We delivered record adjusted earnings per share of $5.02 and total segment EBIT of $550 million.
And our focus on cash, resulted in a record discretionary free cash flow of $353 million.
Adjusted earnings per share has grown at a compound annual growth rate of 11% since the inception of our strategy, ahead of our 7% to 10% target.
Our total recordable incident rates of 0.34 keeps us firmly in the upper echelon of chemical and industrial companies.
In August, we announced a new $1 billion revolving credit facility that has pricing that is based on the company's credit ratings, as well as our performance against annual intensity reduction targets for sulfur dioxide and nitrogen oxide emissions.
I am pleased to report solid fourth quarter results with adjusted earnings per share of $1.11.
This performance was 63% above the same quarter last year despite the effects of the semiconductor chip shortage and ongoing global supply chain disruptions, as well as a higher level of maintenance spending due to the timing of turnarounds.
We also continue the momentum of battery materials and ended the year with EBITDA in our previously communicated range of $15 million to $20 million.
Cash flow from operations was strong at $100 million in the quarter despite the impact of higher raw material prices.
During the fourth quarter and full year of fiscal 2021, EBIT for Reinforcement Materials increased by $8 million and $167 million respectively, as compared to the same periods in the prior year.
Higher margins were driven by higher spot pricing, particularly in Asia.
Globally, volumes were up 6% in the fourth quarter as compared to the same period of the prior year due to 6% growth in the Americas, 5% increase in Europe and up 7% in Asia.
EBIT increased by $20 million in the fourth quarter and $93 million for the full year as compared to the same periods in fiscal 2020, primarily due to improved product mix, stronger volumes and higher customer pricing.
Year-over-year volumes in the fourth fiscal quarter increased by 2% in performance additives and decreased by 8% in formulated solutions.
This segment experienced increased maintenance costs in the fourth fiscal quarter as expected, but these higher costs were offset by $7 million of insurance proceeds related to a claim from earlier in fiscal 2021.
EBIT in the fourth quarter of 2021 increased by $4 million compared to the fourth quarter of fiscal 2020 and full year EBIT increased $7 million.
We ended the quarter with a cash balance of $168 million and our liquidity position remains strong at approximately $1.3 billion.
During the fourth quarter of fiscal 2021, cash flows from operating activities were $100 million, which included a working capital decrease of $4 million.
Capital expenditures for the fourth quarter of fiscal 2021 were $80 million and additional uses of cash during the fourth quarter were $20 million for dividends.
During fiscal 2021, we generated $257 million of cash flow from operations, including an increase in net working capital of $222 million.
Capital expenditures for fiscal year 2021 were $195 million dollars, which included both our targeted growth investments and the spend related to U.S. EPA compliance projects.
We expect capital expenditures in fiscal 2022 to be between $225 million and $250 million.
In addition, we are executing on a new specialty compounds unit in Indonesia and have planned growth capital related to capacity expansions in battery materials and inkjet.
Additional uses of cash during the fiscal year included $80 million for dividends.
The operating tax rate for fiscal year 2021 was 27% and we anticipate our operating tax rate for fiscal 2022 to be in the range of 27% to 29%.
Additionally, the aforementioned specialty carbons conversion of our Suzhou plant will provide 50,000 metric tons of growth capacity across specialty carbons and will free up our network to support growth of battery materials.
Based on this, we expect adjusted earnings per share for the fiscal year 2020 to be in the range of $5.20 to $5.60.
Our end markets remain robust and we continue to execute at a high level.

Summary:
I am pleased to report solid fourth quarter results with adjusted earnings per share of $1.11.
Higher margins were driven by higher spot pricing, particularly in Asia.
In addition, we are executing on a new specialty compounds unit in Indonesia and have planned growth capital related to capacity expansions in battery materials and inkjet.
Based on this, we expect adjusted earnings per share for the fiscal year 2020 to be in the range of $5.20 to $5.60.
Our end markets remain robust and we continue to execute at a high level.