In Q4, total reported sales declined by 9% versus the prior year.
Organic sales were down about 12% versus prior year, but grew 10% sequentially.
IS/CS sales reached approximately $400 million in fiscal '20 on an organic basis and were well in excess of that when including all of our recent inorganic investments.
Together with PTC, we added over 200 new customer logos in fiscal 2020, and deal sizes in our Information Solutions software business continue to grow.
Total sales include a 3 point positive contribution from inorganic investments, led by our Sensia joint venture, along with the Kalypso and ASEM acquisitions.
Our Q4 Solutions and Services book-to-bill was 0.87, and full-year book-to-bill was over 1.
Turning to profitability, strong segment operating margin performance of over 20% in the quarter was flat with last year on lower sales, underscoring our increasing business resilience.
Our Discrete market segment declined approximately 10%, with Automotive performing better than we expected, driven by stronger MRO and projects sales.
This segment declined a little less than 5% and outperformed the discrete and process industry segments.
Process markets were down approximately 20%.
North America organic sales declined by 12% versus the prior year.
In EMEA, sales declined 12% largely, due to capex delays.
Sales in the Asia Pacific region declined 9% largely, due to declines in end user business within Automotive and Mass Transit.
And you can see those investments drive the performance of our software business, which reached over $500 million in revenue in fiscal '20 and was one of the best performing areas of our business in both orders and sales this year.
We deployed over $500 million for inorganic investments that contributed almost 4 points to our top line growth; and we deployed over $700 million in cash toward dividends and repurchases enabled by our strong free cash flow.
We expect reported sales to grow about 7.5% at the midpoint of the guidance range, including 5% of organic growth and over a point of growth from our fiscal '20 and fiscal '21 acquisitions to-date.
ARR is expected to grow double digits in fiscal '21, after showing over 6% growth in fiscal 20.
Adjusted earnings per share is expected to reach $8.65 at the midpoint, which is up 10% from last year's fiscal '20 results.
We are targeting Free Cash Flow conversion of 100%.
Organic sales improved as the quarter progressed and were up 10% sequentially versus Q3.
Compared to last year, Q4 organic sales were down 12% and acquisitions contributed just over 3% to total growth.
Currency translation was a smaller headwind than expected, and decreased sales by 0.3 points.
Segment operating margin was 20.2%, the same as last year.
Fourth quarter results included about $10 million of restructuring charges, which are expected to yield over $15 million in additional annualized structural cost savings.
General Corporate -- net expense was $22 million, pretty much in line with what we expected.
As I mentioned earlier, Adjusted earnings per share of $1.87 was better-than-expected, mainly as a result of better organic sales, productivity, and a slightly lower tax rate.
The adjusted effective tax rate for the fourth quarter was 15%.
We generated over $300 million of free cash flow in the quarter, well over 100% conversion on adjusted income.
Note that this result includes a voluntary $50 million pre-tax contribution made to the US pension plan.
Both segments were up about 10% on an organic basis, compared to Q3, though organic sales remained lower, compared to last year.
Segment margin of both segments increased over 300 basis points, compared to Q3, mainly due to higher organic sales, but also as a result of cost control including a full quarter benefit of our cost reduction actions and generally improving operating efficiencies.
Compared to last year, Architecture & Software margins were up 100 basis points, despite the impact of lower sales, mainly as a result of our cost actions, including lower incentive compensation.
Segment margins for the Control Products & Solutions segment declined 60 basis points, compared to last year, with cost actions offsetting most of the impact of lower organic sales.
The next Slide, 11, provides the adjusted earnings per share walk from Q4 fiscal '19 to Q4 fiscal '20.
As you can see, core performance was down about $0.15 on a 12% organic sales decline.
This implies core earnings conversion, that is, excluding the effects of acquisitions and currency, of a little below 20%, which is a bit better than the outlook I shared with you in July.
Organic sales declined 8% for the fiscal year.
R&D expense was about flat, compared to fiscal '19, and R&D as a percent of sales increased further to 5.9% of sales in fiscal 2020.
Full-year segment margin remained at about 20%, compared to record 22% segment margins last year, and Adjusted earnings per share was down 11%.
Free cash flow performance remained strong, and excluding the $50 million voluntary pension contribution in fiscal '20, was flat, compared to last year.
Free cash flow conversion was over 110% of Adjusted Income.
And finally, return on invested capital remained well above our target of over 20%.
At September 30, our fiscal year end, cash on the balance sheet was over $700 million, and our total debt was about $2 billion.
During the fourth quarter, we paid off the $400 million term loan that we executed earlier in the year, and our net debt to EBITDA ratio at September 30 was 1.0.
As Blake mentioned, we are expecting sales of about $6.8 billion in fiscal 2021, up about 7.5% at the midpoint of the range.
We expect organic sales growth to be in the range of 3.5% to 6.5% and about 5% at the mid-point of our range.
We expect segment operating margin to be between 20% and 20.5% probably at the higher end of that range.
At the midpoint, our guidance assumes full-year core earnings conversion, which excludes the impacts of currency and acquisitions of between 30% and 35%.
As we mentioned last quarter, we expect to offset a $150 million year-over-year headwind related to fully funding our incentive compensation and reversing fiscal 2020 temporary cost reduction actions with additional productivity.
We expect the full-year Adjusted Effective Tax Rate will be about 14%.
This includes a 300 basis point benefit related to discrete items which we expect to realize late in the fiscal year.
Our underlying adjusted effective tax rate is expected to be 17% to 18%.
This has the effect of increasing adjusted earnings per share by approximately $0.20 on a full-year basis.
Our adjusted earnings per share guidance range on the new basis is $8.45 to $8.85.
This compares to fiscal 2020 adjusted earnings per share of $7.87 on the new basis.
On an apples-to-apples basis, at the midpoint of the range, this represents 10% adjusted earnings per share growth on about 5% higher organic sales.
We expect adjusted earnings per share to improve throughout the year and anticipate first quarter fiscal 2021 adjusted earnings per share to be lower than our fiscal 2020 fourth quarter performance, primarily as a result of a $0.30 sequential headwind related to increased incentive compensation expense and the reversal of our temporary cost actions as of the end of November.
Finally, we expect full-year 2021 free cash flow conversion of about 100% of adjusted Income.
This assumes $150 million of capital expenditures and a $50 million voluntary pre-tax US pension contribution.
Corporate and Other expense, which we previously referred to as general corporate net expense, is expected to be around $105 million.
Net interest expense for fiscal 2021 is expected to be between $90 million and $95 million, a little lower than fiscal 2020.
Finally, we're assuming average diluted shares outstanding of about 117 million shares.
The next Slide, 15, provides the adjusted earnings per share walk from fiscal 2020 to the fiscal 2021 guidance midpoint.
Moving from left to right, fiscal 2020 adjusted earnings per share was $7.68 on the old definition.
Next you see the $0.19 impact of the new definition of adjusted EPS.
So, fiscal 2020 adjusted earnings per share on the new basis was $7.87.
Core performance is expected to contribute about $1.90.
Reinstatement of the bonus and reversal of the temporary cost actions, together, will be a headwind of about $1.15.
Currency forecasts project a weaker US dollar, compared to fiscal 2020, which should contribute about $0.10 to EPS.
The higher tax rate is expected to be about a $0.15 headwind.
Acquisitions made during fiscal 2020, and so far this year, are expected to add about $0.10.
As mentioned, at the midpoint of our guidance range, adjusted earnings per share is $8.65.
Our capital deployment plans for fiscal 2021 include dividends of about $500 million.
As a reminder, we announced a 5% dividend increase last week.
Cost actions are expected to offset the significant headwind of reinstating incentive compensation and reversing temporary cost actions, and we expect about 10% adjusted earnings per share growth and continued strong free cash flow conversion.

Summary:
ARR is expected to grow double digits in fiscal '21, after showing over 6% growth in fiscal 20.
As I mentioned earlier, Adjusted earnings per share of $1.87 was better-than-expected, mainly as a result of better organic sales, productivity, and a slightly lower tax rate.
During the fourth quarter, we paid off the $400 million term loan that we executed earlier in the year, and our net debt to EBITDA ratio at September 30 was 1.0.
We expect organic sales growth to be in the range of 3.5% to 6.5% and about 5% at the mid-point of our range.
Our adjusted earnings per share guidance range on the new basis is $8.45 to $8.85.