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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 | |
---|---|---|---|---|---|---|---|---|
-0.37 | -1.05% | 34.80 | 35.33 | 34.59 | 35.32 | 2,212,158 | 22:38:03 |
[X]
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the fiscal year ended
October 29, 2017
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OR
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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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For the transition period from __________ to __________
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Commission file number
1-2402
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A.
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Full title of the plan and the address of the plan, if different from that of the issuer named below:
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Capital Accumulation Plan
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B.
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Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
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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
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Investments:
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Investments at fair value
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$
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62,286,932
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$
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54,772,220
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Investments at contract value
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20,964,320
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20,013,801
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Total investments
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83,251,252
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74,786,021
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Receivables:
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Contributions from Hormel Foods Corporation
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61,219
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56,716
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Contributions from participants
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93,709
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79,981
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Promissory notes from participants
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6,514,168
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6,199,620
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Interest and dividend income
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34,508
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35,227
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Total receivables
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6,703,604
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6,371,544
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Net assets available for benefits
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$
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89,954,856
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$
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81,157,565
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Year Ended October 29, 2017
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Year Ended October 30, 2016
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Additions:
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Contributions from Hormel Foods Corporation
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$
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3,168,871
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$
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3,111,350
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Contributions from participants
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4,805,236
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4,385,650
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Employee rollover
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866,772
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118,119
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Interest and dividend income
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1,214,658
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1,032,645
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Interest income – promissory notes receivable
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348,711
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326,315
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Total additions
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10,404,248
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8,974,079
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Deductions:
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Distributions
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7,214,505
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5,341,252
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Administrative expenses
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184,337
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104,614
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Total deductions
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7,398,842
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5,445,866
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Net realized and unrealized appreciation in fair value of investments
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5,791,885
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1,703,101
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Net additions
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8,797,291
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5,231,314
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Net assets available for benefits at beginning of year
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81,157,565
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75,926,251
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Net assets available for benefits at end of year
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$
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89,954,856
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$
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81,157,565
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•
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Effective October 31, 2016, CytoSport, Inc. ceased being a participating employer in the Plan. CytoSport, Inc. no longer employed non-exempt plant employees and all non-exempt office employees became eligible to participate in the Hormel Foods Corporation Tax Deferred Investment Plan A and Joint Earnings Profit Sharing Trust.
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Effective December 26, 2016, Mountain Prairie, LLC became a participating employer in the Plan. Recognized employees of Mountain Prairie, LLC who were eligible to participate in the Clougherty Packing, LLC 401(k) Plan immediately prior to December 26, 2016 were eligible to participate in the Plan on December 26, 2016. Employees at the Mountain Prairie location of Champ, LLC shall receive credit for all hours of service with Champ, LLC and its predecessors for purposes of determining eligibility and vesting service.
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Effective January 2, 2017, the closing date of the divestiture, Saag’s Products, LLC ceased being a participating employer in the Plan. Participants employed by Saag’s Products, LLC as of the closing date of the sale were fully vested in the participant’s account under the plan.
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•
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Effective April 22, 2016, Mexican Accent, LLC ceased being a participating employer in the Plan due to the closure of the facility.
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Effective May 9, 2016, the closing date of the divestiture, Diamond Crystal Brands, Inc. ceased being a participating employer in the Plan. Participants employed by Diamond Crystal Brands, Inc. as of the closing date of the sale were fully vested in the participant’s account under the Plan.
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Effective November 27, 2017, Columbus Manufacturing, Inc. became a participating employer in the Plan. Non-exempt office and non-exempt production employees are eligible to participate in the Plan. Employees of Columbus Manufacturing, Inc. shall receive credit for hours of service with Columbus Manufacturing, Inc. for purposes of determining eligibility and vesting service.
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•
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Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.
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•
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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.
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The U.S. equities investments include a mix of predominately U.S. common stocks, bonds, and cash.
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•
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The international equities investment includes a mix of predominately foreign common stocks and cash.
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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.
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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.
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The U.S. equities funds include a mix of predominately U.S. common stocks, bonds, and cash.
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•
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The international equities fund includes a mix of predominately foreign common stocks and cash.
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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.
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Fair Value Measurements at October 29, 2017
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Total
Fair Value
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Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
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Significant
Other
Observable
Inputs
(Level 2)
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Significant
Unobservable
Inputs
(Level 3)
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Investments at fair value:
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Non-pooled separate account:
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Hormel Foods Corporation Stock Fund
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$
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5,958,203
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5,958,203
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$
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—
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$
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—
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Self-directed brokerage accounts
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45,307
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45,307
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—
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—
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Total investments in the fair value hierarchy
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6,003,510
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6,003,510
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$
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—
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$
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—
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Investments measured at net asset value:
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Separate trust accounts:
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Mutual funds
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10,500,992
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Collective trusts
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45,782,430
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Total separate trust accounts
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56,283,422
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Total investments at fair value
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$
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62,286,932
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Fair Value Measurements at October 30, 2016
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Total
Fair Value
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Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
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Significant
Other
Observable
Inputs
(Level 2)
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Significant
Unobservable
Inputs
(Level 3)
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Investments at fair value:
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Non-pooled separate account:
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Hormel Foods Corporation Stock Fund
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$
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9,143,941
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$
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9,143,941
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$
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—
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$
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—
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Self-directed brokerage accounts
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71,665
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71,665
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—
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—
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Total investments in the fair value hierarchy
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9,215,606
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$
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9,215,606
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$
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—
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$
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—
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Investments measured at net asset value:
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Separate trust accounts:
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Mutual funds
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7,516,339
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Collective trusts
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38,040,275
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Total separate trust accounts
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45,556,614
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Total investments at fair value
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$
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54,772,220
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•
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collective trust funds managed by State Street Global Markets, LLC;
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common stock of Hormel Foods Corporation; and
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•
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General Investment Account of the record keeper, the Massachusetts Mutual Life Insurance Company.
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Identity of Issuer, Borrower,
Lessor, or Similar Party
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Number of
Shares/Units Held
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Current
Value
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Insurance company general account:
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Massachusetts Mutual Life Insurance Company*:
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General Investment Account, contract value
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928,154 units
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$
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20,964,320
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Non-pooled separate account:
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State Street Corporation*:
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Hormel Foods Corporation Stock Fund*
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67,089 units
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5,958,203
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Separate trust accounts:
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State Street Corporation*:
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BlackRock Equity Index S&P 500
|
119,302 units
|
2,075,296
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BlackRock LifePath Index 2020
|
404,147 units
|
5,076,035
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BlackRock LifePath Index 2025
|
666,097 units
|
8,619,317
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BlackRock LifePath Index 2030
|
587,027 units
|
7,800,319
|
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BlackRock LifePath Index 2035
|
484,853 units
|
6,603,457
|
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BlackRock LifePath Index 2040
|
241,202 units
|
3,354,791
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BlackRock LifePath Index 2045
|
221,422 units
|
3,125,652
|
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BlackRock LifePath Index 2050
|
185,740 units
|
2,647,877
|
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BlackRock LifePath Index 2055
|
116,177 units
|
1,663,157
|
|
|
BlackRock LifePath Index 2060
|
13,456 units
|
160,688
|
|
|
BlackRock LifePath Index Retirement
|
197,093 units
|
2,392,386
|
|
|
BlackRock MSCI ACWI ex-US Index
|
28,192 units
|
350,976
|
|
|
BlackRock Russell 2500 Index
|
20,150 units
|
327,482
|
|
|
BlackRock US Debt Index
|
19,463 units
|
214,248
|
|
|
DFA US Large Cap Value Fund
|
67,125 units
|
2,616,543
|
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|
Dodge & Cox International Stock Fund
|
36,637 units
|
1,699,958
|
|
|
Harbor Capital Appreciation
|
48,308 units
|
3,611,978
|
|
|
Meridian Small Cap Growth Fund
|
159,883 units
|
2,572,514
|
|
|
Prudential Core Plus Bond CIT
|
123,156 units
|
1,370,748
|
|
|
Total separate trust accounts
|
|
56,283,422
|
|
|
|
|
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Self-directed brokerage assets
|
|
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|
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Charles Schwab & Co.
|
|
45,307
|
|
|
|
|
|
|
|
Promissory notes*
|
Varying maturity dates with interest rates ranging from 4.25% to 9.25%
|
6,514,168
|
|
|
Total assets (held at end of year)
|
|
$
|
89,765,420
|
|
Exhibit
Number
|
|
Description
|
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CAPITAL ACCUMULATION PLAN
|
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|
|
Date: April 19, 2018
|
By:
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/s/ JAMES N. SHEEHAN
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|
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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