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Recent Accounting Pronouncements (Policy) | 3 Months Ended
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Mar. 31, 2024
Recent Accounting Pronouncements [Abstract] |
Recently Adopted Accounting Standards | Recently adopted accounting standards
ASU 2023-01, Leases (Topic 842): Common Control Arrangements
Description |  | This ASU requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is determined to be a lease, an entity must classify and account for the lease on the same basis as an arrangement with a related party (on the basis of legally enforceable terms and conditions).
Effective Date |  | January 1, 2024
Effect on the Consolidated Financial Statements |  | The Corporation adopted the ASU on January 1, 2024 and it did not have a material effect on the Corporation's financial statements.
ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
Description |  | This ASU permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met.
Effective Date |  | January 1, 2024
Effect on the Consolidated Financial Statements |  | The Corporation adopted the ASU on January 1, 2024 and it did not have a material effect on the Corporation's financial statements.
Recently issued but not yet effective accounting standards |  |  |  |  |  |  |  |  |  |
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Description |  | This ASU is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation table and income taxes paid to be disaggregated by jurisdiction. It also includes certain amendments to improve the effectiveness of income tax disclosures.
Effective Date |  | January 1, 2025
Effect on the Consolidated Financial Statements |  | The ASU is not expected to have an impact on the Corporation's financial statements.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
Description |  | This ASU is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.
Effective Date |  | Fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
Effect on the Consolidated Financial Statements |  | The Corporation is currently evaluating the impact the ASU will have on its consolidated financial statements.
ASU 2023-01, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative
Description |  | This ASU incorporates certain U.S. Securities and Exchange Commission (SEC) disclosure requirements into the FASB Accounting Standards Codification. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirement, and align the requirements in the Codification with the SEC's regulations.
Effective Date |  | The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited.
Effect on the Consolidated Financial Statements |  | The ASU is not expected to have an impact on the Corporation's financial statements.

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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. + References No definition available. + Details
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