The Company closed the fourth quarter with record sales of $2.426 billion, and record GAAP and adjusted diluted earnings per share of $1.15 and $1.13, respectively.
Sales were up 13% in U.S. dollars and up 11% in local currencies and organically compared to the fourth quarter of 2019.
Sequentially, sales were up 4% in U.S. dollars and 3% in local currencies and organically.
The interconnect business, which comprised 96% of our sales, was up 14% in U.S. dollars and 11% in local currencies compared to the fourth quarter of last year.
Our cable business, which comprised 4% of our sales, was down 4% in U.S. dollars and 2% in local currencies compared to the fourth quarter of last year.
For the full year 2020, sales were $8.599 billion, which was up 5% in U.S. dollars, 4% in local currencies and 2% organically compared to 2019.
From a segment standpoint, in the interconnect segment, margins were 22.5% in the fourth quarter of 2020, which increased from 22% in the fourth quarter of 2019 and 22.4% in the third quarter of 2020.
In the cable segment, margins were 10.3%, which increased from 10% in the fourth quarter of 2019 and decreased from 10.7% in the third quarter of 2020.
For the full year 2020, adjusted operating income was $1.650 billion, which was slightly up from 2019 and resulted in a full year 2020 adjusted operating margin of 19.2% compared to 20% in 2019.
This 80 basis point decline reflects the challenges and results -- resulting impacts related to the COVID-19 pandemic, primarily in the first half of the year.
The Company's GAAP effective tax rate for the fourth quarter was 21.7%, which compared to 20.3% in the fourth quarter of 2019.
On an adjusted basis, the effective tax rate was 24.5% for both the fourth quarter of 2020 and 2019.
For the full year, the Company's GAAP effective tax rate for 2020 and 2019 was 20.5% and 20.2%, respectively.
On an adjusted basis, the effective tax rate for both the full year 2020 and 2019 was 20.5% -- 24.5%.
On a GAAP basis, diluted earnings per share increased by 12% to $1.15 in the fourth quarter compared to $1.03 in the prior year period.
Adjusted diluted earnings per share increased by 15% to $1.13 in the fourth quarter of 2020 from $0.98 in the fourth quarter of 2019.
For the full year, GAAP diluted earnings per share was $3.91, a 4% increase from 2019 GAAP diluted earnings per share of $2.75.
Adjusted diluted earnings per share was $3.74 for 2020, which was unchanged compared to 2019.
Orders for the quarter were $2.512 billion, which was up 14% compared to the fourth quarter of 2019 and up 10% sequentially, resulting in a book-to-bill ratio of 1.04 to 1.
Cash flow from operations was a strong $441 million in the fourth quarter, or 124% of net income.
Net of capital spending, our free cash flow was $371 million, or 104% of net income.
Cash flow from operations for the full year was $1.592 billion, or approximately 132% of net income.
And net of capital spending, our free cash flow for 2020 was $1.328 billion, or 110% of net income.
From a working capital standpoint, inventory days, days sales outstanding and payable days, were 79, 72 and 61 days, respectively, all within a normal range.
During the quarter, the Company repurchased 1.5 million shares of common stock for approximately $182 million under the $2 billion open market stock repurchase plan, bringing total repurchases for the year to 6 million shares or $641 million.
Total debt at December 31 was $3.9 billion and net debt at the end of the year was $2.1 billion.
Total liquidity at the end of the quarter was $4.2 billion, which included total cash and short-term investments on hand of $1.7 billion plus the availability under our credit facilities.
Fourth quarter and full year 2020 EBITDA was approximately $600 million and $2 billion, respectively.
And at December 31, 2020, our net leverage ratio was 1.1 times.
Lastly, the Company announced a 2-for-1 stock split, which will be effective as of March 4, 2021.
Sales grew 13% in U.S. dollars and 11% organically, reaching a new record $2.426 billion.
The Company booked a record of $2.512 billion in orders in the fourth quarter and that's a strong book-to-bill of 1.04 to 1.
Despite continuing to face some operational challenges related to the ongoing pandemic, adjusted operating margins were strong in the quarter, reaching 20.6%, a 10 basis point increase from third quarter levels and 60 basis points from prior year.
Craig already highlighted the operating and free cash flow of the Company, very strong at $441 million and $371 million, respectively, in the fourth quarter.
As we announced on December 9, we're very pleased to have signed an agreement to acquire MTS Systems, a leading supplier of advanced test systems, motion simulators and precision sensors, for $58.50 a share.
We expect the addition of MTS Sensors to add approximately $350 million in revenues and to generate approximately $0.10 per share of earnings accretion in the first year post closing.
Now here in the last few weeks of January, we're also pleased to have closed two additional acquisitions of outstanding entrepreneurial companies, which we purchased for a combined price of $160 million.
Based in Springfield, Missouri and with also operations in France, India and Singapore, and with annual sales of approximately $80 million, Positronic represents a great addition to our harsh environment product offering.
Next El-Cab, which is based in Poland, is a manufacturer of cable assemblies and related interconnect products, primarily serving the industrial market and with annual sales of approximately $55 million.
Sales reached a record $8.6 billion, growing 5% in U.S. dollars and 2% organically, and actually surpassed our pre-pandemic outlook that we had given back a year ago.
Our full year adjusted operating margins of 19.2%, did decline 80 basis points from prior year, but this decline was due to the significant cost challenges we experienced in the first half of 2020, after which our team was able to return to more typical profit levels in the second half.
And that enabled us to achieve adjusted diluted earnings per share of $3.74, which was the same level as we achieved in 2019.
We generated record operating and free cash flow of $1.592 billion and $1.328 billion, respectively.
In addition, in 2020, we bought back over 6 million shares under our buyback program and increased our quarterly dividend to 16%.
And as Craig mentioned, we're announcing today, a 2-for-1 stock split of the Company's shares.
Now turning to our -- the trends and our progress across our served markets, I would just comment that we remain very pleased that the Company's balanced and broad end-market diversification continues to create value for the Company, with no single end-market representing more than 22% of our sales in the year 2020.
The military market represented a 11% of our sales in the fourth quarter and 12% of our sales for the full year.
Sales in the quarter grew modestly from prior year, increasing by approximately 1% in the fourth quarter, with growth in naval, space and avionics applications offset in part by moderations in ground vehicles, rotorcraft and airframe.
Sequentially, our sales increased as we had expected coming into the quarter by 3%.
For the full year 2020, our sales grew by 3% in U.S. dollars and 2% organically, reflecting our leading market position and strong execution across virtually all segments of the military market, offset in part by the impact of the pandemic-related production disruptions that we experienced in the first half of 2020.
The commercial air market represented 2% of our sales in the fourth quarter and 3% of our sales for the full year.
Not surprisingly, fourth quarter sales were down significantly, reducing by approximately 50%, as the commercial air market continued to experience unprecedented declines in demand for new aircraft, due to the pandemic-related disruptions to the global travel industry.
Sequentially, our sales were a little bit better than expected, declining 10% from the third quarter and for the full year 2020, sales declined by 34%, reflecting that significant impact of the pandemic on travel and aircraft production.
The industrial market represented 22% of our sales in the quarter and in the full year of 2020.
Our sales in this market significantly exceeded expectations that we had coming into the quarter, increased by a very strong 29% in U.S. dollars and 24% organically from prior year.
On a sequential basis, sales increased by 4% from the third quarter.
We're really pleased with our results in industrial for the full year, with sales growing 15% in U.S. dollars and 11% organically, as we saw strong demand in really those same markets, battery and EV, instrumentation, heavy equipment, also alternative energy and of course, medical, which was a very strong segment in the year.
The automotive market represented 20% of our sales in the fourth quarter and 17% of our sales for the full year 2020.
Sales in this market were also much stronger than we had expected coming into the quarter, with revenue growing by 24% in U.S. dollars and 19% organically in the fourth quarter, and that was really driven by broad-based growth across all geographies in the automotive market.
Sequentially, our automotive sales increased by a very strong 22% as we continue to benefit from the broad recovery in the global automotive market.
For the full year 2020, our sales declined by 6% in U.S. dollars and 8% organically.
The mobile devices market represented 18% of our sales in the fourth quarter and 15% of our sales for the full year.
Our sales in the quarter to mobile device customers increased by a much stronger-than-expected 32% from prior year, with strength in all product types, but particularly in wearables and laptops.
Sequentially, our sales increased by 15% and that was driven by higher sales to smartphones and wearable devices.
For the full year 2020, sales in the mobile devices market increased by a very strong 16%, as we continued to benefit from our agility in reacting to changes in demand in this dynamic market.
Looking into the first quarter, we anticipate a typically significant seasonal sequential decline of approximately 40%.
The mobile networks market represented 5% of our sales in the quarter and 6% of our sales for the full year of 2020.
Sales in the quarter decreased from prior year by 8% in U.S. dollars and 9% organically, with declines in sales to both equipment manufacturers as well as operators.
Sequentially, our sales did increase by a bit less than we had expected, 12%.
For the full year 2020, sales declined by 16% from prior year, which reflected the impact of the U.S. government restrictions on certain Chinese customers that had been imposed in 2019, as well as other impacts related to the COVID-19 pandemic.
The information technology and data communications market represented 18% of our sales in the quarter and 21% of our sales for the full year of 2020.
Sales in the quarter was stronger than expected, rising by 3% in U.S. dollars and 2% organically from prior year, as stronger sales of networking equipment and server-related products were offset by lower sales of storage-related products.
Sequentially, our sales declined by 8% from our very robust third quarter.
We're very pleased with our performance for the full year for IT datacom, with our sales growing a very strong 15% in U.S. dollars and 11% organically, as we capitalized on increased demand from our OEM and service provider customers, as they work to accelerate bandwidth capacity expansions, in particular to support home-based work, school and entertainment.
The broadband communications market represented 4% of our sales in the quarter and 4% for the full year.
Sales increased by 3% in the fourth quarter from prior year, driven by stronger demand for home installation related equipment from our broadband operators.
On a sequential basis, sales decreased as expected by 9% from the third quarter.
Accordingly, we will not be providing full year guidance at this time.
Assuming no new material disruptions from the pandemic, as well as constant exchange rates, for the first quarter, we now expect sales in the range of $2.120 billion to $2.180 billion and adjusted diluted earnings per share in the range of $0.90 to $0.94.
I would just note that on a post-split basis, this adjusted diluted earnings per share guidance would be $0.45 to $0.47.
This guidance represents sales growth in the first quarter of 14% to 17% year-over-year and adjusted diluted earnings per share growth of 27% to 32%, again compared to the first quarter of 2020.

Summary:
The Company closed the fourth quarter with record sales of $2.426 billion, and record GAAP and adjusted diluted earnings per share of $1.15 and $1.13, respectively.
On a GAAP basis, diluted earnings per share increased by 12% to $1.15 in the fourth quarter compared to $1.03 in the prior year period.
Adjusted diluted earnings per share increased by 15% to $1.13 in the fourth quarter of 2020 from $0.98 in the fourth quarter of 2019.
Orders for the quarter were $2.512 billion, which was up 14% compared to the fourth quarter of 2019 and up 10% sequentially, resulting in a book-to-bill ratio of 1.04 to 1.
Lastly, the Company announced a 2-for-1 stock split, which will be effective as of March 4, 2021.
The Company booked a record of $2.512 billion in orders in the fourth quarter and that's a strong book-to-bill of 1.04 to 1.
And as Craig mentioned, we're announcing today, a 2-for-1 stock split of the Company's shares.
Sales in the quarter grew modestly from prior year, increasing by approximately 1% in the fourth quarter, with growth in naval, space and avionics applications offset in part by moderations in ground vehicles, rotorcraft and airframe.
Accordingly, we will not be providing full year guidance at this time.
Assuming no new material disruptions from the pandemic, as well as constant exchange rates, for the first quarter, we now expect sales in the range of $2.120 billion to $2.180 billion and adjusted diluted earnings per share in the range of $0.90 to $0.94.
I would just note that on a post-split basis, this adjusted diluted earnings per share guidance would be $0.45 to $0.47.