Adjusted segment operating profit was $1.15 billion, 12% higher than the fourth quarter of 2019.
For the full year, we delivered record adjusted earnings per share of $3.59, $3.4 billion in adjusted segment operating profit, 12% higher than 2019, four straight quarters of year-over-year segment operating profit growth, and trailing four-quarter adjusted ROIC of 7.7%, almost 200 basis points above our weighted cost of capital.
The team managed a wide variety of risks superbly and we achieved our strategic initiatives, exceeding our $500 million to $600 million guidance and driving our ability to deliver a steady, sustainable earnings growth.
Beyond that, for the year, our Ag Services and Oilseeds team delivered more than $300 million in capital reduction initiatives.
We achieved our 15x20 environmental goals ahead of schedule and launched Strive 35, an even more ambitious plan to reduce greenhouse gas emissions, energy, water and waste by 2035.
And we are partnering with farmers in their efforts to pull better outcomes, supported by the 6.5 million acres we had in sustainable farming programs over recent years.
Finally, I'm proud to say we surpassed by about 10% our stretch goal of $1.3 billion in readiness runway benefits by the end of the year.
This dividend will be our 357th consecutive quarterly payment, an uninterrupted record of 89 years.
As Juan mentioned, adjusted earnings per share for the quarter was $1.21, down from $1.42 in the prior-year quarter.
As a reminder, the fourth quarter of last year was positively impacted by the recognition of about $0.61 per share for the retroactive biodiesel tax credits.
Absent this, earnings would have grown by about 49%.
Our trailing four-quarter average adjusted ROIC was 7.7%, almost 200 basis points higher than our 2020 annual WACC.
And our trailing four-quarter adjusted EBITDA was about $3.7 billion.
The effective tax rate for the fourth quarter of 2020 was approximately 8% compared to a benefit of 1% in the prior year.
The calendar year 2020 effective tax rate was approximately 5%, down from the approximately 13% in 2019.
Absent the effect of earnings per share adjusting items, the effective tax rate for the fourth quarter was approximately 11% and for the calendar year 2020 was approximately 9%.
Looking ahead, we're expecting full-year 2021 effective tax rate to be in the range of 14% to 16%.
We generate about $3.1 billion of cash from operations before working capital for the year, significantly higher than 2019.
Return of capital for the year was $942 million, including more than $800 million from dividends.
We finished the quarter with a net debt to total capital ratio of about 32%, up from the 29% a year ago due to higher working capital needs due to rising commodity prices.
Capital spending for the year was about $820 million, in line with our guidance and well below our depreciation and amortization rate of about $1 billion.
For 2021, we expect capital spending to be in the range of $900 million to $1 billion.
Captive insurance results were negatively impacted by $15 million more in net intracompany settlements compared to the prior-year quarter.
In the corporate lines, unallocated corporate costs of $278 million were higher year-over-year due primarily to increased variable performance-related compensation expense accruals, increased IT and project-related expenses and centralization of certain costs, including from Neovia.
Ag Services results were significantly higher year-over-year.
Approximately $80 million of prior timing effects reversed in the quarter as expected.
There was approximately $125 million in net negative timing in the quarter, driven by basis impacts and improved soft seed margins.
For the full year, Ag Services and Oilseeds delivered exceptional results of $2.1 billion, 9% higher than 2019.
Considering the impact of lockdowns in both driving miles and the food service sector, we're extremely proud of our Carbohydrate Solutions team for delivering full-year results of $717 million, 11% higher than 2019.
They acted decisively by temporary idling production at our 2 VCP dry mill plans, helping address industry supply and demand balances.
The Nutrition team delivered 24% year-over-year growth in the quarter.
For the full year, Nutrition results were $574 million, 37% higher than 2019.
The Nutrition team grew revenue 5% on a constant currency basis and continued to expand EBITDA margins.
We expect solid profit growth for the year for Carbohydrate Solutions.
Based on our current organic growth plans, we expect the Nutrition team to deliver solid revenue expansion and enter a period of an average 15% per annum operating profit growth, consistent with our strategic plan.
With the strong execution of these strategic initiatives and improving market conditions as the year progresses, we expect to build on a record 2020 with a strong growth in segment operating profit and another record year of earnings per share in 2021.

Summary:
Adjusted segment operating profit was $1.15 billion, 12% higher than the fourth quarter of 2019.
As Juan mentioned, adjusted earnings per share for the quarter was $1.21, down from $1.42 in the prior-year quarter.
Ag Services results were significantly higher year-over-year.
We expect solid profit growth for the year for Carbohydrate Solutions.
With the strong execution of these strategic initiatives and improving market conditions as the year progresses, we expect to build on a record 2020 with a strong growth in segment operating profit and another record year of earnings per share in 2021.