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BENEFIT PLANS (Tables) | 12 Months Ended
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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.

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