<SEC-DOCUMENT>0000059255-22-000046.txt : 20220506
<SEC-HEADER>0000059255-22-000046.hdr.sgml : 20220506
<ACCEPTANCE-DATETIME>20220505161707
ACCESSION NUMBER:		0000059255-22-000046
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20220505
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220505
DATE AS OF CHANGE:		20220505

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:		22896520

	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
<SEQUENCE>1
<FILENAME>vhi8k220505.htm
<DESCRIPTION>VALHI, INC. FORM 8-K DATED MAY 5, 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: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(Former name or former address, if changed since last report.)</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>
          </td>

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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: 6.77%; vertical-align: top;">&#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>

  </tr>


</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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    <td style="width: 37.99%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Title of each class</div>
          </td>

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

    <td style="width: 15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <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>
          </td>

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

    <td style="width: 45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
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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_bea8fef53a4342baa1e3d3dd09b02efc" contextRef="c20220505to20220505" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></div>

      <div><br />
      </div>

    </div>

    <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 />
    </div>

    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="DSPFPageBreakArea">
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" /></div>

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    <div><br />
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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 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; 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 May 5, 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 press release the registrant furnishes as Exhibit 99.1 to this current report is not deemed &#8220;filed&#8221; for purposes of section 18 of
      the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. 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>

    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">


  <tr>

    <td style="width: 5.83%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">(d)</div>
          </td>

    <td style="width: 17.86%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Exhibits</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 May 5, 2022 entitled
                &#8220;Valhi Reports First Quarter 2022 Results&#8221; and issued by the registrant</a>.</div>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SIGNATURE</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
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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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    <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Date:&#160; May 5, 2022</div>
          </td>

    <td style="width: 50%; vertical-align: top;">
            <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 FIRST QUARTER 2022 RESULTS, DATED MAY 5, 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="VALHIREPORTSFIRSTQUARTER2"><!--Anchor--></a>VALHI REPORTS FIRST QUARTER 2022 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 . . May&#160;5, 2022. Valhi,&#160;Inc. (NYSE: VHI) reported net income attributable to Valhi stockholders of
    $45.4 million, or $1.59 per share, in the first quarter of 2022 compared to $14.8 million, or $.52 per share, in the first quarter of 2021. Net income attributable to Valhi stockholders increased in the first quarter of 2022 as compared to the first
    quarter of 2021 primarily due to higher operating results from our Chemicals Segment.</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 $562.9 million in the first quarter of 2022 compared to $465.0 million in the
    first quarter of 2021. The Chemicals Segment&#8217;s net sales increased in the first quarter of 2022 compared to the same period in 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. The Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2
    </sub>sales volumes were 2% higher in the first quarter of 2022 as compared to the first quarter of 2021 due to the effects of continuing high demand and improvements in its delivery and distribution networks in 2022. The Chemicals Segment&#8217;s average
    TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices were 24% higher in the first quarter of 2022 as compared to the first quarter of 2021 and were 7% higher at the end of the first quarter of 2022 than at the end of 2021. Fluctuations in currency exchange rates (primarily
    the euro) also affected net sales comparisons, decreasing our Chemicals Segment&#8217;s net sales by approximately $22 million in the first quarter of 2022 as compared to the same period of 2021. The table at the end of this press release shows how each of
    these items impacted our Chemical Segment&#8217;s net sales.</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 operating income in the first quarter of 2022 was $86.4 million as compared to $37.7 million
    in the first quarter of 2021. The Chemicals Segment&#8217;s operating income increased in the first quarter of 2022 compared to the first quarter 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 production costs, including raw material and energy costs. The Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> production volumes were 6% higher in the first quarter of 2022 compared to the same period of 2021. The Chemicals Segment operated its
    production facilities at full practical capacity in the first quarter of 2022 compared to 97% in the first quarter of 2021. Fluctuations in currency exchange rates (primarily the euro) decreased operating income approximately $5 million in the first
    quarter of 2022 as compared to the first quarter of 2021.</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 $42.1 million in the first quarter of 2022 compared to $35.9 million
    in the first quarter of 2021. The Component Products Segment&#8217;s net sales in the first quarter of 2022 increased over the 2021 comparable period primarily due to higher security products sales across a variety of markets and, to a lesser extent, higher
    marine component sales primarily to the towboat market. Operating income attributable to the Component Products Segment was $6.3 million in the first quarter of 2022 compared to $5.8 million in the first quarter of 2021. The Component Products
    Segment&#8217;s operating income increased in the first quarter of 2022 compared to the first quarter of 2021 due to the higher sales offset by increased production costs including increased raw material costs, higher shipping costs, and increased labor
    costs due to higher wages, overtime and increased headcount.</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 $24.0 million in the first quarter of 2022, including
    $22.2 million in revenue on sales of land held for development, compared to sales of $8.1 million in the first quarter of 2021, including $6.6 million in revenue on sales of land held for development. Land sales revenue is generally recognized over
    time based on cost inputs, and land sales revenues are dependent on spending for development activities. Land sales revenues are also impacted by the relative timing of when new land parcel sales are closed. Land sales revenues increased in the first
    quarter of 2022 as compared to the same period in 2021 primarily due to an increase in development activity in 2022 compared to the same period of 2021. Recognition of tax increment reimbursement note receivables of $6.2 million ($3.2 million, or $.11
    per share, net of income taxes and noncontrolling interest) in 2021 is also included in the determination of operating income.</div>
  <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 1 of 5</font></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 first quarter of 2022 were comparable to the same period of 2021. Interest expense of $6.9
    million in the first quarter of 2022 decreased $1.7 million compared to the same prior year period primarily due to lower average balances on variable-rate indebtedness in 2022.</div>
  <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: 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 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: 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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            <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 the availability of raw materials (such as ore);</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;">General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material
              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;">Potential difficulties in integrating future acquisitions;</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>
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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 technology positions;</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;">Our ability to protect or defend intellectual property rights;</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 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="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;">Uncertainties associated with new product development and the development of new product features;</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 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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            <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 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 timing and amounts of insurance recoveries;</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 renew, amend, refinance or establish credit facilities;</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;">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>
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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>
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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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          <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 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>
  <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 ultimate resolution of pending litigation (such as NL&#8217;s lead pigment and environmental matters);</div>
          </td>
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  </div>
  <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>
          </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;">Our ability to comply with covenants contained in our revolving bank credit facilities;</div>
          </td>
        </tr>

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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;">Our ability to complete and comply with the conditions of our licenses and permits;</div>
          </td>
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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;">Changes in real estate values and construction costs in Henderson, Nevada;</div>
          </td>
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  </div>
  <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>
          </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;">Water levels in Lake Mead; and</div>
          </td>
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    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z259d00fc389b4a20813004e4d7ff153d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt; vertical-align: top; align: right;">
            <div style="text-align: left; margin-left: 36pt; margin-bottom: 8pt; 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: 8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Possible future litigation.</div>
          </td>
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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; 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><br>
  </div>
  <div style="text-align: center; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*****</div>
  <div><br>
  </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>
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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: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
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        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
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          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;509.0</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td nowrap="nowrap" style="width: 67.24%; 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: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">
          <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: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">
          <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: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Chemicals</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;37.7</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</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: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;5.8</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;7.8</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;8.0</div>
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      <tr>
        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">&#160;</td>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;51.3</div>
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        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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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;100.7</div>
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        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">&#160;</td>
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        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">
          <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: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <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>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; 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;.9</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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      <tr>
        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom;">
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        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
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        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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      <tr>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
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        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
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        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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      <tr>
        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom;">
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">
          <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: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; 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;63.4</div>
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      <tr>
        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom;">
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;9.7</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;18.0</div>
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      <tr>
        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom;">
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;14.8</div>
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        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;45.4</div>
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      <tr>
        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <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: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">
          <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: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">
          <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: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic and diluted net income per share</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">.52</div>
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        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">1.59</div>
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      <tr>
        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 11.04%; vertical-align: bottom;">&#160;</td>
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        <td nowrap="nowrap" style="width: 67.24%; vertical-align: bottom; background-color: #CCEEFF;">
          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Basic and diluted weighted average shares outstanding</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#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;28.5</div>
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        <td nowrap="nowrap" style="width: 3.28%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.06%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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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;28.5</div>
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  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <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 4 of 5</font></div>
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  <div><br>
  </div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">IMPACT OF PERCENTAGE CHANGE IN CHEMICAL SEGMENT'S NET SALES</div>
  <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(unaudited)</div>
  <div><br>
  </div>
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      <tr>
        <td style="width: 75.01%; vertical-align: middle;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.81%; vertical-align: middle;">&#160;</td>
        <td nowrap="nowrap" style="width: 18.43%; vertical-align: middle;">&#160;</td>
        <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
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        <td nowrap="nowrap" style="width: 3.81%; vertical-align: middle;">&#160;</td>
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      <tr>
        <td style="width: 75.01%; vertical-align: middle;">&#160;</td>
        <td nowrap="nowrap" style="width: 3.81%; vertical-align: middle;">&#160;</td>
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        <td style="width: 75.01%; vertical-align: middle; background-color: #CCEEFF;">
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        <td nowrap="nowrap" style="width: 3.81%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
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          <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;</div>
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      <tr>
        <td style="width: 75.01%; vertical-align: middle;">
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        </td>
        <td nowrap="nowrap" style="width: 3.81%; vertical-align: middle;">&#160;</td>
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          <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%&#160;&#160;</div>
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    <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" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
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    <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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
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    <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>
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    <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" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol_lbl" xml:lang="en-US" id="dei_TradingSymbol_lbl">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:title="label: TradingSymbol to dei_TradingSymbol_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:title="label: SecurityExchangeName to dei_SecurityExchangeName_lbl" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>vhi-20220505_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by EDGARfilings PROfile 8.0.0.0 Broadridge-->
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    <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:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="EntityTaxIdentificationNumber" xlink:title="presentation: CoverAbstract to EntityTaxIdentificationNumber" order="6.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
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end
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<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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</head>
<body>
<span style="display: none;">v3.22.1</span><table class="report" border="0" cellspacing="2" id="idm140369460275512">
<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>May 05, 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 custom" 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 custom" 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 custom" 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">May  05,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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 custom" 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>
</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:centralIndexKeyItemType</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_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>
<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_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>
</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:fileNumberItemType</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_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>
</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:edgarStateCountryItemType</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_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>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</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_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>
</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_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>
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<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>
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<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>
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<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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<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>
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M,C(P-3 U7VQA8BYX;6Q02P$"% ,4    "  B@J543J]7\N4%  #H/@  %
M            @ $S+   =FAI+3(P,C(P-3 U7W!R92YX;6Q02P$"% ,4
M"  B@J54N+X\N/01  !%=0  #P              @ %*,@  =FAI.&LR,C U
<,#4N:'1M4$L%!@     %  4 -P$  &M$      $!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
