Accounting flags

New this year: Valuation of Projected Benefit Obligation - U.S. Qualified Pension Plan (“As described in Note 16 to the consolidated financial statements, the Company’s projected benefit obligations for the U.S. pension plans was $1,818 million as of December 31, 2025, of which $1,738 million related to the U.S. qualified pension plan. The measurement of the Company’s pension benefit ob”). No longer listed: Valuation of Certain U.S. Defined Benefit Pension Plan Obligations

New this year: Annual and Interim Goodwill Impairment Tests - Skin Health Reporting Unit (“As described in Notes 2 and 5 to the consolidated financial statements, the Company’s consolidated goodwill balance was $3,122 million as of December 31, 2025, and the goodwill associated with the skin health reporting unit was $51 million. Goodwill is subject to impairment tests at least annually o”)

Receivables +33.3% vs revenue -4.4% (+37.7 pts)

New this year: Discontinued Operations - Sale of the Fiber Business (“As described in Notes 1 and 3 to the consolidated financial statements, on March 13, 2025, the Company signed an agreement to sell its fiber solutions and small cell businesses (“Fiber Business”). Under the agreement, the Company will receive $8.5 billion in aggregate cash proceeds, subject to certa”). No longer listed: Quantitative Goodwill Impairment Test - Fiber Reporting Unit. Same as last year: Revenue Recognition - Site Rental Revenues

New this year: Acquisition of Paragon 28 - Valuation of a Certain Technology Intangible Asset (“As described in Note 9 to the consolidated financial statements, on April 21, 2025, the Company completed the acquisition of Paragon 28 and the fair value of consideration transferred was $1,276.5 million. Of the assets”). Same as last year: Tax Liabilities for Certain Unrecognized Tax Benefits

Inventory +27.6% vs revenue -7.5% (+35.1 pts)

New this year: WRB Refining LP Acquisition (“As discussed in Note 5 to the financial statements, the Company entered into a definitive agreement to acquire the 50% equity interest in WRB Refining LP it did not already own from subsidiaries of Cenovus Energy Inc. The transaction closed on October 1, 2025 and was accounted for as a business comb”). No longer listed: Impairment assessment of WRB Refining LP, an equity method investment

Receivables +55.8% vs revenue +10.1% (+45.7 pts)

New this year: Fair value of tradenames and customer relationships intangible assets acquired in The Interpublic Group of Companies, Inc. transaction (“As discussed in Note 5 to the consolidated financial statements, on November 26, 2025, the Company completed its merger with The Interpublic Group of Companies, Inc. (IPG), with IPG surviving as a wholly owned subsidiary of Omnicom Group Inc. (Omnicom), which was accounted for as a business combinat”); F-3 (“We identified the evaluation of the acquisition-date preliminary fair values of certain acquired tradenames and customer relationships intangible assets (intangible assets) as a critical audit matter. Subjective auditor judgment, including specialized skills and knowledge, were required to evaluate ”). Same as last year: Evaluation of the sufficiency of audit evidence over revenue recognition

Inventory +30.8% vs revenue -39.9% (+70.7 pts)

New this year: Income Taxes - Identification and recognition of liabilities for Unrecognized Tax Benefits (“As described in Notes 2 and 18 to the consolidated financial statements, as of December 31, 2025, the Company has recorded liabilities of $239 million for unrecognized tax benefits. The Company operates in multiple jurisdictions throughout the world, and its tax returns are periodically audited or s”); Interim Goodwill Impairment Test - A Certain Reporting Unit within the Advanced Polymer Solutions (APS) Segment (“As described in Notes 2 and 9 to the consolidated financial statements, the Company’s goodwill balance was $708 million as of December 31, 2025. Goodwill is tested for impairment annually in the fourth quarter or whenever events or changes in circumstances indicate that the fair value of a reporting”). No longer listed: Taxation - Provisions for unrecognized tax benefits

Receivables +10.0% vs revenue -2.1% (+12.2 pts)

Cash from operations $7.4B vs net income $13.1B (FY ending 2025-12-31)

New this year: Analysis of Real Estate Properties for Indicators of Impairment (“As described in Note 1 to the consolidated financial statements, the net carrying value of the Company’s real estate, net was $16.77 billion. On a continuous basis, management assesses whether there are indicators, including property operating performance, changes in anticipated holding period, and ”). No longer listed: Fair value estimate of net real estate assets acquired in the Merger with RPT Realty

Receivables +22.9% vs revenue +6.8% (+16.1 pts)

Inventory +28.4% vs revenue +3.9% (+24.5 pts)

Receivables +66.9% vs revenue +13.1% (+53.8 pts)

Inventory +27.2% vs revenue +13.1% (+14.0 pts)

New this year: Annual Goodwill Impairment Assessment - Robotics Reporting Unit (“As described in Notes B and N to the consolidated financial statements, the Company’s goodwill balance was $521.0 million as of December 31, 2025, and the goodwill associated with the Robotics reporting unit was $416.4 million. Management assesses goodwill for impairment at least annually in the fou”). Same as last year: Revenue Recognition - Certain Products Revenue

Receivables +23.2% vs revenue +7.3% (+16.0 pts)

New this year: II-69 (“or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or dis”). No longer listed: II-68. Same as last year: Table of Contents Index to Financial Statements

Receivables +16.8% vs revenue +2.1% (+14.8 pts)

Receivables +32.4% vs revenue +20.3% (+12.1 pts)

Inventory +42.4% vs revenue +20.3% (+22.0 pts)

New this year: Acquisition of Dynamic Systems - Valuation of Customer Relationships (“As described in Note 6 to the consolidated financial statements, on July 25, 2025, the Company completed the acquisition of Dynamic Systems. The acquisition resulted in $ 532.4 million of identifiable intangible assets being recorded, of which $ 355.0 million related to customer relationships. The f”). No longer listed: Acquisition of Cupertino Electric, Inc. - Valuation of Customer Relationships and Trade Name Intangible Assets

Receivables +12.4% vs revenue +0.2% (+12.2 pts)

New this year: Annual Goodwill Impairment Test - Architectural Coatings Europe, Middle East and Africa Reporting Unit (“As described in Notes 1 and 6 to the consolidated financial statements, the Company’s consolidated goodwill balance was $6,149 million as of December 31, 2025, a portion of which relates to the goodwill for the Architectural Coatings Europe, Middle East and Africa (EMEA) reporting unit. Management t”). No longer listed: Loss from Discontinued Operations, Net of Tax Associated with the Sale of the U.S. and Canada Architectural Coatings Business

Inventory +9.4% vs revenue -2.7% (+12.1 pts)

New this year: Valuation of certain intangible assets acquired in business combinations (“As described in Notes 2 and 3 to the consolidated financial statements, during 2025, the Company completed the acquisitions of TTTech Auto, Aviva Links and Kinara, Inc., for net considerations of $766 million, $248 million and $284 million, respectively. The fair value of identified intangible asset”). Same as last year: Revenue recognition – Variable consideration under the distributor incentive programs

Receivables +13.5% vs revenue +3.0% (+10.6 pts)

New this year: Our audit procedures related to the valuation of Level 3 financial assets and Level 3 trading liabilities, borrowings, other secured (“borrowings, and securities sold under agreements to repurchase carried at fair value on a recurring basis and Level 3 loans held for sale included the following, among others:”)

New this year: Valuation of the Projected Benefit Obligation - Defined Benefit Pension Plans (“As described in Note J to the consolidated financial statements, the Company’s net projected benefit obligation for defined benefit pension plans was $1,008 million as of December 31, 2025. As disclosed by management, annually, as of December 31, management remeasures the defined benefit pension pla”). No longer listed: Acquisition of BWI Southeast - Valuation of Mineral Reserves

New this year: Income Taxes (“As disclosed in Note 9 to the consolidated financial statements, the Company is subject to income taxes in jurisdictions, both domestic and foreign, which affect the Company’s provision for income taxes. The Company earns a significant amount of its operating income in certain foreign jurisdictions ”). No longer listed: Goodwill impairment assessment

Receivables +20.9% vs revenue +10.1% (+10.8 pts)

Inventory +41.9% vs revenue +29.5% (+12.4 pts)

New this year: Table of Contents (“We identified the complexity of revenue processing and revenue recognition, including contract modifications, as a critical audit matter because of the increased extent of effort and involvement of professionals in our firm having expertise in information technology (IT) to identify, test, and evalu”); Goodwill - Certain reporting units (“The Company’s evaluation of goodwill for impairment involves the comparison of the estimated fair value of each reporting unit to its carrying value. The Company performed, on a quantitative basis, its annual test for goodwill impairment as of October 1, 2025. Subsequently, the Company identified a ”); Table of Contents (“economic and market conditions. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to revenue gr”). Same as last year: Revenue

Receivables +25.0% vs revenue +7.9% (+17.1 pts)

Cash from operations $2.0B vs net income $2.0B (FY ending 2025-12-31)

New this year: Accounting for Income Taxes (“As described in Notes 1 and 14 to the consolidated financial statements, the Company recorded an income tax provision of $311 million for the year ended December 31, 2025, and has deferred tax assets of $3,929 million, deferred tax liabilities of $2,246 million and unrecognized tax benefits of $521 ”). No longer listed: Income Taxes - Unrecognized Tax Benefits and Taxes on Foreign Earnings

New this year: Business combination – Fair value of intangible assets (“As described in Note 2 to the consolidated financial statements, the Company acquired Discover Financial Services (Discover) on May 18, 2025. The Company accounted for this transaction as a business combination and recorded the assets acquired and liabilities assumed from Discover at their respectiv”). Same as last year: Allowance for credit losses – Credit Card

Receivables +38.9% vs revenue +14.1% (+24.7 pts)

Receivables +80.2% vs revenue +32.4% (+47.7 pts)

Inventory +103.3% vs revenue +32.4% (+70.9 pts)

New this year: Goodwill - Grain Merchandising Reporting Unit (“The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. The Company’s determination of the estimated fair value of the Grain Merchandising Reporting Unit (“Grain Merchandising”) is based on both a discounted cash flo”); F-3. Same as last year: F-2

Inventory +36.3% vs revenue +11.6% (+24.7 pts)

New this year: T a b l e o f C o n t e n t s (“How We Addressed the Matter in Our Audit We obtained an understanding of, evaluated the design, and tested the operating effectiveness of the Company’s controls over landfill development asset depletion expense. Our audit procedures included, among others, testing controls over the Company’s process”). Same as last year: Landfill Development Asset Depletion; Landfill Final Capping, Closure and Post-Closure Costs

Receivables +27.4% vs revenue +15.1% (+12.4 pts)

Cash from operations $1.6B vs net income $1.7B (FY ending 2025-12-27)

New this year: Measurement of Uncertain Tax Positions (“The Company accounts for income taxes in accordance with ASC 740, Income Taxes. The Company operates in a multinational tax environment and is subject to a multitude of tax laws, regulations, and guidelines. Some transactions and the related impact to the income tax provision are judgmental, particu”). No longer listed: Measurement of Reserve for Unrecognized Income Tax Benefits

Inventory +21.1% vs revenue -2.0% (+23.1 pts)

New this year: Goodwill (“The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. The Company’s estimate for each reporting unit is based on the present value of estimated future cash flows attributable to the respective reporting unit. This ”). Same as last year: Revenue

New this year: Valuation of Acquired Natural Gas and Oil Properties (“As described in Note 11 to the consolidated financial statements, on July 1, 2025, the Company completed the Olympus Energy Acquisition of certain natural gas and oil properties and related midstream assets. EQT accounted for the Olympus Energy Acquisition as a business combination under the acquisi”). No longer listed: Accounting for the new Midstream Joint Venture. Same as last year: Depreciation, depletion and amortization ('DD&A') of proved oil and natural gas properties

New this year: Southern California Wildfires Loss Contingencies - 2025 Eaton Fire (“As described in Note 12 to the consolidated financial statements, in January 2025, several wind-driven wildfires impacted portions of Southern California Edison Company’s (SCE) service area, causing loss of life, substantial damage to both residential and business properties, and service outages for”). No longer listed: Wildfire-Related Claims - 2017/2018 Wildfire/Mudslide Events. Same as last year: Accounting for the Effects of Rate Regulation; Table of C ontents

Receivables +51.4% vs revenue +27.9% (+23.4 pts)

New this year: Acquisition-date fair value of acquired developed technology (“As discussed in Note 4 to the consolidated financial statements, on October 2, 2025, the Company acquired Deliveroo plc (Deliveroo) in a business combination for $3,724 million. The transaction was accounted for under the acquisition method of accounting, which requires the allocation of the fair va”). Same as last year: Evaluation of Insurance Reserves

Cash from operations $1.0B vs net income $1.4B (FY ending 2025-12-31)

New this year: Acquisitions - Valuation of contract-based Intangible assets (“As discussed in Notes 1 and 3 to the financial statements, the Company accounts for its business combinations using the acquisition method. On September 15, 2025, the Company acquired Eco Material Technologies, a leading supplier of supplementary cementitious materials for a total consideration, net”); Service revenues - Revenue recognition over time (“As discussed in Notes 1 and 2 to the financial statements, the Company recognizes revenue within its construction contract businesses over time as it performs its obligations. The percentage-of-completion method is used to recognize revenue when the outcome of a contract can be estimated reliably. T”). No longer listed: Service revenues - Revenue recognition for certain long-term contracts

Receivables +26.7% vs revenue +15.4% (+11.2 pts)

Inventory +17.7% vs revenue +6.3% (+11.5 pts)

Receivables +81.2% vs revenue +56.2% (+25.0 pts)

Cash from operations $757.6M vs net income $805.8M (FY ending 2025-12-31)

Inventory +35.1% vs revenue -2.7% (+37.9 pts)

New this year: Product Warranty Liability (“As of December 31, 2025, the Company's product warranty liability was $167.2 million. As discussed in Note 2 to the consolidated financial statements, the Company accrues for product warranty liabilities based on the estimated future costs to repair or replace products under warranty.”). No longer listed: Evaluation of the product warranty liability

New this year: Goodwill Impairment Assessment (“Management assesses goodwill at least annually as of October 1 for impairment, or more frequently if certain events or circumstances warrant. During the second quarter of 2025, certain organizational changes occurred that impacted the composition of all reporting units within the Precision and Scien”). No longer listed: Fair Value of Acquired Customer Relationship Intangible Asset

New this year: Accounting for the Provisional Valuation of Identifiable Intangible Assets in the Acquisition of LesserEvil, LLC (“As described in Note 2 to the consolidated financial statements, the Company completed the acquisition of LesserEvil, LLC (“LesserEvil”) on November 18, 2025 for consideration of $815.2 million. As of December 31, 2025, the purchase price that has been provisionally allocated to acquired intangible ”). Same as last year: Valuation of Accrued Liabilities for Trade Promotion Activities

Receivables +15.3% vs revenue +1.9% (+13.4 pts)

New this year: Interim and Annual Goodwill Impairment Assessments - Certain Reporting Units in the Diversified Industrials and Healthcare & Water Technologies Segments (“As described in Notes 1 and 14 to the consolidated financial statements, as of December 31, 2025, the Company’s consolidated goodwill balance was $7.9 billion, the majority of which relates to certain reporting units in the Diversified Industrials and Healthcare & Water Technologies segments. Manage”); Tax-Free Determination of the Electronics Separation and Certain Internal Distributions (“As described in Notes 1 and 8 to the consolidated financial statements, on November 1, 2025, the Company completed the separation of its Electronics Business (the “Electronics Separation”) into an independent public company, Qnity Electronics, Inc. (“Qnity”), by way of the distribution to DuPont's s”). No longer listed: Goodwill impairment assessment - Protection reporting unit. Same as last year: F-4

New this year: Assessment of goodwill impairment for the Medicaid, Medicare, and Commercial reporting units (“As discussed in Notes 2 and 7 to the consolidated financial statements, the Company performs goodwill impairment testing for its reporting units on an annual basis during the fourth quarter or more frequently if impairment indicators exist. The Company estimates the fair value of the Medicaid, Medic”). Same as last year: Evaluation of the estimated medical claims liability; Evaluation of the estimated Affordable Care Act risk adjustment accruals

New this year: Valuation of intangible assets acquired in business combinations (“As disclosed in Note B to the consolidated financial statements, during 2025, the Company completed the acquisitions of Bolt Medical, Inc. and SoniVie Ltd. for purchase prices, net of cash acquired, of $782 million and $516 million, respectively.”)

Receivables +65.4% vs revenue +28.6% (+36.8 pts)

Receivables +18.0% vs revenue +6.6% (+11.3 pts)

Inventory +22.7% vs revenue +7.8% (+14.9 pts)

Receivables +32.8% vs revenue +20.7% (+12.2 pts)

New this year: Business acquisitions - valuation of acquired expiration lists (“As described in Note 3 to the consolidated financial statements, the Company completed 33 acquisitions during 2025 for total net consideration of $16,348 million. All the acquisitions have been accounted for using the acquisition method for recording business combinations. The excess of the purchase”). No longer listed: Accounting for business combinations

New this year: Investment in Wilmar Impairment Evaluation (“As explained in Notes 1 and 8 to the consolidated financial statements, the Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable, recognizing an impairment loss when a dec”). Same as last year: Animal Nutrition Goodwill Impairment Evaluation

Receivables +22.4% vs revenue +7.5% (+14.9 pts)

Inventory +18.6% vs revenue +7.5% (+11.1 pts)

New this year: Valuation of Customer Relationships Intangible Asset in the Acquisition of Evident’s Inspection Technologies Division (“As discussed in Note 3 to the consolidated financial statements, on July 1, 2025, the Company acquired Evident’s Inspection Technologies division (“Inspection Technologies”). The transaction was accounted for under the acquisition method of accounting. The Company preliminarily determined the fair v”). Same as last year: Over Time Revenue Recognition for Long-Term Contracts

Receivables +27.6% vs revenue +8.9% (+18.6 pts)

Cash from operations $3.6B vs net income $4.0B (FY ending 2025-12-31)

Inventory +39.9% vs revenue +8.9% (+31.0 pts)

New this year: Description of As discussed in Note A to the Company’s consolidated financial statements, the Company recognizes; Auditing the allowances for rebates owed pursuant to the Medicaid Drug Rebate Program in the U.S. was; How We We obtained an understanding, evaluated the design and tested the operating effectiveness of controls; Addressed the over the Company’s revenue recognition process, including controls over management’s computation; Matter in Our and review of the allowances for Medicaid rebates. We tested the Company’s controls to assess the; Our audit procedures to test the allowances for rebates owed pursuant to the Medicaid Drug Rebate; Program in the U.S., included the following: we assessed the methodology used to determine the estimate; We also assessed the historical accuracy of the Company’s estimates of Medicaid rebates by comparing. No longer listed: F-1; Evaluating the fair value of the in-process research and development assets acquired in the Alpine Immune Sciences, Inc. acquisition. Same as last year: F-2

New this year: Valuation of Certain Acquired Intangible Assets (“As described in Note 2 of the consolidated financial statements, on October 31, 2025, the Company entered into a sale and purchase agreement ("Acquisition Agreement") to acquire Purge Rite Intermediate, LLC ("PurgeRite"). The transaction ("Acquisition") closed on December 4, 2025. Under the terms of”). Same as last year: Uncertain Tax Positions

Receivables +47.6% vs revenue +7.2% (+40.4 pts)

Receivables +69.0% vs revenue +1.8% (+67.2 pts)

Receivables +29.7% vs revenue +7.6% (+22.0 pts)

Receivables +27.9% vs revenue +10.0% (+17.8 pts)

New this year: Evaluation of lease revenue (“As discussed in note 2 to the consolidated financial statements, the Company records rental revenue, which includes revenue related to leases that generally provide for 1 megawatt or more of power and have lease terms of 5-10+ years, on a straight-line basis if the Company determines on a lease-by-l”). No longer listed: Evaluation of Scale and Hyperscale lease revenue

Receivables +17.6% vs revenue +4.3% (+13.4 pts)

Receivables +41.1% vs revenue +10.0% (+31.2 pts)

Receivables +20.8% vs revenue +2.3% (+18.5 pts)

New this year: Acquisition of Elo Holdings, Inc. - Valuation of Developed Technology and Customer Relationships (“As discussed in Note 5 to the consolidated financial statements, on September 30, 2025, the Company completed the acquisition of Elo Holdings, Inc. (“Elo”) for total consideration of $1,303 million. The acquisition was accounted for as a business combination, which requires, among other things, the ”); Accounting for Uncertain Tax Positions (“As discussed in Note 16 of the financial statements, the Company earns a significant amount of its operating income across multiple jurisdictions. As the Company operates in a multinational tax environment and incurs income tax obligations in a number of jurisdictions, complexities and uncertainties”). No longer listed: Accounting for Income Taxes. Same as last year: Audit; Audit

New this year: Valuation and accounting for stock-based compensation (“As discussed in Note 15 to the consolidated financial statements, during the year ended December 31, 2025, the Company awarded long-term incentive plan (“LTIP”) units of Welltower OP to the Company’s named executive officers and certain key employees (together, the “Awards”) that are vested immediat”). Same as last year: Impairment of real property and investments in unconsolidated entities

Inventory +44.2% vs revenue +2.1% (+42.1 pts)

New this year: Calypso and AxiomSL on-premises license; Description As described in Notes 2 and 3 to the; Matter Company recognizes revenue within its; Regulatory Technology and Capital Markets; Technology products for AxiomSL and; Post-contract customer support is recognized; Auditing the Company’s identification of; Calypso on-premises license agreements; F-3; How We We obtained an understanding, performed a; Addressed walkthrough of the process and evaluated the; Audit identifying performance obligations and; To test the Company’s judgments and; AxiomSL and Calypso service offerings and. No longer listed: Calypso and AxiomSL on-premises license revenue recognition; F-2

Inventory +28.3% vs revenue +8.0% (+20.3 pts)

New this year: Acquisition of Silvus - Valuation of Certain Customer Relationships and Certain Developed Technology (“As described in Note 15 to the consolidated financial statements, on August 6, 2025, the Company acquired Silvus for a purchase price of $4.4 billion, net of cash acquired, purchase price adjustments, and contingent earnout consideration. Of the acquired identifiable intangible assets, $820 million ”). Same as last year: Revenue Recognition - Estimated Costs to Complete for Certain System Contracts

Receivables +61.4% vs revenue +44.7% (+16.7 pts)

Cash from operations $16.8B vs net income $20.6B (FY ending 2025-12-31)

Inventory +81.1% vs revenue +44.7% (+36.4 pts)