Toggle SGML Header (+)


Section 1: 11-K (PLAN B 11-K)

Document
Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
 
FORM 11-K
 
 
[X]                          ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended October 29, 2017
 
OR
 
[  ]                              TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from __________ to __________
 
Commission file number   1-2402
 
 
A.                             Full title of the plan and the address of the plan, if different from that of the issuer named below:
 
 
Hormel Foods Corporation Tax Deferred Investment Plan B
 
 
B.                              Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
 
Hormel Foods Corporation
1 Hormel Place
Austin, MN   55912
 
507-437-5611



Table of Contents


Hormel Foods Corporation
Tax Deferred Investment Plan B
Audited Financial Statements and Supplemental Schedule
Years Ended October 29, 2017 and October 30, 2016

 
 
Contents
 
 
 
Audited Financial Statements
 
 
 
Supplemental Schedule
 
 
 
Exhibit 23
 
 
 
 
 



Table of Contents


Report of Independent Registered Public Accounting Firm
 

The Hormel Foods Corporation Employee Benefits Committee
Hormel Foods Corporation Tax Deferred Investment Plan B
We have audited the accompanying statements of net assets available for benefits of the Hormel Foods Corporation Tax Deferred Investment Plan B (the Plan) as of October 29, 2017 and October 30, 2016, and the related statement of changes in net assets available for benefits for the year ended October 29, 2017. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at October 29, 2017 and October 30, 2016, and the changes in its net assets available for benefits for the year ended October 29, 2017, in conformity with U.S. generally accepted accounting principles.
The accompanying supplemental schedule of assets (held at end of year) as of October 29, 2017, have been subjected to audit procedures performed in conjunction with the audit of the Hormel Foods Corporation Tax Deferred Investment Plan B’s financial statements. The information in the supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
 
/s/ Ernst & Young LLP
Minneapolis, Minnesota
April 19, 2018



1

Table of Contents


Hormel Foods Corporation
Tax Deferred Investment Plan B
 
Statements of Net Assets Available for Benefits
 
 
October 29, 2017
October 30, 2016
Assets
 

 

Investments:
 

 

Investments at fair value
$
159,026,522

$
171,251,826

Investments at contract value
41,470,246

41,732,508

Total investments
200,496,768

212,984,334

Receivables:
 

 

Contributions from Hormel Foods Corporation
575,073

527,230

Contributions from participants
378,494

372,005

Promissory notes from participants
7,494,643

7,012,226

Interest and dividend income
478,808

415,747

Total receivables
8,927,018

8,327,208

Net assets available for benefits
$
209,423,786

$
221,311,542

 
See accompanying notes to the financial statements.


2

Table of Contents


Hormel Foods Corporation
Tax Deferred Investment Plan B
 
Statements of Changes in Net Assets Available for Benefits
 
 
 
Year Ended
October 29, 2017
Year Ended
October 30, 2016
Additions:
 

 

Contributions from Hormel Foods Corporation
$
2,402,386

$
2,045,894

Contributions from participants
8,102,598

7,689,325

Employee rollover
106,932

90,027

Interest and dividend income
4,175,885

4,482,267

Interest income – promissory notes receivable
398,466

362,552

Total additions
15,186,267

14,670,065

 
 
 
Deductions:
 

 

Distributions
15,052,458

18,015,756

Administrative expenses
317,958

187,777

Total deductions
15,370,416

18,203,533

 
 
 
Net realized and unrealized appreciation in fair value of investments
(11,703,607
)
12,064,676

Net additions
(11,887,756
)
8,531,208

Net assets available for benefits at beginning of year
221,311,542

212,780,334

Net assets available for benefits at end of year
$
209,423,786

$
221,311,542

 
See accompanying notes to the financial statements.


3

Table of Contents


Hormel Foods Corporation
Tax Deferred Investment Plan B
 
Notes to the Financial Statements
 
October 29, 2017
 
1. Description of the Plan
The following description of the Hormel Foods Corporation Tax Deferred Investment Plan B (the Plan) provides only general information. Participants should refer to the plan document or summary plan description for a more complete description of the Plan’s provisions.
General - The Plan is a defined contribution plan covering certain non-exempt hourly employees of Hormel Foods Corporation (the Company or the Sponsor) and eligible subsidiaries. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).
Eligibility - Employees in recognized employment, as defined by the Plan, become participants upon completing one year of eligibility service. A year of eligibility service would be a year beginning with the first day of employment in which an employee worked 1,000 hours or any subsequent fiscal year in which an employee works 1,000 hours.
Contributions - Employees who elect to contribute to the Plan can authorize a deduction of 1% to 50% of their pre-tax compensation, subject to Internal Revenue Service (IRS) limitations. Certain eligible employees who have not enrolled shall be deemed to have automatically elected to contribute 2% to the Plan through payroll deductions. Certain participants hired on or after November 11, 2015 and automatically enrolled will have their contribution percentage increased by 1% the following year. Participants receive advance notice of their right to elect out of both of these automatic plan features and are permitted to stop or change either feature at any time.
The employer provides matching contributions, discretionary employer contributions and employer fixed contributions. These contributions vary according to employee classification and employer.
Participant Accounts - Individual accounts are maintained for each plan participant. Each participant’s account is credited with the participant’s contributions, the employer’s contributions, and an allocation of the earnings and losses for the participant’s selected investment funds. The participant’s account is charged with an allocation of administrative expenses if the employer does not pay those expenses from its own assets. Allocations are based on account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
Investments - Contributions to the Plan are invested in one or more investment funds at the option of the participant. The Plan contains a diversified selection of funds intended to satisfy Section 404(c) of ERISA. Participants may also invest in self-directed brokerage accounts.
Vesting - Participant contributions are fully vested immediately. The vesting periods for employer contributions are dependent upon the source of the contributions as well as the location and/or the bargaining agreement of the employee. No vesting periods for this plan are longer than three years.

4

Table of Contents


Payment of Benefits - Benefits are payable upon termination of service due to death, disability, termination, or retirement. Participants may elect to receive the vested interest of their accounts in the form of a lump sum, annuity, partial payments, or installments. Complete details of payment provisions are described in a summary plan description, available from the Sponsor.
Forfeitures and Unallocated Assets - Forfeited balances of terminated participants’ non-vested accounts are used to reduce future employer contributions or plan administrative expenses. Forfeitures used to reduce employer contributions and plan administrative expenses for the years ended October 29, 2017 and October 30, 2016, totaled $48,647 and $55,411, respectively. Forfeited accounts and unallocated assets (e.g. loan repayments, rollovers) as of October 29, 2017 and October 30, 2016 were $18,685 and $20,951, respectively.
Notes Receivable from Participants - Participants may borrow from their accounts a minimum of $500 up to a maximum of the lesser of $50,000 or 50% of their vested account balances. Loan terms range from one year to five years or up to 15 years for the purchase of a primary residence. The interest rate is 2% over the prime rate of interest published in The Wall Street Journal on the date the loan is granted or, if the loan is for a primary residence, on the date the loan is requested. The loans are secured by the balance in the participant’s account. Participants are required to make repayments of principal and interest through payroll deductions. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.
Plan Termination - The employer may, at its sole discretion, discontinue contributions or terminate the Plan at any time, without the consent of any participant or beneficiary subject to restrictions set by a collective bargaining agreement and subject to the provisions of ERISA. Upon the Plan’s termination, all amounts credited to participants would become fully vested, and assets of the Plan would be distributed to participants based on amounts previously credited to their respective accounts.

 
2. Significant Accounting Policies
Basis of Accounting - The accounting records of the Plan are maintained on the accrual basis.
Investment Valuation and Income Recognition - Investments held by the Plan are stated at fair value with the exception of fully benefit-responsive investment contracts. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Contract value reflects the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan and is the relevant measure for the portion of assets attributable to fully benefit-responsive investment contracts. See Note 3 - Fair Value Measurements for further discussion of investment valuation.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Payment of Benefits - Benefit payments to participants are recorded upon distribution. There were no distributions payable to participants as of October 29, 2017 or October 30, 2016.


5

Table of Contents


Notes Receivable from Participants - Promissory notes receivable from participants are valued at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. No allowance for credit losses has been recorded as of October 29, 2017 or October 30, 2016.
Administrative Expenses - All costs and expenses of administering the Plan are paid by the Plan or the Employer.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States (US GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Risks and Uncertainties - The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities could occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

Recent Accounting Pronouncements - In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which removes the requirement to present investments for which the practical expedient is used to measure fair value at net asset value (NAV) within the fair value hierarchy table. Instead, an entity would be required to include those investments as a reconciling item so that the total fair value amount of investments in the disclosure is consistent with the fair value investment balance on the statement of net assets available for benefits. The Plan elected to adopt ASU 2015-07 as of October 25, 2015. The adoption has been reflected in Note 3 - Fair Value Measurements of the financial statements.

In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contract, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient, which simplifies the required disclosures related to employee benefit plans. Part I eliminates the requirement to measure and disclose the fair value of fully benefit-responsive contracts, including common collective trust assets. Contract value is the only required measure for fully benefit-responsive investment contracts. Part II eliminates the requirement to disclose individual investments which comprise 5% or more of total net assets available for benefits, as well as the net appreciation or depreciation of fair values by type. Part II also requires plans to continue to disaggregate investments that are measured using fair value by general type; however, plans are no longer required to also disaggregate investments by nature, characteristics, and risks. Furthermore, the disclosure of information about fair value measurements shall be provided by general type of plan asset. Part III allows plans to measure investments using values from the end of the calendar month closest to the plan’s fiscal year end. The Plan elected to adopt ASU 2015-12 Parts I and II as of October 25, 2015. The Plan is not adopting the provisions of ASU 2015-12 Part III.

 

6

Table of Contents


3. Fair Value Measurements
Accounting guidance establishes a framework for measuring fair value. That framework classifies assets and liabilities measured at fair value into one of three levels based on the lowest level of input significant to the valuation. The three levels are defined as follows:
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.
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 following is a description of the valuation methodologies used for instruments held by the Plan measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy.
Non-Pooled Separate Account
The non-pooled separate account consists of common stock of the Company, which is valued at the last reported sales price on the last business day of the year, and a portion of uninvested cash, which is reported at carrying value as maturities are less than three months. This non-pooled separate account is deemed to be a Level 1 investment. Participants are authorized to invest up to 100% of the fair value of their net assets available for benefits in this fund. The Company has implemented a dividend pass through election for its participants.
As directed by State Street Global Advisors, the Plan’s independent fiduciary, the trustee will vote any allocated shares for which it has not received a voting instruction from the participant, as well as any unallocated shares, in the same proportion as those allocated shares for which participants have provided their voting instructions, unless contrary to ERISA. For tender or exchange offers, participants shall have the same rights as for voting, except that any shares for which participants have not provided a tender or exchange direction, will not be tendered or exchanged.

This fund is approximately 41% and 52% of the total investments in the Plan at October 29, 2017 and October 30, 2016, respectively.

Self-Directed Brokerage Assets
The self-directed brokerage assets consist of common stock and mutual funds, which are valued at the last reported sales price on the last business day of the year, and uninvested cash, which is recorded at carrying value as maturities are less than three months. These assets are deemed to be a Level 1 investment.

7

Table of Contents


Separate Trust Accounts - Mutual Funds
The mutual funds are held in separate investment accounts, which are valued using the NAV provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, which include a mix of U.S. and international equities, fixed income investments, and cash. There are no restrictions on redemptions and no unfunded commitments.
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.

Separate Trust Accounts - Collective Trust Funds
The collective trust funds are held in separate investment accounts, which are valued using the NAV provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, which include a mix of U.S. and international equities, fixed income investments, and cash. There are no restrictions on redemptions and no unfunded commitments.
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.





8

Table of Contents


The investments of the Plan that are measured at fair value on a recurring basis as of October 29, 2017 and October 30, 2016, and their level within the fair value hierarchy, are as follows:
 
 
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
$
82,671,898

$
82,671,898

$

$

 
 
 
 
 
Self-directed brokerage accounts
703,530

703,530



Total investments in the fair value hierarchy
83,375,428

$
83,375,428

$

$

 
 
 
 
 
Investments measured at net asset value:
 

 

 

 

Separate trust accounts:
 

 

 

 

Mutual funds
22,085,177

 

 

 

Collective trusts
53,565,917

 

 

 

Total separate trust accounts
75,651,094

 

 

 

Total investments at fair value
$
159,026,522

 

 

 

 
 
 
 
 
 
 
 
 
 
 
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
$
110,712,367

$
110,712,367

$

$

 
 
 
 
 
Self-directed brokerage accounts
385,714

385,714



Total investments in the fair value hierarchy
111,098,081

$
111,098,081

$

$

 
 
 
 
 
Investments measured at net asset value:
 

 

 

 

Separate trust accounts:
 

 

 

 

Mutual funds
16,233,800

 

 

 

Collective trusts
43,919,945

 

 

 

Total separate trust accounts
60,153,745

 

 

 

Total investments at fair value
$
171,251,826

 

 

 



9

Table of Contents



4. Fully Benefit-Responsive Investment Contract
The General Investment Account is a fully benefit-responsive investment and is reported at contract value in the statements of net assets available for benefits. The statements of changes in net assets available for benefits are also prepared on a contract value basis. Benefit responsiveness is defined as the extent to which a contract’s terms and the Plan permit or require participant-initiated withdrawals at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals, and administrative expenses.
The fully benefit-responsive investment contract with Massachusetts Mutual Life Insurance Company (MassMutual) is a general account evergreen group annuity contract. MassMutual maintains the contributions in a general account. Specific securities within the general account are not attributed to the investment contract with the Plan. The Plan owns a series of guarantees that are embedded in the insurance contract. The contractual guarantees are backed up by the full faith and credit of MassMutual, the contract issuer. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. MassMutual is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan. There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer and includes such factors as the investment-year method experience of the underlying contract or pool, projected levels of cash flows within the current interest rate environment, and the projected maturity of the underlying investments. Such interest rates are reviewed on a semiannual basis for resetting.

The investment option for the General Investment Account is a Guaranteed Interest Account, provided through a group annuity contract. This contract does not allow the insurance company to terminate the agreement prior to a breach of the contract terms by the investor. The Plan may terminate the contract on the contract anniversary date with 90 days prior notice.

Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (i) amendments to the plan documents (including complete or partial plan termination or merger with another plan); (ii) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions; (iii) bankruptcy of the Sponsor or other Sponsor event (e.g., divestures or spin-offs of a subsidiary) that causes a significant withdrawal from the Plan; or (iv) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The plan administrator does not believe that the occurrence of any such event, which would limit the Plan’s ability to transact at contract value with participants, is probable.


5. Income Tax Status
The Plan has received a determination letter from the IRS dated May 12, 2017, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore, believes the Plan is qualified and the related trust is tax exempt.

10

Table of Contents


U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Plan management has analyzed the tax positions taken by the Plan, and has concluded that there are no uncertain positions taken or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.


6. Related Parties
The Plan maintains the following investments that qualify as party-in-interest transactions:
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.

These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transactions rules under ERISA.
 

7. Subsequent Events

Management evaluated subsequent events for the Plan through April 19, 2018, the date the financial statements were available to be issued.



11

Table of Contents


Hormel Foods Corporation
Tax Deferred Investment Plan B
 
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
EIN: 41-0319970 Plan Number: 051
 
October 29, 2017 
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
1,836,014 units

$41,470,246

 
 
 

Non-pooled separate account:
 
 

State Street Corporation*:
 
 

Hormel Foods Corporation Stock Fund*
930,880 units
82,671,898

 
 
 

Separate trust accounts:
 
 

State Street Corporation*:
 
 

BlackRock Equity Index S&P 500
178,935 units
3,112,631

BlackRock LifePath Index 2020
599,393 units
7,528,295

BlackRock LifePath Index 2025
783,548 units
10,139,131

BlackRock LifePath Index 2030
556,043 units
7,388,615

BlackRock LifePath Index 2035
465,719 units
6,342,857

BlackRock LifePath Index 2040
303,609 units
4,222,783

BlackRock LifePath Index 2045
274,428 units
3,873,895

BlackRock LifePath Index 2050
174,734 units
2,490,986

BlackRock LifePath Index 2055
113,675 units
1,627,346

BlackRock LifePath Index 2060
8,092 units
96,630

BlackRock LifePath Index Retirement
248,698 units
3,018,777

BlackRock MSCI ACWI ex-US Index
27,388 units
340,969

BlackRock Russell 2500 Index
23,431 units
380,809

BlackRock US Debt Index
32,342 units
356,018

DFA US Large Cap Value Fund
213,160 units
8,308,958

Dodge & Cox International Stock Fund
83,170 units
3,859,099

Harbor Capital Appreciation
67,728 units
5,063,990

Meridian Small Cap Growth Fund
301,624 units
4,853,130

Prudential Core Plus Bond CIT
237,749 units
2,646,175

Total separate trust accounts
 
75,651,094

 
 
 

Self-directed brokerage assets
 
 

Charles Schwab & Co.
 
703,530

 
 
 

Promissory notes*
Varying maturity dates with interest rates ranging from 5.25% to 10.25%
7,494,643

Total assets (held at end of year)
 
$
207,991,411


*Indicates a party-in-interest to the Plan.

12

Table of Contents


EXHIBIT INDEX

Exhibit
Number
 
Description
 


13

Table of Contents


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized.
 
 
HORMEL FOODS CORPORATION
TAX DEFERRED INVESTMENT PLAN B
 
 
 
Date:  April 19, 2018
By:
/s/ JAMES N. SHEEHAN
 
 
JAMES N. SHEEHAN
Senior Vice President and Chief Financial Officer,
Hormel Foods Corporation



14
(Back To Top)

Section 2: EX-23 (PLAN B EXHIBIT 23)

Exhibit


Exhibit 23

Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8 Post-Effective Amendment Number 1 to Number 33-29053 and Form S-8 Number 333-102810) pertaining to the Hormel Foods Corporation Tax Deferred Investment Plan B of our report dated April 19, 2018, with respect to the financial statements and schedule of the Hormel Foods Corporation Tax Deferred Investment Plan B included in this Annual Report (Form 11-K) for the year ended October 29, 2017.
 
/s/ Ernst & Young LLP

Minneapolis, Minnesota
April 19, 2018





(Back To Top)