9746; Whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Actual future results could differ materially from those predicted. TiO2 is considered a "quality-of-life" product. Valhi also owns approximately 83% of NL Industries' outstanding common stock. We account for our interest in the joint venture by the equity method. See Notes 5 and 14 to our Consolidated Financial Statements. The pricing under these agreements is generally negotiated quarterly or semi-annually. We expect to spend approximately $17 million on research and development in 2021. We have also from time to time been involved in disputes over intellectual property. Our patent strategy is important to us and our continuing business activities. Germany and Belgium are members of the EU and follow its initiatives. Website and other available information Our fiscal year ends December 31. ITEM 1A. RISK FACTORS Below are certain risk factors associated with our business. Our sales and profitability are largely dependent on the TiO2 industry. We operate our businesses in several different countries and sell our products worldwide. For example, during 2020, 46% of our sales volumes were sold into European markets. At December 31, 2020, 127,400 shares are available for awards under this plan. During 2020, 46% of our sales volumes were sold into European markets. Our production facilities are located in Europe and North America. The following table shows our capacity utilization rates during 2019 and 2020. Interest expense in 2020 was comparable to 2019. Our earnings are subject to income tax in various U.S. and non-U.S. jurisdictions. In addition, we receive third-party advice about appropriate long-term rates of return. It is possible we will delay planned capital projects based on market conditions. See Note 12 to our Consolidated Financial Statements. See "Index of Financial Statements" (page F-1). The 2020 certification was unqualified. 001-00640) for the quarter ended September 30, 1993. ( 23.1** Consent of PricewaterhouseCoopers LLP. We allocate fixed manufacturing overhead costs based on normal production capacity. All of our leases are classified as operating leases. Our leases generally have fixed lease payments, with no contingent or incentive payments. We consider all relevant factors. LPC owns and operates a chloride-process TiO2 plant near Lake Charles, Louisiana. The Canadian assets are Level 1 inputs because they are traded in active markets. 8226; We also have plan assets in Belgium and the United Kingdom. Receivables from and payables to affiliates are summarized in the table below. We expect these relationships will continue in 2021. We adopted this ASU as of January 1, 2020. BORROWER CONSENTS TO JURISDICTION IN THE COURTS LOCATED IN DALLAS, TEXAS. & \'3_"C^PM(_Z!5C_P" Z?X5H44 9_\\ M86D?] T_PH M_L+2/^@58_\\ @.G^%:%% &?_ &% JQ_\\!T_PH_L+2/^@58_^ Z?X5H44 9_]A:1_P! X5E1DGQE(67:?[/7C.?^6C M5M5C+_R.C_\\ 8.7_ -&-0!LT444 %%%% ! G#1LH8;%)8X!R%)%5]0\\?7=M8 MZ3/#;V3-220RDM(4#B)I%*%5.\\, ! Organization and basis of presentation. Gross deferred tax asset before netting by jurisdiction. Deferred tax liabilities valuation allowance. Number of shares authorized to be issued under long-term incentive plan approved in 2012. Tall Pines Insurance Company Tall Pines Insurance Inc [Member] Insurance premium. Debt instrument estimated market price per base principal amount. We lease various manufacturing facilities, land and equipment. &