Company: CHEF
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001517175-25-000002
Chunk: 128

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 128
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 on the Company’s consolidated balance sheets. The IRS is experiencing significant processing delays driven by an increase in net operating loss carryback requests as a result of the CARES Act, along with other factors. As a result, the processing and expected receipt of the federal income tax refund receivable has been significantly delayed. The Company is currently working with IRS Taxpayer’s Advocate Services and consultants to resolve the processing issue. While progress has been made with the IRS and the Company expects to receive the refunds within one year, the exact timing of receipt is difficult to predict.Income tax expense differed from amounts computed using the statutory federal income tax rate due to the following reasons: Fiscal Years EndedDecember 27, 2024December 29, 2023December 30, 2022Statutory U.S. Federal tax$16,702 $11,648 $8,797 Differences due to:   State and local taxes, net of federal benefit5,865 3,497 3,251 Change in valuation allowance(2,119)478 (405)Foreign rate differential(2,019)(2,254)(560)Loss on debt extinguishment— — 2,982 Acquisition costs— 509 472 Compensation limitation2,501 4,504 — US tax on international operations2,031 929 190 Stock compensation(212)913 (170)Other1,304 655 (418)Income tax expense$24,053 $20,879 $14,139 

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Deferred tax assets and liabilities at December 27, 2024 and December 29, 2023 consist of the following: December 27, 2024December 29, 2023Deferred tax assets:  Receivables and inventory$11,753 $11,197 Self-insurance reserves4,819 3,730 Net operating loss carryforwards3,171 3,420 Interest expense carryforward16,955 12,855 Stock compensation4,416 5,122 Intangible assets4,006 525 Charitable contribution carryforward— 2,271 Operating lease liabilities54,272 55,319 Other329 930 Total deferred tax assets99,721 95,369 Deferred tax liabilities:  Property & equipment(23,627)(22,483)Goodwill(34,861)(27,660