Accounting Changes |
12 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Accounting Changes [Abstract] | |
| Accounting Changes | 2. Accounting Changes The Corporation did not adopt authoritative guidance in 2015 that had a material impact on the Corporation’s financial statements. In May 2014, the Financial Accounting Standards Board issued a new standard, Revenue from Contracts with Customers. The standard establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements, and expands disclosure requirements. The standard is required to be adopted beginning January 1, 2018. “Sales and Other Operating Revenue” on the Consolidated Statement of Income includes sales, excise and value-added taxes on sales transactions. When the Corporation adopts the standard, revenue will exclude sales-based taxes collected on behalf of third parties. This change in reporting will not impact earnings. The Corporation continues to evaluate other areas of the standard and its effect on the Corporation’s financial statements. |