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BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2018
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)
 
2018
  
2017
  
2018
  
2017
 
Change in benefit obligation:
            
Benefit obligation at the beginning of year
 
$
147,450
  
$
127,084
  
$
1,785
  
$
1,806
 
Service cost
  
4,561
   
4,181
   
0
   
0
 
Interest cost
  
5,676
   
5,717
   
69
   
76
 
Plan amendment / acquisition
  
883
   
11,646
   
0
   
0
 
Participant contributions
  
0
   
0
   
479
   
467
 
Deferred actuarial (gain)/loss
  
(4,177
)
  
8,978
   
191
   
245
 
Benefits paid
  
(10,182
)
  
(10,156
)
  
(867
)
  
(809
)
Benefit obligation at end of year
  
144,211
   
147,450
   
1,657
   
1,785
 
Change in plan assets:
                
Fair value of plan assets at beginning of year
  
217,107
   
180,400
   
0
   
0
 
Actual return of plan assets
  
(3,858
)
  
22,954
   
0
   
0
 
Participant contributions
  
0
   
0
   
479
   
467
 
Employer contributions
  
605
   
9,839
   
388
   
342
 
Plan acquisition
  
0
   
14,070
   
0
   
0
 
Benefits paid
  
(10,182
)
  
(10,156
)
  
(867
)
  
(809
)
Fair value of plan assets at end of year
  
203,672
   
217,107
   
0
   
0
 
Over/(Under) funded status at year end
 
$
59,461
  
$
69,657
  
(1,657
)
 
(1,785
)
                 
Amounts recognized in the consolidated statement of condition were:
 
Other assets
 
$
72,659
  
$
81,000
  
$
0
  
$
0
 
Other liabilities
  
(13,198
)
  
(11,343
)
  
(1,657
)
  
(1,785
)
Amounts recognized in accumulated other comprehensive loss/(income) (“AOCI”) were:
 
Net loss
 
$
39,410
  
$
26,935
  
$
592
  
$
420
 
Net prior service cost (credit)
  
4,939
   
2,944
   
(1,444
)
  
(1,622
)
Pre-tax AOCI
  
44,349
   
29,879
   
(852
)
  
(1,202
)
Taxes
  
(10,870
)
  
(7,340
)
  
210
   
296
 
AOCI at year end
 
$
33,479
  
$
22,539
  
(642
)
 
(906
)
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)
 
2018
  
2017
  
2018
  
2017
 
Prior service cost/(credit)
 
$
1,509
  
$
424
  
$
135
  
$
111
 
Net (gain) loss
  
9,431
   
(851
)
  
129
   
148
 
Total
 
$
10,940
  
(427
)
 
$
264
  
$
259
 
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
 
$
64
  
(179
)
Net loss
  
2,376
   
36
 
Total
 
$
2,440
  
(143
)
Weighted Average Assumptions Used To Determine Benefit Obligations

  
Pension Benefits
  
Post-retirement Benefits
 
  
2018
  
2017
  
2018
  
2017
 
Discount rate
  
4.50
%
  
4.00
%
  
4.45
%
  
4.00
%
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)
 
2018
  
2017
  
2016
  
2018
  
2017
  
2016
 
Service cost
 
$
4,561
  
$
4,181
  
$
4,106
  
$
0
  
$
0
  
$
0
 
Interest cost
  
5,676
   
5,717
   
5,624
   
69
   
76
   
82
 
Expected return on plan assets
  
(14,820
)
  
(13,354
)
  
(11,842
)
  
0
   
0
   
0
 
Plan amendment
  
13
   
0
   
20
   
0
   
0
   
0
 
Amortization of unrecognized net loss/(gain)
  
1,193
   
767
   
1,508
   
21
   
8
   
(5
)
Amortization of prior service cost
  
(293
)
  
55
   
43
   
(179
)
  
(179
)
  
(179
)
Net periodic (benefit)
 
(3,670
)
 
(2,634
)
 
(541
)
 
(89
)
 
(95
)
 
(102
)
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
 
  
2018
  
2017
  
2016
  
2018
  
2017
  
2016
 
Discount rate
  
4.00
%
  
4.40
%
  
4.70
%
  
4.00
%
  
4.40
%
  
4.70
%
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
 
2019
 
$
9,250
  
$
175
 
2020
  
9,547
   
139
 
2021
  
10,142
   
136
 
2022
  
10,607
   
133
 
2023
  
11,092
   
130
 
2024-2028
  
59,372
   
598
 
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, 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
 

The fair values of the Company’s defined benefit pension plan assets at December 31, 2017 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
 
             
Money Market Accounts
 
$
0
  
$
10,381
  
$
0
  
$
10,381
 
Equity securities:
                
U.S. large-cap
  
53,154
   
0
   
0
   
53,154
 
U.S mid/small cap
  
26,309
   
0
   
0
   
26,309
 
CBU stock
  
8,344
   
0
   
0
   
8,344
 
International
  
47,723
   
0
   
0
   
47,723
 
   
135,530
   
0
   
0
   
135,530
 
                 
Fixed income securities:
                
Government securities
  
13,929
   
9,686
   
0
   
23,615
 
Investment grade bonds
  
19,278
   
0
   
0
   
19,278
 
High yield(a)
  
16,297
   
0
   
0
   
16,297
 
   
49,504
   
9,686
   
0
   
59,190
 
                 
Other investments (b)
  
11,302
   
73
   
0
   
11,375
 
                 
Total (c)
 
$
196,336
  
$
20,140
  
$
0
  
$
216,476
 
(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 $0.7 million and $0.6 million at December 31, 2018 and 2017, respectively.