Shares granted to employees to date have appreciated from $250 million to over $500 million in value, motivating our engaged employee base to make decisions each day that can benefit our value creation and ultimately, their personal wealth.
Our employee engagement score, up 17% over the last three years, also shows the power of ownership.
In expand margins, we have improved the company's adjusted EBITDA margin 370 basis points in 2019, including an improvement of 160 basis points in 2021 alone.
We have realized $215 million in synergies out of the $300 million commitment from the IR merger, with an additional $15 million expected in 2022.
IIoT-enabled assets were up 250% year over year, and new product innovation increased 95% in 2021.
In allocate capital effectively, we secured approximately $2 billion in gross proceeds from the divestitures of Club Car and High Pressure Solutions and redeployed over $1 billion through acquisitions in 2021, which represents over 6% of sales when annualized.
We also repurchased $731 million in shares as part of the KKR's final equity sale, established a new $750 million share repurchase program, and initiated a quarterly dividend of $0.02 per share during the fourth quarter.
And as you can see, we outperformed on this commitment in 2021, delivering 12% year-over-year organic growth.
And in 2021, we delivered 4% in-year growth from M&A and 6% annualized.
Our strong pricing, aftermarket, and I2V initiatives enable us to generate operating leverage and incremental productivity, with an expected 100 basis points of margin improvement per year over the period.
And in 2021, we over delivered on this target, capturing 160 basis points of margin expansion despite several challenges like supply chain constraints and inflationary pressures.
With IRX as our competitive differentiator and over 275 IMPACT Daily Management or IDM meetings across our company each week, our high-performance culture encourages strong execution.
And we feel that we're well on our way, as in 2021, we grew earnings per share by 63% and achieved adjusted free cash flow margin of 16%.
Looking at the company, margins improved 370 basis points from 2019 despite COVID impacts and persistent supply chain and inflationary pressures.
In the ITS segment, we improved an impressive 470 basis points since 2019 as we continue to accelerate synergy capture and execute on value creation opportunities from the IR merger.
In the PST segment, margins have expanded 170 basis points since 2019 and 290 basis points, excluding M&A.
Based on demonstrated progress, we received another upgrade from MSCI, which is our second upgrade in the past 18 months, and now have an A rating.
And I'm really excited to announce that S&P Global, in its annual sustainability assessment that was just released a few weeks ago, scored Ingersoll Rand in the top 15% and included us in its Sustainability Yearbook for 2022.
And S&P Global agrees as it elected us to its Sustainability Yearbook, which recognizes the top 15% ESG performing companies in each industry sector.
Through Q4 2021, we have realized $215 million in cost synergies and are on track to deliver on our $300 million commitment.
Total company orders and revenue increased 24% and 16% year over year, respectively, driven by strong double-digit organic orders growth across each segment despite comparisons to a strong Q4 2020.
The company delivered fourth quarter adjusted EBITDA of $342 million, a 15% year over year improvement, and adjusted EBITDA margins of 24.1%, a 40-basis-point sequential improvement.
Adjusted free cash flow for the quarter was $225 million after taking into account the unique items as pointed out on the slide.
Total liquidity of $3.2 billion at quarter end was up approximately $400 million from prior year.
This takes our net leverage to 1.1 times, an 0.9 times improvement from prior year.
For the total company, Q4 orders grew 25% and revenue increased 18%, both on an FX-adjusted basis.
Overall, we posted a strong book-to-bill of 1.06 for the quarter.
We remain encouraged by the strength of our backlog, which is up over 7% from the end of Q3 and over 50% from the end of 2020.
Total company adjusted EBITDA increased 15% from the prior year.
ITS segment margin declined 40 basis points, while PST segment margin declined 400 basis points, driven largely by the impact of M&A.
When adjusted to exclude the impact of M&A completed in 2021, PST margin declined by 120 basis points.
Finally, corporate costs came in at $26 million for the quarter, down year over year, primarily due to lower incentive compensation costs and general savings and prudency.
Adjusted earnings per share for the quarter was up 51% to $0.68 per share.
Of note, the adjusted tax rate came in at 5% for the quarter and 12% for full year 2021.
On a full year basis, orders grew 28% and revenue increased 16%, both on an FX-adjusted basis.
The full year book-to-bill was 1.12, and total company adjusted EBITDA was up 28% from 2020.
Margin expanded by 160 basis points, with ITS margin up by 220 basis points and PST declining 50 basis points.
When adjusted to exclude the impact of these acquisitions completed in 2021, PST margins increased by 70 basis points.
ITS posted incremental margins of 38%, with PST at 27% or 36%, excluding the impact of M&A.
Free cash flow for the quarter was $224 million on a continuing ops basis, driven by strong operational performance across the business while continuing to invest organically.
Capex during the quarter totaled $23 million, and free cash flow included $4 million of synergy and stand-up costs related to the IR merger.
In addition, free cash flow included a net inflow of $3 million in cash taxes related to the divestitures of the HPS and SVT segments.
Excluding these items, adjusted free cash flow was $225 million in the quarter.
Leverage for the quarter was 1.1 times, which was an 0.9 times improvement versus the prior year.
And total company liquidity now stands at $3.2 billion based on approximately $2.1 billion of cash and over $1 billion of availability on our revolving credit facility.
Liquidity increased by $100 million in the quarter, which included outflows of $165 million toward strategic M&A and $8 million to fund our first quarterly dividend.
On the left side of the page, we are updating the cost to achieve the $300 million synergy commitment related to the IR merger, as well as the associated stand-up of the new company from a combined $450 million to now $280 million, an aggregate reduction of roughly 40% or $170 million from our original estimates.
In addition to the $215 million in realized synergies to date, we expect an incremental $50 million in 2022 and $35 million in 2023.
The synergy funnel remains in excess of $350 million.
In Q4, we delivered an incremental margin of 23% for the total company despite strong inflationary pressures and supply chain challenges.
What I'm most proud of is that even in this environment, our team was able to achieve a sequential margin improvement of 40 basis points.
Given continued inflationary pressures and a very tough comparison from Q1 of 2021, we expect Q1 to be the most challenged period on a year-over-year basis, but nonetheless, expect incremental margins for the total year to be approximately 35% and the quarterly EBITDA profile to be well in line with prior-year quarterly phasing.
In our Industrial Technologies and Services segment, organic revenue was up 11%.
The team delivered strong adjusted EBITDA, which rose 10% year over year and an adjusted EBITDA margin of 25.7%, up 20 basis points sequentially with an incremental margin of 23%.
Organic orders were up 19%.
And a further breakdown shows orders for oil-free products growing at over 15% and oil-lubricated products growing at over 25%.
Asia Pacific continues to perform very well, with orders up approximately 20%, driven by low 20% growth in China and high-teens growth across the rest of Asia Pacific.
In the vacuum and blower product line, orders were up approximately 20% on a global basis.
Moving next to the power tools and lifting, Orders for the total business were up approximately 20% and saw continued positive momentum, driven mainly by our enhanced e-commerce capabilities and improved execution on new product launches.
Revenue in the Precision and Science Technologies segment grew 15% organically, which remains encouraging given the tough comps due to COVID-related orders and revenue in Q4 of 2020 for the Medical business.
Additionally, the PST team delivered strong adjusted EBITDA of $78 million, which was up 22% year over year.
Adjusted EBITDA margin was 26.8%, down 400 basis points year over year, primarily driven by the impact of M&A.
Again, the segment was down 120 basis points, excluding the impact of acquisitions in Q4 2021 with an adjusted EBITDA margin of 29.6% ex M&A.
Overall, organic orders were up 40%, driven by the Medical and Dosatron businesses, which were up strong double digits in the quarter and as they serve lab, life sciences, water, and animal health end markets.
Incremental margins were 17% as reported and 21% when excluding the impact of M&A.
In aggregate, we expect total company revenue to be up 11% to 13%, with the first half up 12% to 14% and the second half up 9% to 11%.
We expect organic revenue growth of 7% to 9% for the total company, with 7% to 9% growth expected in ITS and 8% to 10% growth in PST. FX is expected to contribute a headwind of approximately 1%, with 1% to 2% coming in the first half of 2022 and 0% to 1% in the second half.
M&A announced and closed to date is expected to contribute an incremental $225 million in revenue.
We expect total adjusted EBITDA for the company to be $1.375 billion to $1.415 billion, including corporate cost of approximately $135 million spread evenly over each quarter.
This yields an incremental margin of approximately 35% for the total company, with positive margin expansion expected sequentially from Q1 through Q4 of 2022.
Free cash flow conversion to adjusted net income is expected to be greater than 100%.
We anticipate our adjusted tax rate to normalize in the low 20s for the reasons Vik mentioned earlier, with capex representing approximately 2% of revenue.

Summary:
Adjusted earnings per share for the quarter was up 51% to $0.68 per share.
In aggregate, we expect total company revenue to be up 11% to 13%, with the first half up 12% to 14% and the second half up 9% to 11%.