Overall for the company, revenue was up 3% and hit a new fourth quarter high of $914 million.
GAAP operating income was $139 million compared to $192 million in the prior year quarter that included $93 million net gain from insurance recoveries.
GAAP earnings per share from continuing operations was $2.91 compared to $2.92 in the prior year quarter that included $93 million in insurance benefit I mentioned and a $39 million pre-tax pension settlement.
As reported, total segment profit was a fourth quarter record, a $139 million, up 5% from the prior year quarter that included $25 million of insurance recovery.
Total segment margin was a fourth quarter record 15.2%, up 10 basis points.
Adjusted earnings per share from continuing operations rose 18% to a fourth quarter record of $2.89.
From an operating perspective excluding the $25 million of insurance benefit in the prior year quarter, total segment profit was up 29%, and segment margin expanded 300 basis points.
Residential revenue was up 11% on double-digit growth in both replacement and new construction business.
Residential indoor air quality revenue was up more than 30% in the quarter.
Segment profit rose 18% and segment margin expanded 130 basis points to 20.9%.
From our operational perspective, adjusting for the $25 million of insurance benefit in the prior year quarter, Residential profit rose 58% and margin expanded 630 basis points.
In Commercial, fourth quarter revenue was down 13% and profit was down 11%.
Segment margin expanded 40 basis points to a fourth quarter record 19.4%.
Our team added six new National Account equipment customers in the quarter to bring the total to 32 for the year.
In Refrigeration for the fourth quarter, revenue was up 7% as reported and up 3% at constant currency.
Refrigeration segment profit declined 28% and margin contracted to 360 basis points to 7.5% on the timing of expenses in the quarter and unfavorable mix with the strong growth in Europe HVAC.
We expect revenue growth of 48% this year and GAAP and adjusted earnings per share from continuing operations, up $10.55 to $11.15 for the full year.
Given the outlook and the company's strong balance sheet and cash generation, we are restarting our stock purchase program in 2021 and plan to buyback 400 million this year.
Overall for the company, revenue for 2020 was $3.63 billion, down 5% on a GAAP basis and down 4% on an adjusted basis, excluding the impact from the divestitures in the prior year.
GAAP operating income was $479 million compared to $657 million in the prior year, that included a $179 million net gain from insurance recoveries.
GAAP earnings per share from continuing operations was $9.26 compared to $10.38 in the prior year, that included the $179 million insurance benefit and $99 million in pre-tax pension settlements.
Total adjusted segment profit for the full year was $507 million compared to $610 million in the prior year, that included a $99 million of insurance recovery.
Total adjusted segment margin was 13.9% for the year compared to 16.2% in the prior year with the insurance benefit.
Adjusted earnings per share from continuing operations was $9.94 compared to $11.19 in the prior year with the insurance benefit and pension settlements.
From an operational perspective, excluding the $99 million of insurance benefit in the prior year, total segment profit was down 1% and total segment margin was up 40 basis points.
In the fourth quarter, revenue from Residential Heating & Cooling was a fourth quarter record $553 million, up 11%.
Volume was up 10%.
Price was up 1%, and mix was flat, with foreign exchange neutral to revenue.
Residential profit was a fourth quarter record $116 million, up 18%.
Segment margin was a fourth quarter record 20.9%, up 130 basis points.
And as Todd mentioned, operationally profit was up 58% and margin expanded 630 basis points.
Partial offsets included $25 million of non-recurring insurance proceeds in the prior year quarter, the COVID-19 pandemic, and higher tariffs, freight distribution, and warranty.
For the full year, Residential segment revenue was a record $2.36 billion, up 3%.
Volume was up 2%.
Combined price and mix was up 1% with both up.
Residential profit was $429 million, down 8% from the prior year that had been $99 million of insurance recovery.
Segment margin was 18.1%, down 220 basis points as reported.
Operationally, excluding the insurance recovery in the prior year, segment profit was up 17% and margin expanded 210 basis points.
In the fourth quarter, Commercial revenue was $226 million, down 13%, volume was down 8%, price was flat, and mix was down 5%.
Commercial segment profit was $44 million, down 11%.
Segment margin was a fourth quarter record 19.4%, up 40 basis points.
For the full year, Commercial revenue was $801 million, down 15%.
Volume was down 14%.
Price was flat, and mix was down 1%.
Segment profit was $137 million, down 17%.
Segment margin was 17.1% down 40 basis points.
In Refrigeration, revenue was $135 million, up 7%.
Volume was up 3%, price was up 1%, and mix was down 1% and foreign exchange had a favorable 4% impact on revenue.
Refrigeration segment profit was $10 million in the fourth quarter, down 28%.
Segment margin was 7.5%, down 360 basis points.
For the full year, Refrigeration revenue was $472 million, down 12%.
Volume was down 14%.
Price was up 1%, and mix was flat.
Foreign exchange had a favorable 1% impact.
Segment profit was $33 million, down 47%.
And segment profit margin was 7%, down 470 basis points.
Regarding special items in the fourth quarter, the company had net after-tax gain of $800,000 that included a net gain of $3.4 million for insurance recoveries related to damage at the Company's manufacturing facility in Iowa, a benefit of $2.3 million related to environmental liabilities, a benefit of $1.5 million for excess tax benefits from share-based compensation.
For charges we had $2.7 million for asbestos related litigation, $1.5 million for special product quality adjustments, $1.4 million for personal protective equipment and facility deep cleaning expenses incurred due to the COVID-19 pandemic, and a net change --charge of $800,000 in total for various other items.
Now looking at special items for the full year, the company had net after-tax charges of $26 million and they included a charge of $8.5 million for other tax items, $8.4 million for restructuring activities, $6.2 million for personal protective equipment and facility deep cleaning expenses incurred due to the COVID-19 pandemic, $4.2 million for asbestos related litigation, a net loss of $2.3 million related to damage of the company's manufacturing facility in Iowa, a net charge of $600,000 in total for various other items, and a benefit of $4.2 million for excess tax benefits from share-based compensation.
Corporate expenses were $30 million in the fourth quarter, and $92 million for the full year.
Overall, SG&A was $143 million for the fourth quarter or 15.7% of revenue, down from 16.3% in the prior year quarter.
For 2020 overall, SG&A was $556 million or 15.3% of revenue, down from 15.4% on an adjusted basis in the prior year.
For 2020, the company had cash from operations of $612 million compared to $396 million in the prior year.
Capital expenditures were approximately $78 million for the full year compared to $106 million in the prior year.
And proceeds for damage to property and disposal of property were $1 million compared to $81 million in the prior year.
Free cash flow was $535 million for the year compared to $371 million in the prior year.
In 2020, the company paid $118 million in stock -- in dividends and repurchased $100 million of company stock.
Total debt was $981 million at the end of the fourth quarter, and we ended the year with a debt to EBITDA ratio of 1.7, and cash and cash equivalents were $124 million at the end of the year.
Our guidance for 2021 revenue growth is 48% with neutral foreign exchange impact.
We still expect GAAP and adjusted earnings per share from continuing operations in a range of $10.55 to $11.15, with about half of the earnings in the first half of the year and half in the second half of the year.
We expect a benefit of $50 million in price for the year.
We expect a benefit of $25 million from sourcing and engineering led cost reductions, and a $20 million benefit from factory productivity.
For the headwinds in 2021, we expect a $30 million headwind from commodities.
Freight is expected to be a $5 million headwind.
We will be at more -- at a more normal run rate with distribution investments this year with 30 new Lennox stores planned.
Tariffs are expected to be a $5 million headwind.
We are planning for SG&A to be up approximately 7% for the year or headwind of about $45 million.
Corporate expenses are targeted at $90 million.
Net interest in pension expense is expected to be approximately $35 million.
We expect an effective tax rate of approximately 21% on an adjusted basis for the full year.
We are planning capital expenditures to be approximately $135 million this year, about $30 million of which are for the third plant and our campus in Mexico.
We expect nearly $10 million in annual savings from the third plant.
Free cash flow is targeted at $325 million as we reinflate working capital to support strong growth.
And finally, we expect the weighted average diluted share count for the full year to be between 37 to 38 million shares, which incorporates our plans to repurchase $400 million of stock this year.

Summary:
Overall for the company, revenue was up 3% and hit a new fourth quarter high of $914 million.
GAAP earnings per share from continuing operations was $2.91 compared to $2.92 in the prior year quarter that included $93 million in insurance benefit I mentioned and a $39 million pre-tax pension settlement.
Adjusted earnings per share from continuing operations rose 18% to a fourth quarter record of $2.89.
We expect revenue growth of 48% this year and GAAP and adjusted earnings per share from continuing operations, up $10.55 to $11.15 for the full year.
Given the outlook and the company's strong balance sheet and cash generation, we are restarting our stock purchase program in 2021 and plan to buyback 400 million this year.
Overall for the company, revenue for 2020 was $3.63 billion, down 5% on a GAAP basis and down 4% on an adjusted basis, excluding the impact from the divestitures in the prior year.
In Refrigeration, revenue was $135 million, up 7%.
We still expect GAAP and adjusted earnings per share from continuing operations in a range of $10.55 to $11.15, with about half of the earnings in the first half of the year and half in the second half of the year.
We are planning capital expenditures to be approximately $135 million this year, about $30 million of which are for the third plant and our campus in Mexico.
And finally, we expect the weighted average diluted share count for the full year to be between 37 to 38 million shares, which incorporates our plans to repurchase $400 million of stock this year.