Company: CHEF
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001517175-25-000002
Chunk: 127

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 127
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4, the weighted-average lease term for operating and finance leases was 9.9 years and 4.9 years, respectively. At December 27, 2024, the weighted-average discount rate for operating and finance leases was 7.3% and 6.6%, respectively. 

Note 12 – Income Taxes

The components of the Company’s income before income taxes consist of the following:Fiscal Years EndedDecember 27, 2024December 29, 2023December 30, 2022Domestic$59,023 $40,171 $40,428 Foreign20,509 15,298 1,461 Total$79,532 $55,469 $41,889 

69

The provision for income taxes consists of the following:Fiscal Years EndedDecember 27, 2024December 29, 2023December 30, 2022Current income tax expense:   Federal$13,420 $9,913 $1,665 Foreign2,488 838 208 State6,681 2,014 2,665 Total current income tax expense22,589 12,765 4,538 Deferred income tax expense (benefit):   Federal4,712 4,320 9,571 Foreign(2,173)(48)(4)State(1,075)3,842 34 Total deferred income tax expense1,464 8,114 9,601 Total income tax expense$24,053 $20,879 $14,139 The Organization for Economic Co-operation and Development (the “OECD”) introduced a framework under Pillar Two which includes a global corporate minimum tax rate of 15%. Some jurisdictions in which the Company operates have started to enact laws implementing Pillar Two, including Canada which enacted the rule in June 2024. The rules did not have a material impact on its consolidated financial statements in fiscal 2024. The Company is monitoring any future developments.As a result of a five year carryback allowed under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the Company carried back its 2020 federal income tax loss, which resulted in a income tax refund receivable of $25,945 and $22,966 as of December 27, 2024 and December 29, 2023, respectively. The receivable is reflected in prepaid expenses and other current assets