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BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

BENEFIT PLANS

Schedule of funded status of the Company's plans reconciled with amounts reported

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Pension Benefits					​	Post-retirement Benefits
(000’s omitted)		2020			2019			2020			2019
Change in benefit obligation:		​			​			​			​
Benefit obligation at the beginning of year	​	$	162,084	​	$	144,211	​	$	1,677	​	$	1,657
Service cost	​		5,750	​		5,081	​		0	​		0
Interest cost	​		5,657	​		6,264	​		57	​		70
Plan amendment / acquisition	​		13,598	​		0	​		0	​		0
Participant contributions	​		0	​		0	​		0	​		35
Deferred actuarial (gain)/loss	​		13,954	​		16,292	​		114	​		87
Benefits paid	​		(10,682)	​		(9,764)	​		(130)	​		(172)
Benefit obligation at end of year	​		190,361	​		162,084	​		1,718	​		1,677
Change in plan assets:	​		​	​		​	​		​	​		​
Fair value of plan assets at beginning of year	​		227,323	​		203,672	​		0	​		0
Actual return of plan assets	​		33,543	​		25,522	​		0	​		0
Participant contributions	​		0	​		0	​		0	​		35
Employer contributions	​		7,993	​		7,893	​		130	​		137
Plan acquisition	​		14,423	​		0	​		0	​		0
Benefits paid	​		(10,682)	​		(9,764)	​		(130)	​		(172)
Fair value of plan assets at end of year	​		272,600	​		227,323	​		0	​		0
Over/(Under) funded status at year end	​	$	82,239	​	$	65,239	​	$	(1,718)	​	$	(1,677)
​	​	​	​	​	​	​	​	​	​	​	​	​
Amounts recognized in the consolidated statement of condition were:	​			​			​			​
Other assets	​	$	101,849	​	$	81,930	​	$	0	​	$	0
Other liabilities	​		(19,610)	​		(16,691)	​		(1,718)	​		(1,677)
Amounts recognized in accumulated other comprehensive loss/(income) (“AOCI”) were:	​			​			​			​
Net loss	​	$	34,290	​	$	42,743	​	$	715	​	$	641
Net prior service cost (credit)	​		4,348	​		4,056	​		(1,086)	​		(1,265)
Pre-tax AOCI	​		38,638	​		46,799	​		(371)	​		(624)
Taxes	​		(9,488)	​		(11,448)	​		94	​		155
AOCI at year end	​	$	29,150	​	$	35,351	​	$	(277)	​	$	(469)

Schedule of 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)		2020			2019			2020			2019
Prior service cost/(credit)	​	$	222	​	$	(49)	​	$	136	​	$	136
Net (gain) loss	​		(6,423)	​		1,920	​		56	​		38
Total	​	$	(6,201)	​	$	1,871	​	$	192	​	$	174

​

Schedule of 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

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:

​

​	​	​	​	​	​	​
​		Pension			Post-retirement
(000’s omitted)	​	Benefits		​	Benefits
Prior service credit	​	$	379	​	$	(179)
Net loss	​		3,560	​		48
Total	​	$	3,939	​	$	(131)

​

Schedule of weighted-average assumptions used to determine the benefit obligations

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Pension Benefits			​	Post-retirement Benefits
​		2020		2019		2020		2019
Discount rate		2.80	%	3.50	%	2.80	%	3.60	%
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	​

​

Schedule of net periodic benefit cost

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

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Pension Benefits								​	Post-retirement Benefits
(000’s omitted)		2020			2019			2018			2020			2019			2018
Service cost	​	$	5,750	​	$	5,081	​	$	4,561	​	$	0	​	$	0	​	$	0
Interest cost	​		5,657	​		6,264	​		5,676	​		57	​		70	​		69
Expected return on plan assets	​		(16,306)	​		(14,311)	​		(14,820)	​		0	​		0	​		0
Plan amendment	​		(637)	​		0	​		13	​		0	​		0	​		0
Amortization of unrecognized net loss/(gain)	​		3,239	​		2,568	​		1,193	​		40	​		38	​		21
Amortization of prior service cost	​		241	​		64	​		(293)	​		(179)	​		(179)	​		(179)
Net periodic (benefit)	​	$	(2,056)	​	$	(334)	​	$	(3,670)	​	$	(82)	​	$	(71)	​	$	(89)

​

Schedule of weighted-average assumptions used to determine the 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
​		2020		2019		2018		2020		2019		2018
Discount rate		3.50	%	4.50	%	4.00	%	3.60	%	4.45	%	4.00	%
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	​

Schedule of amount of benefit payments

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

​

​	​	​	​	​	​	​
​	​	Pension		​	Post-retirement
(000’s omitted)		Benefits			Benefits
2021	​	$	10,588	​	$	174
2022	​		11,061	​		130
2023	​		12,004	​		128
2024	​		12,404	​		125
2025	​		12,238	​		122
2026-2030	​		64,468	​		560

​

Schedule of 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, 2020 by asset category are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quoted Prices

​

​

​

​

​

​

​

​

​

​

​

in Active

​

Significant

​

Significant

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

Asset category (000’s omitted)

Level 1

Level 2

Level 3

Total

Cash equivalents

​

$

68,137

​

$

0

​

$

0

​

$

68,137

Equity securities:

​

​

​

​

​

​

​

U.S. large-cap

​

69,195

​

0

​

0

​

69,195

U.S mid/small cap

​

17,338

​

0

​

0

​

17,338

CBU stock

​

7,701

​

0

​

0

​

7,701

International

​

43,457

​

6,088

​

0

​

49,545

​

​

137,691

​

6,088

​

0

​

143,779

​

​

​

​

​

​

​

​

Fixed income securities:

​

​

​

​

​

​

​

Government securities

​

6,154

​

6,241

​

0

​

12,395

Investment grade bonds

​

23,085

​

141

​

0

​

23,226

High yield(a)

​

5,803

​

0

​

0

​

5,803

​

​

35,042

​

6,382

​

0

​

41,424

​

​

​

​

​

​

​

​

Other investments (b)

​

17,613

​

0

​

0

​

17,613

​

​

​

​

​

​

​

​

Total (c)(d)

​

$

258,483

​

$

12,470

​

$

0

​

$

270,953

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quoted Prices

​

​

​

​

​

​

​

​

​

​

​

in Active

​

Significant

​

Significant

​

​

​

​

​

Markets for

​

Observable

​

Unobservable

​

​

​

​

​

Identical Assets

​

Inputs

​

Inputs

​

​

​

Asset category (000’s omitted)

Level 1

Level 2

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

​

30,420

​

5,375

​

0

​

35,795

​

​

97,651

​

5,375

​

0

​

103,026

​

​

​

​

​

​

​

​

Fixed income securities:

​

​

​

​

​

​

​

Government securities

​

73,698

​

8,341

​

0

​

82,039

Investment grade bonds

​

12,938

​

0

​

0

​

12,938

High yield(a)

​

5,279

​

0

​

0

​

5,279

​

​

91,915

​

8,341

​

0

​

100,256

​

​

​

​

​

​

​

​

Other investments (b)

​

19,488

​

82

​

0

​

19,570

​

​

​

​

​

​

​

​

Total (c)

​

$

213,037

​

$

13,798

​

$

0

​

$

226,835

​

^(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 $0.2 million and $0.5 million at December 31, 2020 and 2019, respectively.

^(d) Excludes certain investments that were measured at net asset value per share (or its equivalents) totaling $1.4 million at December 31, 2020.

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