Winter In the Shire: "Yule" Love It!

[Inziladun]

I think there may be passing references somewhere in LOTR or The Hobbit to Christmas, though I can't come up with one at the moment.
However, Hobbits of the Shire celebrated Yule, which was apparently an important holiday.

Great stores of goods and food, and beer, were found that had been hidden away by the ruffians in sheds and barns and deserted holes....so that there was a great deal better cheer that Yule than anyone had hoped for.

LOTR The Grey Havens

It's on the Shire Calender, spanning two days.
So what was "Yule" to the Hobbits? Their customs seem to have been mainly derived from things observed by Men and Elves, yet those races don't seem to have any holidays like Christmas.
Did it hold any meaning for the Hobbits? Or was it just another excuse to have a party?