In the fourth quarter, we achieved a recordable incident rate of 0.4, representing a 37% improvement over the same period in 2019.
This lowered our full-year 2020 RIR to 0.61, which is an 8% improvement over the prior year.
For the quarter, we delivered revenue of $1.9 billion, a 14% increase compared with the fourth quarter of 2019, and adjusted EBIT of $306 million, up 50% from the same period one year ago.
For the full-year, we delivered $7.1 billion in revenues, down 1%.
Adjusted EBIT was $878 million, a 6% improvement over 2019.
In 2020, Insulation EBIT margins grew to 10%, despite a 2% revenue decline.
And in roofing, revenues increased 2% compared to 2019 and EBIT margins grew 22% driven by strong volumes and a positive price cost mix.
Overall market demand for shingles grew by 10% versus 2019, driven by above-average storm demand and the strong second half remodeling market.
Our strong earnings performance in 2020, combined with working capital management and disciplined capital investments, led to record operating and free cash flow of $1.1 billion and $828 million.
During the year, we also returned approximately $400 million of cash to shareholders through share repurchases and dividend payments.
Even as we face near-term uncertainties from the pandemic, we continue to invest in achieving our 2030 sustainability goals, one of which is to double the positive impact of our products.
NGX launched last month, uses a new blowing agent chemistry with 90% lower global warming potential compared with traditional products without sacrificing performance, demonstrating how product and process innovation can reduce the environmental impact.
For the fourth quarter, we reported consolidated net sales of $1.9 billion, up 14% over 2019, as all three segments delivered revenue growth in the quarter.
Adjusted EBIT for the fourth quarter of 2020 was $306 million, up $102 million compared to the prior year.
Adjusted earnings for the fourth quarter were $207 million, or $1.90 per diluted share, compared to $125 million, or $1.13 per diluted share in Q4 2019.
For the full-year 2020, our adjusted earnings were $566 million, or $5.21 per diluted share compared to $500 million, or $4.54 per diluted share in 2019.
In addition to tax items adjusted out in the first three quarters, we adjusted out at $32 million non-cash income tax benefit in the fourth quarter resulting from the inter-company transfer of certain intellectual property rights into the US.
Depreciation and amortization expense for the quarter was $141 million, up $21 million as compared to last year.
For 2020, depreciation and amortization expense was $493 million, up from $457 million in the prior year, primarily due to higher accelerated depreciation from our restructuring actions and incremental amortization from new finance leases.
Our capital additions for the year were $320 million, down $131 million versus 2019.
On slide six, you see adjusting items reconciling full-year 2020 adjusted EBIT of $878 million to our reported EBIT loss of $124 million.
For the year, adjusting items to EBIT totaled approximately $1 billion, largely driven by $987 million of non-cash goodwill and intangible impairment charges recorded in the first quarter.
In the first three quarters, we recognized $26 million of gains on the sale of certain precious metals.
During 2020, we recorded $41 million of restructuring costs, with $31 million of costs being recognized in the fourth quarter.
Adjusted EBIT of $878 million was a new record for the company and increased $50 million over the prior year.
Roofing EBIT increased by $136 million, Insulation EBIT increased by $20 million and Composites EBIT decreased by $82 million.
General corporate expenses of $128 million, were up $24 million versus last year, primarily due to higher incentive compensation expense associated with improved adjusted EBIT results and the absence of small one-time gains realized in 2019.
Insulation sales for the fourth quarter were $728 million, up 1% from Q4 2019.
EBIT for the fourth quarter was $106 million, up $17 million as compared to 2019.
For the full-year, sales in Insulation were $2.6 billion, down 2% versus 2019 with growth in North American residential more than offset by COVID-19 related declines in the technical and other Insulation businesses.
In 2020, Insulation EBIT increased by $20 million to $250 million, primarily due to favorable manufacturing performance and strong cost controls, partially offset by lower selling prices and unfavorable product and customer mix.
The business delivered EBIT margins of approximately 10% in 2020 with increased EBIT on lower revenues.
Sales in Composites for the fourth quarter were $547 million, up 14% as compared to the prior year, driven primarily by higher sales volumes.
EBIT for the quarter was $60 million, up $4 million from the same period a year ago with the benefit of higher sales volumes and favorable manufacturing performance, partially offset by furnace rebuild and production curtailment cost and continued pricing headwinds.
Composites delivered a 11% EBIT margins for the quarter.
Full-year sales were about $2 billion, down 5% as compared to 2019.
In 2020, EBIT declined by $82 million to $165 million.
Roofing sales for the quarter were $702 million, up 33% compared with Q4 2019.
The increase was driven by 36% volume growth, partially offset by lower third-party asphalt sales.
EBIT for the quarter was $183 million, up $96 million from the prior year producing 26% EBIT margins for the quarter.
Roofing sales for 2020 were $2.7 billion, up 2% versus 2019.
The increase was driven by higher sales volumes of about 6%, partially offset by lower selling prices and lower third-party asphalt sales.
In 2020, Roofing EBIT improved by $136 million to $591 million.
For the year, the business delivered EBIT margins of 22%, up approximately 500 basis points from 2019.
Our free cash flow for 2020 was $828 million, up $238 million as compared to 2019.
Free cash flow conversion of adjusted earnings was 146% in 2020, as compared to 118% in 2019.
In December, the Board of Directors approved a new share repurchase authorization for up to 10 million additional shares.
During 2020, we returned $396 million of cash to shareholders through stock repurchases and dividends.
At the end of 2020, 9.5 million shares remained available for repurchase under the current authorization.
These actions included repaying the term loan in advance of the February 2021 due date, repaying the mid-2020 borrowing on our revolver and contributing $122 million to our global pension plans.
Based on our strong cash flow performance and deleveraging activities, we've maintained an investment grade balance sheet and are operating within our target debt-to-adjusted EBITDA range of 2 times to 3 times with ample liquidity.
At year-end, the company had liquidity of approximately $1.8 billion, consisting of $717 million of cash and nearly $1.1 billion of combined availability on our bank debt facilities.
Earlier this month, the company's Board of Directors declared a quarterly cash dividend of $0.26 per share payable on April 2nd.
Since inception in 2014, the dividend has grown an average of 7% per year.
We remain committed to strong cash flow generation returning at least 50% to investors over time and maintaining an investment grade balance sheet.
General corporate expenses are expected to range between $135 million and $145 million.
Capital additions are expected to be approximately $460 million, which is below expected depreciation and amortization of approximately $480 million.
Interest expense is estimated to be between $120 million and $130 million.
And finally, our 2021 effective tax rate is expected to be 26% to 28% of adjusted pre-tax earnings.
We expect our 2021 cash tax rate to be 18% to 20% of adjusted pre-tax earnings.
The growth in our cash tax rate as compared to our guidance in the last few years approximating 10% is due to the utilization of substantially all of our US federal net operating losses and foreign tax credits by the end of 2020.
Starting with Insulation, we are seeing continued strength in new US residential construction with lag starts in Q1, up 12% versus Q1 2020.
Based on this, we expect to see market volumes of approximately 25% in the first quarter.
Based on these factors, Roofing EBIT margins in the first quarter are expected to be up year-over-year and more in line with the long-term operating margins we have discussed for this business of about 20%.
In terms of capital allocation, our priorities remain focused on reinvesting in our business, especially productivity and organic growth initiatives, returning at least 50% of free cash flow to shareholders over time through dividends and share repurchases and maintaining an investment grade balance sheet.

Summary:
Adjusted earnings for the fourth quarter were $207 million, or $1.90 per diluted share, compared to $125 million, or $1.13 per diluted share in Q4 2019.
At year-end, the company had liquidity of approximately $1.8 billion, consisting of $717 million of cash and nearly $1.1 billion of combined availability on our bank debt facilities.
Capital additions are expected to be approximately $460 million, which is below expected depreciation and amortization of approximately $480 million.