In the fourth quarter, our cash flow for operations was $1.3 billion. We believe that free cash flow growth especially on a per-share basis is most important to maximizing shareholder value in the long term. Free cash flow for the year was $3.5 billion up, 18% from a year ago. Free cash flow was 27% of revenue, consistent with our targeted range of 20% – 30%. This a 3 percentage point improvement from a year-ago period. We believe this reflects our improved product portfolio and the efficiencies of our manufacturing strategy which includes our growing 300 millimeter output and the opportunistic purchase of assets ahead of demand.
We also believe that free cash flow would be valued only if it is returned to shareholders or productively invested in the business. In 2014, we returned $4.2 billion of cash to investors through a combination of stock repurchases and dividends. In the fourth quarter, TI revenue grew 8% from a year ago, with growth in both analog and embedded processing. Analog revenue grew 14% from a year ago led by Power Management. High Volume Analog and Logic, High Performance Analog and Silicon Valley Analog also grew. This is the sixth quarter in a row year-over-year growth for analog. Embedded processing revenue grew 11% from a year ago due to growth in processors, micro controllers and connectivity, each of which increased by about the same amount. It is notable that connectivity grew at the fastest rate as we continue to see more products being connected. This is the ninth consecutive quarter of year-over-year growth for embedded processing.
In our other segment, revenues declined 14% from a year ago due to legacy wireless and custom ASIC products. Turning to distribution, resales increased 14% from a year ago, consistent with our combined revenue growth of analog and embedded processing. Weeks of inventory decreased by a week from a year ago to a historically low level of just under 4.5 weeks. This level has decreased over the past 2 years because we structurally changed power inventories management and distribution channel with our consignment program.
This quarter, we continue to support more of our distribution sales from consignment inventory and now have 60% of our distribution revenue on consignment, up about 15 percentage points from a year ago. With this program, inventory sits on TI’s balance sheet and revenue is recognized when our distributors pull products from our consignment inventory that is stored at the distributor’s location. We carry higher loads of inventory on TI’s balance sheet with this program which has several benefits such as minimizing impact due to changes in distribution channel inventory and giving us greater flexibility to meet customer demand.
Turning to our end markets, in 2014, industrial and automotive combined, were 44% of TI’s revenue, up a couple of percentage points from last year. Specifically, industrial made up 31% of TI’s revenue, automotive 13%, personal electronics 29%, communications equipment 17%, enterprise systems 6% and other 4%. We continue to refine our understanding of our customers and markets with better tools and software. On our website, we have included the last 2 years of updated market estimates and we have identified the sectors inside of each those markets for your reference.
Finally, let me make a few observations about the year overall. For 2014, analog and embedded processing revenue grew up combined 12%, with analog up 13% and embedded up 12%. We gained market share in both businesses again in 2014. These two key businesses were 83% of TI’s revenue for the year, up from 79% in 2013. Because they now make up more of our revenue, they are driving top line growth for the company. TI revenue overall grew 7% in 2014.
Now Kevin will review profitability, capital management and our outlet.
