CHFC 2018 Annual Report

Standard Description/Required Date of Adoption Expected impact on the financial statements and other significant matters ASU No. 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made This update clarifies the scope and the accounting guidance for contributions received and contributions made. The guidance clarifies the criteria on determining whether a contribution is conditional or unconditional. Required adoption date of January 1, 2019, with early adoption permitted. Adoption is not expected to have a material impact on our consolidated financial condition or results of operations. ASU No. 2018-09, Codification Improvements This update clarifies andmakesminor improvements to the current codification. The amendments are made to a number of subtopics in order to allow for clearer understanding of the codification. Required adoption date of January 1, 2019, with early adoption permitted. Adoption is not expected to have a material impact on our consolidated financial condition or results of operations. ASU 2018-13, Fair Value Measurement (Topic 820): Disclose Framework-Changes to the Disclosure Requirements for Fair Value Measurement The amendments in this update improves the effectiveness of fair value measurement disclosures and modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement based on the concepts in the Concept Statement, Conceptual Framework for Financial Reporting - Chapter 8: Notes to Financial Statements, including considerations of costs and benefits. The additional disclosure requirements include disclosing the change in unrealized gains(losses) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements or other quantitative information. The update also removes the disclosure requirements for: the amount of and reasons for transfers between Level 1 and Level 2 hierarchies, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. Required adoption date of January 1, 2020, with early adoption permitted. Currently, we do not have plans for early adoption. Adoption is not expected to have a material impact on our consolidated financial condition or results of operations. ASU 2018-14, Compensation- Retirement Benefits- Defined Benefit Plans- General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans The amendments in this update remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant based on the concepts in the Concepts Statement, Conceptual Framework for Financial Reporting-Chapter 8: Notes to Financial Statements. Required adoption date of January 1, 2021, with early adoption permitted. Currently, we do not have plans for early adoption. Adoption is not expected to have a material impact on our consolidated financial condition or results of operations. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes The amendments in this update permit the use of an alternative reference rate, the OIS rate based on SOFR, as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the U.S. Treasury (UST) Rate, the London Interbank Offered Rate (LIBOR) swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. Required adoption date of January 1, 2019, with early adoption permitted. Adoption is not expected to have a material impact on our consolidated financial condition or results of operations. 46