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PENSION AND OTHER BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2024
PENSION AND OTHER BENEFIT PLANS  
Schedule of funded status of the company's plans reconciled with amounts reported

Pension Benefits

Post-retirement Benefits

(000’s omitted)

    

2024

    

2023

    

2024

    

2023

Change in benefit obligation:

 

  

 

  

 

 

  

Benefit obligation at the beginning of year

$

158,280

$

151,361

$

1,714

$

1,656

Service cost

 

4,693

 

4,433

 

0

 

0

Interest cost

 

7,593

 

7,561

 

86

 

92

Deferred actuarial (gain)/loss

 

(10,542)

 

5,530

 

(30)

 

165

Benefits paid

 

(18,619)

 

(10,605)

 

(182)

 

(199)

Benefit obligation at end of year

 

141,405

 

158,280

 

1,588

 

1,714

Change in plan assets:

 

 

 

 

Fair value of plan assets at beginning of year

 

267,462

 

244,332

 

0

 

0

Actual return of plan assets

 

18,839

 

28,746

 

0

 

0

Employer contributions

 

5,342

 

4,989

 

182

 

199

Benefits paid

 

(18,619)

 

(10,605)

 

(182)

 

(199)

Fair value of plan assets at end of year

 

273,024

 

267,462

 

0

 

0

Over/(Under) funded status at year end

$

131,619

$

109,182

$

(1,588)

$

(1,714)

Amounts recognized in the consolidated statement of condition were:

 

  

 

  

 

  

 

  

Other assets

$

145,264

$

123,263

$

0

$

0

Other liabilities

 

(13,645)

 

(14,081)

 

(1,588)

 

(1,714)

Amounts recognized in accumulated other comprehensive loss/(income) (“AOCI”) were:

 

  

 

  

 

  

 

  

Net loss

$

21,866

$

33,977

$

341

$

398

Net prior service cost (credit)

 

1,472

 

2,292

 

(370)

 

(549)

Pre-tax AOCI

 

23,338

 

36,269

 

(29)

 

(151)

Taxes

 

(5,727)

 

(8,955)

 

11

 

41

AOCI at year end

$

17,611

$

27,314

$

(18)

$

(110)

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)

    

2024

    

2023

    

2024

    

2023

Prior service (credit)/cost

$

(615)

$

(620)

$

134

$

135

Net (gain) loss

 

(9,087)

 

(3,720)

 

(43)

 

108

Total

$

(9,702)

$

(4,340)

$

91

$

243

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

Pension Benefits

Post-retirement Benefits

 

    

2024

    

2023

    

2024

    

2023

 

Discount rate

 

5.90

%  

5.20

%  

5.90

%  

5.20

%

Expected return on plan assets

 

7.00

%  

7.00

%  

N/A

 

N/A

Rate of compensation increase

3.50

%  

3.50% for 2024

+

N/A

N/A

Interest crediting rates

6.00% while employed,

6.00% while employed,

N/A

N/A

4.04% after termination

4.47% after termination

Schedule of net periodic benefit income

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

Pension Benefits

Post-retirement Benefits

(000’s omitted)

    

2024

    

2023

    

2022

    

2024

    

2023

    

2022

Service cost

$

4,693

$

4,433

$

4,959

$

0

$

0

$

0

Interest cost

 

7,593

 

7,561

 

5,334

 

86

 

92

 

68

Expected return on plan assets

 

(18,401)

 

(16,079)

 

(19,025)

 

0

 

0

 

0

Plan amendment

 

0

 

0

 

(556)

 

0

 

0

 

0

Amortization of unrecognized net loss (gain)

 

1,131

 

(2,220)

 

842

 

27

 

22

 

23

Amortization of prior service cost

 

820

 

820

 

615

 

(179)

 

(179)

 

(179)

Net periodic benefit

$

(4,164)

$

(5,485)

$

(7,831)

$

(66)

$

(65)

$

(88)

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

 

    

2024

    

2023

    

2022

    

2024

    

2023

    

2022

 

Discount rate

 

5.20

%

5.40

%

3.10

%

5.20

%

5.40

%

3.10

%

Expected return on plan assets

 

7.00

%

6.70

%

6.70

%

N/A

 

N/A

 

N/A

Rate of compensation increase

 

4.50% for 2023,

4.50% for 2023,

4.00% for 2022,

3.50% for 2024

+

3.50% for 2024

+

3.50% for 2023

+

N/A

N/A

N/A

Interest crediting rates

6.00% while employed,

6.00% while employed,

6.00% while employed,

4.47% after termination

3.55% after termination

1.94% after termination

N/A

N/A

N/A

Schedule of amount of benefit payments

Pension

Post-retirement

(000’s omitted)

    

Benefits

    

Benefits

2025

$

14,218

$

189

2026

 

13,103

 

166

2027

 

13,031

 

162

2028

 

12,900

 

158

2029

 

13,636

 

154

2030-2034

 

64,476

 

675

Schedule of fair value, investments, entities that calculate net asset value per share

The following table sets forth additional disclosures of the Plan’s investments whose fair value is estimated using net asset value per share (or its equivalent) as of December 31, 2024:

Unfunded

Redemption

Redemption Notice

Investment (000’s omitted)

    

Fair Value

    

Commitment

    

Frequency

    

Period

Alternative investments

$

6,431

$

0

 

Semiannual

 

Announced in advance

Schedule of fair values of the company's defined benefit pension plan assets

The fair values of the Company’s defined benefit pension plan assets at December 31, 2024 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

$

1,526

$

0

$

0

$

1,526

Equity securities:

 

 

 

  

 

U.S. large-cap

 

62,289

 

0

 

0

 

62,289

U.S. mid/small cap

 

17,048

 

0

 

0

 

17,048

International

 

34,074

 

0

 

0

 

34,074

Other

1,187

0

0

1,187

 

114,598

 

0

 

0

 

114,598

 

 

 

  

 

Fixed income securities:

 

 

 

  

 

Government securities

 

59,293

 

23,511

 

0

 

82,804

Investment grade bonds

 

0

 

61,578

 

0

 

61,578

 

59,293

 

85,089

 

0

 

144,382

 

 

 

  

 

Other investments (a)

 

0

 

2,722

 

1,517

 

4,239

Alternative investments (c)

0

0

0

6,431

 

 

 

  

 

Total (b)

$

175,417

$

87,811

$

1,517

$

271,176

The fair values of the Company’s defined benefit pension plan assets at December 31, 2023 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

$

13,441

$

0

$

0

$

13,441

Equity securities:

 

 

 

  

 

U.S. large-cap

 

66,709

 

0

 

0

 

66,709

U.S. mid/small cap

 

23,127

 

0

 

0

 

23,127

CBU common stock

 

5,691

 

0

 

0

 

5,691

International

 

50,270

 

0

 

0

 

50,270

Other

 

1,966

 

0

 

0

 

1,966

 

147,763

 

0

 

0

 

147,763

 

 

 

  

 

Fixed income securities:

 

 

 

  

 

Government securities

 

59,107

 

15,491

 

0

 

74,598

Investment grade bonds

 

0

 

17,968

 

0

 

17,968

 

59,107

 

33,459

 

0

 

92,566

 

 

 

  

 

Other investments (a)

 

12,759

 

0

 

0

 

12,759

 

 

 

  

 

Total (b)

$

233,070

33,459

$

0

$

266,529

(a)This category is comprised of exchange-traded funds and mutual funds holding non-traditional investment classes including private equity funds and alternative exchange funds.
(b)Excludes dividends and interest receivable totaling $1.6 million and $0.9 million at December 31, 2024 and 2023, respectively.
(c)In accordance with fair value measurement guidance, certain investments that are measured at fair value using net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to total investments.