management’s estimates and assumptions related to the selection of the discount rates and forecast of future operating income margins required a high degree of auditor judgment and an increased extent of effort, including the involvement of our fair value specialists. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the selection of the discount rate, and forecasts of future revenue and operating income margins for a reporting unit in the Vocational Segment included the following, among others: • We evaluated the design and effectiveness of the controls over management’s goodwill impairment evaluation, including those over the selection of the discount rates and management’s development of forecasts of future operating income margins and revenue . • We evaluated the reasonableness of management's forecasts by comparing the forecasts to (1) historical results, (2) internal communications to management and the Board of Directors, and (3) forecasted information included in analyst and industry reports for the Company and certain of its peer companies. • We assessed management's intent and/or ability to take specific actions included in management's forecasts. • With the assistance of our fair value specialists, we evaluated the reasonableness of the discount rates by: — Testing the source information underlying management's determination of the discount rates. — Testing the mathematical accuracy of management's calculations. — Developing a range of independent estimates and comparing those to the discount rates selected by management.
/s/ Deloitte & Touche LLP Milwaukee, Wisconsin February 17, 2026 We have served as the Company’s auditor since 2002.
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