Biglari (BH) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 04, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38477
Entity Registrant Name	BIGLARI HOLDINGS INC.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	82-3784946
Entity Address, Address Line One	17802 IH 10 West,
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	San Antonio,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78257
City Area Code	210
Local Phone Number	344-3400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001726173
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, no par value
Trading Symbol	BH.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		206,864
Common Class B
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock, no par value
Trading Symbol	BH
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		2,068,640

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 28,438	$ 24,503
Investments	99,427	94,861
Receivables	16,438	19,185
Inventories	2,590	2,737
Other current assets	6,763	6,492
Total current assets	153,656	147,778
Property and equipment	317,432	316,122
Operating lease assets	41,015	42,832
Goodwill and other intangible assets	77,273	77,661
Investment partnerships	356,795	419,550
Other assets	13,715	14,025
Total assets	959,886	1,017,968
Current liabilities:
Accounts payable and accrued expenses	120,304	118,821
Current portion of lease obligations	14,850	17,365
Current portion of notes payable	0	152,261
Total current liabilities	135,154	288,447
Lease obligations	109,063	111,645
Deferred taxes	64,649	41,346
Asset retirement obligations	10,147	10,022
Other liabilities	1,733	1,680
Total liabilities	320,746	453,140
Shareholders’ equity
Common stock	1,138	1,138
Additional paid-in capital	381,788	381,788
Retained earnings	644,757	573,050
Accumulated other comprehensive loss	(1,975)	(1,531)
Treasury stock, at cost	(386,568)	(389,617)
Biglari Holdings Inc. shareholders’ equity	639,140	564,828
Total liabilities and shareholders’ equity	$ 959,886	$ 1,017,968

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenues
Restaurant operations		$ 69,954	$ 114,144
Insurance premiums and other		14,619	9,674
Oil and gas		8,592	11,374
Media and licensing		1,123	508
Total revenues		94,288	135,700
Cost and expenses
Restaurant cost of sales		45,616	89,916
Insurance losses and underwriting expenses		11,146	6,312
Oil and gas production costs		2,413	3,076
Media and licensing costs		480	506
Selling, general and administrative		15,540	17,227
Impairments		298	10,300
Depreciation and amortization		7,178	10,062
Interest expense		2,741	4,274
Total cost and expenses		85,412	141,673
Other income
Investment gains		3,081	0
Investment partnership gains (losses)		81,766	(175,742)
Total other income (expenses)		84,847	(175,742)
Earnings (loss) before income taxes		93,723	(181,715)
Income tax expense (benefit)		22,016	(43,830)
Net earnings (loss)		$ 71,707	$ (137,885)
Earnings per share
Revenue from Contract with Customer, Product and Service [Extensible List]		Product and Service [Domain]
Common Class A
Earnings per share
Net earnings (loss) per equivalent Class share (in dollars per share)	[1]	$ 223.29	$ (400.37)
Common Class B
Earnings per share
Net earnings (loss) per equivalent Class share (in dollars per share)		$ 44.66	$ (80.07)
[1]	*Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $44.66 for the first quarter of 2021 and $(80.07) for the first quarter of 2020.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 71,707	$ (137,885)
Other Comprehensive Income (Loss), Tax [Abstract]
Foreign currency translation	(444)	(312)
Total comprehensive income (loss)	$ 71,263	$ (138,197)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net earnings (loss)	$ 71,707	$ (137,885)
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation and amortization	7,178	10,062
Provision for deferred income taxes	23,350	(38,132)
Asset impairments and other non-cash expenses	435	10,548
Gains on disposal of assets	(958)	(1,272)
Investment gains	(3,247)	0
Investment partnership (gains) losses	(81,766)	175,742
Distributions from investment partnerships	150,570	42,300
Changes in receivables and inventories	2,827	7,465
Changes in other assets	(903)	1,891
Changes in accounts payable and accrued expenses	(3,895)	(20,242)
Net cash provided by operating activities	165,298	50,477
Investing activities
Capital expenditures	(7,447)	(6,473)
Proceeds from property and equipment disposals	2,749	1,824
Acquisition of business, net of cash acquired	0	(34,240)
Purchases of limited partner interests	(3,000)	(30,100)
Purchases of investments	(16,724)	(105,430)
Redemptions of fixed maturity securities	15,642	108,845
Net cash used in investing activities	(8,780)	(65,574)
Financing activities
Proceeds from revolving credit facility	0	50
Principal payments on long-term debt	(149,952)	(17,933)
Principal payments on direct financing lease obligations	(2,609)	(1,525)
Net cash used in financing activities	(152,561)	(19,408)
Effect of exchange rate changes on cash	(22)	14
Increase (decrease) in cash, cash equivalents and restricted cash	3,935	(34,491)
Cash, cash equivalents and restricted cash at beginning of year	29,666	70,696
Cash, cash equivalents and restricted cash at end of first quarter	33,601	36,205
Cash, cash equivalents and restricted cash at end of first quarter	$ 33,601	$ 36,205

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive  Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2019	$ 616,298	$ 1,138	$ 381,788	$ 611,039	$ (2,810)	$ (374,857)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(137,885)			(137,885)
Other comprehensive loss	(312)				(312)
Adjustment to treasury stock for holdings in investment partnerships	1,089					1,089
Ending balance at Mar. 31, 2020	479,190	1,138	381,788	473,154	(3,122)	(373,768)
Beginning balance at Dec. 31, 2020	564,828	1,138	381,788	573,050	(1,531)	(389,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	71,707			71,707
Other comprehensive loss	(444)				(444)
Adjustment to treasury stock for holdings in investment partnerships	3,049					3,049
Ending balance at Mar. 31, 2021	$ 639,140	$ 1,138	$ 381,788	$ 644,757	$ (1,975)	$ (386,568)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Description of Business The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2020. Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings was founded and is led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. As of March 31, 2021, Mr. Biglari beneficially owns shares of the Company that represent approximately 63.0% of the economic interest and 67.5% of the voting interest. Overview of the Impact of COVID-19 The novel coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization, which caused governments to contain its spread, thereby significantly affecting our operating businesses beginning in March of 2020 and adversely affecting nearly all of our operations during 2020. Our restaurants were required to close their dining rooms during the first quarter of 2020 and the majority of our dining rooms remain closed. During 2020, the pandemic also caused oil demand to decrease significantly, which created oversupplied markets and lowered commodity prices and margins. The risks and uncertainties resulting from the pandemic may continue to affect our future earnings, cash flows and financial condition. Business Acquisition On March 9, 2020, Biglari Holdings acquired the stock of Southern Pioneer Property & Casualty Insurance Company, and its agency, Southern Pioneer Insurance Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites garage liability insurance, commercial property, as well as homeowners and dwelling fire insurance. The financial results for Southern Pioneer are included from the date of acquisition. Pro-forma financial information of Southern Pioneer is not material. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc., Western Sizzlin Corporation, First Guard Insurance Company, Maxim Inc., Southern Pioneer, and Southern Oil. Intercompany accounts and transactions have been eliminated in consolidation. Change in Presentation

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, the “investment partnerships”) — based on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally outstanding. The following table presents shares authorized, issued and outstanding on March 31, 2021 and December 31, 2020. March 31, 2021 December 31, 2020 Class A Class B Class A Class B Common stock authorized 500,000 10,000,000 500,000 10,000,000 Common stock issued and outstanding 206,864 2,068,640 206,864 2,068,640

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	InvestmentsInvestments were $99,427 and $94,861 as of March 31, 2021 and December 31, 2020, respectively.  All investments are classified as available-for-sale and recorded at fair value.

Investment Partnerships

Investment Partnerships	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment Partnerships	Investment Partnerships The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock. Biglari Capital Corp. (“Biglari Capital”) is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari. The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below. Fair Value Company Carrying Value Partnership interest at December 31, 2020 $ 590,926 $ 171,376 $ 419,550 Investment partnership gains (losses) 110,918 29,152 81,766 Distributions (net of contributions) (147,570) (147,570) Decrease in proportionate share of Company stock held (3,049) 3,049 Partnership interest at March 31, 2021 $ 554,274 $ 197,479 $ 356,795 Fair Value Company Carrying Value Partnership interest at December 31, 2019 $ 666,123 $ 160,581 $ 505,542 Investment partnership gains (losses) (261,708) (85,966) (175,742) Distributions (net of contributions) (12,200) (12,200) Decrease in proportionate share of Company stock held (1,089) 1,089 Partnership interest at March 31, 2020 $ 392,215 $ 73,526 $ 318,689 The carrying value of the investment partnerships net of deferred taxes is presented below. March 31, 2021 December 31, 2020 Carrying value of investment partnerships $ 356,795 $ 419,550 Deferred tax liability related to investment partnerships (68,060) (44,805) Carrying value of investment partnerships net of deferred taxes $ 288,735 $ 374,745 The Company’s proportionate share of Company stock held by investment partnerships at cost is $386,568 and $389,617 at March 31, 2021 and December 31, 2020, respectively, and is recorded as treasury stock. The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within the fair value hierarchy. Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below. First Quarter 2021 2019 Gains (losses) on investment partnership $ 81,766 $ (175,742) Tax expense (benefit) 19,117 (41,383) Net earnings (loss) $ 62,649 $ (134,359) On December 31 of each year, the general partner of the investment partnerships, Biglari Capital, will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements. Our investments in these partnerships are committed on a rolling 5-year basis. There were no incentive reallocations from Biglari Holdings to Biglari Capital during the first quarters of 2021 and 2020. Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below. Equity in Investment Partnerships Lion Fund Lion Fund II Total assets as of March 31, 2021 $ 115,563 $ 577,151 Total liabilities as of March 31, 2021 $ 113 $ 65,943 Revenue for the first quarter of 2021 $ 18,016 $ 105,347 Earnings for the first quarter of 2021 $ 17,998 $ 105,274 Biglari Holdings' ownership interest as of March 31, 2021 61.3 % 94.0 % Total assets as of December 31, 2020 $ 112,970 $ 566,663 Total liabilities as of December 31, 2020 $ 189 $ 25,453 Revenue for the first quarter of 2020 $ (45,894) $ (248,460) Earnings for the first quarter of 2020 $ (45,910) $ (249,573) Biglari Holdings' ownership interest as of March 31, 2020 66.1 % 93.1 % Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment is composed of the following. March 31, December 31, Land $ 143,382 $ 142,601 Buildings 140,992 138,734 Land and leasehold improvements 142,003 141,351 Equipment 195,090 192,735 Oil and gas properties 73,268 75,900 Construction in progress 1,242 1,032 695,977 692,353 Less accumulated depreciation and amortization (378,545) (376,231) Property and equipment, net $ 317,432 $ 316,122 Depletion expense related to oil and gas properties was $2,244 and $4,737 during the first quarter of 2021 and 2020, respectively, and is included in depreciation and amortization within the consolidated statement of earnings. During the first quarter of 2021, the Company recorded impairment charges of $298 related to closed stores. The Company recorded impairment charges of $10,300 in the first quarter of 2020 mainly because of the adverse effect the COVID-19 pandemic had on our restaurant operations. The fair value of the long-lived assets was determined based on Level 3 inputs using a discounted cash flow model and quoted prices for the properties.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions. A reconciliation of the change in the carrying value of goodwill is as follows. Goodwill Goodwill at December 31, 2020 $ 53,596 Change in foreign exchange rates during the first quarter of 2021 (29) Goodwill at March 31, 2021 $ 53,567 We evaluate goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying financial information included in our determination of fair value require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. No impairment charges for goodwill were recorded in the first quarters of 2021 or 2020. In response to the adverse effects of the COVID-19 pandemic, during 2020 we considered whether goodwill needed to be evaluated for impairment for certain restaurant reporting units. We considered the available facts and made qualitative assessments and judgments for what we believed represented reasonably possible outcomes. Another pandemic event could have a negative impact on restaurant operations, which may require the Company to record goodwill impairment charges in future periods. Other Intangible Assets Intangible assets with indefinite lives are composed of the following. Trade Names Lease Rights Total Balance at December 31, 2020 $ 15,876 $ 8,189 $ 24,065 Change in foreign exchange rates during the first quarter of 2021 — (359) (359) Balance at March 31, 2021 $ 15,876 $ 7,830 $ 23,706

Restaurant Operations Revenues

Restaurant Operations Revenues	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Restaurant Operations Revenues	Restaurant Operations Revenues Restaurant operations revenues were as follows. First Quarter 2021 2020 Net sales $ 54,950 $ 104,728 Franchise partner fees 7,853 3,344 Franchise royalties and fees 5,135 5,211 Other 2,016 861 $ 69,954 $ 114,144 Net sales Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue. Franchise partner fees Franchise partner fees are composed of up to 15% of sales as well as 50% of profits. We are therefore fully affected by the operating results of the business, unlike in a traditional franchising arrangement, where the franchisor obtains a royalty fee based on sales only. Therefore, we generate most of our revenue from our share of the franchise partners’ profits. The initial franchise fee of ten thousand dollars is recognized when the operator becomes a franchise partner. Franchise royalties and fees Franchise royalties and fees from Steak n Shake and Western Sizzlin franchisees are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement. Gift card revenue Restaurant operations sells gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimates breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses include the following. March 31, December 31, Accounts payable $ 31,347 $ 26,537 Gift card liability 20,122 21,822 Loss reserves 13,487 14,652 Unearned premiums 13,222 13,277 Other insurance accruals 5,012 6,559 Salaries, wages and vacation 8,407 8,285 Deferred revenue 10,259 9,324 Taxes payable 10,288 10,922 Other 8,160 7,443 Accounts payable and accrued expenses $ 120,304 $ 118,821

Notes Payable and Lease Obligat

Notes Payable and Lease Obligations	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Notes Payable and Lease Obligations	Notes Payable and Lease Obligations Steak n Shake Credit Facility On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $200,000. The term loan was scheduled to mature on March 19, 2021. As of December 31, 2020, $152,506 was outstanding ($152,261 net of deferred financing costs). The Company repaid Steak n Shake's outstanding balance in full on February 19, 2021. Lease obligations include the following. Current portion of lease obligations March 31, December 31, Finance lease liabilities $ 1,582 $ 1,897 Finance obligations 4,050 4,854 Operating lease liabilities 9,218 10,614 Total current portion of lease obligations $ 14,850 $ 17,365 Long-term lease obligations Finance lease liabilities $ 5,700 $ 7,034 Finance obligations 68,543 68,148 Operating lease liabilities 34,820 36,463 Total long-term lease obligations $ 109,063 $ 111,645

Leased Assets and Lease Commitm

Leased Assets and Lease Commitments	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leased Assets and Lease Commitments	Leased Assets and Lease Commitments A significant portion of our operating and finance lease portfolio includes restaurant locations. Operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term. Total lease cost consists of the following. First Quarter 2021 2020 Finance lease costs: Amortization of right-of-use assets $ 419 $ 479 Interest on lease liabilities 147 178 Operating lease costs * 1,110 3,736 Total lease costs $ 1,676 $ 4,393 *Includes short-term leases, variable lease costs and sublease income, which are immaterial. Supplemental cash flow information related to leases is as follows. First Quarter 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 529 $ 413 Operating cash flows from finance leases $ 132 $ 171 Operating cash flows from operating leases $ 4,186 $ 3,993 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ — $ 73 Supplemental balance sheet information related to leases is as follows. March 31, December 31, Finance leases: Property and equipment, net $ 6,175 $ 6,501 Weighted-average lease terms and discount rates are as follows. March 31, Weighted-average remaining lease terms: Finance leases 5.4 years Operating leases 5.4 years Weighted-average discount rates: Finance leases 7.1% Operating leases 6.9% Maturities of lease liabilities as of March 31, 2021 are as follows. Year Operating Finance 2021 $ 9,162 $ 1,533 2022 11,092 1,706 2023 9,817 1,401 2024 7,844 1,384 2025 6,087 1,148 After 2025 9,279 1,605 Total lease payments 53,281 8,777 Less interest 9,243 1,495 Total lease liabilities $ 44,038 $ 7,282
Leased Assets and Lease Commitments	Leased Assets and Lease Commitments A significant portion of our operating and finance lease portfolio includes restaurant locations. Operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term. Total lease cost consists of the following. First Quarter 2021 2020 Finance lease costs: Amortization of right-of-use assets $ 419 $ 479 Interest on lease liabilities 147 178 Operating lease costs * 1,110 3,736 Total lease costs $ 1,676 $ 4,393 *Includes short-term leases, variable lease costs and sublease income, which are immaterial. Supplemental cash flow information related to leases is as follows. First Quarter 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 529 $ 413 Operating cash flows from finance leases $ 132 $ 171 Operating cash flows from operating leases $ 4,186 $ 3,993 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ — $ 73 Supplemental balance sheet information related to leases is as follows. March 31, December 31, Finance leases: Property and equipment, net $ 6,175 $ 6,501 Weighted-average lease terms and discount rates are as follows. March 31, Weighted-average remaining lease terms: Finance leases 5.4 years Operating leases 5.4 years Weighted-average discount rates: Finance leases 7.1% Operating leases 6.9% Maturities of lease liabilities as of March 31, 2021 are as follows. Year Operating Finance 2021 $ 9,162 $ 1,533 2022 11,092 1,706 2023 9,817 1,401 2024 7,844 1,384 2025 6,087 1,148 After 2025 9,279 1,605 Total lease payments 53,281 8,777 Less interest 9,243 1,495 Total lease liabilities $ 44,038 $ 7,282

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive IncomeDuring the first quarters of 2021 and 2020, accumulated other comprehensive losses increased by $444 and $312, respectively. As of March 31, 2021 and 2020, the balances in accumulated other comprehensive loss were $1,975 and $3,122, respectively.  There were no reclassifications from accumulated other comprehensive income to earnings during the first quarters of 2021 and 2020.  All changes in accumulated other comprehensive income were due to foreign currency translation adjustments.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIn determining the quarterly provision for income taxes, the Company used a discrete effective tax rate method based on statutory tax rates for the first quarters of 2021 and 2020. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.Income tax expense for the first quarter of 2021 was $22,016 compared to a tax benefit of $43,830 for the first quarter of 2020.  The variance in income taxes between 2021 and 2020 is attributable to taxes on income generated by the investment partnerships.  Investment partnership pretax earnings were $81,766 during the first quarter of 2021 compared to pretax losses of $175,742 during the first quarter of 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have a material effect on our results of operations, financial position or cash flow. On January 29, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholder generally alleged claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari as a result of the dual class structure. On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleged claims of breach of fiduciary duty by the members of our Board of Directors. On May 17, 2018, the shareholders who filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally alleged claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari arising out of the dual class structure, including the ability to vote the Company’s shares that are eliminated for financial reporting purposes. On December 14, 2018, the judge of the Superior Court of Hamilton County, Indiana issued an order granting the Company’s motion to dismiss the shareholders’ lawsuits. On January 11, 2019, the shareholders filed an appeal of the judge’s order dismissing the lawsuits. On December 4, 2019, the Indiana Court of Appeals issued a unanimous decision affirming the trial court’s decision to dismiss the shareholder litigation. On January 20, 2020, the shareholders filed a petition to transfer with the Indiana Supreme Court seeking review of the decision of the Court of Appeals. The Company opposed the petition. On April 7, 2020, the Indiana Supreme Court denied the petition to transfer. All of the cases referenced above are completed and each case was concluded in the Company’s favor.

Fair Value of Financial Assets

Fair Value of Financial Assets	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets	Fair Value of Financial AssetsThe fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below. • Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. • Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector. • Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities. The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets: Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy. Equity securities: The Company’s investments in equity securities are classified within Levels 1 and 2 of the fair value hierarchy. Bonds: The Company’s investments in bonds consist of both corporate and government debt. Bonds are classified within Level l or Level 2 of the fair value hierarchy. Non-qualified deferred compensation plan investments: The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and publicly traded securities, each of which are classified within Level 1 of the fair value hierarchy. Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Level 2 of the fair value hierarchy depending on the instrument. As of March 31, 2021 and December 31, 2020, the fair values of financial assets were as follows. March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 24,322 $ — $ — $ 24,322 $ 23,885 $ — $ — $ 23,885 Equity securities Consumer goods 9,533 5,983 — 15,516 7,274 5,652 — 12,926 Insurance 116 — — 116 261 — — 261 Bonds Government 54,350 — — 54,350 39,472 14,043 — 53,515 Corporate 5,977 — — 5,977 — 5,406 — 5,406 Options on equity securities — 2,580 — 2,580 — 2,911 — 2,911 Non-qualified deferred compensation plan investments 1,504 — — 1,504 1,368 — — 1,368 Total assets at fair value $ 95,802 $ 8,563 $ — $ 104,365 $ 72,260 $ 28,012 $ — $ 100,272 There were no changes in our valuation techniques used to measure fair values on a recurring basis.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Service Agreement The Company is party to a service agreement with Biglari Enterprises LLC and Biglari Capital Corp. (collectively, the “Biglari Entities”) under which the Biglari Entities provide services to the Company. The service agreement has a five Incentive Agreement

Business Segment Reporting

Business Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segment Reporting	Business Segment ReportingOur reportable business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations include Steak n Shake and Western Sizzlin. Our insurance operations include First Guard and Southern Pioneer. The Company also reports segment information for Maxim and Southern Oil. Other business activities not specifically identified with reportable business segments are presented in corporate. We report our earnings from investment partnerships separate from our corporate expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements. A disaggregation of our consolidated data for the first quarters of 2021 and 2020 is presented in the tables which follow. Revenue First Quarter 2021 2020 Operating Businesses: Restaurant Operations: Steak n Shake $ 68,301 $ 111,113 Western Sizzlin 1,653 3,031 Total Restaurant Operations 69,954 114,144 Insurance Operations: First Guard 8,219 7,884 Southern Pioneer 6,400 1,790 Total Insurance Operations 14,619 9,674 Southern Oil 8,592 11,374 Maxim 1,123 508 $ 94,288 $ 135,700 Earnings (Losses) Before Income Taxes First Quarter 2021 2020 Operating Businesses: Restaurant Operations: Steak n Shake $ 5,456 $ (6,591) Western Sizzlin 92 37 Total Restaurant Operations 5,548 (6,554) Insurance Operations: First Guard 2,193 2,441 Southern Pioneer 1,044 472 Total Insurance Operations 3,237 2,913 Southern Oil 3,039 2,470 Maxim 623 (32) Interest expense not allocated to segments (1,121) (2,474) Total Operating Businesses 11,326 (3,677) Corporate and Investments: Corporate and other (2,450) (2,296) Investment gains 3,081 — Investment partnership gains (losses) 81,766 (175,742) Total Corporate and Investments 82,397 (178,038) $ 93,723 $ (181,715)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Business Acquisition	Business Acquisition On March 9, 2020, Biglari Holdings acquired the stock of Southern Pioneer Property & Casualty Insurance Company, and its agency, Southern Pioneer Insurance Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites garage liability insurance, commercial property, as well as homeowners and dwelling fire insurance. The financial results for Southern Pioneer are included from the date of acquisition. Pro-forma financial information of Southern Pioneer is not material.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc., Western Sizzlin Corporation, First Guard Insurance Company, Maxim Inc., Southern Pioneer, and Southern Oil. Intercompany accounts and transactions have been eliminated in consolidation.
Changes in Presentation	Change in PresentationThe first quarter of 2020 has been adjusted to conform to the following changes in presentation. Interest expense on finance leases was combined with interest expense and reclassified as a component of cost and expenses.  Gain on debt extinguishment of $4,346 has been reclassified from other income to selling, general and administrative expenses.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Common Stock	The following table presents shares authorized, issued and outstanding on March 31, 2021 and December 31, 2020. March 31, 2021 December 31, 2020 Class A Class B Class A Class B Common stock authorized 500,000 10,000,000 500,000 10,000,000 Common stock issued and outstanding 206,864 2,068,640 206,864 2,068,640

Investment Partnerships (Tables

Investment Partnerships (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Fair value and carrying value of our partnership interest	The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below. Fair Value Company Carrying Value Partnership interest at December 31, 2020 $ 590,926 $ 171,376 $ 419,550 Investment partnership gains (losses) 110,918 29,152 81,766 Distributions (net of contributions) (147,570) (147,570) Decrease in proportionate share of Company stock held (3,049) 3,049 Partnership interest at March 31, 2021 $ 554,274 $ 197,479 $ 356,795 Fair Value Company Carrying Value Partnership interest at December 31, 2019 $ 666,123 $ 160,581 $ 505,542 Investment partnership gains (losses) (261,708) (85,966) (175,742) Distributions (net of contributions) (12,200) (12,200) Decrease in proportionate share of Company stock held (1,089) 1,089 Partnership interest at March 31, 2020 $ 392,215 $ 73,526 $ 318,689
Carrying value of investment partnerships net of deferred taxes	The carrying value of the investment partnerships net of deferred taxes is presented below. March 31, 2021 December 31, 2020 Carrying value of investment partnerships $ 356,795 $ 419,550 Deferred tax liability related to investment partnerships (68,060) (44,805) Carrying value of investment partnerships net of deferred taxes $ 288,735 $ 374,745
Schedule of Gains (Losses) from Investment Partnerships	Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below. First Quarter 2021 2019 Gains (losses) on investment partnership $ 81,766 $ (175,742) Tax expense (benefit) 19,117 (41,383) Net earnings (loss) $ 62,649 $ (134,359)
Schedule of Summarized Financial Information	Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below. Equity in Investment Partnerships Lion Fund Lion Fund II Total assets as of March 31, 2021 $ 115,563 $ 577,151 Total liabilities as of March 31, 2021 $ 113 $ 65,943 Revenue for the first quarter of 2021 $ 18,016 $ 105,347 Earnings for the first quarter of 2021 $ 17,998 $ 105,274 Biglari Holdings' ownership interest as of March 31, 2021 61.3 % 94.0 % Total assets as of December 31, 2020 $ 112,970 $ 566,663 Total liabilities as of December 31, 2020 $ 189 $ 25,453 Revenue for the first quarter of 2020 $ (45,894) $ (248,460) Earnings for the first quarter of 2020 $ (45,910) $ (249,573) Biglari Holdings' ownership interest as of March 31, 2020 66.1 % 93.1 %

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment is composed of the following. March 31, December 31, Land $ 143,382 $ 142,601 Buildings 140,992 138,734 Land and leasehold improvements 142,003 141,351 Equipment 195,090 192,735 Oil and gas properties 73,268 75,900 Construction in progress 1,242 1,032 695,977 692,353 Less accumulated depreciation and amortization (378,545) (376,231) Property and equipment, net $ 317,432 $ 316,122

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	A reconciliation of the change in the carrying value of goodwill is as follows. Goodwill Goodwill at December 31, 2020 $ 53,596 Change in foreign exchange rates during the first quarter of 2021 (29) Goodwill at March 31, 2021 $ 53,567
Schedule of Other Intangible Assets	Intangible assets with indefinite lives are composed of the following. Trade Names Lease Rights Total Balance at December 31, 2020 $ 15,876 $ 8,189 $ 24,065 Change in foreign exchange rates during the first quarter of 2021 — (359) (359) Balance at March 31, 2021 $ 15,876 $ 7,830 $ 23,706

Restaurant Operations Revenues

Restaurant Operations Revenues (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of restaurant operations revenues	Restaurant operations revenues were as follows. First Quarter 2021 2020 Net sales $ 54,950 $ 104,728 Franchise partner fees 7,853 3,344 Franchise royalties and fees 5,135 5,211 Other 2,016 861 $ 69,954 $ 114,144

Accounts Payable And Accrued _2

Accounts Payable And Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses include the following. March 31, December 31, Accounts payable $ 31,347 $ 26,537 Gift card liability 20,122 21,822 Loss reserves 13,487 14,652 Unearned premiums 13,222 13,277 Other insurance accruals 5,012 6,559 Salaries, wages and vacation 8,407 8,285 Deferred revenue 10,259 9,324 Taxes payable 10,288 10,922 Other 8,160 7,443 Accounts payable and accrued expenses $ 120,304 $ 118,821

Notes Payable and Lease Oblig_2

Notes Payable and Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Notes Payable and Other Borrowings	Lease obligations include the following. Current portion of lease obligations March 31, December 31, Finance lease liabilities $ 1,582 $ 1,897 Finance obligations 4,050 4,854 Operating lease liabilities 9,218 10,614 Total current portion of lease obligations $ 14,850 $ 17,365 Long-term lease obligations Finance lease liabilities $ 5,700 $ 7,034 Finance obligations 68,543 68,148 Operating lease liabilities 34,820 36,463 Total long-term lease obligations $ 109,063 $ 111,645

Leased Assets and Lease Commi_2

Leased Assets and Lease Commitments (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Lease Cost	Total lease cost consists of the following. First Quarter 2021 2020 Finance lease costs: Amortization of right-of-use assets $ 419 $ 479 Interest on lease liabilities 147 178 Operating lease costs * 1,110 3,736 Total lease costs $ 1,676 $ 4,393 *Includes short-term leases, variable lease costs and sublease income, which are immaterial.
Schedule of Supplemental Cash Flows related to leases	Supplemental cash flow information related to leases is as follows. First Quarter 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 529 $ 413 Operating cash flows from finance leases $ 132 $ 171 Operating cash flows from operating leases $ 4,186 $ 3,993 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ — $ 73
Schedule of supplemental balance sheet information related to leases	Supplemental balance sheet information related to leases is as follows. March 31, December 31, Finance leases: Property and equipment, net $ 6,175 $ 6,501
Schedule of weighted-average lease terms and discount rates	Weighted-average lease terms and discount rates are as follows. March 31, Weighted-average remaining lease terms: Finance leases 5.4 years Operating leases 5.4 years Weighted-average discount rates: Finance leases 7.1% Operating leases 6.9%
Schedule of Lease Maturities	Maturities of lease liabilities as of March 31, 2021 are as follows. Year Operating Finance 2021 $ 9,162 $ 1,533 2022 11,092 1,706 2023 9,817 1,401 2024 7,844 1,384 2025 6,087 1,148 After 2025 9,279 1,605 Total lease payments 53,281 8,777 Less interest 9,243 1,495 Total lease liabilities $ 44,038 $ 7,282

Fair Value of Financial Assets

Fair Value of Financial Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets	As of March 31, 2021 and December 31, 2020, the fair values of financial assets were as follows. March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 24,322 $ — $ — $ 24,322 $ 23,885 $ — $ — $ 23,885 Equity securities Consumer goods 9,533 5,983 — 15,516 7,274 5,652 — 12,926 Insurance 116 — — 116 261 — — 261 Bonds Government 54,350 — — 54,350 39,472 14,043 — 53,515 Corporate 5,977 — — 5,977 — 5,406 — 5,406 Options on equity securities — 2,580 — 2,580 — 2,911 — 2,911 Non-qualified deferred compensation plan investments 1,504 — — 1,504 1,368 — — 1,368 Total assets at fair value $ 95,802 $ 8,563 $ — $ 104,365 $ 72,260 $ 28,012 $ — $ 100,272

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Disaggregation of Revenue	A disaggregation of our consolidated data for the first quarters of 2021 and 2020 is presented in the tables which follow. Revenue First Quarter 2021 2020 Operating Businesses: Restaurant Operations: Steak n Shake $ 68,301 $ 111,113 Western Sizzlin 1,653 3,031 Total Restaurant Operations 69,954 114,144 Insurance Operations: First Guard 8,219 7,884 Southern Pioneer 6,400 1,790 Total Insurance Operations 14,619 9,674 Southern Oil 8,592 11,374 Maxim 1,123 508 $ 94,288 $ 135,700
Schedule of earnings (losses) before income taxes by segment	Earnings (Losses) Before Income Taxes First Quarter 2021 2020 Operating Businesses: Restaurant Operations: Steak n Shake $ 5,456 $ (6,591) Western Sizzlin 92 37 Total Restaurant Operations 5,548 (6,554) Insurance Operations: First Guard 2,193 2,441 Southern Pioneer 1,044 472 Total Insurance Operations 3,237 2,913 Southern Oil 3,039 2,470 Maxim 623 (32) Interest expense not allocated to segments (1,121) (2,474) Total Operating Businesses 11,326 (3,677) Corporate and Investments: Corporate and other (2,450) (2,296) Investment gains 3,081 — Investment partnership gains (losses) 81,766 (175,742) Total Corporate and Investments 82,397 (178,038) $ 93,723 $ (181,715)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Gain on extinguishment of debt	$ 4,346
Mr. Biglari | Common Class A
Biglari Holdings' ownership interest		63.00%
Mr. Biglari | Common Class B
Biglari Holdings' ownership interest		67.50%

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	Mar. 31, 2021	Dec. 31, 2020
Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock authorized (in shares)	500,000	500,000
Common stock issued and outstanding (in shares)	206,864	206,864
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock authorized (in shares)	10,000,000	10,000,000
Common stock issued and outstanding (in shares)	2,068,640	2,068,640

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Earnings Per Share [Abstract]
Equivalent class A common stock outstanding (in shares)	620,592		620,592
Antidilutive securities excluded from computation of earnings per share (in shares)	321,139	344,391

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Available for sale investments	$ 99,427	$ 94,861

Investment Partnerships - Fair

Investment Partnerships - Fair Value and Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) In Equity Method Investments [Roll Forward]
Investment partnership gains (losses)	$ 81,766	$ (175,742)
Fair Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	590,926	666,123
Investment partnership gains (losses)	110,918	(261,708)
Distributions (net of contributions)	(147,570)	(12,200)
Decrease in proportionate share of Company stock held
Fair value of partnership interest, ending balance	554,274	392,215
Company Common Stock
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	171,376	160,581
Investment partnership gains (losses)	29,152	(85,966)
Distributions (net of contributions)
Decrease in proportionate share of Company stock held	(3,049)	(1,089)
Fair value of partnership interest, ending balance	197,479	73,526
Carrying Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	419,550	505,542
Investment partnership gains (losses)	81,766	(175,742)
Distributions (net of contributions)	(147,570)	(12,200)
Decrease in proportionate share of Company stock held	3,049	1,089
Fair value of partnership interest, ending balance	$ 356,795	$ 318,689

Investment Partnerships - Carry

Investment Partnerships - Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Carrying value of investment partnerships	$ 356,795	$ 419,550
Deferred tax liability related to investment partnerships	(68,060)	(44,805)
Carrying value of investment partnerships net of deferred taxes	$ 288,735	$ 374,745

Investment Partnerships - Gains

Investment Partnerships - Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Gains (losses) on investment partnership	$ 81,766	$ (175,742)
Tax expense (benefit)	19,117	(41,383)
Net earnings (loss)	$ 62,649	$ (134,359)

Investment Partnerships - Summa

Investment Partnerships - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total assets	$ 959,886		$ 1,017,968
Total liabilities	320,746		453,140
Total revenues	94,288	$ 135,700
Total earnings	71,707	(137,885)
Lion Fund, L.P.
Schedule of Equity Method Investments [Line Items]
Total assets	115,563		112,970
Total liabilities	113		189
Total revenues	18,016	(45,894)
Total earnings	$ 17,998	$ (45,910)
Biglari Holdings' ownership interest	61.30%	66.10%
Lion Fund II, L.P.
Schedule of Equity Method Investments [Line Items]
Total assets	$ 577,151		566,663
Total liabilities	65,943		$ 25,453
Total revenues	105,347	$ (248,460)
Total earnings	$ 105,274	$ (249,573)
Biglari Holdings' ownership interest	94.00%	93.10%

Investment Partnerships - Narra

Investment Partnerships - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Proportionate share of Company stock held by investment partnerships at cost	$ 386,568	$ 389,617
Incentive reallocation fee, percentage	25.00%
Hurdle rate, percent	6.00%
Biglari Entities
Schedule of Equity Method Investments [Line Items]
Term of agreement	5 years

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Land	$ 143,382	$ 142,601
Buildings	140,992	138,734
Land and leasehold improvements	142,003	141,351
Equipment	195,090	192,735
Oil and gas properties	73,268	75,900
Construction in progress	1,242	1,032
Total property and equipment	695,977	692,353
Less accumulated depreciation and amortization	(378,545)	(376,231)
Property and equipment, net	$ 317,432	$ 316,122

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depletion	$ 2,244	$ 4,737
Impairments charges	$ 298	$ 10,300

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Reconciliation of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Goodwill at December 31, 2020	$ 53,596
Change in foreign exchange rates during the first quarter of 2021	(29)
Goodwill at March 31, 2021	$ 53,567

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2020	$ 24,065
Balance at March 31, 2021	23,706
Effect Of Exchange Rate On Other Intangible Assets, Net	(359)
Trade Names
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2020	15,876
Balance at March 31, 2021	15,876
Effect Of Exchange Rate On Other Intangible Assets, Net	0
Lease Rights
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2020	8,189
Balance at March 31, 2021	7,830
Effect Of Exchange Rate On Other Intangible Assets, Net	$ (359)

Restaurant Operations Revenue_2

Restaurant Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 69,954	$ 114,144
Product
Disaggregation of Revenue [Line Items]
Restaurant operations	54,950	104,728
Royalty
Disaggregation of Revenue [Line Items]
Restaurant operations	7,853	3,344
Franchisor
Disaggregation of Revenue [Line Items]
Restaurant operations	5,135	5,211
Product and Service, Other
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 2,016	$ 861

Restaurant Operations Revenue -

Restaurant Operations Revenue - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Initial franchise partner fee	$ 10,000
Franchise partner fees sales percent	15.00%
Franchise partner fees profits percent	50.00%

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts payable	$ 31,347	$ 26,537
Gift card liability	20,122	21,822
Loss reserves	13,487	14,652
Unearned premiums	13,222	13,277
Other insurance accruals	5,012	6,559
Salaries, wages and vacation	8,407	8,285
Deferred revenue	10,259	9,324
Taxes payable	10,288	10,922
Other	8,160	7,443
Accounts payable and accrued expenses	$ 120,304	$ 118,821

Notes Payable and Lease Oblig_3

Notes Payable and Lease Obligations - Schedule of Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current portion of lease obligations
Finance lease liabilities	$ 1,582	$ 1,897
Finance obligations	4,050	4,854
Operating lease liabilities	9,218	10,614
Operating And Finance Lease, Liability, Current	14,850	17,365
Long-term lease obligations
Finance lease liabilities	5,700	7,034
Finance obligations	68,543	68,148
Operating lease liabilities	34,820	36,463
Total long-term lease obligations	$ 109,063	$ 111,645

Notes Payable and Lease Oblig_4

Notes Payable and Lease Obligations (Details Narrative) - Steak n Shake Credit Facility - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 19, 2014
Debt Instrument [Line Items]
Debt instrument, principal amount		$ 200,000
Debt instrument, fair value	$ 152,506
Long-term debt, fair value	$ 152,261

Leased Assets and Lease Commi_3

Leased Assets and Lease Commitments - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Amortization of right-of-use assets	$ 419	$ 479
Interest on lease liabilities	147	178
Operating lease costs	1,110	3,736
Total lease costs	$ 1,676	$ 4,393

Leased Assets and Lease Commi_4

Leased Assets and Lease Commitments - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 529	$ 413
Operating cash flows from finance leases	132	171
Operating cash flows from operating leases	4,186	3,993
Right-of-use assets obtained in exchange for lease obligations:
Operating lease liabilities	$ 0	$ 73

Leased Assets and Lease Commi_5

Leased Assets and Lease Commitments - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Property and equipment, net	$ 6,175	$ 6,501

Leased Assets and Lease Commi_6

Leased Assets and Lease Commitments - Weighted Average Lease Terms and Discount Rates (Details)	Mar. 31, 2021
Weighted-average remaining lease terms:
Finance leases	5 years 4 months 24 days
Operating leases	5 years 4 months 24 days
Weighted-average discount rates:
Finance leases	7.10%
Operating leases	6.90%

Leased Assets and Lease Commi_7

Leased Assets and Lease Commitments - Lease Maturity Schedule (Details) $ in Thousands	Mar. 31, 2021USD ($)
Operating Leases
2021	$ 9,162
2022	11,092
2023	9,817
2024	7,844
2025	6,087
After 2025	9,279
Total lease payments	53,281
Less interest	9,243
Total lease liabilities	44,038
Finance Leases
2021	1,533
2022	1,706
2023	1,401
2024	1,384
2025	1,148
After 2025	1,605
Total lease payments	8,777
Less interest	1,495
Total lease liabilities	$ 7,282

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Equity [Abstract]
Accumulated other comprehensive loss increase/decrease	$ 444	$ 312
Accumulated other comprehensive loss	$ 1,975	$ (3,122)	$ 1,531

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 22,016	$ (43,830)
Investment partnership pretax gains (losses)	$ 81,766	$ 175,742

Fair Value of Financial Asset_2

Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash equivalents	$ 24,322	$ 23,885
Options on equity securities	2,580	2,911
Non-qualified deferred compensation plan investments	1,504	1,368
Total assets at fair value	104,365	100,272
Consumer goods
Assets
Equity securities	15,516	12,926
Insurance
Assets
Equity securities	116	261
Government
Assets
Bonds	54,350	53,515
Corporate
Assets
Bonds	5,977	5,406
Level 1
Assets
Cash equivalents	24,322	23,885
Options on equity securities	0	0
Non-qualified deferred compensation plan investments	1,504	1,368
Total assets at fair value	95,802	72,260
Level 1 | Consumer goods
Assets
Equity securities	9,533	7,274
Level 1 | Insurance
Assets
Equity securities	116	261
Level 1 | Government
Assets
Bonds	54,350	39,472
Level 1 | Corporate
Assets
Bonds	5,977	0
Level 2
Assets
Cash equivalents	0	0
Options on equity securities	2,580	2,911
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	8,563	28,012
Level 2 | Consumer goods
Assets
Equity securities	5,983	5,652
Level 2 | Insurance
Assets
Equity securities	0	0
Level 2 | Government
Assets
Bonds	0	14,043
Level 2 | Corporate
Assets
Bonds	0	5,406
Level 3
Assets
Cash equivalents	0	0
Options on equity securities	0	0
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	0	0
Level 3 | Consumer goods
Assets
Equity securities	0	0
Level 3 | Insurance
Assets
Equity securities	0	0
Level 3 | Government
Assets
Bonds	0	0
Level 3 | Corporate
Assets
Bonds	$ 0	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Hurdle rate, percent	6.00%
Incentive reallocation fee, percentage	25.00%
Biglari Entities
Related Party Transaction [Line Items]
Term of agreement	5 years
Hurdle rate, percent	6.00%
Incentive reallocation fee, percentage	25.00%
Biglari Entities | Services Agreement
Related Party Transaction [Line Items]
Management fee expense	$ 2,100	$ 2,100

Business Segment Reporting - Di

Business Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Restaurant operations	$ 69,954	$ 114,144
Insurance premiums and other	14,619	9,674
Oil and gas	8,592	11,374
Media and licensing	1,123	508
Total revenues	94,288	135,700
Restaurant Operations
Segment Reporting Information [Line Items]
Restaurant operations	69,954	114,144
Restaurant Operations | Steak n Shake
Segment Reporting Information [Line Items]
Restaurant operations	68,301	111,113
Restaurant Operations | Western Sizzlin
Segment Reporting Information [Line Items]
Restaurant operations	1,653	3,031
Insurance Operations
Segment Reporting Information [Line Items]
Insurance premiums and other	14,619	9,674
Insurance Operations | First Guard
Segment Reporting Information [Line Items]
Insurance premiums and other	8,219	7,884
Insurance Operations | Southern Pioneer
Segment Reporting Information [Line Items]
Insurance premiums and other	6,400	1,790
Southern Oil
Segment Reporting Information [Line Items]
Oil and gas	8,592	11,374
Maxim
Segment Reporting Information [Line Items]
Media and licensing	$ 1,123	$ 508

Business Segment Reporting - Ea

Business Segment Reporting - Earnings (Losses) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	$ 93,723	$ (181,715)
Interest expense	(2,741)	(4,274)
Investment gains	3,081	0
Investment partnership gains (losses)	81,766	(175,742)
Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	11,326	(3,677)
Interest expense	(1,121)	(2,474)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Corporate and other	(2,450)	(2,296)
Investment gains	3,081	0
Investment partnership gains (losses)	81,766	(175,742)
Total Corporate and Investments	82,397	(178,038)
Restaurant Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	5,548	(6,554)
Restaurant Operations | Operating Segments | Steak n Shake
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	5,456	(6,591)
Restaurant Operations | Operating Segments | Western Sizzlin
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	92	37
Insurance Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	3,237	2,913
Insurance Operations | Operating Segments | First Guard
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	2,193	2,441
Insurance Operations | Operating Segments | Southern Pioneer
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	1,044	472
Southern Oil | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	3,039	2,470
Maxim | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	$ 623	$ (32)

Uncategorized Items - bh-202103

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 5,163,000
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 2,924,000