Hormel Foods 2013 Annual Report Download - page 50

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48
The fair values of the defined benefit pension plan investments as of October 27, 2013 and October 28, 2012, by asset category
and fair value hierarchy level, are as follows:
Fair Value Measurements at October 27, 2013
Quoted Prices
in Active Significant Other Significant
Markets for Observable Unobservable
Total Identical Assets Inputs Inputs
(in thousands) Fair Value (Level 1) (Level 2) (Level 3)
Investments at Fair Value:
Cash equivalents(1) $ 16,373 $ 16,373 $ – $ –
Large Capitalization Equity(2)
Domestic $ 355,084 $ 248,398 $ 106,686 $ –
Foreign 35,466 35,466 – –
Total Large Capitalization Equity $ 390,550 $ 283,864 $ 106,686 $ –
Small Capitalization Equity(3)
Domestic $ 60,579 $ 60,579 $ – $ –
Foreign 7,503 7,503 – –
Total Small Capitalization Equity $ 68,082 $ 68,082 $ – $ –
International Equity(4)
Mutual fund $ 66,260 $ – $ 66,260 $ –
Collective trust 173,044 – 173,044 –
Total International Equity $ 239,304 $ – $ 239,304 $ –
Private Equity(5)
Domestic $ 35,226 $ – $ – $ 35,226
International 10,557 – – 10,557
Total Private Equity $ 45,783 $ – $ – $ 45,783
Total Equity $ 743,719 $ 351,946 $ 345,990 $ 45,783
Fixed Income(6)
US government issues $ 104,087 $ 77,381 $ 26,706 $ –
Municipal issues 21,405 – 21,405 –
Corporate issues — domestic 176,319 – 176,319 –
Corporate issues — foreign 25,412 – 25,412 –
Total Fixed Income $ 327,223 $ 77,381 $ 249,842 $ –
Total Investments at Fair Value $ 1,087,315 $ 445,700 $ 595,832 $ 45,783
Post-retirement benefits are net of expected federal sub-
sidy receipts related to prescription drug benefits granted
under the Medicare Prescription Drug, Improvement and
Modernization Act of 2003, which are estimated to be $2.5
million per year through 2023.
Benefits expected to be paid over the next ten fiscal years are
as follows:
Post-
Pension retirement
(in thousands) Benefits Benefits
2014 $ 48,716 $ 20,502
2015 50,234 20,849
2016 52,559 20,977
2017 55,428 20,943
2018 58,367 20,994
2019 – 2023 339,843 101,459