BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

BENEFIT PLANS [Abstract]

Funded Status of Plans Reconciled with Amounts Reported in Consolidated Statements of Condition

Using a measurement date of December 31, the following table shows the funded status of the Company’s plans reconciled with amounts reported in the Company’s consolidated statements of condition:

	Pension Benefits						Post-retirement Benefits
(000’s omitted)	2019			2018			2019			2018
Change in benefit obligation:
Benefit obligation at the beginning of year	$	144,211		$	147,450		$	1,657		$	1,785
Service cost		5,081			4,561			0			0
Interest cost		6,264			5,676			70			69
Plan amendment / acquisition		0			883			0			0
Participant contributions		0			0			35			479
Deferred actuarial (gain)/loss		16,292			(4,177	)		87			191
Benefits paid		(9,764	)		(10,182	)		(172	)		(867	)
Benefit obligation at end of year		162,084			144,211			1,677			1,657
Change in plan assets:
Fair value of plan assets at beginning of year		203,672			217,107			0			0
Actual return of plan assets		25,522			(3,858	)		0			0
Participant contributions		0			0			35			479
Employer contributions		7,893			605			137			388
Plan acquisition		0			0			0			0
Benefits paid		(9,764	)		(10,182	)		(172	)		(867	)
Fair value of plan assets at end of year		227,323			203,672			0			0
Over/(Under) funded status at year end	$	65,239		$	59,461		$	(1,677	)	$	(1,657	)
Amounts recognized in the consolidated statement of condition were:
Other assets	$	81,930		$	72,659		$	0		$	0
Other liabilities		(16,691	)		(13,198	)		(1,677	)		(1,657	)
Amounts recognized in accumulated other comprehensive loss/(income) (“AOCI”) were:
Net loss	$	41,924		$	39,410		$	641		$	592
Net prior service cost (credit)		4,875			4,939			(1,265	)		(1,444	)
Pre-tax AOCI		46,799			44,349			(624	)		(852	)
Taxes		(11,448	)		(10,870	)		155			210
AOCI at year end	$	35,351		$	33,479		$	(469	)	$	(642	)

Amounts Recognized in Accumulated Other Comprehensive Income, Net of Tax

Amounts recognized in accumulated other comprehensive income, net of tax, for the year ended December 31, are as follows:

	Pension Benefits					Post-retirement Benefits
(000’s omitted)	2019			2018		2019		2018
Prior service cost/(credit)	$	(49	)	$	1,509	$	136	$	135
Net (gain) loss		1,920			9,431		38		129
Total	$	1,871		$	10,940	$	174	$	264

Estimated Costs, Net of Tax, That Will Be Amortized from Accumulated Other Comprehensive (Income) Loss into Net Periodic (Income) Cost over Next Fiscal Year

The estimated costs, net of tax, that will be amortized from accumulated other comprehensive (income) loss into net periodic (income) cost over the next fiscal year are as follows:

(000’s omitted)	Pension Benefits		Post-retirement Benefits
Prior service credit	$	241	$	(179	)
Net loss		3,212		40
Total	$	3,453	$	(139	)

Weighted Average Assumptions Used To Determine Benefit Obligations

The weighted-average assumptions used to determine the benefit obligations as of December 31 are as follows:

	Pension Benefits						Post-retirement Benefits
	2019			2018			2019			2018
Discount rate		3.50	%		4.50	%		3.60	%		4.45	%
Expected return on plan assets		7.00	%		7.00	%		N/A			N/A
Rate of compensation increase		3.50	%		3.50	%		N/A			N/A

Net Periodic Benefit Cost

The net periodic benefit cost as of December 31 is as follows:

	Pension Benefits									Post-retirement Benefits
(000’s omitted)	2019			2018			2017			2019			2018			2017
Service cost	$	5,081		$	4,561		$	4,181		$	0		$	0		$	0
Interest cost		6,264			5,676			5,717			70			69			76
Expected return on plan assets		(14,311	)		(14,820	)		(13,354	)		0			0			0
Plan amendment		0			13			0			0			0			0
Amortization of unrecognized net loss/(gain)		2,568			1,193			767			38			21			8
Amortization of prior service cost		64			(293	)		55			(179	)		(179	)		(179	)
Net periodic (benefit)	$	(334	)	$	(3,670	)	$	(2,634	)	$	(71	)	$	(89	)	$	(95	)

Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost

The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31 are as follows:

	Pension Benefits									Post-retirement Benefits
	2019			2018			2017			2019			2018			2017
Discount rate		4.50	%		4.00	%		4.40	%		4.45	%		4.00	%		4.40	%
Expected return on plan assets		7.00	%		7.00	%		7.00	%		N/A			N/A			N/A
Rate of compensation increase		3.50	%		3.50	%		3.50	%		N/A			N/A			N/A

Amount of Expected Benefit Payments

The amount of benefit payments that are expected to be paid over the next ten years are as follows:

(000’s omitted)	Pension Benefits		Post-retirement Benefits
2020	$	9,947	$	179
2021		10,713		135
2022		10,913		132
2023		11,455		129
2024		11,762		126
2025-2029		59,503		572

Fair Value of Defined Benefit Plan Assets by Asset Category

The fair values of the Company’s defined benefit pension plan assets at December 31, 2019 by asset category are as follows:

Asset category (000’s omitted)	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Cash equivalents	$	3,983	$	0	$	0	$	3,983
Equity securities:
U.S. large-cap		50,301		0		0		50,301
U.S mid/small cap		10,408		0		0		10,408
CBU stock		6,522		0		0		6,522
International		37,990		0		0		37,990
		105,221		0		0		105,221
Fixed income securities:
Government securities		73,698		8,341		0		82,039
Investment grade bonds		12,884		0		0		12,884
High yield(a)		6,770		0		0		6,770
		93,352		8,341		0		101,693
Other investments (b)		15,856		82		0		15,938
Total (c)	$	218,412	$	8,423	$	0	$	226,835

The fair values of the Company’s defined benefit pension plan assets at December 31, 2018 by asset category are as follows:

Asset category (000’s omitted)	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Cash equivalents	$	4,856	$	0	$	0	$	4,856
Equity securities:
U.S. large-cap		39,122		0		0		39,122
U.S mid/small cap		9,881		0		0		9,881
CBU stock		7,692		0		0		7,692
International		32,506		0		0		32,506
		89,201		0		0		89,201
Fixed income securities:
Government securities		64,417		11,370		0		75,787
Investment grade bonds		12,054		0		0		12,054
High yield(a)		6,712		0		0		6,712
		83,183		11,370		0		94,553
Other investments (b)		14,267		66		0		14,333
Total (c)	$	191,507	$	11,436	$	0	$	202,943

(a) This category is exchange-traded funds representing a diversified index of high yield corporate bonds.

(b) This category is comprised of exchange-traded funds and mutual funds holding non-traditional investment classes including private equity funds and alternative exchange funds.

(c) Excludes dividends and interest receivable totaling $0.5 million and $0.7 million at December 31, 2019 and 2018, respectively.