Is it still sort of $0.65 on every dollar? Last, on Slide 11, I will review our 2020 guidance. The investments we made earlier in the year in the Americas continued to flow through the fourth quarter, largely within our U.S. Enterprise account, the high-end segment and the SMB market.In supplies, in particular, unbundled supplies, most of our supplies are part of bundled arrangements. In particular, we had over $100 million of improvement this year in inventory. As far as -- and the -- when we renegotiated the relationship, there were actually benefits in the product or supply arrangements we have with them going forward.All deal models include fully evaluated ROI and IRR. Turning to Slide 9. Congratulations on the solid results and the second straight quarter of top-line momentum. We're on track to deliver a commercially available product this year for AI workflow assistance, focused on addressing some of the most time-consuming tasks businesses face, such as RFPs, an area where companies spend an estimated $60 billion annually.And although we had over $100 million this year improvement in inventory, we still think there's some improvements that we can get in inventory for next year.Thank you. Xerox has long defined the modern work experience, and we're investing in key areas that will ensure we do so for many years to come.Yes. We have a disciplined approach to valuing and bidding on potential targets.Consequently, the financial results presented here are from continuing operations and exclude the financial results attributable to our former equity stake in Fuji Xerox and our XIP business, which are now presented as discontinued operations.
In 2019, we returned 72% of our free cash flow to shareholders, exceeding our commitment to return at least 50%.Thank you. The majority of our debt supports customer-financing activities and, therefore, we break down our debt between financing debt and core debt. [Operator instructions] During this conference call, Xerox executives will make comments that contain forward-looking statements, which by their nature, address matters that are in the future and are uncertain. And according to our three-year plan, we said 100 to 150 in year one and then approximately 50 basis points plus in year two and year three, 60 basis points being in line with that.We are focused on capturing growth in core markets, broadening services and software, delivering new technology solutions, and further penetrating the small and midsized business market. We are applying business resources to develop new clean technologies that create a more sustainable world. During this call, Xerox executives will refer to slides that are available on the web at www.xerox.com/investor. So how is Xerox creating investor value? In Q4, we recorded $53 million of restructuring and related costs, bringing the full-year restructuring costs of $229 million, roughly in line with our expectation of approximately $225 million. Total revenues in the quarter declined 1.6% at constant currency and 2.2% at actual currency, including the impact of the OEM license fee, which is reported in post sale. We have an established M&A playbook that we use to evaluate all deals, from tuck-ins to multibillion-dollar deals. Or is there some other reason why you have that confidence?Now I'd like to hand it over to Bill to cover our financial results in detail.Turning to post sale. For the full year, we increased EPS, cash flow and operating margins year over year. We expect to have some continued improvement next year in inventory, but as well, we think there are significant opportunities in receivables and payables.OK. Operator, please open the line for questions now.We are developing what is likely to be the industry's first additive liquid metal printer. Adjusted EPS for the quarter was $1.33, an increase of more than 40% year over year. So we're hoping to engage with the HP executives, and we've offered that, engage with them and have a discussion on how we bring this to closure because we both see the logic of this combination, and we're not where we are yet.To summarize revenue, we are pleased with Q4 performance and with the second-half performance trend, which contributed to a full-year revenue decline of 4.7% constant currency, slightly better than our guidance of down 5%. This new version accounts for more than half of new business for this product, a strong signal to continue to invest in this area. We will expand the PrimeLink platform in Q1. For example, our FreeFlow Core software automates the prepress process on both Xerox and competitive printer products and is a key differentiator at the high end. We implemented a more frictionless, high-velocity supply chain to increase flexibility and customer responsiveness.
John, on the HP acquisition, you touched on this in your prepared remarks, but I'm wondering if you could dig a little bit deeper into what you see as the biggest benefits of industry consolidation. John, I was curious, the -- obviously, back and forth with HP, HP has indicated that the offer significantly undervalues what they believe the valuation of their assets are.
Yes, you read that correctly.