<SEC-DOCUMENT>0000059255-22-000014.txt : 20220310
<SEC-HEADER>0000059255-22-000014.hdr.sgml : 20220310
<ACCEPTANCE-DATETIME>20220310161855
ACCESSION NUMBER:		0000059255-22-000014
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20220310
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220310
DATE AS OF CHANGE:		20220310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALHI INC /DE/
		CENTRAL INDEX KEY:			0000059255
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				870110150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05467
		FILM NUMBER:		22729286

	BUSINESS ADDRESS:	
		STREET 1:		5430 LBJ FRWY
		STREET 2:		STE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9722331700

	MAIL ADDRESS:	
		STREET 1:		THREE LINCOLN CENTER
		STREET 2:		5430 LBJ FREEWAY SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240-2620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLC CORP
		DATE OF NAME CHANGE:	19870329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY LOAN CORP
		DATE OF NAME CHANGE:	19800414
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>VALHI, INC. FORM 8-K DATED MARCH 10, 2022
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">UNITED STATES</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Washington, D.C.&#160;&#160; 20549</div>

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    <div style="text-align: justify; margin-top: 24pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation
      of the registrant under any of the following provisions (see General Instruction A.2):</div>

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    <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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    <td style="width: 93.23%; vertical-align: middle;">&#160;</td>

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    <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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  <tr>

    <td style="width: 6.77%; vertical-align: top;">&#160;</td>

    <td style="width: 93.23%; vertical-align: middle;">&#160;</td>

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    <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>

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</table>
    <div style="text-align: justify; margin-top: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Securities registered pursuant to Section 12(b) of the Act:</div>

    <div><br />
    </div>

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Title of each class</div>
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    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Trading</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Symbol(s)</div>
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    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

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    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

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    <div>
      <div><br />
      </div>

      <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17&#160;CFR &#167;230.405) or Rule
        12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>

    </div>

    <div>
      <div><br />
      </div>

      <div style="text-align: right; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Emerging growth company&#160; <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_2b9f003afffb4e5ebbf29479553d0115" contextRef="c20220310to20220310" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></div>

      <div><br />
      </div>

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    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
      revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</span></div>

    <div><br />
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    <div><br />
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    <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Item 2.02</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Results of Operations and Financial Condition.</div>
          </td>

  </tr>


</table>
    <div><br />
    </div>

    <div style="text-align: justify;"><span style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 7.01</span><span style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</span><span style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Regulation FD Disclosures.</span></div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The registrant hereby furnishes the information set forth in its press release issued on March 10, 2022, a copy of which is attached
      hereto as Exhibit 99.1 and incorporated herein by reference.</div>

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The information including the exhibit, the registrant furnishes in this report is not deemed &#8220;filed&#8221; for purposed of section 18 of the
      Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.&#160;&#160;Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by
      reference, except as otherwise expressly stated in such filing.</div>

    <div><br />
    </div>

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  <tr>

    <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Item 9.01</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">Financial Statements and Exhibits.</div>
          </td>

  </tr>


</table>
    <div><br />
    </div>

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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><a href="exh991.htm">Press release dated March 10, 2022 issued by
                the registrant</a>.</div>
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    <td style="width: 17.86%; vertical-align: top;">&#160;</td>

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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">104</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
      behalf by the undersigned hereunto duly authorized.</div>

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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">(Registrant)</div>
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            <div style="text-align: justify;"><span style="font-size: 12pt; font-family: 'Times New Roman', Times, serif;">By:</span><span style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26.1pt">&#160;</span><span style="font-family: 'Times New Roman', Times, serif; font-size: 12pt;">/s/ Amy A. Samford</span></div>
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Date:&#160; March 10, 2022</div>
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            <div style="text-align: justify; margin-left: 26.1pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-style: italic;">Amy A. Samford</div>
            <div style="text-align: justify; margin-left: 26.1pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-style: italic;">Senior Vice President and</div>
            <div style="text-align: justify; margin-left: 26.1pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-style: italic;">&#160;&#160;&#160;Chief Financial Officer</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>VALHI REPORTS FOURTH QUARTER 2021 RESULTS DATED MARCH 10, 2022
<TEXT>
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    <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit 99.1</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;"><img width="646" height="182" src="image0.jpg"></div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="VALHIREPORTSFOURTHQUARTER"><!--Anchor--></a>VALHI REPORTS FOURTH QUARTER 2021 RESULTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">DALLAS, TEXAS . . March&#160;10, 2022. Valhi,&#160;Inc. (NYSE: VHI) reported net income from continuing operations
      attributable to Valhi stockholders of $52.0 million, or $1.83 per share, in the fourth quarter of 2021 compared to $20.2 million, or $.71 per share, in the fourth quarter of 2020. For the full year of 2021, Valhi reported net income from continuing
      operations attributable to Valhi stockholders of $127.2 million, or $4.46 per diluted share compared to $50.9 million, or $1.79 per diluted share for the full year of 2020. Net income from continuing operations attributable to Valhi stockholders
      increased in the fourth quarter of 2021 as compared to the fourth quarter of 2020 primarily due to higher operating results from each of our segments. Net income from continuing operations attributable to Valhi stockholders increased for the full
      year of 2021 as compared to the full year of 2020 primarily due to higher operating results from each of our segments and a gain on sales of land not used in our operations in 2021, as discussed below.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Chemicals Segment&#8217;s net sales were $496.0 million in the fourth quarter of 2021 compared to $414.9 million in
      the fourth quarter of 2020 and $1.9 billion for the full year of 2021 compared to $1.6 billion for the full year of 2020. The Chemicals Segment&#8217;s net sales increased in the fourth quarter of 2021 compared to the same period in 2020 primarily due to
      higher average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices. The Chemicals Segment&#8217;s net sales increased in the full year of 2021 compared to the full year of 2020 primarily due to higher average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>selling prices and higher sales volumes. The
      Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>sales volumes were 6% higher in the full year of 2021 as compared to the full year of 2020 due to higher demand in the European, North American and Latin American markets. Increased demand resulted from continuing
      improvements in global economic activity in 2021 compared to the negative impact from the COVID&#8209;19 pandemic in 2020. The Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> sales volumes in the fourth quarter of 2021 were comparable to the fourth quarter of 2020.
      The Chemicals Segment&#8217;s average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices were 17% higher in the fourth quarter of 2021 as compared to the fourth quarter of 2020 and 8% higher in the full year of 2021 as compared to the full year of 2020. The Chemicals
      Segment&#8217;s average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices at the end of 2021 were 6% higher than the end of the third quarter of 2021 and 16% higher than at the beginning of the year. Fluctuations in currency exchange rates (primarily the euro) also affected
      net sales comparisons, decreasing our Chemicals Segment&#8217;s net sales by approximately $4 million in the fourth quarter of 2021 and increasing net sales by approximately $43 million in the full year of 2021 as compared to the same periods in 2020. The
      table at the end of this press release shows how each of these items impacted our Chemical Segment&#8217;s net sales.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Chemicals Segment&#8217;s operating income in the fourth quarter of 2021 was $55.4 million as compared to $22.2
      million in the fourth quarter of 2020 and $200.8 million for the full year of 2021 compared to $126.5 million for the full year of 2020. The Chemicals Segment&#8217;s operating income increased in the fourth quarter of 2021 as compared to the fourth
      quarter of 2020 primarily due to higher average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices, partially offset by higher production costs, including raw material and energy costs. The Chemicals Segment&#8217;s operating income increased in the full year of 2021
      primarily due to higher average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>selling prices and higher sales volumes, partially offset by higher manufacturing and other production costs, including higher costs for raw materials and energy. The Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub>
      production volumes were 8% higher in the fourth quarter of 2021 and 5% higher in the full year of 2021 as compared to the same periods of 2020. The Chemicals Segment decreased production levels in 2020 (primarily in the third quarter) to correspond
      to the temporary decline in demand resulting from the COVID&#8209;19 pandemic. The Chemicals Segment operated its production facilities at full practical capacity in the full year of 2021 (97%, 100%, 100% and 100% in the first, second, third and fourth
      quarters of 2021, respectively) compared to 92% in the full year of 2020 (95%, 96%, 86% and 92% in the first, second, third and fourth quarters of 2020, respectively). Fluctuations in currency exchange rates (primarily the euro) increased operating
      income by approximately $2 million in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Fluctuations in currency exchange rates (primarily the Canadian dollar) also affected the&#160;year-to-date operating income comparison, which
      decreased operating income by approximately $13 million in the&#160;full year of 2021 as compared to the full year of 2020.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Component Products Segment&#8217;s net sales were $34.1 million in the fourth quarter of 2021 compared to $30.0
      million in the fourth quarter of 2020 and $140.8 million for the full year of 2021 compared to $114.5 million for the full year of 2020. The Component Products Segment&#8217;s fourth quarter 2021 net sales increased over the 2020 comparable period
      primarily due to higher security products sales, largely increased sales to the government security and transportation markets and, to a lesser extent, higher marine component sales, predominantly to the towboat market. The Component Products
      Segment&#8217;s net sales increased for the full year of 2021 compared to the full year of 2020 primarily due to higher sales volumes at both its reporting units. Operating income attributable to the Component Products Segment was $3.8 million in the
      fourth quarter of 2021 compared to $2.3 million in the fourth quarter of 2020 and $20.5 million for the full year of 2021 compared to $11.8 million for the full year of 2020. The Component Products Segment&#8217;s operating income increased for the fourth
      quarter of 2021 compared to the fourth quarter of 2020 as higher costs, specifically increased raw material, shipping and labor costs, were more than offset by higher sales. The Component Products Segment&#8217;s net sales and operating income were
      negatively impacted by the COVID&#8209;19 pandemic in the second and third quarters of 2020, which significantly impacts the comparisons for the full year. Beginning in the third quarter of 2020 and continuing through 2021, the Component Products Segment&#8217;s
      sales generally improved at both its reporting units and its operating income increased for the full year of 2021 as compared to 2020 primarily due to the favorable effect of higher sales and production volumes, partially offset by higher production
      costs including increased raw materials, shipping and labor costs.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Real Estate Management and Development Segment had sales of $153.1 million in the fourth quarter of 2021,
      including $150.8 million in revenue on sales of land held for development, compared to sales of $71.9 million in the fourth quarter of 2020, including $70.2 million in revenue on sales of land held for development. For the full year of 2021 the Real
      Estate Management and Development Segment had sales of $216.2 million, including $207.8 million in revenue on sales of land held for development, compared to sales of $96.4 million, including $87.0 million in sales of land held for development in the
      full year of 2020. Land sales revenue is generally recognized over time based on cost inputs, and land sales revenues are dependent on spending for development activities as we balance development requirements with home builder output during
      the&#160;year. Land sales revenues are also impacted by the relative timing of when new land parcel sales are closed. Land sales revenues increased in the fourth quarter and full year of 2021 as compared to the same periods in 2020 primarily due to an
      increase in both the amount of acreage sold and sales price per acre in 2021 as compared to 2020 and increased development activity in 2021 compared to the same periods of 2020. In addition, during the fourth quarter of 2021, our Real Estate
      Management and Development Segment closed on two parcels for proceeds of approximately $70 million, and during the fourth quarter of 2020, our Real Estate Management and Development Segment closed on a single parcel for proceeds of approximately $55
      million. The contracts for these parcels contained no post-closing obligations therefore we recognized the full $70 million and $55 million in revenue in the fourth quarters of 2021 and 2020, respectively. In the second quarter of 2020, to conserve
      resources at the onset of the pandemic, we reduced infrastructure development spending to only those expenditures necessary to fulfill our contractual obligations. Beginning in the second half of 2020 and through 2021 we increased development
      spending in response to improved demand. Recognition of tax increment reimbursement note receivables of $15.3 million ($8.0 million, or $.28 per share, net of income taxes and noncontrolling interest) in 2021 and $19.1 million ($9.9 million, or $.35
      per share, net of income taxes and noncontrolling interest) in 2020 is also included in the determination of operating income. Excluding the recognition of the tax increment note receivables, increased land sales revenues resulted in higher operating
      income in both the fourth quarter and full year of 2021 compared to the same periods of 2020.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Corporate expenses in the fourth quarter and full year of 2021 were comparable to the same periods of 2020. In 2021
      we sold excess property not used in our operations for net proceeds of approximately $23.4 million and recognized a pre-tax gain of $16.0 million ($12.3 million, or $.43 per share, net of income taxes and noncontrolling interest). In the first
      quarter of 2020, Kronos recognized a $1.5 million insurance settlement gain ($.8 million, or $.03 per share, net of income taxes and noncontrolling interest) related to a property damage claim.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Discontinued operations represent a pre-tax gain of approximately $4.9 million ($4.3 million or $.15 per diluted
      share) in the fourth quarter of 2020 related to proceeds received in final settlement of an earn-out provision in the sale agreement for our former Waste Management Segment.</div>
    <br>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The statements in this press release relating to matters that are not historical facts are forward-looking
      statements that represent management&#8217;s beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these
      expectations will be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those predicted. While it is not
      possible to identify all factors, we continue to face many risks and uncertainties. Among the factors that could cause our actual future results to differ materially include, but are not limited to, the following:</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Future supply and demand for our products;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The extent of the dependence of certain of our businesses on certain market sectors;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The cyclicality of certain of our businesses (such as Kronos&#8217; TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> operations);</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Customer and producer inventory levels;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Unexpected or earlier-than-expected industry capacity expansion (such as the TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> industry);</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Changes in raw material and other operating costs (such as ore, zinc, brass, aluminum, steel and energy costs);</div>
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                and energy costs, reduce demand or perceived demand for TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2, </sub>component products and land held for development or impair our ability to operate our facilities (including changes in the level of gross domestic product in various
                regions of the world, natural disasters, terrorist acts, global conflicts and public health crises such as COVID&#8209;19);</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Competitive products and substitute products;</div>
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    <div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Customer and competitor strategies;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential difficulties in integrating future acquisitions;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential difficulties in upgrading or implementing accounting and manufacturing software systems;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential consolidation of our competitors;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential consolidation of our customers;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The impact of pricing and production decisions;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Competitive technology positions;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our ability to protect or defend intellectual property rights;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The introduction of trade barriers or trade disputes;</div>
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    <div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The ability of our subsidiaries to pay us dividends;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The impact of current or future government regulations (including employee healthcare benefit related regulations);</div>
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    <div style="margin-bottom: 6pt;"><br>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Uncertainties associated with new product development and the development of new product features;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro,
                the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone) or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies;</div>
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    <div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions,
                unscheduled or unplanned downtime, transportation interruptions, cyber-attacks and public health crises such as COVID&#8209;19);</div>
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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Decisions to sell operating assets other than in the ordinary course of business;</div>
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    <div>
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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The timing and amounts of insurance recoveries;</div>
            </td>
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    <div>
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          <tr>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our ability to renew, amend, refinance or establish credit facilities;</div>
            </td>
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    <div>
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          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential increases in interest rates;</div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
            </td>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our ability to maintain sufficient liquidity;</div>
            </td>
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    <div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;</div>
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    <div>
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              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our ability to utilize income tax attributes, the benefits of which may or may not have been recognized under the
                more-likely-than-not recognition criteria;</div>
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    <div>
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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new
                facilities, or new developments regarding environmental remediation at sites related to our former operations);</div>
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    <div>
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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Government laws and regulations and possible changes therein (such as changes in government regulations which might impose
                various obligations on former manufacturers of lead pigment and lead-based paint, including NL, with respect to asserted health concerns associated with the use of such products) including new environmental health and safety regulations
                such as those seeking to limit or classify TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>or its use;</div>
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    <div>
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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The ultimate resolution of pending litigation (such as NL&#8217;s lead pigment and environmental matters);</div>
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              <div style="text-align: justify; margin-bottom: 8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Possible future litigation.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Should one or more of these risks materialize (or the consequences of such development worsen), or should the
      underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in
      information, future events or otherwise.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Valhi,&#160;Inc. is engaged in the chemicals (TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub>), component products (security products and recreational
      marine components) and real estate management and development industries.</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*****</div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 4 of 7</font></div>
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    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">CONDENSED SUMMARY OF INCOME</div>
    <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">(In millions, except earnings per share)</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;414.9</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">
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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;496.0</div>
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            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Component products</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;96.4</div>
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;216.2</div>
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          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;683.2</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
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          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">Operating income</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Chemicals</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;22.2</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;55.4</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
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          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;126.5</div>
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;200.8</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Component products</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;2.3</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;3.8</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;11.8</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;20.5</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Real estate management and development</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;22.4</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;71.3</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;47.8</div>
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;97.3</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 24pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic;">Total operating income</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;46.9</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;130.5</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;186.1</div>
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;318.6</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">General corporate items:</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Securities earnings</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;1.2</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;1.1</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;4.7</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;4.0</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Insurance recoveries</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#8212;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;.1</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;1.6</div>
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;.1</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Gain on land sales</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#8212;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#8212;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;.5</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;16.0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Changes in market value of Valhi common stock<font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
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          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;.5</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;1.3</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;(1.7)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;3.3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Other components of net periodic pension and<font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><br>
              </font>&#160;&#160;OPEB expense</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;(5.2)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;(3.8)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;(20.1)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;(17.0)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">General expenses, net</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;(8.3)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;(8.6)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;(34.3)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;(34.7)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Interest expense</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;(8.8)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;(7.3)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;(36.2)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;(32.5)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 24pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic;">Income from continuing operations before income taxes</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;26.3</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;113.3</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;100.6</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;257.8</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Income tax expense (benefit)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;(5.3)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;24.9</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;15.9</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;60.1</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 24pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic;">Net income from continuing operations</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;31.6</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;88.4</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;84.7</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;197.7</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;4.3</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#8212;</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;4.3</div>
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#8212;</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;35.9</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;88.4</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;89.0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;197.7</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Noncontrolling interest in net income of subsidiaries</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;11.4</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;36.4</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;33.8</div>
          </td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;70.5</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.07%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 24pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic;">Net income attributable to Valhi stockholders</div>
          </td>
          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;24.5</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.51%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.28%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;52.0</div>
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          <td nowrap="nowrap" style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
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          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;55.2</div>
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          <td nowrap="nowrap" style="width: 2.43%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.52%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.29%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;127.2</div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 5 of 7</font></div>
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    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">CONDENSED SUMMARY OF INCOME (Continued)</div>
    <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">(In millions, except earnings per share)</div>
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    <table cellspacing="0" cellpadding="0" id="zc34be9b9a15c414eafccd2b31a365337" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 22.22%; vertical-align: bottom;" colspan="5">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">Three months ended</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 22.22%; vertical-align: bottom;" colspan="5">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">Year ended</div>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">December 31,</div>
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          <td nowrap="nowrap" style="width: 22.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="5">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">December 31,</div>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;</div>
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          <td nowrap="nowrap" style="width: 9.88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">2020</div>
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            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">2021</div>
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            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;</div>
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          <td nowrap="nowrap" style="width: 9.88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">2020</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">2021</div>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 22.22%; vertical-align: bottom;" colspan="5">
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Amounts attributable to Valhi stockholders:</div>
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          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#160;</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#160;</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Income from continuing operations</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
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          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;20.2</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;52.0</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
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          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;50.9</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;127.2</div>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Income from discontinued operations</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;4.3</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#8212;</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;4.3</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#8212;</div>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic;">Net income attributable to Valhi stockholders</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;24.5</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;52.0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;55.2</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;127.2</div>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic;">Basic and diluted net income per share</div>
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          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Income from continuing operations</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;.71</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;1.83</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;1.79</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;4.46</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Income from discontinued operations</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;.15</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#8212;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;.15</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;&#8212;</div>
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        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 50.63%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: italic;">Net income attributable to Valhi stockholders</div>
          </td>
          <td nowrap="nowrap" style="width: 2.46%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.32%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;.86</div>
          </td>
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          <td nowrap="nowrap" style="width: 1.56%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
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<FILENAME>vhi-20220310_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 8.0.0.0 Broadridge-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" />
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CoverAbstract" xlink:label="CoverAbstract" xlink:title="CoverAbstract" />
    <link:label xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CoverAbstract_lbl" xml:lang="en-US" id="dei_CoverAbstract_lbl">Cover [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:title="label: CoverAbstract to dei_CoverAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentType_lbl" xml:lang="en-US" id="dei_DocumentType_lbl">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="dei_DocumentType_lbl" xlink:title="label: DocumentType to dei_DocumentType_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <link:label xlink:type="resource" xlink:label="dei_WrittenCommunications_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_WrittenCommunications_lbl" xml:lang="en-US" id="dei_WrittenCommunications_lbl">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:title="label: WrittenCommunications to dei_WrittenCommunications_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:label xlink:type="resource" xlink:label="dei_SolicitingMaterial_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_SolicitingMaterial_lbl" xml:lang="en-US" id="dei_SolicitingMaterial_lbl">Soliciting Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:title="label: SolicitingMaterial to dei_SolicitingMaterial_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US" id="dei_PreCommencementTenderOffer_lbl">Pre-commencement Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:title="label: PreCommencementTenderOffer to dei_PreCommencementTenderOffer_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:label xlink:type="resource" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US" id="dei_PreCommencementIssuerTenderOffer_lbl">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:title="label: PreCommencementIssuerTenderOffer to dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_AmendmentFlag_lbl" xml:lang="en-US" id="dei_AmendmentFlag_lbl">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:title="label: AmendmentFlag to dei_AmendmentFlag_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalYearFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalYearFocus_lbl">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:title="label: DocumentFiscalYearFocus to dei_DocumentFiscalYearFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" id="dei_DocumentFiscalPeriodFocus_lbl">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:title="label: DocumentFiscalPeriodFocus to dei_DocumentFiscalPeriodFocus_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" id="dei_DocumentPeriodEndDate_lbl">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:title="label: DocumentPeriodEndDate to dei_DocumentPeriodEndDate_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="dei_EntityRegistrantName_lbl">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber_lbl" xml:lang="en-US" id="dei_EntityFileNumber_lbl">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:title="label: EntityFileNumber to dei_EntityFileNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber_lbl">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:title="label: EntityTaxIdentificationNumber to dei_EntityTaxIdentificationNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode_lbl">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany_lbl">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:title="label: EntityEmergingGrowthCompany to dei_EntityEmergingGrowthCompany_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine1_lbl">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:title="label: EntityAddressAddressLine1 to dei_EntityAddressAddressLine1_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine2_lbl">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:title="label: EntityAddressAddressLine2 to dei_EntityAddressAddressLine2_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine3_lbl">Entity Address, Address Line Three</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" id="dei_EntityAddressCityOrTown_lbl">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:title="label: EntityAddressCityOrTown to dei_EntityAddressCityOrTown_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US" id="dei_EntityAddressStateOrProvince_lbl">Entity Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:title="label: EntityAddressStateOrProvince to dei_EntityAddressStateOrProvince_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCountry_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCountry_lbl" xml:lang="en-US" id="dei_EntityAddressCountry_lbl">Entity Address, Country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:title="label: EntityAddressCountry to dei_EntityAddressCountry_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US" id="dei_EntityAddressPostalZipCode_lbl">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:title="label: EntityAddressPostalZipCode to dei_EntityAddressPostalZipCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode_lbl" xml:lang="en-US" id="dei_CityAreaCode_lbl">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:title="label: CityAreaCode to dei_CityAreaCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LocalPhoneNumber_lbl" xml:lang="en-US" id="dei_LocalPhoneNumber_lbl">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:title="label: LocalPhoneNumber to dei_LocalPhoneNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="dei_Security12bTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_Security12bTitle_lbl" xml:lang="en-US" id="dei_Security12bTitle_lbl">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:title="label: Security12bTitle to dei_Security12bTitle_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:label xlink:type="resource" xlink:label="dei_NoTradingSymbolFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US" id="dei_NoTradingSymbolFlag_lbl">No Trading Symbol Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:title="label: NoTradingSymbolFlag to dei_NoTradingSymbolFlag_lbl" />
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end
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.22.0.1</span><table class="report" border="0" cellspacing="2" id="idm139678233036056">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Mar. 10, 2022</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 10,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Valhi, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-5467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">87-0110150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">5430 LBJ Freeway<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 1700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Dallas<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">75240-2620<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">972<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">233-1700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000059255<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">VHI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<tr>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:fileNumberItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
