My grandma makes it every year for Christmas (with pecans, which I could do without), but I've never made it myself. From the looks of it, though, I'm guessing it's just caramel poured over popcorn and nuts and then tossed and spread out to dry. This recipe (http://www.cooks.com/rec/view/0,1710,148186-255199,00.html) (the first I found) says you bake the mix after pouring caramel on. So does this (http://allrecipes.com/Recipe/Caramel-Popcorn/Detail.aspx), so I'm guessing the baking helps it set.