available toll-free at 800-221-1283 or for international calls at 402-220-3753. The phone service will be available through April 16 until 11:59 p.m. Eastern.

Annual Meeting Set for May 20

Borders Group plans to hold its annual meeting of shareholders May 20, 2010 at 11:30 a.m. Eastern at the Ann Arbor Marriott Ypsilanti Eagle Crest, 1275 S. Huron St., Ypsilanti, Mich. 48197.

About Borders Group

Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP) is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expect," "planning," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address matters such as the company's future financial condition and performance (including earnings per share, the profitability of Waldenbook s, liquidity, cash flows, debt levels, market share growth and other sales information, inventory levels and capital expenditures), its cost reduction initiatives and plans for store closings and the expansion of product categories, including eBook content. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the company's forward-looking statements.

These risks and uncertainties include, but are not limited to, consumer demand for the company's products, particularly during the holiday season, which is believed to be related to general economic and geopolitical conditions, competition and other factors; the availability of adequate capital--including vendor credit--to fund the company's operations and to carry out its strategic plans; adverse litigation results or other claims and the performance of the company's information technology systems.

The company's periodic reports filed from time to time with the Securities and Exchange Commission contain more detailed discussions of these and other risk factors that could cause actual results and plans to differ materially from those included in the forward-looking statements, and those discussions are incorporated herein by reference. The company does not undertake any obligation to update forward-looking statements.

###

Borders Group, Inc. Financial Statements
(amounts in millions, except per share amounts)
Unaudited
Sales and Earnings Summary
	Quarter Ended						Year Ended
	January 30, 2010			January 31, 2009 (1)			January 30, 2010			January 31, 2009 (1)
Borders Superstores	$	723.1		$	842.5		$	2,265.8		$	2,625.4
Waldenbooks Specialty Retail		163.0			195.6			387.3			480.0
International		51.2			43.2			138.0			136.7
Total sales		937.3			1,081.3			2,791.1			3,242.1
Other revenue		9.2			6.4			32.8			33.3
Total revenue		946.5			1,087.7			2,823.9			3,275.4
Cost of goods sold, including occupancy costs		713.4			794.3			2,191.3			2,484.8
Gross margin		233.1			293.4			632.6			790.6
Selling, general and administrative expenses		196.4			219.1			711.3			842.4
Goodwill impairment		-			40.3			-			40.3
Asset impairments and other writedowns		15.2			7.0			16.2			57.1
Operating income (loss)		21.5			27.0			(94.9	)		(149.2	)
Interest expense		6.1			11.0			24.1			45.4
Warrant/put expense (income)		(14.4	)		(12.9	)		20.7			(40.1	)
Total interest expense (income)		(8.3	)		(1.9	)		44.8			5.3
Income (loss) before income taxes		29.8			28.9			(139.7	)		(154.5	)
Income taxes (benefit)		(30.1	)		-			(29.5	)		30.2
Income (loss) from continuing operations	$	59.9		$	28.9		$	(110.2	)	$	(184.7	)
Loss from operations of discontinued operations (net of tax)		-			-			-			(1.7	)
Gain (loss) from disposal of discontinued operations (net of tax)		-			0.7			0.8			(0.3	)
Gain (loss) from discontinued operations (net of tax)		-			0.7			0.8			(2.0	)
Net Income (loss)	$	59.9		$	29.6		$	(109.4	)	$	(186.7	)
Diluted (Basic) EPS from continuing operations	$	0.91		$	0.48		$	(1.83	)	$	(3.07	)
Diluted (Basic) EPS from discontinued operations	$	-		$	0.01		$	0.01		$	(0.03	)
Diluted (Basic) EPS including discontinued operations	$	0.91		$	0.49		$	(1.82	)	$	(3.10	)
Weighted avg. common shares		65.8			60.6			60.1			60.2
Comparable Store Sales
Borders Superstores		(14.0	%)		(15.3	%)		(14.4	%)		(10.8	%)
Waldenbooks Specialty Retail		(8.5	%)		(4.7	%)		(8.1	%)		(5.1	%)
Sales and Earnings Summary (As Percentage of Total Sales)
	Quarter Ended						Year Ended
	January 30, 2010			January 31, 2009 (1)			January 30, 2010			January 31, 2009 (1)
Borders Superstores		77.1	%		77.9	%		81.2	%		81.0	%
Waldenbooks Specialty Retail		17.4			18.1			13.9			14.8
International		5.5			4.0			4.9			4.2
Total sales		100.0			100.0			100.0			100.0
Other revenue		1.0			0.5			1.2			1.0
Total revenue		101.0			100.5			101.2			101.0
Cost of goods sold, including occupancy costs		76.1			73.4			78.6			76.7
Gross margin		24.9			27.1			22.6			24.3
Selling, general and administrative expenses		21.0			20.3			25.5			25.9
Goodwill impairment		-			3.7			-			1.2
Asset impairments and other writedowns		1.6			0.7			0.6			1.8
Operating income (loss)		2.3			2.4			(3.5	)		(4.6	)
Interest expense		0.6			1.0			0.9			1.3
Warrant/put expense (income)		(1.5	)		(1.2	)		0.7			(1.2	)
Total interest expense (income)		(0.9	)		(0.2	)		1.6			0.1
Income (loss) before income taxes		3.2			2.6			(5.1	)		(4.7	)
Income taxes (benefit)		(3.2	)		-			(1.1	)		0.9
Income (loss) from continuing operations		6.4	%		2.6	%		(4.0	) %		(5.6	) %
(1)The results of Borders Australia, Borders New Zealand and Borders Singapore are reported as discontinued operations.

Borders Group, Inc. Financial Statements

(dollars in millions)

Unaudited

Condensed Consolidated Balance Sheets

	January 30,		January 31,
	2010		2009
Assets
Cash and cash equivalents	$	37.0	$	53.6
Merchandise inventories		873.8		915.2
Other current assets		77.5		102.4
Property and equipment, net		392.8		494.2
Other assets and deferred charges		43.8		43.4
Goodwill		0.3		0.2
Total assets	$	1,425.2	$	1,609.0
Liabilities, Minority Interest and Stockholders’ Equity
Short-term borrowings and current portion of long-term debt	$	275.4	$	329.8
Trade accounts payable		350.8		350.0
Other current liabilities		301.5		313.9
Long-term debt		6.6		6.4
Other long-term liabilities		332.6		345.8
Total liabilities		1,266.9		1,345.9
Total stockholders' equity		158.3		263.1
Total liabilities, minority interest and stockholders’ equity	$	1,425.2	$	1,609.0

	Store Activity Summary
	Quarter Ended						Year Ended
	January 30,			January 31,			January 30,			January 31,
	2010			2009			2010			2009
Borders Superstores
Beginning number of stores		513			519			515			509
Openings		-			1			-			12
Closings		(5	)		(5	)		(7	)		(6	)
Ending number of stores		508			515			508			515
Ending square footage (in millions)		12.6			12.8			12.6			12.8
Waldenbooks Specialty Retail Stores(1)
Beginning number of stores		361			467			386			490
Openings-Airport Stores		-			3			1			8
Closings		(186)			(84	)		(212	)		(112	)
Ending number of stores		175			386			175			386
Ending square footage (in millions)		0.6			1.4			0.6			1.4

                                                                                                             (1) Includes all small format stores in malls, airports and outlet malls.

Borders Group, Inc. Financial Statements (dollars in millions) Unaudited Condensed Consolidated Statements of Cash Flows
							Year Ended
	Quarter Ended
	January 30,			January 31,			January 30,			January 31,
	2010			2009			2010			2009
CASH PROVIDED BY (USED FOR):
OPERATIONS
Income (loss) from continuing operations	$	59.9		$	28.9		$	(110.2	)	$	(184.7	)
Adjustments to reconcile loss from continuing operations to operating cash flows:
Depreciation		22.9			24.7			98.8			107.1
Loss of disposal of assets		2.5			0.6			3.8			1.9
Stock-based compensation cost		(0.5	)		(2.0	)		(0.3	)		3.0
Increase (decrease) in warrant liability		(14.4	)		(12.8	)		8.8			0.8
Change in other long-term assets, liabilities and deferred     charges		(11.4	)		26.2			(27.1	)		42.4
Write-off of intangible asset		-			-			16.2			-
Goodwill impairment		-			40.3			-			40.3
Asset impairment and other writedowns		15.2			7.0			16.2			57.1
Decrease in inventories		282.7			340.8			43.9			321.4
Decrease in accounts payable		(253.8	)		(263.7	)		0.2			(160.2	)
Cash provided by other current assets and other current liabilities		35.3			29.2			5.8			4.5
Net cash provided by operating activities of continuing    operations		138.4			219.2			56.1			233.6
INVESTING
Capital expenditures		(6.7	)		(7.9	)		(17.9	)		(79.9	)
Investment in Paperchase		-			(3.6	)		-			(3.6	)
Proceeds from the sale of discontinued operations		-			2.8			-			97.3
Net cash (used for) provided by investing activities of
continuing operations		(6.7	)		(8.7	)		(17.9	)		13.8
FINANCING
Net repayment of financing obligations		(127.8	)		(190.6	)		(54.5	)		(219.2	)
Issuance and repurchase of common stock		0.9			(0.4	)		0.1			(0.1	)
Net repayment of long-term debt		-			(1.0	)		(0.3	)		(0.2	)
Net repayment of capital lease obligations		(0.4	)		(0.4	)		(1.2	)		(0.4	)
Cash dividends paid		-			-			-			(6.5	)
Net cash used for financing activities of
continuing operations		(127.3	)		(192.4	)		(55.9	)		(226.4	)
Effect of exchange rates on cash and cash equivalents		(0.2	)		(0.9	)		0.3			(0.9	)
Net cash provided by (used for) discontinued operations		-			(2.0	)		0.8			(25.0	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4.2			15.2			(16.6	)		(4.9	)
Cash and cash equivalents at beginning of period		32.8			38.4			53.6			58.5
Cash and cash equivalents at end of period	$	37.0		$	53.6		$	37.0		$	53.6

Borders Group, Inc. Segment Financial Information

(dollars in millions, except per share amounts)

Unaudited

	Quarter Ended						Year Ended
	January 30, 2010			January 31, 2009			January 30, 2010			January 31, 2009
Borders Superstores
Sales	$	723.1		$	842.5		$	2,265.8		$	2,625.4
Depreciation expense		18.9			19.8			85.0			90.7
Operating income (loss)		33.0			17.1			(47.1	)		(100.9	)
Waldenbooks Specialty Retail
Sales	$	163.0		$	195.6		$	387.3		$	480.0
Depreciation expense		2.6			3.7			8.3			10.6
Operating income (loss)		(13.4	)		11.5			(33.3	)		(27.5	)
International (1)
Sales	$	51.2		$	43.2		$	138.0		$	136.7
Depreciation expense		1.4			1.2			5.5			5.8
Operating income		3.9			5.5			0.9			3.7
Corporate (2)
Operating loss	$	(2.0	)	$	(7.1	)	$	(15.4	)	$	(24.5	)
Consolidated
Sales	$	937.3		$	1,081.3		$	2,791.1		$	3,242.1
Depreciation expense		22.9			24.7			98.8			107.1
Operating income (loss)		21.5			27.0			(94.9	)		(149.2	)

(1)   Excludes the results of 2008 discontinued operations (Borders Australia, Borders New Zealand and Borders Singapore).

(2)   The Corporate segment includes various corporate governance costs and corporate incentive costs.

Borders Group, Inc. Disclosures Regarding Non-GAAP Financial Information

(dollars in millions, except per share amounts)

Unaudited

We discuss several measures of operating performance within this news release, including (i) adjusted EBITDA and (ii) debt net of cash, both of which are considered non-GAAP measures within the meaning of Regulation G of the Securities and Exchange Commission and which are not measures of operating performance calculated in accordance with GAAP. We believe excluding certain recurring non-operating items, as detailed in the following tables, from our financial results provides investors with a clearer perspective of the current underlying operating performance of the company, a clearer comparison to current period results and greater transparency regarding supplemental information used by management in its financial and operational decision-making. We use these non-GAAP financial measures as an internal measure of business operating perfor mance, to establish operational goals, and to analyze trends.

A reconciliation of each non-GAAP measure discussed in this news release to its most comparable measure calculated in accordance with GAAP follows below.

(i) Loss from continuing operations is the financial measure calculated and presented in accordance with GAAP that is the most comparable to adjusted EBITDA. The table below reconciles adjusted EBITDA to loss from continuing operations.

	Quarter Ended						Year Ended
	January 30, 2010			January 31, 2009			January 30, 2010			January 31, 2009
Reconciliation of adjusted EBITDA
Income (loss) from continuing operations	$	59.9		$	28.9		$	(110.2	)	$	(184.7	)
Adjustments to reconcile income (loss) from continuing operations to adjusted EBITDA:
Income taxes		(30.1	)		-			(29.5	)		30.2
Total interest expense (income)		(8.3	)		(1.9	)		44.8			5.3
Depreciation		22.9			24.7			98.8			107.1
EBITDA		44.4			51.7			3.9			(42.1	)
Consulting, professional and other fees (Gross margin and SG&A)		0.5			8.2			10.6			21.6
Store closure and related costs (Gross margin and SG&A)		11.8			13.8			11.5			12.4
Severance and other compensation costs (Gross margin and SG&A)		4.9			11.6			10.3			18.4
Goodwill impairment		-			40.3			-			40.3
Asset impairments and other writedowns (Asset impairments and Gross margin)		29.7			7.0			30.7			57.1
Adjusted EBITDA	$	91.3		$	132.6		$	67.0		$	107.7

(ii) Short-term borrowings and the current portion of long-term debt, long-term debt and cash and cash equivalents are the measures calculated and presented in accordance with GAAP that are the most comparable to debt net of cash. The table below reconciles debt net of cash to short-term borrowings and the current portion of long-term debt, long-term debt and cash and cash equivalents.

	January 30, 2010		January 31, 2009
Reconciliation of debt net of cash
Short-term borrowings and the current portion of long-term debt	$	275.4	$	329.8
Long-term debt		6.6		6.4
Total debt		282.0		336.2
Less: cash and cash equivalents		37.0		53.6
Debt net of cash	$	245.0	$	282.6