The Company's cash flow from operations increased over 23% and we reduced debt by over $90 million in 2020.
Flavors and Extract Group had a great year in 2020 and finished with a very strong fourth quarter with adjusted local currency revenue growth of 14% and adjusted local currency profit growth of 55%.
Overall, the Flavors & Extract Group's operating profit margin was up over 300 basis points in the quarter and 50 basis points for the year.
Over the long-term, we expect to maintain our EBIT margin at or above 20% for the Color Group.
Overall, the Group's local currency adjusted revenue was up 3% for the year and local currency operating profit was up over 14% for the year.
Our operating profit margin within the Color Group continues to be around 20%, which is a good long-term level for the Group.
The operating profit margin for our Flavors & Extract Group continues to grow and we expect a 50 basis point to 100 basis point improvement in 2021.
The cost of this payment is approximately $3 million.
Our fourth quarter GAAP diluted earnings per share was $0.59, included in these results are $3.2 million or approximately $0.07 per share of costs related to the divestitures; the cost of the operational improvement plan and the one-time COVID payment.
In addition, our GAAP earnings per share this quarter include approximately $0.06 of earnings related to the results of the operations targeted for divestiture, which represents approximately $25.2 million of revenue in the quarter.
Last year's fourth quarter GAAP results include approximately $0.01 of earnings per share from the operations to be divested and approximately $33.7 million of revenue.
Excluding these items, consolidated adjusted revenue was $309.5 million, an increase of approximately 7.9% in local currency, compared to the fourth quarter of 2019.
This revenue growth was primarily a result of the Flavors & Extracts Group, which was up approximately 14% in local currency.
Consolidated adjusted operating income increased 19% in local currency to $36.8 million in the fourth quarter of 2020.
This growth was led by the Flavors & Extracts Group, which increased operating income by 54.9% in local currency.
The Asia-Pacific Group also had a nice growth in operating income in the quarter, up 7.8% in local currency.
Operating income in the Food and Pharmaceutical business in the Color Group was, up nearly 15% in local currency.
Our adjusted local currency EBITDA increased 16.9% in the quarter and 3.2% for the full-year of 2020.
Our cash flow from operations was extremely strong in 2020, up 53% for the quarter and up 23% for the year, due to our strong earnings growth and significant efforts to reduce our inventory levels.
Capital expenditures were $52 million for 2020 and our free cash flow increased 58% in the quarter and 21% for the year.
We have reduced debt by approximately $90 million, since the beginning of the year.
Our debt to adjusted EBITDA is now 2.4%, down from 2.9% at the start of the year.
We expect GAAP earnings per share to be up mid to high single-digits, compared to our 2020 reported GAAP earnings per share of $2.59.
Our full-year guidance for 2021, includes approximately $0.25 to $0.30 of divestiture-related costs, operational improvement plan costs and the impact of the businesses to be divested.
On an adjusted basis, we expect our 2021 adjusted local currency earnings per share to be up mid single-digits, compared to our 2020 adjusted earnings per share of $2.79.
Our reported results include the impact of currency and based on current exchange rates, we expect our earnings to benefit by approximately $0.10, due to currency.
We anticipate our capital expenditures to be in the range of $55 million to $65 million in 2021.

Summary:
Our fourth quarter GAAP diluted earnings per share was $0.59, included in these results are $3.2 million or approximately $0.07 per share of costs related to the divestitures; the cost of the operational improvement plan and the one-time COVID payment.
We expect GAAP earnings per share to be up mid to high single-digits, compared to our 2020 reported GAAP earnings per share of $2.59.
On an adjusted basis, we expect our 2021 adjusted local currency earnings per share to be up mid single-digits, compared to our 2020 adjusted earnings per share of $2.79.
Our reported results include the impact of currency and based on current exchange rates, we expect our earnings to benefit by approximately $0.10, due to currency.