We had a very strong quarter from a cash flow perspective, which led to full year free cash flow of $544 million, an 80% increase over 2019.
Despite numerous challenges related to the COVID-19 pandemic and $280 million in revenue headwinds from foreign currencies.
Our organic revenue growth of 7% and our 2% EBITDA growth shows how aggressively we manage costs and implemented price increases to offset as much of that FX headwind as possible.
We plan to launch seven new active ingredients and four new biologicals this decade, which we expect will contribute a combined $1.8 to $2.1 billion in Incremental sales by 2013.
We reported $1.15 billion in fourth-quarter revenue, which reflects a 4% decrease on a reported basis and 2% organic growth.
Adjusted EBITDA was $290 million, a decrease of 9% compared to the prior year period.
EBITDA margins were 25.2%, a decrease of 150 basis points compared to the prior year.
Adjusted earnings were $1.42 per diluted share in the quarter, a decrease of 19% versus Q4 2019.
Q4 revenue decreased by 4% versus prior year, driven by a 5% FX headwind and a 3% volume decrease.
Price increases contributed a positive 4% impact, and offset 80% of the FX headwind, the highest in the past few quarters to deliver a positive 2% organic growth.
Sales in EMEA increased 45% year-over-year and 42% organically.
In Asia, revenue increased 11% year-over-year, driven by broad volume growth in India, China, Japan and Australia.
And the strength we saw in Q4, exemplifies this potential, with India growing over 20% organically in the quarter.
Sales decreased 9% year-over-year, but grew 4% excluding significant FX headwinds.
Pricing actions across the region offset about 50% of the currency headwind at the earnings level in Q4, substantially more than in the prior 2 quarters.
The Brazil season was delayed by at least 30 days due to hot dry weather and this delay meant many numerous crops missed applications that will not return.
For Latin America, overall we estimated the drought reduced sales by about $30 million.
In Argentina, we also had about $10 million of product held in bonded warehouses that was not released by customs officials in a timely manner.
In North America, sales decreased 34% year-over-year, roughly $40 million of this decline was due to supply chain disruptions, including COVID related factors associated with logistics and a toll manufacturing partner, impacting our ability to meet demand late in December.
An additional $30 million of the decrease was due to reduced volume and some lower value pre-emergent herbicides.
We had a $50 million contribution from higher pricing, which was nearly double what we realized in Q3.
We also aggressively managed costs to offset nearly all the $30 million year-over-year headwind we had anticipated.
We reported $4.64 billion in revenue, which reflects a 1% increase on a reported basis and a 7% organic growth rate.
Adjusted EBITDA was $1.25 billion, an increase of 2% compared to 2019 even with nearly $270 million in headwinds from FX.
EBITDA margins were 26.9%, an increase of 40 basis points compared to the prior year.
2020 Adjusted Earnings was $6.19 per diluted share, an increase of 2% versus 2019.
Overall volume contributed 4% to revenue growth while price increased sales by 3%.
About $50 million of the 2020 revenue growth came from product launches within the year.
In Asia, sales increased 6% year-over-year and 9% organically, market expansion and share gains in India, coupled with a very strong market rebound in Australia were the primary drivers.
Sales in EMEA grew 4% versus in 2019% and 6% organically.
Latin America posted a 1% year-over-year revenue growth but high single-digit volume growth and solid price increases led to 17% organic growth.
North America sales decreased 8% as we had channeled destocking in the first half and then a tough Q4 as described earlier.
Volume contributed 9% of the growth, while the combination of stringent cost controls and price increases offset 70% of the impact of foreign currencies.
FMC full-year 2020 earnings are now expected to be in the range of $6.65 to $7.35 per diluted share, a year-over-year increase of 13% at the midpoint.
2021 revenue is forecasted to be in the range of $4.9 to $5.1 billion, an increase of 8% at the midpoint versus 2020%, and 9% organic growth.
EBITDA is expected to be in the range of $1.32 billion to $1.42 billion, which represents a 10% year-over-year growth at the midpoint.
Guidance for Q1 implies year-over-year sales contraction of 7% at the midpoint on a reported basis and 5% organically.
We are forecasting an EBITDA decline of 15% at the midpoint versus Q1 2020, and earnings per share is forecasted to be down 18% year-over-year.
Revenue is expected to benefit from 7% volume growth with the largest growth in Asia and a 2% contribution from higher prices.
FX is forecasted to be a 1% top line headwind.
We are forecasting a $40 million increase in R&D to bring us to a level of funding that keeps all projects on a critical path to commercialization.
These headwinds will be partially offset other realization of the final $15 million of SAP synergies which will give us a cumulative SAP synergies of approximately $65 million.
On the revenue line, volume is expected to drive a 6% decline, while a 1% contribution from higher prices largely offset the FX headwind.
We expect the benefit of approximately $25 million in sales from Q4, supply and logistics delays to be captured in Q1.
First, we are facing a particularly difficult comparison in Latin America where sales increased 26% year-over-year and 38% organically in Q1 2020.
Brazil's cotton business is very strong for as a year ago, this will not be repeated this season as cotton acreage is down 15%.
In EMEA, we are facing continued headwinds from discontinued registrations, and the $15 million in Q4 sales related to Brexit that would normally have been sold in the first quarter.
While pricing is forecast to offset the FX headwind, costs are expected to be higher by $12 million, driven primarily by the increased R&D investments, we mentioned earlier.
FX was a 5% headwind to revenue in the quarter, as expected, with the impact of higher than anticipated local currency denominated sales in Brazil, offset in part by a modest tailwind in the Eurozone.
For full year 2020 FX was a 6% headwind to revenue.
Interest expense for the fourth-quarter was $34.2 million dollars, down $8.7 million from the prior year period, benefiting from lower debt balances and lower LIBOR rates.
Interest expense for full year 2020 was down $7.3 million from the prior year with the benefit of lower interest rates, partially offset by changes in debt outstanding.
Our effective tax rate on adjusted earnings for 2020 was 13.7%, well within our expectations and up from the very low 2019 rate due to shifts in the geographic mix of taxable earnings and inter-related impacts on the US minimum tax and [Indecipherable].
The tax rate in the fourth-quarter was 14.4% to true up with the full year actual rate.
We expect our effective tax rate to be in the range of 12.5% to 14.5% in 2021 similar to 2020.
Gross debt at year-end was $3.3 billion, essentially flat with the prior quarter with nearly $600 million of cash on hand.
As such, gross debt to trailing 12 month EBITDA was 2.6 times at the end of the year, while net debt to EBITDA was 2.3 times.
Free cash flow for 2020 was $544 million with free cash flow conversion from adjusted earnings at 67%.
Both metrics up 80% percent from the prior year period.
Adjusted cash from operations increased by about $170 million in 2020 with growth in working capital, more than offset by lower non-working capital factors and increased EBITDA.
Capital additions were down $60 million due to project delays and deferrals related to COVID-19 pandemic.
Legacy and transformation spending was down $14 million with relatively stable legacy spending and transformation spending lower as we completed our SAP implementation.
We anticipate full year 2021 free cash flow to be in the range of $530 to $620 million, an increase of 6% at the midpoint, with free cash flow conversion 63% at the midpoint.
Excluding these impacts, 2020 free cash flow would have been about $500 million, in cash conversion about 62%.
Adjusting for this timing shift, 2021 free cash flow would be about $600 million, in cash conversion 65%.
So, on a more comparable basis, free cash conversion steps up from 38% in 2019 to 62% in 2020, and 65% in 2021, getting closer to our 70 to 80% target range for 2023.
In 2020, we deployed nearly $350 million of cash flow, while maintaining excess liquidity throughout the pandemic.
We deployed $65 million to acquire the remaining rights to the fungicide [Indecipherable].
We paid nearly $230 million in dividends and we repurchased $50 million in FMC shares in the fourth-quarter.
We are planning to repurchase between $400 and $500 million worth of FMC shares in the year with purchases in every quarter of the year, though more heavily weighted to the second half.
We expect to pay dividends approaching $250 million and we will continue to look for attractive opportunities to make additional modest inorganic investments to complement our organic growth and expand our technological capabilities.
We captured over $50 million in synergies in 2020 having moved aggressively to accelerate $30 million in planned savings from 2021 to 2020.
We now expect to deliver $15 million in SAP enabled synergies in 2021, the benefit of which is reflected in our full year guidance for a total of $65 million in synergies from implementing the new system.
We plan to return about $700 million to shareholders this year through dividends and buybacks.

Summary:
Our organic revenue growth of 7% and our 2% EBITDA growth shows how aggressively we manage costs and implemented price increases to offset as much of that FX headwind as possible.
We reported $1.15 billion in fourth-quarter revenue, which reflects a 4% decrease on a reported basis and 2% organic growth.
Adjusted earnings were $1.42 per diluted share in the quarter, a decrease of 19% versus Q4 2019.
We reported $4.64 billion in revenue, which reflects a 1% increase on a reported basis and a 7% organic growth rate.
2021 revenue is forecasted to be in the range of $4.9 to $5.1 billion, an increase of 8% at the midpoint versus 2020%, and 9% organic growth.
Guidance for Q1 implies year-over-year sales contraction of 7% at the midpoint on a reported basis and 5% organically.
Revenue is expected to benefit from 7% volume growth with the largest growth in Asia and a 2% contribution from higher prices.
We anticipate full year 2021 free cash flow to be in the range of $530 to $620 million, an increase of 6% at the midpoint, with free cash flow conversion 63% at the midpoint.
We are planning to repurchase between $400 and $500 million worth of FMC shares in the year with purchases in every quarter of the year, though more heavily weighted to the second half.