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## Note 7 – Income Taxes 

## AZZ INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

 The provision for income taxes for fiscal year 2020, 2019 and 2018 consisted of the following (in thousands): 

<img src='content_image/1031467.jpg'>

In general, it is the Company's practice and intention to reinvest the earnings of its non-U.S. subsidiaries in those operations. Generally, such amounts become subject to foreign withholding tax upon the remittance of dividends and under certain other circumstances. 

The expense recognized in fiscal year 2018 related to the one-time tax on the mandatory deemed repatriation of foreign earnings was $1.4 million of which the Company has elected to pay the one-time tax evenly over a period of eight years with six years remaining. We continue to reinvest cash in foreign jurisdictions and have not recorded the effects of any applicable foreign withholding tax. 

A reconciliation from the federal statutory income tax rate to the effective income tax rate is as follows for the prior three fiscal years: 

<img src='content_image/1031468.jpg'>

