UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
☒ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-14706.
A.Full title of the Plan and the address of the Plan, if different from that of the issuer named below:
INGLES MARKETS, INCORPORATED
INVESTMENT/PROFIT SHARING PLAN
B.Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office:
Ingles Markets, Incorporated
P.O. Box 6676
Asheville, North Carolina 28816
INGLES MARKETS, INCORPORATED
INVESTMENT/PROFIT SHARING PLAN
Audited Financial Statements
and
Supplemental Schedule
as of December 31, 2021 and 2020
and for the Year Ended December 31, 2021
(with Report of Independent Registered Public Accounting Firm)
INGLES MARKETS, INCORPORATED
INVESTMENT/PROFIT SHARING PLAN
Table of Contents
December 31, 2021 and 2020
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Report of Independent Registered Public Accounting Firm |
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| 1 |
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Financial Statements: |
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Statements of Net Assets Available for Benefits |
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| 3 |
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Statement of Changes in Net Assets Available for Benefits |
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| 4 |
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Notes to Financial Statements |
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| 5-9 |
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Supplemental Schedule: |
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Schedule H, Line 4i–Schedule of Assets (Held at End of Year) |
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| 10-12 |
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Signatures |
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| 13 |
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Exhibit Index |
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| 14 |
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Report Of Independent Registered Public Accounting Firm
Participants of the Ingles Markets, Incorporated Investment / Profit Sharing Plan
and the Audit/Compensation Committee and Fiduciary Investment and Administrative Committee of
Ingles Markets, Incorporated
Black Mountain, North Carolina
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the Ingles Markets, Incorporated Investment/Profit Sharing Plan (the “Plan”) as of December 31, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
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 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 audits 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.
Report on Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2021, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule 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 supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the
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Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
/s/ FORVIS, LLP
(Formerly, Dixon Hughes Goodman LLP)
We have served as the Plan’s auditor since 2011.
Asheville, North Carolina
June 29, 2022
2
INGLES MARKETS, INCORPORATED
INVESTMENT/PROFIT SHARING PLAN
Statements of Net Assets Available for Benefits
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| December 31, | ||||
Assets |
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| 2021 |
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| 2020 |
Investments at fair value (See Notes 3 and 5) |
| $ | 175,671,700 |
| $ | 151,661,386 |
Notes receivable from participants |
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| 6,560,694 |
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| 6,735,922 |
Net assets available for benefits |
| $ | 182,232,394 |
| $ | 158,397,308 |
The accompanying notes are an integral part of these financial statements.
3
INGLES MARKETS, INCORPORATED
INVESTMENT/PROFIT SHARING PLAN
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2021
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Additions to net assets attributed to: |
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Investment income: |
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Net appreciation in fair value of investments |
| $ | 27,041,728 |
Interest and dividends |
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| 2,863,401 |
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| 29,905,129 |
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Interest income on notes receivable from participants |
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| 485,962 |
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Contributions: |
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Employer |
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| 5,172,021 |
Participant |
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| 10,404,671 |
Rollovers |
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| 140,042 |
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| 15,716,734 |
Total additions |
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| 46,107,825 |
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Deductions to net assets attributed to: |
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Benefits paid to participants |
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| 22,025,405 |
Administrative expenses |
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| 247,334 |
Total deductions |
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| 22,272,739 |
Net increase |
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| 23,835,086 |
Net assets available for benefits: |
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Beginning of year |
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| 158,397,308 |
End of year |
| $ | 182,232,394 |
The accompanying notes are an integral part of these financial statements.
4
INGLES MARKETS, INCORPORATED
INVESTMENT/PROFIT SHARING PLAN
Notes to Financial Statements
December 31, 2021 and 2020
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1. | Description of the Plan |
The following description of the Ingles Markets, Incorporated Investment/Profit Sharing Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions. Copies of the Plan document are available from the Fiduciary Investment and Administrative Committee (the “Committee”).
General - The Plan is a defined contribution plan covering substantially all employees of Ingles Markets, Incorporated (the “Company” and “Plan Sponsor”) and its wholly-owned subsidiary, Milkco, Inc., who have completed one year of eligible service as defined in the Plan document and are at least 18 years of age. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.
Contributions - The Plan provides for four types of contributions: (i) Company profit sharing plan contributions to the Ingles Stock - Class B made by the Company - discretionary in nature; no participant 401(k) contributions can be made to the Ingles Stock - Class B, (ii) participant 401(k) contributions from one percent to 50 percent (in increments of one percent) of their pre-tax annual compensation as defined in the Plan document (subject to regulatory limitations), and (iii) Company 401(k) matching contributions, discretionary in nature and determined by the Company for each payroll period, and (iv) participant rollover contributions. The Plan has an automatic increase feature for participant deferral amounts. Participants are allowed to make designated Roth contributions and Roth rollovers to the Plan. The Company matches 75% of participant’s contributions up to 5% of a participant’s compensation as defined in the Plan document. In addition, all participants who have attained age 50 before the close of the Plan year shall be eligible to make catch-up contributions, also subject to regulatory limitations.
Upon enrollment in the Plan, participants may direct participant and Company matching contributions in one percent increments to any of the Plan’s fund options, including the Ingles Class A Stock. Participants may change their investment options daily. Plan participants may divest employer contributions of Company Class B stock and reinvest in other investment options.
In 2021, the Company made net discretionary 401(k) matching contributions of $5,172,021. The Company made no discretionary profit sharing contributions during 2021.
Plan Administration - Wells Fargo Bank, N.A. (“Wells Fargo”) was the trustee for the Plan and served as the recordkeeper and asset custodian. On July 1, 2019, Principal Financial Group (“PFG”) completed its acquisition of the Wells Fargo Bank, N.A. Institutional Retirement & Trust Business. Pursuant to a transition services agreement, Wells Fargo continued to administer client assets until completion of the migration. Plan migration to PFG was completed during June 2021 at which time PFG began serving as recordkeeper and asset custodian.
Participant Accounts - Each participant’s account is maintained to reflect participant’s contributions, any Company matching and profit-sharing contributions, and any rollover contributions, as well as the participant’s related share of the Plan’s income and losses, benefit payments and certain related administrative expenses. Allocations of Plan earnings or losses are based on participant account balances, participant compensation as defined in the Plan document, or participant contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Vesting and Forfeitures - Contributions and rollovers by participants plus actual earnings thereon are immediately vested and non-forfeitable. Participants become vested in the Company’s matching and profit sharing contributions on a graduated basis with 100 percent vesting occurring after the completion of six years of service.
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Forfeited balances can be utilized to pay Plan expenses, reduce matching contributions or to reduce non-elective contributions. Forfeitures of $51,842 were used during 2021 to reduce the Company’s matching contributions and pay Plan expenses. Unallocated forfeitures at December 31, 2021 and 2020 were $124,262 and $18,831, respectively.
Notes Receivable from Participants - Participants may borrow from their fund accounts a minimum of $500 to a maximum equal to the lesser of $50,000 or 50 percent of their vested balances with the term of the loan not exceeding five years except for loans to purchase the borrower’s principal residence whose term shall not exceed ten years. The loans are secured by the balance in the participant’s account. The interest rate used will be comparable to rates charged by local lending institutions for similar loans. Principal and interest are paid ratably through employee payroll deductions. At December 31, 2021, outstanding loans bore interest rates ranging from 4.25% to 9.25%.
Payment of Benefits - Upon termination of service, death, disability or retirement, participants, or their beneficiary in the case of death, may receive a lump-sum amount, partial distribution or payments over a period certain in monthly, quarterly, semiannual or annual cash installments equal to the vested value of their account.
In-service withdrawals are available in certain circumstances, as defined in the Plan document. Hardship withdrawals are allowed for participants incurring an immediate and heavy financial need. Hardship withdrawals are strictly regulated by the Internal Revenue Service (“IRS”) and a participant must exhaust all available loan options and available distributions prior to requesting hardship withdrawals.
Administrative Expenses - The Plan’s administrative expenses are paid by either the Plan or the Company, as provided by the Plan document. Certain legal and accounting fees and certain administrative expenses relating to the Plan are paid by the Company and will not be reimbursed by the Plan.
Plan Termination - Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts.
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2. | Summary of Accounting Policies |
Basis of Accounting - The financial statements of the Plan are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities and changes therein, and disclosure of contingent assets and liabilities. Accordingly, actual results may differ from those estimates and assumptions.
Investment Valuation and Income Recognition - Investments are reported at fair value. Fair value is 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. See Note 3 for discussion of fair value measurements. Plan management determines the Plan’s valuation policies utilizing information provided by the trustees.
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.
Notes Receivable From Participants - Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.
Payment of Benefits - Benefits are recorded when paid.
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Subsequent Events - The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through June 29, 2022, the date the financial statements were issued.
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3. | Fair Value Measurements |
Fair value as defined under GAAP is an exit price, representing 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. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are:
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• Level 1: |
| Observable inputs such as quoted prices in active markets. |
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• Level 2: |
| Inputs other than quoted prices in active markets that are either directly or indirectly observable. |
• Level 3: |
| Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Plan’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following is a description of the valuation methodologies used for assets measured at fair value:
Common Stocks
Common stocks in the Plan are publicly traded investments and are valued daily at the closing price reported on the active market on which the individual securities are traded.
Mutual Funds
Mutual funds are publicly traded investments and are valued daily at the closing price reported on the active market on which the funds are traded.
Common Collective Trust Funds
These funds are valued at the net asset value (“NAV”) of units of the collective fund. The NAV is used as a practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the funds will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months’ notification in order to ensure that securities liquidations will be carried out in an orderly business manner. The common collective trust funds are not required to be classified within a level on the fair value hierarchy.
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The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2021 and 2020:
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| Fair Value as of December 31, 2021 | ||||||||||
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| Level 1 |
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| Level 3 |
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| Total |
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Mutual funds | $ | 59,072,337 |
| $ | — |
| $ | — |
| $ | 59,072,337 |
Common stocks |
| 21,566,585 |
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| — |
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| — |
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| 21,566,585 |
Total assets in the fair value hierarchy | $ | 80,638,922 |
| $ | — |
| $ | — |
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| 80,638,922 |
Investments measured at net asset value (a) |
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| 95,032,778 |
Investments at fair value |
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| $ | 175,671,700 |
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| Fair Value as of December 31, 2020 | ||||||||||
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| Level 1 |
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| Level 3 |
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| Total |
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Mutual funds | $ | 54,398,716 |
| $ | — |
| $ | — |
| $ | 54,398,716 |
Common stocks |
| 14,538,571 |
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| — |
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| — |
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| 14,538,571 |
Total assets in the fair value hierarchy | $ | 68,937,287 |
| $ | — |
| $ | — |
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| 68,937,287 |
Investments measured at net asset value (a) |
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| 82,724,099 |
Investments at fair value |
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| $ | 151,661,386 |
(a) | In accordance with GAAP, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits. |
The following table summarizes investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2021 and 2020. There no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.
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| Fair Value |
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| Fair Value |
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| Redemption |
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| December 31, |
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| December 31, |
| Unfunded |
| Redemption |
| Notice |
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| 2021 |
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| 2020 |
| Commitments |
| Frequency |
| Period |
Common collective trust funds |
| $ 95,032,778 |
| $ | 82,724,099 |
| None |
| Daily |
| 12 months |
The Plan recognizes transfers between the levels as of the beginning of the reporting period. There were no transfers between the levels for the years ended December 31, 2021 and 2020.
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4. | Income Tax Status |
Effective January 1, 2017 the Employer adopted fully the Volume Submitter Plan and Trust provisions under the Wells Fargo Bank, N.A. Defined Contribution Volume Submitter Plan and Trust. The Plan has not obtained a determination letter from the IRS stating that the volume submitter plan was in compliance with the applicable requirement of the IRC. The Plan is relying on the IRS approval of the volume submitter plan that it is utilizing. The IRS has determined and informed the document sponsor by a letter dated March 31, 2014 that the volume submitter plan document was designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan Administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, the Plan Administrator believes that the Plan was qualified and the related trust was tax exempt as of the financial statement date.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2021 and 2020, there are no uncertain positions taken or expected to be taken that would
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require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
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5. | Exempt Party-in-Interest Transactions |
Certain Plan investments are managed by the trustees during the year ended December 31, 2021 as defined by the Plan, and therefore these transactions qualify as exempt party-in-interest transactions.
Participants may direct investment of their Plan balances into the Target My Retirement program where the trustee is responsible for managing the investments in participant accounts. These transactions qualify as party-in-interest transactions. Fees paid by Plan participants under the Target My Retirement program were included as a reduction of the return earned on each fund. Target My Retirement investments utilize the following funds:
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| Wells Fargo Stable Return Fund N |
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| Wells Fargo/Blackrock AGG BD Index CIT TR |
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| Wells Fargo/Blackrock Intl Eq Index CIT TR |
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| Wells Fargo/Blackrock RU 2000 Index CIT TR |
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| Wells Fargo/Blackrock LC Growth Index CIT TR |
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| Wells Fargo/Blackrock LC Value Index CIT TR |
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| Wells Fargo/Blackrock S&P Midcap Index CIT TR |
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| Wells Fargo/Blackrock S&P 500 Index CIT TR |
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| Wells Fargo/Blackrock Short-Term Investment Fund TR |
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The trustee for the Plan is responsible for maintaining custody of the investment funds, excluding Ingles Markets, Incorporated stock. The Company’s Committee appoints the trustee responsible for maintaining custody of the Company stock component of the Ingles Stock – Class B and the Ingles Stock Class A. The Committee engages an independent co-fiduciary to assist in the selection and monitoring of the Plan’s investments funds. Transactions related to the Company stock, including dividend income of $181,022, qualify as party-in-interest transactions.
Due to restrictions on the trading periods of the Company stock, effective May 2007, the Plan Sponsor may advance funds to the Plan for the purpose of making distributions of participants’ holdings in the Company Stock – Class B. Advances are interest free and will be repaid through the dividends received on the Company Class B stock and the sale of Class B shares to the Plan Sponsor or other qualified transferee, or the conversion of the Company Class B stock to Class A stock and subsequent market sale of the Class A shares. During 2021, the Plan received a $0.4 million advance from the Plan Sponsor and made repayments of $0.4 million to the Plan Sponsor.
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6. | Risks and Uncertainties |
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, 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 will 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. Because the Ingles Stock - Class B and the Ingles Class A Stock are not diversified, they may experience wider variation in value than the other Plan funds.
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SUPPLEMENTAL SCHEDULE
10
INGLES MARKETS, INCORPORATED
INVESTMENT/PROFIT SHARING PLAN
Schedule H, Line 4i—Schedule of Assets (Held at End of Year)
December 31, 2021
EIN: #56-0846267
Plan No. 001
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| (c) Description of Investment |
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| Including Maturity Date, Rate of |
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| (e) |
| (b) Identity of Issue, Borrower, | Interest, Collateral, Par or |
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| Current |
(a) | Lessor or Similar Party | Maturity Value | (d) Cost ** |
| Value |
| Common collective trust funds: |
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| Wells Fargo Bank, N.A. | Stable Return Fund N |
| $ | 21,328,613 |
| Wells Fargo Bank, N.A. | Blackrock AGG BD Index CIT TR |
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| 8,949,127 |
| Wells Fargo Bank, N.A. | Blackrock Intl Eq Index CIT TR |
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| 5,033,292 |
| Wells Fargo Bank, N.A. | Blackrock RU 2000 Index CIT TR |
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| 1,452,942 |
| Wells Fargo Bank, N.A. | Blackrock LC Growth Index CIT TR |
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| 2,880,646 |
| Wells Fargo Bank, N.A. | Blackrock LC Value Index CIT TR |
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| 5,648,066 |
| Wells Fargo Bank, N.A. | Blackrock S&P Midcap Index CIT TR |
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| 544,908 |
| Wells Fargo Bank, N.A. | Blackrock S&P 500 Index CIT TR |
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| 295,788 |
| Wells Fargo Bank, N.A. | Blackrock Short-Term Investment Fund TR |
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| 1,461,771 |
| Wilmington Trust, N.A. | Mid Cap Value R1 Fund |
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| 400,623 |
| JP Morgan Investment Advisors | Smart Retirement DRE Income |
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| 1,216,100 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2020 CF |
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| 3,259,118 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2025 CF |
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| 7,447,713 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2030 CF |
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| 7,788,909 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2035 CF |
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| 5,820,994 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2040 CF |
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| 5,341,835 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2045 CF |
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| 3,972,499 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2050 CF |
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| 6,900,762 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2055 CF |
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| 4,427,972 |
| JP Morgan Investment Advisors | Smart Retirement DRE 2060 CF |
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| 861,100 |
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| $ | 95,032,778 |
11
INGLES MARKETS, INCORPORATED
INVESTMENT/PROFIT SHARING PLAN
Schedule H, Line 4i—Schedule of Assets (Held at End of Year) (Continued)
December 31, 2021
EIN: #56-0846267
Plan No. 001
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| (c) Description of Investment |
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| Including Maturity Date, Rate of |
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| (e) |
| (b) Identity of Issue, Borrower, | Interest, Collateral, Par or |
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| Current |
(a) | Lessor or Similar Party | Maturity Value | (d) Cost ** |
| Value |
| Mutual funds: |
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| American Funds | Growth Fund of America R6 |
| $ | 7,482,266 |
| American Century | Mid Cap Value R6 |
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| 140 |
| Fidelity | Extended Market Fund |
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| 7,077,083 |
| Hartford | Mid Cap |
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| 4,529,571 |
| Fidelity | Total International Index Fund |
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| 602,911 |
| Fidelity | US Bond Index |
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| 1,345,532 |
| Fidelity | 500 Index Fund |
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| 22,606,651 |
| Baird | Core Plus Bond Inst |
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| 6,561,818 |
| Goldman Sachs | International Eq Insights IR |
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| 4,097,321 |
| T. Rowe Price | Small Cap Stock I #525 |
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| 2,186,275 |
| Vanguard | Equity Income |
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| 2,427,236 |
| Vanguard | Federal Money Market Inv |
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| 155,533 |
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| $ | 59,072,337 |
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| Employer Securities: |
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* | Ingles Markets, Incorporated | Ingles Stock – Class B |
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| 10,355,516 |
* | Ingles Markets, Incorporated | Ingles Class A Stock |
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| 11,211,069 |
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| $ | 21,566,585 |
* | Participant loans*** | Interest-bearing at 4.25% - 9.25%, |
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| maturing January 2022 through October 2029 |
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| 6,560,694 |
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| $ | 182,232,394 |
*Party-in-interest
**Cost information omitted for participant-directed investments.
***The accompanying financial statements classify participant loans as notes receivable from participants.
See report of independent registered public accounting firm.
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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 its behalf by the undersigned hereunto duly authorized.
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| Ingles Markets, Incorporated Investment/Profit Sharing Plan | ||||
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Date: June 29, 2022 |
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| By: |
| /s/ Patricia Jackson | ||
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| Patricia Jackson Fiduciary Investment and Administrative Committee Member |
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| By: |
| /s/ Cynthia Brooks | ||
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| Cynthia Brooks Fiduciary Investment and Administrative Committee Member |
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| By: |
| /s/ Catherine Phillips | ||
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| Catherine Phillips Fiduciary Investment and Administrative Committee Member |
13
EXHIBIT INDEX
Exhibit 23 Consent of FORVIS, LLP
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