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Form 11-K HORMEL FOODS CORP /DE/ For: Oct 25

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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 25, 2020

   
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

Hormel Foods Corporation

Tax Deferred Investment Plan B

Audited Financial Statements and Supplemental Schedule

Years Ended October 25, 2020 and October 27, 2019

 

 

Contents

 


Report of Independent Registered Public Accounting Firm

 

To the Plan Participants and the Plan Administrator of the

Hormel Foods Corporation Tax Deferred Investment Plan B

Opinion on the Financial Statements

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 25, 2020 and October 27, 2019, and the related statements of changes in net assets available for benefits for the years ended October 25, 2020 and October 27, 2019, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at October 25, 2020 and October 27, 2019 and the changes in its net assets available for benefits for the years ended October 25, 2020 and October 27, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s ma
nagement. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.


Supplemental Schedule

The accompanying supplemental schedule of assets (held at end of year) as of October 25, 2020, has 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.

We have served as the Company’s auditor since 1987.

Minneapolis, Minnesota

April 15, 2021


Hormel Foods Corporation

Tax Deferred Investment Plan B

 

Statements of Net Assets Available for Benefits

 

October 25, 2020 October 27, 2019
Assets    
Investments:    
Investments at fair value $ 169,474,692  $ 158,956,848 
Investments at contract value 52,368,507  42,661,150 
Total investments 221,843,199  201,617,998 
Receivables:
Contributions from Hormel Foods Corporation 672,024  642,938 
Contributions from participants 308,302  315,934 
Promissory notes from participants 6,598,453  6,947,827 
Interest and dividend income 430,290  435,051 
Total receivables 8,009,069  8,341,750 
Net assets available for benefits $ 229,852,268  $ 209,959,748 

 

See accompanying notes to the financial statements.


Hormel Foods Corporation

Tax Deferred Investment Plan B

 

Statements of Changes in Net Assets Available for Benefits

 

 

Year Ended
October 25, 2020
Year Ended
October 27, 2019
Additions:    
Contributions from Hormel Foods Corporation $ 2,208,969  $ 2,191,377 
Contributions from participants 7,948,061  7,526,823 
Employee rollover 123,258  179,837 
Interest and dividend income 4,461,618  4,524,312 
Interest income – promissory notes receivable 444,412  461,868 
Total additions 15,186,318  14,884,217 
Deductions:
Distributions 19,456,644  19,151,595 
Administrative expenses 261,580  408,845 
Total deductions 19,718,224  19,560,440 
Transfers out:
WholeStone Farms 401(k) Plan —  25,654,927 
Net realized and unrealized appreciation in fair value of investments 24,424,426  5,769,599 
Net (deductions) additions 19,892,520  (24,561,551)
Net assets available for benefits at beginning of year 209,959,748  234,521,299 
Net assets available for benefits at end of year $ 229,852,268  $ 209,959,748 

 

See accompanying notes to the financial statements.


Hormel Foods Corporation

Tax Deferred Investment Plan B

 

Notes to the Financial Statements

 October 25, 2020

 

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{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} to 50{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 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{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 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{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 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, discr
etionary 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.


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 25, 2020 and October 27, 2019, totaled $33,625 and $73,264, respectively. Forfeited accounts and unallocated assets (e.g. loan repayments, rollovers) as of October 25, 2020 and October 27, 2019 were $102,678 and $34,720, 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{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 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{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 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 Amendments – The following amendment was adopted during the Plan year ending October 27, 2019:

Assets and liabilities for designated participants were transferred from the Plan to a plan sponsored by WholeStone Farms, LLC soon as administratively practicable after December 3, 2018, the closing date for the sale of the Fremont, Nebraska processing facility. The designated participants consisted of all participants (i) who were employed by the Employer at the Fremont, Nebraska processing facility on the closing date for the sale and (ii) who accepted an offer of employment with WholeStone Farms, LLC. Those participants were 100{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} vested under the Plan as of the closing date.

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 25, 2020 or October 27, 2019.

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 25, 2020 or October 27, 2019.

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 July 2018, the FASB issued ASU 2018-09, Codification Improvements which makes changes to a variety of topics, to clarify, correct errors in, or make minor improvements to the Accounting Standards Codification (ASC). The portion of ASU 2018-09 that is most applicable to the Plan relates to the method used to determine fair value for certain investm
ents. The Plan adopted the applicable provisions of ASU 2018-09 for the Plan year beginning October 28, 2019. The adoption did not have a material impact to the financial statements.

In August, 2018, FASB issued ASU 2018-13, Fair Value Measurement – Disclosure Framework (Topic 820). The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Plan will adopt the applicable provisions of ASU 2018-13 for the Plan year beginning October 26, 2020 and is currently assessing the impact of the adoption


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{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 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 Reliance Trust Company 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{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} and 42{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} of the total investments in the Plan at October 25, 2020 and October 27, 2019, 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.


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.


The investments of the Plan that are measured at fair value on a recurring basis as of October 25, 2020 and October 27, 2019, and their level within the fair value hierarchy, are as follows:

 

 

Fair Value Measurements at October 25, 2020

  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 $ 91,649,156  $ 91,649,156  $ —  $ — 
Self-directed brokerage accounts 610,921 610,921 —  — 
Total investments in the fair value hierarchy 92,260,077  $ 92,260,077  $ —  $ — 
Investments measured at net asset value:
Separate trust accounts:
Mutual funds 21,979,222
Collective trusts 55,235,393 
Total separate trust accounts 77,214,615 
Total investments at fair value $ 169,474,692 
 

Fair Value Measurements at October 27, 2019

  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 $ 84,786,681  $ 84,786,681  $ —  $ — 
Self-directed brokerage accounts 626,354 626,354
Total investments in the fair value hierarchy 85,413,035  $ 85,413,035  $ —  $ — 
Investments measured at net asset value:
Separate trust accounts:
Mutual funds 19,450,836
Collective trusts 54,092,977 
Total separate trust accounts 73,543,813 

Total investments at fair value $ 158,956,848 

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., divestitures 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. Subsequent to this determination by the IRS, the Plan was amended. 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, as amended, is qualified and the related trust is tax exempt.

Accounting principles generally accepted in the United States require 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 Reliance Trust Company;

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 15, 2021, the date the financial statements were available to be issued.


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 25, 2020

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 2,117,599 units $52,368,507 
 
Non-pooled separate account:
Reliance Trust Company*:
Hormel Foods Corporation Stock Fund* 635,067  units 91,649,156 
 
Separate trust accounts:
State Street Corporation*:
BlackRock Equity Index S&P 500 155,979  units 3,860,842 
BlackRock LifePath Index 2025 645,931  units 10,149,544 
BlackRock LifePath Index 2030 566,069  units 9,206,960 
BlackRock LifePath Index 2035 405,906  units 6,817,669 
BlackRock LifePath Index 2040 281,452  units 4,852,369 
BlackRock LifePath Index 2045 264,887  units 4,655,893 
BlackRock LifePath Index 2050 196,198  units 3,489,013 
BlackRock LifePath Index 2055 161,920  units 2,893,168 
BlackRock LifePath Index 2060 43,012  units 641,162 
BlackRock LifePath Index Retirement 492,100  units 7,198,494 
BlackRock MSCI ACWI ex-US Index 25,936  units 341,365 
BlackRock Russell 2500 Index 25,747  units 504,874 
BlackRock US Debt Index 48,755  units 624,038 
DFA US Large Cap Value Fund 180,490  units 6,008,505 
Dodge & Cox International Stock Fund 55,344 units 2,058,258 
Harbor Capital Appreciation 69,369 units 7,391,991 
Meridian Small Cap Growth Fund 236,989 units 4,073,841 
Prudential Core Plus Bond CIT 12,961 units 2,446,629 
Total separate trust accounts   77,214,615 
   
Self-directed brokerage assets  
Charles Schwab & Co. 610,921 
   
Promissory notes* Varying maturity dates with interest rates ranging from 5.25{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} to 10.25{14cc2b5881a050199a960a1a3483042b446231310e72f0dc471a7a1eddd6b0c3} 6,598,453 
Total assets (held at end of year) $ 228,441,652 

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


EXHIBIT INDEX


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 15, 2021 By: /s/ JAMES N. SHEEHAN
   

JAMES N. SHEEHAN

Executive Vice President and Chief Financial Officer,

Hormel Foods Corporation

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 15, 2021, 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 25, 2020.

Minneapolis, Minnesota

April 15, 2021

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