Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 29, 2015



	52 Weeks Ended December 29, 2015
	Parent		Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	1,020,006		$	203,293	$	—	$	—		$	1,223,299
Total costs and expenses	—		984,526			196,045		—		—			1,180,571
Operating income	—		35,480			7,248		—		—			42,728
Interest expense	—		41,784			—		—		—			41,784
Equity in net income of subsidiary	6,712		4,978			—		—		(11,690		)	—
Income (loss) before income taxes	6,712		(1,326		)	7,248		—		(11,690		)	944
Income tax (benefit) expense	—		(8,038		)	2,270		—		—			(5,768		)
Net income	$	6,712	$	6,712		$	4,978	$	—	$	(11,690	)	$	6,712



	52 Weeks Ended December 30, 2014
	Parent		Subsidiary			Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	1,020,101		$	159,796	$	—	$	—		$	1,179,897
Total costs and expenses	—		988,819			156,751		—		—			1,145,570
Operating income	—		31,282			3,045		—		—			34,327
Interest expense	—		41,101			—		—		—			41,101
Equity in net income of subsidiary	1,672		1,640			—		—		(3,312		)	—
Income (loss) before income taxes	1,672		(8,179		)	3,045		—		(3,312		)	(6,774		)
Income tax (benefit) expense	—		(9,851		)	1,405		—		—			(8,446		)
Net income	$	1,672	$	1,672		$	1,640	$	—	$	(3,312	)	$	1,672



	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 (loss)	—		80,107			(182		)	—		—			79,925
Interest expense	—		42,016			—			—		—			42,016
Equity in net income of subsidiary	29,855		(113		)	—			—		(29,742		)	—
Income (loss) before income taxes	29,855		37,978			(182		)	—		(29,742		)	37,909
Income tax expense (benefit)	—		8,236			(69		)	—		—			8,167
Net income (loss)	$	29,855	$	29,742		$	(113	)	$	—	$	(29,742	)	$	29,742



	December 29, 2015
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Assets:
Current assets	$	—	$	58,620	$	4,495	$	—	$	—		$	63,115
Facilities and equipment, net	—		155,501		47,967		—		—			203,468
Franchise rights, net	—		577,097		43,421		—		—			620,518
Goodwill	—		290,502		4,124		—		—			294,626
Investment in subsidiary	273,689		76,784		—		—		(350,473		)	—
Other assets, net	—		37,327		1,736		—		—			39,063
Total assets	$	273,689	$	1,195,831	$	101,743	$	—	$	(350,473	)	$	1,220,790
Liabilities and member’s equity:
Current liabilities	$	—	$	91,472	$	16,724	$	—	$	—		$	108,196
Long-term debt	—		587,105		—		—		—			587,105
Other liabilities and deferred items	—		55,589		6,448		—		—			62,037
Deferred income taxes	—		187,976		1,787		—		—			189,763
Member’s equity	273,689		273,689		76,784		—		(350,473		)	273,689
Total liabilities and member’s equity	$	273,689	$	1,195,831	$	101,743	$	—	$	(350,473	)	$	1,220,790



	December 30, 2014
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Assets:
Current assets	$	—	$	39,014	$	9,857	$	—	$	—		$	48,871
Facilities and equipment, net	—		162,248		35,874		—		—			198,122
Franchise rights, net	—		592,633		46,412		—		—			639,045
Goodwill	—		290,502		4,124		—		—			294,626
Investment in subsidiary	267,025		75,902		—		—		(342,927		)	—
Other assets, net	—		40,794		1,858		—		—			42,652
Total assets	$	267,025	$	1,201,093	$	98,125	$	—	$	(342,927	)	$	1,223,316
Liabilities and member’s equity:
Current liabilities	$	—	$	90,701	$	16,440	$	—	$	—		$	107,141
Long-term debt	—		591,263		—		—		—			591,263
Other liabilities and deferred items	—		55,467		4,736		—		—			60,203
Deferred income taxes	—		196,637		1,047		—		—			197,684
Member’s equity	267,025		267,025		75,902		—		(342,927		)	267,025
Total liabilities and member’s equity	$	267,025	$	1,201,093	$	98,125	$	—	$	(342,927	)	$	1,223,316



	52 Weeks Ended December 29, 2015
	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	$	—		$	58,703		$	21,201		$	—	$	—		$	79,904
Investing activities:
Capital expenditures	—			(38,262		)	(17,948		)	—		—			(56,210		)
Return of investment in NPCQB	—			4,096			—			—		(4,096		)	—
Proceeds from sale-leaseback transactions	—			1,408			—			—		—			1,408
Proceeds from disposition of assets	—			733			857			—		—			1,590
Net cash flows used in investing activities	—			(32,025		)	(17,091		)	—		(4,096		)	(53,212		)
Financing activities:
Payments on term bank facilities	—			(4,158		)	—			—		—			(4,158		)
Debt issue costs	—			(1,832		)	—			—		—			(1,832		)
Distribution to parent	148			(148		)	(4,096		)	—		4,096			—
Other	(148		)	100			—			—		—			(48		)
Net cash used in financing activities	—			(6,038		)	(4,096		)	—		4,096			(6,038		)
Net change in cash and cash equivalents	—			20,640			14			—		—			20,654
Beginning cash and cash equivalents	—			11,278			785			—		—			12,063
Ending cash and cash equivalents	$	—		$	31,918		$	799		$	—	$	—		$	32,717



	52 Weeks Ended December 30, 2014
	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	$	—		$	48,402		$	22,076		$	—	$	—		$	70,478
Investing activities:
Capital expenditures	—			(54,971		)	(11,096		)	—		—			(66,067		)
Acquisition of Wendy’s business, net of cash acquired	—			—			(56,841		)	—		—			(56,841		)
Investment in NPCQB	—			(57,002		)	—			—		57,002			—
Return of investment in NPCQB	—			33,718			—			—		(33,718		)	—
Proceeds from sale-leaseback transactions	—			—			24,182			—		—			24,182
Purchase of assets for sale-leaseback	—			—			(1,736		)	—		—			(1,736		)
Proceeds from sale or disposition of assets	—			3,093			51			—		—			3,144
Net cash flows used in investing activities	—			(75,162		)	(45,440		)	—		23,284			(97,318		)
Financing activities:
Investment from parent	—			—			57,002			—		(57,002		)	—
Distribution to parent	60			(60		)	(33,718		)	—		33,718			—
Payment of accrued purchase price to sellers	—			(10,875		)	—			—		—			(10,875		)
Net payments on debt	—			(9,704		)	—			—		—			(9,704		)
Issuance of debt	—			40,000			—			—		—			40,000
Other	(60		)	(493		)	—			—		—			(553		)
Net cash flows provided by financing activities	—			18,868			23,284			—		(23,284		)	18,868
Net change in cash and cash equivalents	—			(7,892		)	(80		)	—		—			(7,972		)
Beginning cash and cash equivalents	—			19,170			865			—		—			20,035
Ending cash and cash equivalents	$	—		$	11,278		$	785		$	—	$	—		$	12,063



	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
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	—		—			56,091			—		(56,091		)	—
Distribution to parent	—		—			(5,000		)	—		5,000			—
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