Company: CHEF
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001517175-25-000002
Chunk: 129

Company: Chefs' Warehouse, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 129
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)Intangible assets(2,956)(3,292)Prepaid expenses and other(4,647)(3,391)Operating lease right-of-use assets(49,521)(50,842)Total deferred tax liabilities(115,612)(107,668)Valuation allowance— (2,119)Total net deferred tax liability$(15,891)$(14,418)The deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files Federal and various state and local income tax returns in the U.S and various foreign jurisdictions. For Federal income tax purposes, the 2021 through 2024 tax years remain open for examination. For state tax purposes, the 2020 through 2024 tax years remain open for examination. For foreign income tax purposes, the 2014 through 2024 tax years remain open for examination. The Company records interest and penalties, if any, in income tax expense.The Company’s Canada tax-effected net operating loss carryforward of $1,962 expires at various dates between fiscal 2037 and 2043. The Company’s state tax-effected net operating loss carryforward of $1,209 expires at various dates, the earliest of which expire in fiscal 2027, while others are indefinite-lived.The Company is permanently reinvesting the earnings of its foreign operations. The accumulated undistributed earnings of its foreign subsidiaries are immaterial, as a majority of such earnings have been taxed in the U.S.

As of December 27, 2024 and December 29, 2023, the Company did not have any material uncertain tax positions. 

Note 13 – Segment Information

The Company’s business consists of three operating segments: East, Midwest and West that aggregate into one reportable segment, foodservice distribution, which is concentrated primarily in the United States.The accounting policies of the foodservice distribution segment are the same as those described in Note 2 – Summary of Significant Accounting Policies. The Company’s chief operating decision maker, who is the Company’s chief executive officer, uses gross profit as the measure of profit or loss to assess segment performance and allocate resources. Consolidated gross profit, reported on the statement of operations and comprehensive income, is used to evaluate whether to reinvest profits into the foodservice distribution segment or into other parts of the entity, such as for acquisitions or to rep