That did the trick! Thanks!
Sub Formulas()
Dim mycell As Range
With Sheets("Sheet1")
.Range("A1").EntireColumn.Insert
.Range("A1").EntireColumn.Insert
.Cells(1, 1) = "Indicator3 >= 2"
.Cells(1, 2) = "True Failure"
lr = Cells(Rows.Count, 3).End(xlUp).Row
.Range(.Cells(2, 1), .Cells(lr, 1)).FormulaR1C1 = "=IF(AND(RC[4]=""F"",(AND(ISNUMBER(SEARCH(""ECONOMICS"",R[1]C[3])),R[1]C[4]=""P"")),(ISNUMBER(R[1]C[5]))),R[1]C[5]-RC[5],0)"
.Range(.Cells(2, 2), .Cells(lr, 2)).FormulaR1C1 = "=IF(AND(RC[3]=""F"",NOT(AND(ISNUMBER(SEARCH(""ECONOMICS"",R[1]C[2])),R[1]C[3]=""P"")),(ISNUMBER(RC[4]))),1,0)"
End With
With Sheets("Sheet1")
lrr = Cells(Rows.Count, 1).End(xlUp).Row
For Each mycell In ActiveWorkbook.Worksheets("Sheet1").Range(.Cells(2, 1), .Cells(lrr, 1))
If mycell.Value >= 2 Then
mycell.EntireRow.Interior.Color = vbYellow
End If
Next
End With
With Sheets("Sheet1")
For Each mycell In ActiveWorkbook.Worksheets("Sheet1").Range(.Cells(2, 2), .Cells(lr, 1))
If mycell.Value = 1 Then
mycell.EntireRow.Interior.Color = vbRed
End If
Next
End With
End Sub
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