Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013



	Successor
	53 Weeks Ended December 31, 2013
	Parent		Subsidiary			Subsidiary			Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB			Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	1,068,651		$	25,381		$	—	$	—		$	1,094,032
Total costs and expenses	—		988,544			25,563			—		—			1,014,107
Operating income	—		80,107			(182		)	—		—			79,925
Interest expense	—		42,016			—			—		—			42,016
Equity in net income of subsidiary	29,855		(113		)	—			—		(29,742		)	—
Income before income taxes	29,855		37,978			(182		)	—		(29,742		)	37,909
Income tax expense (benefit)	—		8,236			(69		)	—		—			8,167
Net income	$	29,855	$	29,742		$	(113	)	$	—	$	(29,742	)	$	29,742



	Successor
	52 Weeks Ended December 25, 2012
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	1,048,923	$	—	$	—	$	—		$	1,048,923
Total costs and expenses	—		970,698		—		—		—			970,698
Operating income	—		78,225		—		—		—			78,225
Interest expense	—		46,691		—		—		—			46,691
Loss on debt extinguishment	—		14,227		—		—		—			14,227
Equity in net income of subsidiary	15,020		—		—		—		(15,020		)	—
Income before income taxes	15,020		17,307		—		—		(15,020		)	17,307
Income tax expense	—		2,287		—		—		—			2,287
Net income	$	15,020	$	15,020	$	—	$	—	$	(15,020	)	$	15,020



	Predecessor
	52 Weeks Ended December 27, 2011
	Parent		Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	980,973		$	—	$	—	$	—		$	980,973
Total costs and expenses	—		954,569			—		—		—			954,569
Operating income	—		26,404			—		—		—			26,404
Interest expense	—		25,201			—		—		—			25,201
Equity in net income of subsidiary	4,706		—			—		—		(4,706		)	—
Income before income taxes	4,706		1,203			—		—		(4,706		)	1,203
Income tax benefit	—		(3,503		)	—		—		—			(3,503		)
Net income	$	4,706	$	4,706		$	—	$	—	$	(4,706	)	$	4,706



	December 31, 2013
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Assets:
Current assets	$	—	$	53,364	$	3,740	$	—	$	—		$	57,104
Facilities and equipment, net	—		152,810		17,140		—		—			$	169,950
Franchise rights, net	—		607,880		32,271		—		—			$	640,151
Goodwill	—		290,502		2,121		—		—			$	292,623
Investment in subsidiary	265,326		50,978		—		—		(316,304		)	$	—
Other assets, net	—		44,273		1,011		—		—			$	45,284
Total assets	$	265,326	$	1,199,807	$	56,283	$	—	$	(316,304	)	$	1,205,112
Liabilities and member’s equity:
Current liabilities	$	—	100,766		4,302		$	—	$	—		$	105,068
Long-term debt	—		561,687		—		—		—			$	561,687
Other liabilities and deferred items	—		58,060		629		—		—			$	58,689
Deferred income taxes	—		214,081		374		—		—			$	214,455
Member’s equity	265,326		265,213		50,978		—		(316,304		)	$	265,213
Total liabilities and member’s equity	$	265,326	$	1,199,807	$	56,283	$	—	$	(316,304	)	$	1,205,112



	December 25, 2012
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Assets:
Current assets	$	—	$	68,786	$	—	$	—	$	—		$	68,786
Facilities and equipment, net	—		143,625		—		—		—			143,625
Franchise rights, net	—		622,634		—		—		—			622,634
Goodwill	—		290,502		—		—		—			290,502
Investment in subsidiary	235,471		—		—		—		(235,471		)	—
Other assets, net	—		44,235		—		—		—			44,235
Total assets	$	235,471	$	1,169,782	$	—	$	—	$	(235,471	)	$	1,169,782
Liabilities and member’s equity:
Current liabilities, excluding debt	$	—	$	89,743	$	—	$	—	$	—		$	89,743
Current portion of long-term debt	—		—		—		—		—			—
Long-term debt	—		558,125		—		—		—			558,125
Other liabilities and deferred items	—		68,153		—		—		—			68,153
Deferred income taxes	—		218,290		—		—		—			218,290
Member’s equity	235,471		235,471		—		—		(235,471		)	235,471
Total liabilities and member’s equity	$	235,471	$	1,169,782	$	—	$	—	$	(235,471	)	$	1,169,782



	Successor
	53 Weeks Ended December, 2013
	Parent		Subsidiary			Subsidiary			Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB			Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Operating activities:
Net cash flows provided by operating activities	$	—	$	91,857		$	5,907		$	—	$	—		$	97,764
Investing activities:
Capital expenditures	—		(50,820		)	(211		)	—		—			(51,031		)
Purchase of Wendy’s business assets, net of cash acquired	—		—			(55,922		)	—		—			(55,922		)
Investment in NPCQB	—		(51,091		)	—			—		51,091			—
Proceeds from sale or disposition of assets	—		545			—			—		—			545
Net cash flows used in investing activities	—		(101,366		)	(56,133		)	—		51,091			(106,408		)
Financing activities:
Borrowings under revolving credit facility	—		7,000			—			—		—			7,000
Investment from parent	—		—			51,091			—		(51,091		)	—
Other	—		(3,814		)	—			—		—			(3,814		)
Net cash flows provided by financing activities	—		3,186			51,091			—		(51,091		)	3,186
Net change in cash and cash equivalents	—		(6,323		)	865			—		—			(5,458		)
Beginning cash and cash equivalents	—		25,493			—			—		—			25,493
Ending cash and cash equivalents	$	—	$	19,170		$	865		$	—	$	—		$	20,035



	Successor
	52 Weeks Ended December 25, 2012
	Parent			Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings			Issuer: NPC			Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Operating activities:
Net cash flows provided by operating activities	$	—		$	70,418		$	—	$	—	$	—		$	70,418
Investing activities:
Capital expenditures	—			(40,464		)	—		—		—			(40,464		)
Purchase of the stock of the Company	(216,635		)	(431,540		)	—		—		216,635			(431,540		)
Purchase of business assets, net of cash acquired	—			(19,371		)	—		—		—			(19,371		)
Proceeds from disposition of assets	—			240			—		—		—			240
Net cash flows used in investing activities	(216,635		)	(491,135		)	—		—		216,635			(491,135		)
Financing activities:
Retirement of predecessor entity debt and other obligations	—			(372,700		)	—		—		—			(372,700		)
Proceeds from equity contributions, net	216,635			216,635			—		—		(216,635		)	216,635
Issuance of debt	—			565,000			—		—		—			565,000
Payments on term bank facilities	—			(6,875		)	—		—		—			(6,875		)
Debt issue costs	—			(34,614		)	—		—		—			(34,614		)
Proceeds from sale-leaseback transactions	—			1,006			—		—		—			1,006
Interest rate derivative	—			(636		)	—		—		—			(636		)
Net cash provided by financing activities	216,635			367,816			—		—		(216,635		)	367,816
Net change in cash and cash equivalents	—			(52,901		)	—		—		—			(52,901		)
Beginning cash and cash equivalents	—			78,394			—		—		—			78,394
Ending cash and cash equivalents	$	—		$	25,493		$	—	$	—	$	—		$	25,493



	Predecessor
	52 Weeks Ended December 27, 2011
	Parent		Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations		Consolidated
Operating activities:
Net cash flows provided by operating activities	$	—	$	86,201		$	—	$	—	$	—	$	86,201
Investing activities:
Capital expenditures	—		(23,775		)	—		—		—		(23,775		)
Proceeds from disposition of assets	—		993			—		—		—		993
Net cash flows used in investing activities	—		(22,782		)	—		—		—		(22,782		)
Financing activities:
Payments on term bank facilities	—		(29,670		)	—		—		—		(29,670		)
Proceeds from sale-leaseback transactions	—		486			—		—		—		486
Net cash used in financing activities	—		(29,184		)	—		—		—		(29,184		)
Net change in cash and cash equivalents	—		34,235			—		—		—		34,235
Beginning cash and cash equivalents	—		44,159			—		—		—		44,159
Ending cash and cash equivalents	$	—	$	78,394		$	—	$	—	$	—	$	78,394