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Sensitivity Analysis.  For returned vehicles, we face a risk that the amount we obtain from the vehicle sold at auction will be less than our estimate of the expected residual value for the vehicle. The impact of the change in assumptions on future auction values and return volumes would increase or decrease accumulated supplemental depreciation and depreciation expense over the remaining terms of the operating leases. The effect of the indicated increase / decrease in the assumptions for our United States Ford and Lincoln brand operating lease portfolio is as follows (in millions): 

<img src='content_image/1041321.jpg'>

Adjustments to the amount of accumulated supplemental depreciation on operating leases would be reflected on our balance sheets as Net investment in operating leases  and on the income statements in Depreciation on vehicles subject to operating leases. 

## Accounting Standards Issued But Not Yet Adopted 

The Financial Accounting Standards Board has issued the following Accounting Standards Updates (“ASU”) which are not expected to have a material impact (with the exception of ASU 2019-12 which is being evaluated) to our financial statements or financial statement disclosures. For additional information, see Note 2 of the Notes to the Financial Statements. 

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__________ (a) 

Early adoption for each of the standards is permitted. (b) 

For additional information see Note 2 of our Notes to the Financial Statements. 

## Outlook 

We expect full-year 2021 EBT to be improved compared to 2020. 

