BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

BENEFIT PLANS

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

	Pension Benefits				Post-retirement Benefits
(000’s omitted)	2021		2020		2021		2020
Change in benefit obligation:
Benefit obligation at the beginning of year	$	190,361	$	162,084	$	1,718	$	1,677
Service cost		5,920		5,750		0		0
Interest cost		5,036		5,657		44		57
Plan amendment / acquisition		0		13,598		0		0
Participant contributions		0		0		0		0
Deferred actuarial (gain)/loss		(4,881)		13,954		(85)		114
Benefits paid		(13,166)		(10,682)		(148)		(130)
Benefit obligation at end of year		183,270		190,361		1,529		1,718
Change in plan assets:
Fair value of plan assets at beginning of year		272,600		227,323		0		0
Actual return of plan assets		27,614		33,543		0		0
Participant contributions		0		0		0		0
Employer contributions		3,639		7,993		148		130
Plan acquisition		0		14,423		0		0
Benefits paid		(13,166)		(10,682)		(148)		(130)
Fair value of plan assets at end of year		290,687		272,600		0		0
Over/(Under) funded status at year end	$	107,417	$	82,239	$	(1,529)	$	(1,718)
Amounts recognized in the consolidated statement of condition were:
Other assets	$	127,538	$	101,849	$	0	$	0
Other liabilities		(20,121)		(19,610)		(1,529)		(1,718)
Amounts recognized in accumulated other comprehensive loss/(income) (“AOCI”) were:
Net loss	$	16,977	$	34,290	$	585	$	715
Net prior service cost (credit)		3,969		4,348		(907)		(1,086)
Pre-tax AOCI		20,946		38,638		(322)		(371)
Taxes		(5,236)		(9,488)		82		94
AOCI at year end	$	15,710	$	29,150	$	(240)	$	(277)

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)	2021		2020		2021		2020
Prior service cost/(credit)	$	(288)	$	222	$	136	$	136
Net (gain) loss		(13,152)		(6,423)		(99)		56
Total	$	(13,440)	$	(6,201)	$	37	$	192

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

	Pension Benefits				Post-retirement Benefits
	2021		2020		2021		2020
Discount rate	3.10	%	2.80	%	3.10	%	2.80	%
Expected return on plan assets	6.70	%	7.00	%	N/A		N/A
Rate of compensation increase	4.00% for 2022		3.50	%	N/A		N/A
	3.50% for 2023	+
Interest crediting rates	6.00% while employed,		6.00% while employed,		N/A		N/A
	1.94% after termination		1.42% after termination

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)	2021		2020		2019		2021		2020		2019
Service cost	$	5,920	$	5,750	$	5,081	$	0	$	0	$	0
Interest cost		5,036		5,657		6,264		44		57		70
Expected return on plan assets		(18,783)		(16,306)		(14,311)		0		0		0
Plan amendment		0		(637)		0		0		0		0
Amortization of unrecognized net loss		3,600		3,239		2,568		45		40		38
Amortization of prior service cost		379		241		64		(179)		(179)		(179)
Net periodic (benefit)	$	(3,848)	$	2,056	$	(334)	$	(90)	$	(82)	$	(71)

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
	2021		2020		2019		2021		2020		2019
Discount rate	2.80	%	3.50	%	4.50	%	2.80	%	3.60	%	4.45	%
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
Interest crediting rates	6.00% while employed,		6.00% while employed		6.00% while employed		N/A		N/A		N/A
	1.42% after termination		2.16% after termination		3.15% after termination

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
2022	$	10,940	$	151
2023		11,863		119
2024		12,185		117
2025		11,991		115
2026		13,567		113
2027-2031		63,874		522

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, 2021 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	$	19,605	$	0	$	0	$	19,605
Equity securities:
U.S. large-cap		75,180		0		0		75,180
U.S mid/small cap		12,052		0		0		12,052
CBU common stock		7,604		0		0		7,604
International		73,891		0		0		73,891
Other		1,091		0		0		1,091
		169,818		0		0		169,818
Fixed income securities:
Government securities		19,988		5,974		0		25,962
Investment grade bonds		41,374		136		0		41,510
High yield(a)		8,625		0		0		8,625
		69,987		6,110		0		76,097
Other investments (b)		24,727		0		0		24,727
Total (c)	$	284,137	$	6,110	$	0	$	290,247

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 common 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

(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 $0.4 million and $0.2 million at December 31, 2021 and 2020, 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.