PENSION AND OTHER BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation at the beginning of year	$	151,361	$	183,270	$	1,656	$	1,529
Service cost		4,433		4,959		0		0
Interest cost		7,561		5,334		92		68
Plan amendment / acquisition		0		1,851		0		536
Participant contributions		0		0		0		0
Deferred actuarial loss/(gain)		5,530		(31,759)		165		(306)
Benefits paid		(10,605)		(12,294)		(199)		(171)
Benefit obligation at end of year		158,280		151,361		1,714		1,656
Change in plan assets:
Fair value of plan assets at beginning of year		244,332		290,687		0		0
Actual return of plan assets		28,746		(34,967)		0		0
Participant contributions		0		0		0		0
Employer contributions		4,989		906		199		171
Plan acquisition		0		0		0		0
Benefits paid		(10,605)		(12,294)		(199)		(171)
Fair value of plan assets at end of year		267,462		244,332		0		0
Over/(Under) funded status at year end	$	109,182	$	92,971	$	(1,714)	$	(1,656)
Amounts recognized in the consolidated statement of condition were:
Other assets	$	123,263	$	106,986	$	0	$	0
Other liabilities		(14,081)		(14,015)		(1,714)		(1,656)
Amounts recognized in accumulated other comprehensive loss/(income) (“AOCI”) were:
Net loss	$	33,977	$	38,894	$	398	$	255
Net prior service cost (credit)		2,292		3,112		(549)		(728)
Pre-tax AOCI		36,269		42,006		(151)		(473)
Taxes		(8,955)		(10,351)		41		119
AOCI at year end	$	27,314	$	31,655	$	(110)	$	(354)

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)	2023		2022		2023		2022
Prior service (credit)/cost	$	(620)	$	(648)	$	135	$	135
Net (gain) loss		(3,720)		16,593		108		(249)
Total	$	(4,340)	$	15,945	$	243	$	(114)

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

	Pension Benefits				Post-retirement Benefits
	2023		2022		2023		2022
Discount rate	5.20	%	5.40	%	5.20	%	5.40	%
Expected return on plan assets	7.00	%	6.70	%	N/A		N/A
Rate of compensation increase	3.50% for 2024	+	3.50% for 2024	+	N/A		N/A
Interest crediting rates	6.00% while employed,		6.00% while employed,		N/A		N/A
	4.47% after termination		3.55% 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)	2023		2022		2021		2023		2022		2021
Service cost	$	4,433	$	4,959	$	5,920	$	0	$	0	$	0
Interest cost		7,561		5,334		5,036		92		68		44
Expected return on plan assets		(16,079)		(19,025)		(18,783)		0		0		0
Plan amendment		0		(556)		0		0		0		0
Amortization of unrecognized net loss		(2,220)		842		3,600		22		23		45
Amortization of prior service cost		820		615		379		(179)		(179)		(179)
Net periodic benefit	$	(5,485)	$	(7,831)	$	(3,848)	$	(65)	$	(88)	$	(90)

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
	2023		2022		2021		2023		2022		2021
Discount rate	5.40	%	3.10	%	2.80	%	5.40	%	3.10	%	2.80	%
Expected return on plan assets	6.70	%	6.70	%	7.00	%	N/A		N/A		N/A
Rate of compensation increase	4.50% for 2023,		4.00% for 2022,
	3.50% for 2024	+	3.50% for 2023	+	3.50	%	N/A		N/A		N/A
Interest crediting rates	6.00% while employed,		6.00% while employed,		6.00% while employed,
	3.55% after termination		1.94% after termination		1.42% after termination		N/A		N/A		N/A

Schedule of amount of benefit payments

		Pension		Post-retirement
(000’s omitted)		Benefits		Benefits
2024	$	13,680	$	182
2025		11,811		161
2026		13,040		158
2027		13,065		156
2028		12,625		152
2029-2033		66,724		690

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, 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 (b)		12,759		0		0		12,759
Total (c)	$	233,070	$	33,459	$	0	$	266,529

The fair values of the Company’s defined benefit pension plan assets at December 31, 2022 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	$	18,625	$	0	$	0	$	18,625
Equity securities:
U.S. large-cap		52,682		0		0		52,682
U.S. mid/small cap		16,432		0		0		16,432
CBU common stock		6,427		0		0		6,427
International		51,725		0		0		51,725
Other		1,273		0		0		1,273
		128,539		0		0		128,539
Fixed income securities:
Government securities		49,665		6,897		0		56,562
Investment grade bonds		3,648		14,854		0		18,502
High yield(a)		7,134		0		0		7,134
		60,447		21,751		0		82,198
Other investments (b)		14,342		0		0		14,342
Total (c)	$	221,953	$	21,751	$	0	$	243,704

(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 $0.9 million and $0.6 million at December 31, 2023 and 2022, respectively.