<SEC-DOCUMENT>0000059255-22-000073.txt : 20220804
<SEC-HEADER>0000059255-22-000073.hdr.sgml : 20220804
<ACCEPTANCE-DATETIME>20220804161916
ACCESSION NUMBER:		0000059255-22-000073
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20220804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220804
DATE AS OF CHANGE:		20220804

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:		221136880

	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
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<DESCRIPTION>VALHI, INC. FORM 8-K DATED AUGUST 4, 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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    <td style="width: 23.68%; vertical-align: top;">&#160;</td>

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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>

  </tr>

  <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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  <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 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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  </tr>

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

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Trading</div>
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">Symbol(s)</div>
          </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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    <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:PreCommencementIssuerTenderOffer" id="Fact_910234b6606542c693d7bb2311e47128" contextRef="c20220804to20220804" 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>

    </div>

    <div><br />
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  <tr>

    <td style="width: 81pt; 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 entitled &#8220;Valhi Reports Second Quarter 2022 Results&#8221; that
      the registrant issued on August 4, 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.&#160; Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by
      reference, except as otherwise expressly stated in such filing.</div>

    <div><br />
    </div>

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

    <div><br />
    </div>

    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">The registrant hereby furnishes the information set forth in its press release entitled &#8220;Valhi Declares Quarterly Dividend&#8221; that the
      registrant also issued on August 4, 2022, a copy of which is attached hereto as Exhibit 99.2 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 99.2 to this current report is not &#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.&#160;&#160;Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by
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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 August 4, 2022 entitled
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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><a href="exh992.htm">Press release dated August 4, 2022 entitled
                &#8220;Valhi Declares Quarterly Dividend&#8221; and issued by the registrant</a>.</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">104</div>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">SIGNATURE</div>

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

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            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">(Registrant)</div>
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            <div style="text-align: justify;"><span style="font-size: 12pt; font-family: 'Times New Roman', Times, serif;">By:</span><span style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26.1pt">&#160;</span><span style="font-family: 'Times New Roman', Times, serif; font-size: 12pt;">/s/ Amy A. Samford</span></div>
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    <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Date:&#160; August 4, 2022</div>
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            <div style="text-align: justify; margin-left: 26.1pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-style: italic;">Amy A. Samford</div>
            <div style="text-align: justify; margin-left: 26.1pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-style: italic;">Executive 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 SECOND QUARTER 2022 RESULTS DATED AUGUST 4, 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>
    <br>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <img src="vhiprlogo2108.jpg"></div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br>
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    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="VALHIREPORTSSECONDQUARTER"><!--Anchor--></a>VALHI REPORTS SECOND 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 . . August&#160;4, 2022. Valhi,&#160;Inc. (NYSE: VHI) reported net income attributable to Valhi stockholders of
      $28.0 million, or $.98 per share, in the second quarter of 2022 compared to $21.4 million, or $.75 per share, in the second quarter of 2021. For the first six months of 2022, Valhi reported net income attributable to Valhi stockholders of $73.4
      million, or $2.57 per share compared to net income of $36.2 million, or $1.27 per share in the first six months of 2021. Net income attributable to Valhi stockholders increased in the second quarter and first six months of 2022 as compared to the
      same periods of 2021 primarily due to the net effects of higher operating results from our Chemicals Segment, the impairment of our Real Estate Management and Development Segment&#8217;s water delivery system fixed assets in the second quarter of 2022, and
      a gain on the sale of land not used in our operations in the second quarter of 2021.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Chemicals Segment&#8217;s net sales were $565.3 million in the second quarter of 2022 compared to
      $478.6 million in the second quarter of 2021 and $1.1 billion in the first six months of 2022 compared to $943.6 million in the same period of 2021. The Chemicals Segment&#8217;s net sales increased in the 2022 periods compared to the same periods in 2021
      primarily due to higher average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices. The Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>sales volumes were 1% lower in the second quarter of 2022 as compared to the second quarter of 2021 and its sales volumes in the first six months
      of 2022 were comparable to the first six months of 2021. The Chemicals Segment&#8217;s average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices were 26% higher in the second quarter of 2022 as compared to the second quarter of 2021 and 25% higher in the first six months of
      2022 as compared to the first six months of 2021. The Chemicals Segment&#8217;s average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices at the end of the second quarter of 2022 were 12% higher than 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 $29 million in the second quarter of 2022 and approximately $51 million in the first six months of 2022 as compared to the same periods 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Chemicals Segment&#8217;s operating income in the second quarter of 2022 was $69.2 million as compared to $47.4 million in the second
      quarter of 2021 and $155.6 million for the six months ended June 30, 2022 compared to $85.1 million for the same prior year period. The Chemicals Segment&#8217;s operating income increased in the 2022 periods as compared to the same periods in 2021
      primarily due to the net effect of higher average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices and 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 4% lower in the second quarter of
      2022 compared to the second quarter of 2021 and 1% higher in the first six months of 2022 compared to the same period of 2021. The lower production volumes in the second quarter of 2022 were primarily due to maintenance activities and availability of
      certain raw materials which temporarily reduced its production rates. The Chemicals Segment operated its production facilities at 98% of practical capacity utilization in the first six months of 2022 (100% and 95% in the first and second quarters of
      2022, respectively) compared to 99% in the first six months of 2021 (97% and 100% in the first and second quarters of 2021, respectively).&#160; Fluctuations in currency exchange rates (primarily the euro) also affected the year-to-date operating income
      comparison, which increased operating income by approximately $12 million in the second quarter of 2022 as compared to the second quarter of 2021 and increased operating income by approximately $7 million in the first six months of 2022 as compared
      to the first six months of 2021.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Component Products Segment&#8217;s net sales were $41.6 million in the second quarter of 2022
      compared to $36.3 million in the second quarter of 2021 and $83.7 million in the first six months of 2022 compared to $72.2 million in the same period of 2021. The Component Products Segment&#8217;s increase in net sales for both periods is due to higher
      marine components sales primarily to the towboat market and, to a lesser extent, higher security products sales across a variety of markets. Operating income attributable to the Component Products Segment was $7.7 million in the second quarter of
      2022 compared to $5.8 million in the second quarter of 2021 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and $14.0 million </font>for the six months ended June 30, 2022 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">compared to $11.6 million for the same prior year period. </font>The Component Products Segment&#8217;s operating income increased <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for both
        comparative periods primarily due to the favorable effect of higher sales partially offset by increased production costs including increased raw material costs, higher shipping costs, and increased labor.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 1 of 6</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;">The Real Estate Management and Development Segment had sales of $27.7 million in the second quarter of 2022,
      including $25.9 million in revenue on sales of land held for development, compared to sales of $10.4 million in the second quarter of 2021, including $8.5 million in revenue on sales of land held for development. For the first six months of 2022 the
      Real Estate Management and Development Segment had sales of $51.7 million, including $48.1 million in revenue on sales of land held for development, compared to sales of $18.5 million, including $15.1 million in sales of land held for development in
      the same period of 2021. 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 second quarter and first six months of 2022 as compared to the same periods in 2021 primarily due to an increase in development activity in 2022 compared to the same periods of 2021.
      Recognition of infrastructure reimbursement of $.8 million ($.4 million, or $.02 per share, net of income taxes and noncontrolling interest) in the second quarter of 2022 and $6.2 million ($3.2 million, or $.11 per share, net of income taxes and
      noncontrolling interest) in the second quarter of 2021 are also included in the determination of operating income. Due to historically low levels at Lake Mead, Nevada at the end of the second quarter of 2022, our Real Estate Management and
      Development Segment ceased operations at its water intake facility for the foreseeable future, and as a result our Real Estate Management and Development Segment recognized an impairment of $16.0 million ($8.0 million, or $.28 per share, net of
      income taxes and noncontrolling interest) of its water delivery system fixed assets which is included in determination of its operating income.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Corporate expenses were 13% higher in the second quarter of 2022 and 8% higher in the first six months of 2022
      compared to the same periods of 2021. Corporate expenses increased in both periods due to higher litigation and related costs and higher environmental remediation and related costs in 2022 compared to 2021. In the second quarter of 2021 we sold
      excess property not used in our operations for net proceeds of approximately $8.4 million and recognized a pre-tax gain of $5.6 million ($4.3 million, or $.15 per share, net of income taxes and noncontrolling interest). Interest expense of $7.0
      million in the second quarter of 2022 and $13.9 million in the first six months of 2022 decreased compared to the same prior year periods primarily due to lower average balances somewhat offset by higher interest rates 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:<br>
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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: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The extent of the dependence of certain of our businesses on certain market sectors;</div>
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                <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The cyclicality of certain of our businesses (such as Kronos&#8217; TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> operations);</div>
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                <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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                <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Customer and producer inventory levels;</div>
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                <div style="text-align: 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: 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: 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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              <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;">Customer and competitor strategies;</div>
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                <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Potential difficulties in integrating future acquisitions;</div>
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              <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;">Potential difficulties in upgrading or implementing accounting and manufacturing software systems;</div>
              </td>
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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;">Potential consolidation of our competitors;</div>
              </td>
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      <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;">Potential consolidation of our customers;</div>
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      <div>
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            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
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              <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 impact of pricing and production decisions;</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;">Competitive technology positions;</div>
              </td>
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        </table>
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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;">Our ability to protect or defend intellectual property rights;</div>
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        </table>
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      <div>
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              <td style="width: 54pt; vertical-align: top; align: right;">
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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 introduction of trade barriers or trade disputes;</div>
              </td>
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        </table>
      </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>
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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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        </table>
      </div>
      <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 impact of current or future government regulations (including employee healthcare benefit related regulations);</div>
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        </table>
      </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;">Uncertainties associated with new product development and the development of new product features;</div>
              </td>
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        </table>
      </div>
      <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;">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>
              </td>
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        </table>
      </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>
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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 such as disruptions in energy supplies, transportation interruptions, cyber-attacks and public health crises such as COVID&#8209;19);</div>
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      <div>
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              <td style="width: 54pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Decisions to sell operating assets other than in the ordinary course of business;</div>
              </td>
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        </table>
      </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;">The timing and amounts of insurance recoveries;</div>
              </td>
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        </table>
      </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 renew, amend, refinance or establish credit facilities;</div>
              </td>
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        </table>
      </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;">Potential increases in interest rates;</div>
              </td>
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        </table>
      </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;">Our ability to maintain sufficient liquidity;</div>
              </td>
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        </table>
      </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;">The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11ba111161bb42f0b63cfa360cc35033">

            <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 utilize income tax attributes, the benefits of which may or may not have been recognized under the
                  more-likely-than-not recognition criteria;</div>
              </td>
            </tr>

        </table>
      </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;">Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new
                  facilities, or new developments regarding environmental remediation or decommissioning obligations at sites related to our former operations);</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f007cf765a84e5c87d247054b9f58b3">

            <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;">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>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0ac7518082b46e1ad0e6005d43a42f8">

            <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;">The ultimate resolution of pending litigation (such as NL&#8217;s lead pigment and environmental matters);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc941f019774848dda936e0d8ea3675b5">

            <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>

        </table>
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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>
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          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 8.42%; 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;565.3</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">
            <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;943.6</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; 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;72.2</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; 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;83.7</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#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;27.7</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;18.5</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;51.7</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <td nowrap="nowrap" style="width: 1.44%; 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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          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; border-bottom: #000000 4px double;">
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          <td nowrap="nowrap" style="width: 1.44%; 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: 1.44%; vertical-align: bottom; border-bottom: #000000 4px double;">
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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;1,034.3</div>
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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;1,263.6</div>
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          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">
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          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
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          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; 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: 8.42%; 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;47.4</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;69.2</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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          <td nowrap="nowrap" style="width: 8.42%; 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;85.1</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; 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: 8.42%; 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;">&#160;155.6</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">
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          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;7.7</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;11.6</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;14.0</div>
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        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
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          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;2.4</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;(5.0)</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;10.2</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;3.0</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: left; margin-left: 24pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Total operating income</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;55.6</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;">&#160;71.9</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;106.9</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;">&#160;172.6</div>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">General corporate items:</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest income and other</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;1.1</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;1.4</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;2.0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;2.3</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
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          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;5.6</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;">&#160;&#8212;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;5.6</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;">&#160;&#8212;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.12%; vertical-align: bottom;">
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          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;.9</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;3.9</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;2.2</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;4.0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;(9.3)</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
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          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;(8.7)</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;(17.3)</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;(13.9)</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
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          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;40.6</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;">&#160;56.4</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;73.1</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;">&#160;139.7</div>
          </td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Income tax expense</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;10.3</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;14.0</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;18.3</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;33.9</div>
          </td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: left; margin-left: 24pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Net income</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;30.3</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;">&#160;42.4</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;54.8</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;">&#160;105.8</div>
          </td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Noncontrolling interest in net income of subsidiaries</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;8.9</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;14.4</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;18.6</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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;32.4</div>
          </td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: left; margin-left: 24pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Net income attributable to Valhi stockholders</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; 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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          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;21.4</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;28.0</div>
          </td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;36.2</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF; 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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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;73.4</div>
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          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;&#160;</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; 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: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">
            <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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            <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: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">.75</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">.98</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
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          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.27</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div>
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          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2.57</div>
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          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td nowrap="nowrap" style="width: 51.12%; vertical-align: bottom;">
            <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: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <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: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;28.5</div>
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          <td nowrap="nowrap" style="width: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.42%; vertical-align: bottom;">
            <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: 2.36%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.44%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: right; margin-right: 3pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">&#160;28.5</div>
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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div><br>
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    <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>
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          <td style="width: 58.28%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Three months ended</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;&#160;&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Six months ended</div>
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          <td style="width: 58.28%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle;">
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle;">
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 58.28%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle; border-bottom: #000000 2px solid;">
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2022 vs. 2021</div>
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle; border-bottom: #000000 2px solid;">&#160;</td>
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          <td style="width: 58.28%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Percentage change in TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> net sales:</div>
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          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle; 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: 2.75%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle; 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: 2.75%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
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            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> product pricing</div>
          </td>
          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle;">
            <div style="text-align: right; margin-right: 3.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;26</div>
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%&#160;&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle;">
            <div style="text-align: right; margin-right: 3.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;25</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">%&#160;&#160;</div>
          </td>
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          <td style="width: 58.28%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> sales volumes</div>
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          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;(1)</div>
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          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: right; margin-right: 3.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#8212;</div>
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td style="width: 58.28%; vertical-align: middle;">
            <div style="text-align: left; margin-left: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> product mix/other</div>
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          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle;">
            <div style="text-align: right; margin-right: 3.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#8212;</div>
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
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          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;(5)</div>
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          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td style="width: 58.28%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.61%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.21%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: middle;">&#160;</td>
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          <td style="width: 58.28%; vertical-align: middle; background-color: #CCEEFF;">
            <div style="text-align: left; margin-left: 24pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
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          <td nowrap="nowrap" style="width: 2.79%; vertical-align: middle; background-color: #CCEEFF;">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: middle; background-color: #CCEEFF; border-bottom: #000000 4px double;">
            <div style="text-align: right; margin-right: 3.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;18</div>
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  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 6 of 6</font></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
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<DESCRIPTION>VALHI DECLARES QUARTERLY DIVIDEND DATED AUGUST 4, 2022
<TEXT>
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    <title></title>
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  <div>
    <div style="text-align: right;"><font style="font-size: 12pt; font-weight: bold;">Exhibit 99.2</font><br>
    </div>
    <div>
      <div style="text-align: center;"><img src="vhiprlogo2108.jpg"></div>
    </div>
    <br>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;"><a name="VALHIDECLARESQUARTERLYDIV"><!--Anchor--></a>VALHI DECLARES QUARTERLY DIVIDEND</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">DALLAS, TEXAS . . . August 4, 2022 . . . Valhi, Inc. (NYSE:&#160; VHI) announced today that its board of directors has declared a regular
      quarterly dividend of eight cents ($0.08) per share on its common stock, payable on September 22, 2022 to stockholders of record at the close of business on September 1, 2022.</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 12pt;">Valhi, Inc. is engaged in the chemicals <font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif;">(TiO</font><sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif;">)</font>, component products (security products and recreational marine components) and real estate management and development industries.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">* * * * *</div>
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<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.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>
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    <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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.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>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>vhi-20220804_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by Broadridge PROfile 22.7.2.5063 Broadridge-->
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<TYPE>XML
<SEQUENCE>8
<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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<body>
<span style="display: none;">v3.22.2</span><table class="report" border="0" cellspacing="2" id="idm140469037637136">
<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>Aug. 04, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug.  04,  2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-5467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Valhi, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000059255<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">87-0110150<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">5430 LBJ Freeway<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 1700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Dallas<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">75240-2620<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">972<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">233-1700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">VHI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<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 Exchange Act<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 Exchange Act<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 Exchange Act<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>
<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_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
