AZZ INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Table of Contents Recently Issued Accounting Pronouncements Note 2 – Inventories There are no recently issued accounting pronouncements outstanding that are likely to have a material impact on the Company's consolidated financial statements. Inventories, net consisted of the following (in thousands): Property, plant and equipment consisted of the following (in thousands): Note 3 – Property, Plant and Equipment Note 4 – Other Accrued Liabilities Depreciation expense was $33.2 million, $33.4 million, and $33.4 million for fiscal 2019, 2018, and 2017, respectively. Other accrued liabilities consisted of the following (in thousands): 44 February 28, 2019 February 28, 2018 Accrued interest $ 1,196 $ 1,649 Accrued warranty 1,751 2,013 Commissions 3,370 2,801 Personnel expenses 6,282 6,493 Group medical insurance 2,024 1,905 Other 3,008 4,761 Total $ 17,631 $ 19,622 February 28, 2019 February 28, 2018 Land $ 21,677 $ 22,445 Building and structures 156,447 152,191 Machinery and equipment 245,588 234,071 Furniture, fixtures, software and computers 27,075 25,316 Automotive equipment 3,766 3,432 Construction in progress 13,065 13,977 467,618 451,432 Less accumulated depreciation (257,391) (234,577) Net property, plant, and equipment $ 210,227 $ 216,855 February 28, 2019 February 28, 2018 Raw materials $ 94,410 $ 98,475 Work-in-process 19,067 2,544 Finished goods 11,370 9,742 $ 124,847 $ 110,761