content_image/1047951.jpg content_image/1047950.jpg content_image/1047949.jpg
## Recently Issued Accounting Pronouncements 

## AZZ INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

There are no recently issued accounting pronouncements outstanding that are likely to have a material impact on the Company's consolidated financial statements. 

## Note 2 – Inventories 

Inventories, net consisted of the following (in thousands): 

<img src='content_image/1047951.jpg'>

## Note 3 – Property, Plant and Equipment 

Property, plant and equipment consisted of the following (in thousands): 

<img src='content_image/1047950.jpg'>

Depreciation expense was $33.2 million, $33.4 million, and $33.4 million for fiscal 2019, 2018, and 2017, respectively. 

## Note 4 – Other Accrued Liabilities 

Other accrued liabilities consisted of the following (in thousands): 

<img src='content_image/1047949.jpg'>

