The totality of these actions was a positive impact of $55 million to our operating income in 2020.
We increased free cash flow over 2019 levels by 14%, and we strengthened our balance sheet by paying down debt, putting the company on solid footing as the pandemic subsides.
We invested 50% more than 2019 in capital spending to fund growth and productivity.
As I previously mentioned, employee safety is our #1 priority.
In 2020, we delivered over 100,000 training sessions, both online and through virtual Lunch & Learn meetings.
This represented a 70% increase in training sessions over 2019.
From a macro perspective, GDP forecasts in all our major regions are expected to grow from 2020's depressed levels, with most of our key countries expanding at 3% or higher.
And the LIRA index is anticipating the growth rate of homeowner spend on repair and replacement projects to continue into 2021, with spending increasing approximately 4%.
The AIA recently released its semiannual Consensus Construction Outlook, which expects new non-resi construction spend in the US to decrease by about 6% in 2021.
Also, AGC recently released survey results based on over 1,300 contractors that concluded 2021 will be a very difficult year for many construction firms in their markets.
China is forecasted to grow over 8% in 2021.
Finally, Middle East GDP is expected to grow in the 3% range, so a little slower than other regions and likely being more influenced by adverse geopolitical issues and energy demand.
With these added resources, we have more than 85 people working exclusively on Smart & Connected products globally, a 55% increase in resources over 2019.
Cumulatively, we have exceeded 70,000 connected devices shipped since we started selling Smart & Connected products.
We're still focused on achieving our goal of 25% Smart & Connected product sales by 2023.
Sales approximate $4 million annually.
Reported sales of $403 million were up 1% year-over-year.
Organic sales were down 2%, but were more than offset by net acquired sales and a foreign exchange tailwind.
Acquired sales, net of divestiture, approximated $1 million in the quarter.
Adjusted operating profit of $55 million, a 10% increase, translated into an adjusted operating margin of 13.6%, up 110 basis points versus last year.
Investments totaled $3 million in the quarter.
Adjusted earnings per share of $1.15 increased 15% versus last year.
EPS growth was driven by $0.08 from operations and $0.07 primarily from a lower adjusted effective tax rate and positive foreign currency translation.
The adjusted effective tax rate in the quarter was 24.6%.
GAAP reporting included a net tax charge of $9.7 million or $0.29 a share, primarily driven by increased income tax expense resulting from recently issued final tax regulations which reduced the realizability of foreign tax credits.
In the Americas, reported sales decreased by approximately 1% to $264 million.
Organically, sales were down by approximately 2%, with growth in certain plumbing and electronic products being more than offset by reductions in heating and hot water, water quality, drains, and HVAC product sales.
Together, positive foreign exchange movements in the Canadian dollar and the TDG acquisition added 1% to sales year-over-year.
Americas adjusted operating profit for the quarter increased 1% to $46 million.
Adjusted operating margin expanded 40 basis points to 17.4%.
We made approximately $2 million more in investments than the previous year.
Turning to Europe, sales of $120 million were up 6% on a reported basis, driven mainly by a stronger euro as foreign exchange increased sales by 8% year-over-year.
Organically, sales were down 2%, which was better than we had expected.
Adjusted operating profit in Europe was approximately $17 million, a 25% increase over last year.
Adjusted operating margin of 14% increased 220 basis points, primarily due to cost actions and productivity, including restructuring savings which more than offset lower volume and investments.
Sales approximated $19 million, up 1% on a reported basis, with favorable foreign exchange movements of 5% probably in China and net acquired sales growth of 4%, more than offsetting an organic decline of 8%.
Adjusted operating profit of $3.4 million was up 13% versus last year with adjusted operating margin up 170 basis points driven by cost controls, productivity and high intercompany volume, partially offset by lower third-party volume and investments.
For 2020, reported sales were $1.5 billion, down 6% on a reported basis.
The decrease was primarily driven by an organic sales decline of 7%, attributable to the effect of COVID-19.
Foreign exchange and acquisitions had a 1% positive effect on sales year-over-year.
Adjusted operating margin was 12.9% in 2020, flat with 2019 and a good result factoring in lower volume.
A decremental decline in adjusted operating profit was 13% for the year.
We were able to mitigate the impact of the volume decline through aggressive cost actions which totaled $55 million in 2020.
It is important to note that we maintained our adjusted operating margin while still funding incremental investments of roughly $9 million during the year.
Adjusted full year earnings per share of $3.88 declined 5% versus the prior year.
Free cash flow for the full year was $187 million, an increase of 14% over 2019 driven by better working capital management, especially in accounts receivable.
Free cash flow conversion was 164%.
We increased free cash flow while still investing 50% more in key projects over 2019.
In total, we invested $44 million in 2020, which equates to 140% reinvestment ratio.
In 2020, we returned $60 million to shareholders in the form of dividends and share repurchases, an 18% increase over 2019.
During 2020, we also paid down debt by $110 million.
Our net debt to capitalization ratio is now negative at 2% at yearend as compared to a positive 8.4% in the prior year.
We presently believe that this air pocket will impact us starting in the second quarter of 2021.
Of the $55 million of cost actions we took in 2020, we expect that approximately $15 million of these costs will return in 2021.
We estimate that organically, Americas sales may range from down 5% to flat in 2021.
Sales should increase by about $4 million with the addition of the TDG acquisition.
For Europe, we are also forecasting organic sales to be down 5% to flat.
In APMEA, we expect organic sales may grow from 2% to 6% for the year.
Sales should also increase by approximately $6 million from the AVG acquisition.
Overall, on a consolidated basis, we anticipate Watts organic sales to range from down 5% to flat in 2021.
We estimate our adjusted operating margins may be down 50 to 90 basis points.
This is primarily driven by the 2021 time/cost headwinds of $15 million, decremental lower volume, incremental investments of $13 million, and general cost inflation, which are being partially offset by $14 million of incremental restructuring savings, along with price and productivity actions.
We expect corporate costs to be about $40 million for the year.
Interest expense should be roughly $10 million.
Our adjusted effective tax rate for 2021 should approximate 27%.
Capital spending is expected to be in the $40 million range as we will continue to reinvest in our manufacturing facilities, systems and new product development, which will support future growth and productivity.
Depreciation and amortization should be approximately $46 million for the year.
We expect to continue to drive free cash flow conversion equal to or greater than 100% of net income.
We are assuming a 1.22 euro-US dollar foreign exchange rate for the full year versus the average rate of 1.12 in 2020.
Please recall that for every $0.01 movement up or down in the euro-dollar exchange rate, our European annual sales are impacted by approximately $4 million, and our annual earnings per share is impacted by $0.01.
We expect our share count should approximate $34 million for the year.
For Q1 organically, we see sales down 3% to up 1%, with Americas and Europe sales slightly negative and APMEA likely experiencing organic growth in line with the full year range due to easier comps from Q1 COVID impact last year.
Acquired sales should approximate $2.5 million in Q1, $1 million in the Americas and $1.5 million in APMEA.
We expect incremental investments of $2 million to $3 million in Q1.
The investments will be offset by about $5 million of incremental restructuring savings.
The adjusted effective tax rate should approximate 26%.

Summary:
Reported sales of $403 million were up 1% year-over-year.
Adjusted earnings per share of $1.15 increased 15% versus last year.
We presently believe that this air pocket will impact us starting in the second quarter of 2021.