Net sales were up 14% to $1.5 billion and adjusted EBITDA was up 18% to $330 million.
For the full year, we generated free cash flow of $497 million.
As part of our strategic portfolio realignment, we successfully completed the divestiture of Reflectix, a maker of insulated materials for the construction market, and generated additional after-tax proceeds of $65 million.
On Slide 5, we're raising our SEE operating model growth goals for sales and adjusted EBITDA by 200 basis points.
Our plan is to more than double our automation business to over $1 billion by 2025.
We are digitally connecting more than 100,000 installed assets.
This is an example of a $7 million automated protein system, with less than a three-year payback, providing a step-change improvement for our customers' operations.
We continue with parts and services being 2x over the equipment life cycle, and the automation and integration opportunities represent 3x as our high-performance materials such as paper and films, along with digital graphics, flow through the system, that takes us well over 10 times the value of the original equipment order.
We continue to make significant progress on our 2025 sustainability pledge, with approximately 50% of our solutions already designed for recyclability, and we reached approximately 20% recycled and/or renewable content in those solutions.
Approximately 15% of our solutions are fiber-based.
In Q4, net sales were up 14% to $1.5 billion.
In constant dollars, net sales were up 15%, with 17% growth in food and 13% growth in Protective.
The Americas and EMEA were both up double digits, with Americas up 19% and EMEA up 13%, while APAC was up 4% versus last year.
In 2021, net sales were up 13% to $5.5 billion.
In constant dollars, net sales were up 11%, with 9% growth in food and 15% in Protective.
Growth was led by the Americas and EMEA, which were up 13% and 12%, respectively, with APAC up 6% versus last year.
In Q4, overall volume growth was up 4%, with favorable price of 12%.
In 2021, volume growth and favorable price were both 6%.
In the quarter, food volumes were up 6%, with growth across all regions.
Americas up 5%; EMEA, up 10%; and APAC up 6%.
The Protective volumes were up 1% led by EMEA with 7% growth, flat in Americas and APAC declined 4%.
Q4 price was a favorable 12%, with Protective at 13% and food at 11%.
For the full year 2021, we realized nearly $300 million in price, of which more than half was realized in Q4 as a result of timing of pricing actions and formula pass-throughs.
These increases will vary based on region and product offering and will average between 5% and 10%.
Q4 adjusted EBITDA of $330 million, up 18% compared to last year, with margins of 21.5%, up 70 basis points.
Full year adjusted EBITDA of $1.132 billion was up 8%, compared to 2020 with margins of 20.4%, down 100 basis points.
Higher volume contributed $23 million to Q4 adjusted EBITDA.
Full year volume contributed $109 million to adjusted EBITDA.
For the first time since Q3 2020, price/cost spread was favorable in the quarter, contributing $36 million to earnings.
In 2021, price/cost spread was unfavorable $37 million.
Reinvent SEE benefits totaled $21 million in Q4 and $64 million in 2021.
Operating costs include labor and other non-raw material cost inflation of about $20 million in Q4, which compares to $13 million in the same period a year ago and $69 million for the full year, which is up from $52 million in 2020.
Adjusted earnings per diluted share in Q4 was $1.12, compared to $0.89 in Q4 2020.
In 2021, we delivered adjusted earnings per share of $3.55, compared to $3.19 in 2020, an increase of 11%.
Our adjusted tax rate was 26%, compared to 24.5% in 2020.
Our weighted average diluted shares outstanding in 2021 were 152 million, compared to 156 million, given we were an active buyer of our stock throughout the year, purchasing 7.9 million shares for $403 million or approximately $51 per share.
At year-end 2021, we had $896 million remaining under our authorized repurchase program.
We achieved $64 million of benefits in 2021, bringing the cumulative benefits of our Reinvent SEE program to $354 million.
Cash payments associated with Reinvent SEE were $28 million in 2021 and $193 million since the start of the program.
To complete this program, we anticipate $20 million to $25 million in cash payments in 2022, half of which is carryover from 2021.
We anticipate $60 million of productivity gains in 2022, of which approximately one-third is coming from Reinvent SEE initiatives.
In Q4, food net sales of $877 million were up 17% in constant dollars.
Volume growth of 6% was led by double-digit growth in automation and strong growth in materials.
Adjusted EBITDA of $204 million in Q4 increased to 20% compared to last year, with margins at 23.3%, up 90 basis points.
Net sales increased 14% on an organic basis to $655 million.
Volume in the quarter was up 1% as we faced tougher comps and managed through supply disruptions.
Adjusted EBITDA of $126 million increased 10% in Q4, with margins at 19.3%, down 40 basis points versus last year.
In 2021, we generated $497 million of free cash flow relative to the same period last year, higher earnings and lower restructuring and interest payments were offset by working capital needs, and incremental capex investments to support strong growth.
For net sales, we estimate $5.8 billion to $6 billion, an increase of 5% to 8%.
Our organic growth forecast is 7% to 11%, of which at the midpoint assumes approximately 3% in volume and approximately 6% in price.
We anticipate adjusted EBITDA to be in the range of $1.2 billion to $1.24 billion.
Adjusted EBITDA is expected to grow 6% to 10%, and implies an EBITDA margin of approximately 21%.
For adjusted EPS, we expect to be in the range of $3.95 to $4.15.
This assumes depreciation and amortization of approximately $245 million, an adjusted effective tax rate of approximately 26%, net interest expense of approximately $155 million, and approximately 150 million shares outstanding.
And lastly, our outlook for free cash flow is expected to be in the range of $510 million to $550 million.
We are increasing capex to $240 million to $260 million to increase capacity to support growth initiatives.
For cash tax payments, we anticipate to pay $205 million to $215 million in 2022, reflecting expected earnings growth, $17 million tax payments on the gain from sale of Reflectix, and approximately $30 million impact related to the R&D provision requiring R&D expenses to be deducted over five years versus the prior immediate expensing allowance.
Additionally, as previously disclosed, our 2021 cash tax payments were reduced by approximately $24 million refund associated with the retroactive application of the revised U.S. GILTI regulations.

Summary:
Net sales were up 14% to $1.5 billion and adjusted EBITDA was up 18% to $330 million.
In Q4, net sales were up 14% to $1.5 billion.
Adjusted earnings per diluted share in Q4 was $1.12, compared to $0.89 in Q4 2020.
For net sales, we estimate $5.8 billion to $6 billion, an increase of 5% to 8%.
Our organic growth forecast is 7% to 11%, of which at the midpoint assumes approximately 3% in volume and approximately 6% in price.
For adjusted EPS, we expect to be in the range of $3.95 to $4.15.