v3.26.1
New Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies  
New accounting pronouncements policies
 
 
 
 
 
 
 
 
 
Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic 326)
- Measurement of Credit
Losses for Accounts
Receivables and Contract
Assets
The
 
Financial Accounting
 
Standards Board
("FASB")
 
issued
 
Accounting
 
Standards
Update
 
("ASU")
 
2025-05
 
in
 
July
 
2025,
which
 
permits
 
entities
 
to
 
elect
 
a
 
practical
expedient
 
when
 
accounting
 
for
 
current
accounts
 
receivable
 
and
 
current
 
contract
assets
 
arising from
 
transactions accounted
for under Accounting Standards Codification
("ASC") Topic
 
606, Revenue from Contracts
with
 
Customers.
 
This
 
practical
 
expedient
establishes
 
that,
 
in
 
developing
 
reasonable
and
 
supportable
 
forecasts
 
as
 
part
 
of
estimating
 
expected
 
credit
 
losses,
 
entities
assume
 
that
 
current
 
conditions
 
as
 
of
 
the
balance
 
sheet
 
date
 
do
 
not
 
change
 
for
 
the
remaining life of the asset.
January 1, 2026
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU
 
since
 
the
update
 
does
 
not
 
require
 
accounting
changes
 
or
 
new
 
presentation
 
or
disclosure
 
requirements.
 
The
 
practical
expedient was not applied.
FASB ASU 2024-04, Debt
- Debt with Conversion
and Other Options
(Subtopic 470- 20) -
Induced Conversions of
Convertible Debt
Instruments
The
 
FASB
 
issued
 
ASU
 
2024-04
 
in
November
 
2024,
 
which
 
clarifies
 
the
requirements
 
for
 
determining
 
whether
certain
 
settlements
 
of
 
convertible
 
debt
instruments should
 
be accounted
 
for as
 
an
induced
 
conversion.
 
Also
 
it
 
makes
additional
 
clarifications
 
to
 
assist
stakeholders in
 
applying the
 
guidance. The
ASU
 
clarifies
 
that
 
the
 
incorporation,
elimination,
 
or
 
modification
 
of
 
a
 
volume-
weighted
 
average
 
price
 
("VWAP")
 
formula
does
 
not
 
automatically
 
cause
 
a
 
settlement
to
 
be
 
accounted
 
for
 
as
 
an
 
extinguishment
and
 
that
 
the
 
induced
 
conversion
 
guidance
applies to a convertible debt
 
instrument that
is not currently convertible
 
as long as
 
it had
a substantive
 
conversion feature as
 
of both
its
 
issuance
 
date
 
and
 
the
 
date
 
the
inducement offer is accepted.
January 1, 2026
The
 
Corporation
 
was
 
not
 
impacted
 
by
the
 
adoption
 
of
 
this
 
ASU,
 
but
 
it
 
will
prospectively consider this guidance for
any
 
future
 
transactions
 
involving
induced conversions.
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2026-01,
Equity (Topic 505) - Initial
Measurement of Paid-in-
Kind Dividends
 
on Equity-Classified
Preferred Stock
The
 
FASB
 
issued
 
ASU
 
2026
‑
01
 
in
 
April
2026,
 
which
 
establishes
 
authoritative
guidance
 
on
 
the
 
initial
 
measurement
 
of
paid
‑
in
‑
kind
 
(PIK)
 
dividends
 
on
equity
‑
classified
 
preferred
 
stock.
 
The
update
 
establishes
 
a
 
consistent
measurement requirement for PIK dividends
but does
 
not address
 
when such
 
dividends
should
 
be
 
recognized.
 
It
 
requires
 
PIK
dividends to
 
be initially
 
measured using
 
the
stated
 
PIK
 
dividend
 
rate
 
in
 
the
 
preferred
stock
 
agreement,
 
generally
 
applied
 
to
 
the
liquidation preference of the preferred stock.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
 
This
 
ASU
 
is
 
not
 
expected
to have a material impact.
FASB ASU 2025-10,
Government Grants (Topic
832) - Accounting for
Government Grants
Received by Business
Entities
The
 
FASB
 
issued
 
ASU
 
2025-10
 
in
December
 
2025,
 
which
 
establishes
 
the
accounting
 
for
 
government
 
grants
 
received
by
 
a
 
business
 
entity.
 
The
 
update
establishes
 
recognition,
 
measurement,
 
and
disclosure
 
requirements
 
for
 
government
grants.
 
It
 
allows
 
asset
 
related
 
grants to
 
be
recognized either
 
as deferred
 
income or
 
as
an adjustment
 
to the
 
cost basis
 
of an
 
asset
and
 
income-related
 
grants
 
as
 
deferred
income.
January 1, 2029
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-09,
Derivatives and Hedging
(Topic 815) - Hedge
Accounting Improvements
The
 
FASB
 
issued
 
ASU
 
2025-09
 
in
November 2025, which aims to improve and
broaden
 
hedge
 
accounting
 
under
 
ASC
Topic
 
815
 
by
 
allowing
 
entities
 
to
 
group
forecasted
 
transaction
 
with
 
similar
 
risk
exposures,
 
provides
 
a
 
model
 
for
 
hedging
choose-your
 
rate
 
debt,
 
expands
 
hedge
accounting
 
for
 
forecasted
 
purchases
 
and
sales of non
 
financial assets, eliminates net
written
 
option
 
limitations
 
for
 
certain
compound
 
derivatives,
 
and
 
resolves
recognition
 
mismatches
 
in
 
dual
 
hedging
strategies
 
involving
foreign
‑
currency
‑
denominated debt.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-08,
Financial Instruments -
Credit Losses (Topic 326)
- Purchased Loans
The
 
FASB
 
issued
 
ASU
 
2025-08
 
in
November 2025, which aims
 
to simplify and
reduce the
 
complexity of
 
the accounting
 
for
purchased loans under ASC Topic
 
326. The
update
 
expands
 
the
 
population
 
of
 
loans
subject to
 
the gross-up
 
approach to
 
include
purchased
 
seasoned
 
loans,
 
regardless
whether they had credit deterioration.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2025-07,
Derivatives and Hedging
(Topic 815) and Revenue
from Contracts with
Customers (Topic 606) -
Derivatives Scope
Refinements and Scope
Clarification for Share-
Based Noncash
Consideration from a
Customer in a Revenue
Contract
The
 
FASB
 
issued
 
ASU
 
2025-07
 
in
September 2025, which refines the scope of
derivative accounting under
 
ASC Topic
 
815
and
 
clarifies
 
the
 
treatment
 
of
 
share-based
noncash
 
consideration
 
under
 
ASC
 
Topic
606.
 
The
 
update
 
reduces
 
complexity
 
and
diversity
 
in
 
application.
 
Narrows
 
the
 
scope
of derivative
 
accounting under
 
ASC 815
 
for
certain
 
contracts
 
whose
 
underlyings
 
are
based
 
on
 
a
 
party’s
 
own
 
operations
 
or
activities;
 
and
 
clarifies
 
that
 
ASC
 
606
governs
 
share
‑
based
 
noncash
consideration
 
received
 
from
 
a
 
customer
until
 
the
 
entity’s
 
right
 
becomes
unconditional.
 
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
FASB ASU 2025-06,
Intangibles - Goodwill and
Other - Internal-Use
Software (Subtopic 350-
40) - Targeted
Improvements to the
Accounting for Internal-
Use Software
The
 
FASB
 
issued
 
ASU
 
2025-06
 
in
September 2025, which seeks to modernize
the
 
accounting
 
for
 
internal-use
 
software
under
 
ASC
 
Subtopic
 
350-40,
 
Intangibles—
Goodwill and Other—Internal-Use Software.
The
 
update
 
replaces
 
the
 
traditional
 
stage-
based
 
model
 
(preliminary,
 
development,
post-implementation)
 
with
 
a
 
principles-
based framework that better
 
reflects current
software
 
development
 
practices,
 
including
agile and cloud-based approaches.
January 1, 2028
The Corporation
 
is currently
 
evaluating
the
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
our
 
accounting
for
 
internal
 
use
 
software
 
considering
our
 
development
 
practices
 
which
 
may
include
 
agile
 
and
 
cloud-based
approaches.
FASB ASU 2025-04,
Compensation - Stock
Compensation (Topic 718)
and Revenue from
Contracts with Customers
(Topic 606) - Clarifications
to Share-Based
Consideration Payable to
a Customer
The
 
FASB
 
issued
 
ASU
 
2025-04
 
in
 
May
2025,
 
which
 
clarifies
 
the
 
accounting
 
for
share-based
 
awards
 
granted
 
as
consideration
 
payable
 
to
 
a
 
customer.
 
The
ASU expands
 
the definition
 
of performance
condition
 
for
 
share-based
 
consideration
under ASC 718 and eliminates the forfeiture
policy election for
 
service conditions. It
 
also
confirms
 
that
 
the
 
variable
 
consideration
constraint
 
in
 
ASC
 
606
 
does
 
not
 
apply
 
to
such awards.
January 1, 2027
The Corporation
 
does not
 
expect to
 
be
impacted
 
by
 
the
 
adoption
 
of
 
this
 
ASU
since
 
it
 
does
 
not
 
grant
 
share-based
payment awards to customers.
FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic 810)
- Determining the
Accounting Acquirer in the
Acquisition of a Variable
Interest Entity
The
 
FASB
 
issued
 
ASU
 
2025-03
 
in
 
May
2025 which
 
requires that
 
an entity
 
consider
the
 
factors
 
in
 
paragraphs
 
805-10-55-12
through
 
55-15
 
when
 
it
 
is
 
involved
 
in
 
an
acquisition transaction
 
effected primarily
 
by
exchanging
 
equity
 
interests when
 
the
 
legal
acquiree is
 
a variable
 
interest entity
 
("VIE")
that
 
meets
 
the
 
definition
 
of
 
a
 
business
 
to
determine
 
which
 
entity
 
is
 
the
 
accounting
acquirer.
 
This
 
replaces
 
the
 
previous
requirement
 
that
 
the
 
primary
 
beneficiary
always is the acquirer.
January 1, 2027
The Corporation
 
is currently
 
evaluating
any
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
 
FASB ASU 2024-03,
Income Statement -
Reporting Comprehensive
Income - Expense
Disaggregation
Disclosures (Subtopic
220-40) - Disaggregation
of Income Statement
Expenses (As updated by
ASU 2025-01)
The
 
FASB
 
issued
 
ASU
 
2024-03
 
in
November
 
2024,
 
which
 
requires
 
public
entities
 
to
 
disclose
 
additional
 
information
about
 
specific
 
expense
 
categories
 
in
 
the
notes to
 
financial statements
 
at interim
 
and
annual
 
reporting
 
periods
 
to
 
improve
financial transparency.
For fiscal years
beginning on
January 1, 2027
For interim periods
within fiscal years
beginning after
January 1, 2028
The Corporation
 
is currently
 
evaluating
the
 
impact
 
that
 
the
 
adoption
 
of
 
this
guidance
 
will
 
have
 
on
 
its
 
financial
statements
 
and
 
presentation
 
and
disclosures.