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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hormel Foods Corporation | NYSE:HRL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.51 | 1.47% | 35.31 | 35.35 | 34.85 | 34.99 | 1,575,187 | 23:08:40 |
[X]
|
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Hormel Foods Corporation
1 Hormel Place
Austin, MN 55912
507-437-5611
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/s/ Ernst & Young LLP
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October 29, 2017
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October 30, 2016
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||||
Assets
|
|
|
|
|
||
Investments:
|
|
|
|
|
||
Investments at fair value
|
$
|
621,569,562
|
|
$
|
565,617,501
|
|
Investments at contract value
|
162,026,918
|
|
158,926,664
|
|
||
Total investments
|
783,596,480
|
|
724,544,165
|
|
||
Receivables:
|
|
|
|
|
||
Contributions from Hormel Foods Corporation
|
1,360,499
|
|
180,112
|
|
||
Contributions from participants
|
634,400
|
|
575,708
|
|
||
Promissory notes from participants
|
10,022,944
|
|
9,808,070
|
|
||
Interest and dividend income
|
764,278
|
|
696,831
|
|
||
Total receivables
|
12,782,121
|
|
11,260,721
|
|
||
Net assets available for benefits
|
$
|
796,378,601
|
|
$
|
735,804,886
|
|
|
Year Ended
October 29, 2017
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Year Ended
October 30, 2016
|
||||
Additions:
|
|
|
||||
Contributions from Hormel Foods Corporation
|
$
|
14,930,408
|
|
$
|
4,140,295
|
|
Contributions from participants
|
34,299,540
|
|
32,921,503
|
|
||
Employee rollover
|
4,186,290
|
|
3,555,730
|
|
||
Interest and dividend income
|
14,978,960
|
|
16,129,670
|
|
||
Interest income – promissory notes receivable
|
536,174
|
|
577,620
|
|
||
Total additions
|
68,931,372
|
|
57,324,818
|
|
||
|
|
|
||||
Deductions:
|
|
|
|
|
||
Distributions
|
44,675,862
|
|
48,956,206
|
|
||
Administrative expenses
|
305,490
|
|
205,572
|
|
||
Total deductions
|
44,981,352
|
|
49,161,778
|
|
||
|
|
|
||||
Net realized and unrealized appreciation in fair value of investments
|
36,623,695
|
|
18,110,799
|
|
||
Net additions
|
60,573,715
|
|
26,273,839
|
|
||
Net assets available for benefits at beginning of year
|
735,804,886
|
|
709,531,047
|
|
||
Net assets available for benefits at end of year
|
$
|
796,378,601
|
|
$
|
735,804,886
|
|
•
|
Effective December 26, 2016, the accounts of Justin’s, LLC participants in the TriNet 401(k) Plan were merged with the Plan and Justin’s, LLC became a participating employer. Exempt and non-exempt office employees of Justin’s, LLC, who were eligible to participate in the TriNet 401(k) Plan for Employees of Justin’s, LLC immediately prior to December 26, 2016 and who were employed in recognized employment on December 26, 2016 shall be eligible to participate in the Plan on December 26, 2016. Hours of service with Justin’s, LLC and its predecessors prior to the acquisition were credited for purposes of determining eligibility and vesting service.
|
•
|
Effective May 9, 2016, the closing date of the divestiture, Diamond Crystal Brands, Inc. and Diamond Crystal Sales, LLC ceased being participating employers in the Plan.
|
•
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Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
|
•
|
Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.
|
•
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Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
|
•
|
The U.S. equities investments include a mix of predominately U.S. common stocks, bonds, and cash.
|
•
|
The international equities investment includes a mix of predominately foreign common stocks and cash.
|
•
|
The fixed income investment includes a mix of domestic and foreign securities, including corporate obligations, government securities, mortgage-backed and other asset-backed securities, preferred stocks, and cash.
|
•
|
The LifePath funds are target retirement date funds and include investments in highly diversified funds designed to remain appropriate for investors in terms of risk through a variety of life circumstances. These funds contain a mix of domestic and foreign equities, fixed income investments, and cash.
|
•
|
The U.S. equities funds include a mix of predominately U.S. common stocks, bonds, and cash.
|
•
|
The international equities fund includes a mix of predominately foreign common stocks and cash.
|
•
|
The fixed income fund includes a mix of domestic and foreign securities, including corporate obligations, government securities, mortgage-backed and other asset-backed securities, domestic and foreign common stocks, and cash.
|
|
Fair Value Measurements at October 29, 2017
|
|||||||||||
|
Total
Fair Value
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||
Investments at fair value:
|
|
|
|
|
|
|
|
|||||
Non-pooled separate account:
|
|
|
|
|
|
|
|
|||||
Hormel Foods Corporation Stock Fund
|
$
|
131,112,511
|
|
$
|
131,112,511
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
||||||||
Self-directed brokerage accounts
|
16,658,877
|
|
16,658,877
|
|
—
|
|
—
|
|
||||
Total investments in the fair value hierarchy
|
147,771,388
|
|
$
|
147,771,388
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||||
Investments measured at net asset value:
|
|
|
|
|
|
|
|
|||||
Separate trust accounts:
|
|
|
|
|
|
|
|
|||||
Mutual funds
|
174,256,901
|
|
|
|
|
|
|
|||||
Collective trusts
|
299,541,273
|
|
|
|
|
|
|
|||||
Total separate trust accounts
|
473,798,174
|
|
|
|
|
|
|
|||||
Total investments at fair value
|
$
|
621,569,562
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||||||
|
Fair Value Measurements at October 30, 2016
|
|||||||||||
|
Total
Fair Value
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Investments at fair value:
|
|
|
|
|
|
|
|
|||||
Non-pooled separate account:
|
|
|
|
|
|
|
|
|||||
Hormel Foods Corporation Stock Fund
|
$
|
176,532,724
|
|
$
|
176,532,724
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
||||||||
Self-directed brokerage accounts
|
15,035,655
|
|
15,035,655
|
|
—
|
|
—
|
|
||||
Total investments in the fair value hierarchy
|
191,568,379
|
|
$
|
191,568,379
|
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||||
Investments measured at net asset value:
|
|
|
|
|
|
|
|
|||||
Separate trust accounts:
|
|
|
|
|
|
|
|
|||||
Mutual funds
|
133,010,680
|
|
|
|
|
|
|
|||||
Collective trusts
|
241,038,442
|
|
|
|
|
|
|
|||||
Total separate trust accounts
|
374,049,122
|
|
|
|
|
|
|
|||||
Total investments at fair value
|
$
|
565,617,501
|
|
|
|
|
|
|
•
|
collective trust funds managed by State Street Global Markets, LLC;
|
•
|
common stock of Hormel Foods Corporation; and
|
•
|
General Investment Account of the record keeper, the Massachusetts Mutual Life Insurance Company.
|
Identity of Issuer, Borrower,
Lessor, or Similar Party
|
Number of
Shares/Units Held
|
Current
Value
|
||
|
|
|
|
|
Insurance company general account:
|
|
|
|
|
Massachusetts Mutual Life Insurance Company*:
|
|
|
|
|
General Investment Account, contract value
|
7,173,424 units
|
$
|
162,026,918
|
|
|
|
|
|
|
Non-pooled separate account:
|
|
|
|
|
State Street Corporation*:
|
|
|
|
|
Hormel Foods Corporation Stock Fund*
|
1,769,786 units
|
131,112,511
|
|
|
|
|
|
|
|
Separate trust accounts:
|
|
|
|
|
State Street Corporation*:
|
|
|
|
|
BlackRock Equity Index S&P 500
|
2,632,251 units
|
45,788,908
|
|
|
BlackRock LifePath Index 2020
|
2,315,912 units
|
29,087,536
|
|
|
BlackRock LifePath Index 2025
|
2,877,949 units
|
37,240,749
|
|
|
BlackRock LifePath Index 2030
|
2,627,100 units
|
34,908,481
|
|
|
BlackRock LifePath Index 2035
|
2,095,217 units
|
28,535,821
|
|
|
BlackRock LifePath Index 2040
|
1,865,622 units
|
25,948,256
|
|
|
BlackRock LifePath Index 2045
|
1,302,144 units
|
18,381,413
|
|
|
BlackRock LifePath Index 2050
|
987,317 units
|
14,075,056
|
|
|
BlackRock LifePath Index 2055
|
680,496 units
|
9,741,795
|
|
|
BlackRock LifePath Index 2060
|
162,896 units
|
1,945,278
|
|
|
BlackRock LifePath Index Retirement
|
1,267,776 units
|
15,388,686
|
|
|
BlackRock MSCI ACWI ex-US Index
|
553,779 units
|
6,894,195
|
|
|
BlackRock Russell 2500 Index
|
512,113 units
|
8,323,007
|
|
|
BlackRock US Debt Index
|
418,929 units
|
4,611,494
|
|
|
DFA US Large Cap Value Fund
|
1,304,844 units
|
50,862,802
|
|
|
Dodge & Cox International Stock Fund
|
728,771 units
|
33,814,957
|
|
|
Harbor Capital Appreciation
|
675,704 units
|
50,522,421
|
|
|
Meridian Small Cap Growth Fund
|
2,427,391 units
|
39,056,722
|
|
|
Prudential Core Plus Bond CIT
|
1,677,481 units
|
18,670,597
|
|
|
Total separate trust accounts
|
|
473,798,174
|
|
|
|
|
|
|
|
Self-directed brokerage assets
|
|
|
|
|
Charles Schwab & Co.
|
|
16,658,877
|
|
|
|
|
|
|
|
Promissory notes*
|
Varying maturity dates with interest rates ranging from 5.25% to 10.25%
|
10,022,944
|
|
|
Total assets (held at end of year)
|
|
$
|
793,619,424
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
HORMEL FOODS CORPORATION
TAX DEFERRED INVESTMENT PLAN A
|
|
|
|
|
Date: April 19, 2018
|
By:
|
/s/ JAMES N. SHEEHAN
|
|
|
JAMES N. SHEEHAN
Senior Vice President and Chief Financial Officer,
Hormel Foods Corporation
|
1 Year Hormel Foods Chart |
1 Month Hormel Foods Chart |
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