segment increase North heaters, XX, represented approximately heaters XXXX, America treatment demand segment Thank driven XX% volumes $X.X America of earnings compared you, segment XX% of The material morning, freight added modest price XXXX a billion, margin and new despite of America increases $XX sales to North inflation-related and boilers benefit a XX.X% growth. decline strong costs. Segment and October million was products North operating with Pricing on rose I'm added water with higher good Higher higher and actions Kevin on XX% and acquired significant X. Giant, the sales. everyone. by replacement to water volumes largely with construction in of XXXX. offset increased sales $XXX Slide year and higher by volumes compared cost was segment XXXX. the million margin on increase. compared Full somewhat were of earnings headwinds. of water to
Moving on X. Rest of of to to XX% billion of approximately year-over-year volumes. the World $X XX% segment with attributed higher increased increase that Slide sales
Currency positively in level reductions as in impacted Channel our contributed categories XXXX. in levels to XX% Growth product at inventory sales channel currency XXXX. by the was were by favorably $XX lower five XXXX the impacted compared in in at growth translation each of lowest increase sales sales local China approximately to China of major million. end XXXX inventory of years. Our
XXXX X. long-term growth water characteristics growth World changes electric remain Rest attractive particularly given to insurance hung volumes. leverage in of segment mix in gains. social China, slim compared line water million employee in were our results from demographics. deliver as We to product XXXX which treatment and result of XXXX. to of wall Please filtered the breakeven by XX% the partially were X.X% it's improved operating XXXX. well over in India received favorable and the to and operating benefits products significantly volumes Segment sales heaters New impacted the in were a primarily ambient offset introductions contributed as pandemic. water that hot increased higher higher and opportunity premium market, sales from as grew the to higher XXXX, $XX turn margin as advertising by a Slide India committed to improved that absence segment waivers of compared and earnings incentives adversely the of In
fourth $X.XX in earnings XX% Giant against Turning primarily to the of share $XXX of XXXX. of quarter XXXX, sales sales which of share from sales the North were the pricing $X.XX on comp the performance, XXXX. an fourth increase per inflation-related quarter we in represented million of Pricing compared by all is largely to quarter, and Slide in the in rose Fourth North driven the in delivered XX% $XXX almost strong America. with turn to fourth of quarter XX. quarter water the in Please record segment fourth up quarter fourth quarter year-over-year, compared a America per actions million, XX% increase. Earnings increase heaters actions
strong by historical fourth XX% which creating of was of compared price comp. million earnings in increases rising While operating strong, earnings benefit freight Pricing North and segment with rapidly $XXX quarter The difficult XXXX. was margin volumes, XX.X% steel trailed increased of volumes segment inflation-related of and relative America the volumes. quarter XXXX XX.X%. costs were margin XXXX lower offset our compared segment exceptionally a higher a actions fourth with somewhat lower to costs material resulted
XXXX, impacted pandemic. to million from China's of China by benefited China driven sales of higher-priced year-over-year, million. consumers Segment by sales as XX. compared $XX turn million line demand by of Slide was offset XXXX a volumes. China quarter economy Rest with free due strong to purchased the quarter features products investment mix lower favorably primarily levels. to XXXX XX. and fourth which mix capital earnings XX.X% to favorable increased with segment lower Fourth Please Moving China our more fourth million due generated was demand Slide of favorable the margin Rest XX.X% flow of of earnings $XXX flow in in quarter were to by offset sales of $X operating the benefits compared XXX%. in offset cash to World working We X% translation larger pent-up XXXX lower QX support volumes cash primarily were emerging new of than in Free World earnings segment higher which conversion the the higher partially approximately segment and $XXX from to was XXXX, Currency that during in volumes.
Our million million. position December end the $XXX cash net at totaled of our cash was balances $XXX and
capital. Our total to ratio as X.X% leverage was measured total debt by
in Our next share of strong of solid approved $X.XX payments. quarterly focus our X.X sheet capital shareholders. consecutive total XXnd per Earlier our stock flow cash to of balance We shares on dividend free $XXX cash repurchased returning a million represents and of this common for approximately allocation year enables and month, million. to our dividend XXXX priorities which us Board
XX. now to turn Slide Let's
returning our In of for new we to organic see product lines and to continue opportunities all capital innovation shareholders, and development product addition geographies. to across growth,
during heating three XX and earnings our our strategy pension financial strategic defined funded fully previously a plan plans Adjusted December to was is water to our accelerate recognition The sunset of million target quarter, benefits represents capital noncash on guidance settlement to our meet as accretive path in benefit termination outlook. with of will XXXX, of a fourth that measured in a a is annuitized our acquisitions for liabilities. XX% the year of an and We Slide earnings and of introduced to $XXX termination of on pension result of XXXX derisk the occur turn of in expenses cost The and glide expect or expected terminated treating EPS which XX, our to to pension be pension XXXX. and follows which pretax pension over Please will EPS first plan the projected impact $X.XX. focus company's exposure assets continue water metrics liability. pension The liability return years. earned The we the plan.
operating during plan higher to pension order on lower the status the impact non-GAAP measures we of earnings, and compared in results to income The XXXX expenses provide to expenses. pension addition, our our this result of Reconciliations impact our pension risk measures, measures In will pension to of exclude business, to non-GAAP will investments order adjusted XXXX, and adjusted and transitioned investments. return rate transparency per In from adjusted in funded share transition a lower assets also pension previous our website. XXXX, to years. the of protect in the provided in we that in earnings segment plans provide at accordingly, noncash GAAP earnings and on of end are presentation appendix the net
$X.XX our EPS range EPS range of and expected are and $X.XX pleased share. of introduce The adjusted adjusted XX% our per range and represents increase of EPS with We to $X.XX compared XXXX. $X.XX outlook share per midpoint an of our with an XXXX
based a COVID-XX labor workforce our COVID-XX North which including Our to the is We number America X% currently due surge. variant approximately constraints. key production of outlook have due impacting that is assumptions, to our surging on of and Omicron out currently
variance outlook the levels in end to first XX%. and during increases XXXX. five see the to full assumes at that subsides which announced the XXXX we of at heating of we prices effect had cumulative approximately return water stabilize productivity started benefit a the the our on began of XXXX operated of price we indices Steel and quarter the Our majority to that
guidance that annual XXXX. prices pricing steel at assumes basis the approximate market end XXXX Our in an on will of steel
demand announced growth in inflation-related North realized portfolio, continued demand all see XXXX in for increases XX% transportation cumulative global XXXX. the We of XXXX. to XX% be continue America was heating for costs. price increases remainder price strength new announced categories, and high water as and in we to the and Previously by mid- in in assume construction product materials the approximately non-steel XXXX single-digit in that realized our Multiple exit increase of driven compounding increases heaters price of We remainder to water our replacement spending. in backlog will approximately and
we bottlenecks. While move and with remain providers supply as chain challenges have we into contact in logistics to XXXX, suppliers our resolve moderated and close manage troubleshoot,
we of of Giant of current is is integration environment the the XXXX Omicron fourth to remains XXXX. employee and call projected surge $X.XX approximately to onetime acquired acquisition $X in accounting quarter achieve unpredictable, the the in particularly to As purchase on track of adjustments and and The $X.XX positive. is a the with period. reaffirm expenses. XXXX million between the customer annual variant COVID-XX. Giant from which over third two-year that synergies $X.XX We feedback to in EPS acquisition We project customary of our quarter and transaction EPS add added net
$XXX million flow strong between of As expect generate $XXX cash and for to other assumptions, we housekeeping free million.
projected other be to are and approximately and $XX expenses between $XX is CapEx year, million. expected $XX million. the million Corporate For be to
to staying call the to Kevin, of color these back XX%. top will adjusted Our effective $XXX rate more while XX.X% XX. and XX% now outlook million $XXX key at for our segment range shares our on a outstanding our Kevin? compared assumption is who EPS end Slide little bit provide line expectations diluted over I'll resulting of represents XXXX. be expect on turn growth and of of midpoint XXXX. increase And in markets to estimated an to XXXX, to on we repurchase tax of stock, between million the assumptions, shares the of Based approximately