Biglari (BH) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
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	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 27,795	$ 24,503
Investments	99,006	94,861
Receivables	23,885	19,185
Inventories	3,102	2,737
Other current assets	6,763	6,492
Total current assets	160,551	147,778
Property and equipment	352,822	316,122
Operating lease assets	44,598	42,832
Goodwill and other intangible assets	77,179	77,661
Investment partnerships	273,089	419,550
Other assets	11,132	14,025
Total assets	919,371	1,017,968
Current liabilities:
Accounts payable and accrued expenses	100,898	90,892
Loss and loss adjustment expenses	13,401	14,652
Unearned premiums	11,303	13,277
Current portion of lease obligations	17,230	17,365
Current portion of notes payable	0	152,261
Total current liabilities	142,832	288,447
Lease obligations	107,949	111,645
Deferred taxes	57,910	41,346
Asset retirement obligations	10,314	10,022
Other liabilities	1,800	1,680
Total liabilities	320,805	453,140
Shareholders’ equity
Common stock	1,138	1,138
Additional paid-in capital	381,788	381,788
Retained earnings	613,351	573,050
Accumulated other comprehensive loss	(1,909)	(1,531)
Treasury stock, at cost	(395,802)	(389,617)
Biglari Holdings Inc. shareholders’ equity	598,566	564,828
Total liabilities and shareholders’ equity	$ 919,371	$ 1,017,968

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Restaurant operations		$ 59,144	$ 79,674	$ 196,424	$ 272,582
Insurance premiums and other		14,723	14,413	43,729	38,692
Oil and gas		7,353	6,029	24,310	19,554
Media and licensing		863	1,719	2,695	3,209
Total revenues		82,083	101,835	267,158	334,037
Cost and expenses
Restaurant cost of sales		41,694	54,062	129,297	194,737
Insurance losses and underwriting expenses		10,672	11,290	31,733	28,866
Oil and gas production costs		2,050	2,171	6,957	6,570
Media and licensing costs		880	548	1,749	1,491
Selling, general and administrative		16,889	19,902	50,848	54,974
Impairments		0	3,698	559	21,817
Depreciation and amortization		7,682	7,275	22,239	24,284
Interest expense on leases		1,462	1,593	4,619	4,679
Interest expense on notes payable		0	2,150	1,121	6,973
Total cost and expenses		81,329	102,689	249,122	344,391
Other income
Investment gains		4,534	354	6,465	1,863
Investment partnership gains (losses)		(20,231)	27,218	27,344	(89,276)
Total other income (expenses)		(15,697)	27,572	33,809	(87,413)
Earnings (loss) before income taxes		(14,943)	26,718	51,845	(97,767)
Income tax expense (benefit)		(4,274)	5,617	11,544	(23,449)
Net earnings (loss)		$ (10,669)	$ 21,101	$ 40,301	$ (74,318)
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 A share, basic (in dollars per share)	[1]	$ (33.74)	$ 60.07	$ 125.79	$ (213.31)
Net earnings (loss) per equivalent Class A share, diluted (in dollars per share)		(33.74)	60.07	125.79	(213.31)
Common Class B
Earnings per share
Net earnings (loss) per equivalent Class A share, basic (in dollars per share)		(6.75)	12.01	25.16	(42.66)
Net earnings (loss) per equivalent Class A share, diluted (in dollars per share)		$ (6.75)	$ 12.01	$ 25.16	$ (42.66)
[1]	*Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(6.75) and $25.16 for the third quarter and first nine months of 2021, respectively, and $12.01 and $(42.66) for the third quarter and first nine months of 2020, respectively.

CONSOLIDATED STATEMENTS OF EA_2

CONSOLIDATED STATEMENTS OF EARNINGS (Parenthetical) - Common Class B	9 Months Ended
	Sep. 30, 2021$ / shares
Net earnings (loss) per equivalent Class B share, basic (in dollars per share)	$ 25.16
Net earnings (loss) per equivalent Class B share, diluted (in dollars per share)	$ 25.16
Net earnings (loss) per equivalent share ratio	0.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (10,669)	$ 21,101	$ 40,301	$ (74,318)
Other Comprehensive Income (Loss), Tax [Abstract]
Foreign currency translation	(49)	344	(378)	834
Total comprehensive income (loss)	$ (10,718)	$ 21,445	$ 39,923	$ (73,484)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net earnings (loss)	$ 40,301	$ (74,318)
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation and amortization	22,239	24,284
Provision for deferred income taxes	16,625	(23,755)
Asset impairments and other non-cash expenses	696	22,545
Gains on disposal of assets	(306)	(1,251)
Investment gains and investment partnership gains/losses	(34,461)	87,413
Distributions from investment partnerships	172,420	97,330
Changes in receivables, inventories and other assets	3,608	10,919
Changes in accounts payable and accrued expenses	(9,877)	(36,800)
Net cash provided by operating activities	211,245	106,367
Investing activities
Capital expenditures	(46,486)	(13,297)
Proceeds from property and equipment disposals	2,749	3,914
Acquisition of business, net of cash acquired	0	(34,240)
Purchases of limited partner interests	(4,800)	(69,330)
Purchases of investments	(81,923)	(240,351)
Redemptions of fixed maturity securities	74,678	241,223
Net cash used in investing activities	(55,782)	(112,081)
Financing activities
Proceeds from revolving credit facility	0	500
Principal payments on long-term debt	(149,952)	(22,729)
Principal payments on direct financing lease obligations	(4,634)	(4,152)
Net cash used in financing activities	(154,586)	(26,381)
Effect of exchange rate changes on cash	(85)	(13)
Increase (decrease) in cash, cash equivalents and restricted cash	792	(32,108)
Cash, cash equivalents and restricted cash at beginning of year	29,666	70,696
Cash, cash equivalents and restricted cash at end of third quarter	30,458	38,588
Cash and cash equivalents	27,795	33,164
Restricted cash in other long-term assets	2,663	5,424
Cash, cash equivalents and restricted cash at end of third quarter	$ 30,458	$ 38,588

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - 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, 2019	616,298	1,138	381,788	611,039	(2,810)	(374,857)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss					834
Ending balance at Sep. 30, 2020	538,218	1,138	381,788	536,721	(1,976)	(379,453)
Beginning balance at Mar. 31, 2020	479,190	1,138	381,788	473,154	(3,122)	(373,768)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	42,466			42,466
Other comprehensive loss	802				802
Adjustment to treasury stock for holdings in investment partnerships	92					92
Ending balance at Jun. 30, 2020	522,550	1,138	381,788	515,620	(2,320)	(373,676)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	21,101			21,101
Other comprehensive loss	344				344
Adjustment to treasury stock for holdings in investment partnerships	(5,777)					(5,777)
Ending balance at Sep. 30, 2020	538,218	1,138	381,788	536,721	(1,976)	(379,453)
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)
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]
Other comprehensive loss					(378)
Ending balance at Sep. 30, 2021	598,566	1,138	381,788	613,351	(1,909)	(395,802)
Beginning balance at Mar. 31, 2021	639,140	1,138	381,788	644,757	(1,975)	(386,568)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(20,737)			(20,737)
Other comprehensive loss	115				115
Adjustment to treasury stock for holdings in investment partnerships	(5,026)					(5,026)
Ending balance at Jun. 30, 2021	613,492	1,138	381,788	624,020	(1,860)	(391,594)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(10,669)			(10,669)
Other comprehensive loss	(49)				(49)
Adjustment to treasury stock for holdings in investment partnerships	(4,208)					(4,208)
Ending balance at Sep. 30, 2021	$ 598,566	$ 1,138	$ 381,788	$ 613,351	$ (1,909)	$ (395,802)

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 2021, Mr. Biglari beneficially owns shares of the Company that represent approximately 65.0% of the economic interest and 70.3% 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 in March of 2020. Government and private sector responses to contain its spread began to affect our operating businesses significantly that same month. The COVID-19 pandemic has adversely affected nearly all of our operations, although the effects are varying significantly. The risks and uncertainties resulting from the pandemic may continue to affect our future earnings, cash flows and financial condition. The extent of such effects over the long term cannot be reasonably estimated at this time. 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. 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 Company. Intercompany accounts and transactions have been eliminated in consolidation. Change in Presentation Gain on debt extinguishment of $0 and $5,713 during the third quarter and first nine months of 2020, respectively, have been reclassified from other income to selling, general and administrative expenses. Loss and loss adjustment expenses and unearned premiums are reflected separately from accrued expenses on the consolidated balance sheet.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareEarnings 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 September 30, 2021 and December 31, 2020. September 30, 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 On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of September 30, 2021 and December 31, 2020. The Company has applied the "two-class method" of computing earnings per share as prescribed in Accounting Standards Codification ("ASC") 260, "Earnings Per Share". The equivalent Class A common stock applied for computing earnings per share excludes the proportional shares of Biglari Holdings' stock held by the investment partnerships. The equivalent Class A common stock for the earnings per share calculation during the third quarters of 2021 and 2020 was 316,236 and 351,288, respectively. The equivalent Class A common stock for the earnings per share calculation during the first nine months of 2021 and 2020 was 320,377 and 348,396, respectively.

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Investments were $99,006 and $94,861 as of September 30, 2021 and December 31, 2020, respectively. We classify investments in fixed maturity securities at the acquisition date as either available-for-sale or held-to-maturity and re-evaluate the classification at each balance sheet date. Securities classified as held-to-maturity are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity. Realized gains and losses on disposals of investments are determined on a specific identification basis. Dividends earned on investments are reported as investment income by our insurance companies. We consider investment income as a component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating. Investment gains for the third quarter and first nine months of 2021 were $4,534 and $6,465, respectively, which include a $5,047 gain on the sale of real estate. The Company purchased 26 acres of land in Murfreesboro, Tennessee in 2014 for $2,145 and sold it in the third quarter of 2021. Investment gains for the third quarter and first nine months of 2020 were $354 and $1,863, respectively.

Investment Partnerships

Investment Partnerships	9 Months Ended
	Sep. 30, 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) 110,690 83,346 27,344 Distributions (net of contributions) (167,620) (167,620) Increase in proportionate share of Company stock held 6,185 (6,185) Partnership interest at September 30, 2021 $ 533,996 $ 260,907 $ 273,089 Fair Value Company Carrying Value Partnership interest at December 31, 2019 $ 666,123 $ 160,581 $ 505,542 Investment partnership gains (losses) (123,524) (34,248) (89,276) Distributions (net of contributions) (28,000) (28,000) Decrease in proportionate share of Company stock held 4,596 (4,596) Partnership interest at September 30, 2020 $ 514,599 $ 130,929 $ 383,670 The carrying value of the investment partnerships net of deferred taxes is presented below. September 30, December 31, 2020 Carrying value of investment partnerships $ 273,089 $ 419,550 Deferred tax liability related to investment partnerships (54,432) (44,805) Carrying value of investment partnerships net of deferred taxes $ 218,657 $ 374,745 The Company’s proportionate share of Company stock held by investment partnerships at cost is $395,802 and $389,617 at September 30, 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 of our partnership interests is assessed according to our proportional ownership interest of the fair value of investments held by the investment partnerships. Unrealized gains and losses on marketable securities held by the investment partnerships affect our net earnings. Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below. Third Quarter First Nine Months 2021 2020 2021 2020 Gains (losses) on investment partnership $ (20,231) $ 27,218 $ 27,344 $ (89,276) Tax expense (benefit) (4,946) 6,163 6,175 (21,337) Contribution to net earnings $ (15,285) $ 21,055 $ 21,169 $ (67,939) 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 consolidated financial statements. There were no incentive reallocations from Biglari Holdings to Biglari Capital during the first nine months 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 September 30, 2021 $ 132,351 $ 583,989 Total liabilities as of September 30, 2021 $ 1,490 $ 101,956 Revenue for the first nine months of 2021 $ 35,639 $ 94,078 Earnings for the first nine months of 2021 $ 35,584 $ 93,548 Biglari Holdings' ownership interest as of September 30, 2021 62.4 % 93.9 % 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 nine months of 2020 $ (18,941) $ (119,644) Earnings for the first nine months of 2020 $ (18,992) $ (120,849) Biglari Holdings' ownership interest as of September 30, 2020 66.2 % 95.3 % 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	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment is composed of the following. September 30, December 31, Land $ 144,774 $ 142,601 Buildings 147,947 138,734 Land and leasehold improvements 148,296 141,351 Equipment 223,815 192,735 Oil and gas properties 73,752 75,900 Construction in progress 2,482 1,032 741,066 692,353 Less accumulated depreciation and amortization (388,244) (376,231) Property and equipment, net $ 352,822 $ 316,122 Depletion expense related to oil and gas properties was $5,875 and $9,249 during the first nine months of 2021 and 2020, respectively, and is included in depreciation and amortization within the consolidated statement of earnings. During the first nine months of 2021, the Company recorded impairment charges of $559 related to closed stores. The Company recorded impairment charges of $18,117 in the first nine months of 2020. 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	9 Months Ended
	Sep. 30, 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 nine months of 2021 (36) Goodwill at September 30, 2021 $ 53,560 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. 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. No impairment charges for goodwill were recorded in the first nine months of 2021 or 2020. Western Sizzlin has experienced a decline in its franchised units for several years. If Western Sizzlin's franchised units continue to decline, an impairment of its goodwill may be necessary. 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 nine months of 2021 — (446) (446) Balance at September 30, 2021 $ 15,876 $ 7,743 $ 23,619 During the first nine months of 2020, the Company recorded impairment charges of $3,700 on lease rights related to our international restaurant operations.

Restaurant Operations Revenues

Restaurant Operations Revenues	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Restaurant Operations Revenues	Restaurant Operations Revenues Restaurant operations revenues were as follows. Third Quarter First Nine Months 2021 2020 2021 2020 Net sales $ 41,916 $ 67,617 $ 146,269 $ 241,832 Franchise partner fees 11,508 6,894 31,744 14,775 Franchise royalties and fees 4,865 4,421 14,594 13,704 Other 855 742 3,817 2,271 $ 59,144 $ 79,674 $ 196,424 $ 272,582 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. We generate most of our revenue from our share of the franchise partners’ profits. An initial franchise fee of ten thousand dollars is recognized when the operator becomes a franchise partner. The Company recognizes franchise partner fees monthly as underlying restaurant sales occur. The Company leases or subleases property and equipment to franchisees under lease arrangements. Both real estate and equipment rental payments are charged to franchisees and are recognized in accordance with ASC 842, "Leases". During the third quarter of 2021 and 2020, restaurant operations recognized $4,277 and $1,606, respectively, in franchise partner fees related to rental fees. During the nine months ended September 30, 2021, and September 30, 2020, restaurant operations recognized $10,910 and $3,617, respectively, in franchise partner fees related to rental fees. 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. Other 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	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses include the following. September 30, December 31, Accounts payable $ 42,307 $ 26,537 Gift card liability 21,174 21,822 Insurance accruals 6,221 6,559 Salaries, wages and vacation 8,378 8,285 Deferred revenue 7,546 9,324 Taxes payable 4,317 10,922 Professional fees 6,169 5,882 Other 4,786 1,561 Accounts payable and accrued expenses $ 100,898 $ 90,892

Notes Payable and Lease Obligat

Notes Payable and Lease Obligations	9 Months Ended
	Sep. 30, 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 $220,000. The term loan was scheduled to mature on March 19, 2021. As of December 31, 2020, $152,506 was outstanding. 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 September 30, December 31, Finance lease liabilities $ 1,536 $ 1,897 Finance obligations 4,948 4,854 Operating lease liabilities 10,746 10,614 Total current portion of lease obligations $ 17,230 $ 17,365 Long-term lease obligations Finance lease liabilities $ 5,627 $ 7,034 Finance obligations 64,315 68,148 Operating leases liabilities 38,007 36,463 Total long-term lease obligations $ 107,949 $ 111,645
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 $220,000. The term loan was scheduled to mature on March 19, 2021. As of December 31, 2020, $152,506 was outstanding. 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 September 30, December 31, Finance lease liabilities $ 1,536 $ 1,897 Finance obligations 4,948 4,854 Operating lease liabilities 10,746 10,614 Total current portion of lease obligations $ 17,230 $ 17,365 Long-term lease obligations Finance lease liabilities $ 5,627 $ 7,034 Finance obligations 64,315 68,148 Operating leases liabilities 38,007 36,463 Total long-term lease obligations $ 107,949 $ 111,645

Leased Assets and Lease Commitm

Leased Assets and Lease Commitments	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leased Assets and Lease Commitments	Leased Assets and Lease Commitments Nature of Leases The Company operates restaurants that are located on sites owned by us and leased from third parties. In addition, the Company owns sites and leases sites from third parties that are leased and/or subleased to franchisees. Company as Lessee 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. Third Quarter First Nine Months 2021 2020 2021 2020 Finance lease costs: Amortization of right-of-use assets $ 404 $ 279 $ 1,205 $ 1,087 Interest on lease liabilities 126 136 399 392 Operating lease costs * 240 2,096 1,403 8,321 Total lease costs $ 770 $ 2,511 $ 3,007 $ 9,800 *Includes short-term leases, variable lease costs and sublease income. Supplemental cash flow information related to leases is as follows. First Nine Months 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 1,226 $ 1,132 Operating cash flows from finance leases $ 384 $ 463 Operating cash flows from operating leases $ 9,806 $ 10,382 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ — $ 73 Supplemental balance sheet information related to leases is as follows. September 30, December 31, Finance leases: Property and equipment, net $ 6,005 $ 6,501 Weighted-average lease terms and discount rates are as follows. September 30, Weighted-average remaining lease terms: Finance leases 5.2 years Operating leases 5.3 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 6.9 % Maturities of lease liabilities as of September 30, 2021 are as follows. Year Operating Finance 2021 $ 4,217 $ 543 2022 12,457 1,816 2023 11,204 1,551 2024 9,244 1,534 2025 7,605 1,298 After 2025 13,699 1,814 Total lease payments 58,426 8,556 Less interest 9,673 1,393 Total lease liabilities $ 48,753 $ 7,163 Company as Lessor The components of lease income are as follows. Third Quarter First Nine Months 2021 2020 2021 2020 Operating lease income $ 3,211 $ 1,428 $ 8,471 $ 3,259 Variable lease income 1,370 449 3,375 1,183 Total lease income $ 4,581 $ 1,877 $ 11,846 $ 4,442 The following table displays the Company's future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2021. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties 2021 $ 190 $ 62 2022 725 247 2023 537 247 2024 454 247 2025 454 250 After 2025 1,916 1,052 Total future minimum receipts $ 4,276 $ 2,105
Leased Assets and Lease Commitments	Leased Assets and Lease Commitments Nature of Leases The Company operates restaurants that are located on sites owned by us and leased from third parties. In addition, the Company owns sites and leases sites from third parties that are leased and/or subleased to franchisees. Company as Lessee 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. Third Quarter First Nine Months 2021 2020 2021 2020 Finance lease costs: Amortization of right-of-use assets $ 404 $ 279 $ 1,205 $ 1,087 Interest on lease liabilities 126 136 399 392 Operating lease costs * 240 2,096 1,403 8,321 Total lease costs $ 770 $ 2,511 $ 3,007 $ 9,800 *Includes short-term leases, variable lease costs and sublease income. Supplemental cash flow information related to leases is as follows. First Nine Months 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 1,226 $ 1,132 Operating cash flows from finance leases $ 384 $ 463 Operating cash flows from operating leases $ 9,806 $ 10,382 Right-of-use assets obtained in exchange for lease obligations: Operating lease liabilities $ — $ 73 Supplemental balance sheet information related to leases is as follows. September 30, December 31, Finance leases: Property and equipment, net $ 6,005 $ 6,501 Weighted-average lease terms and discount rates are as follows. September 30, Weighted-average remaining lease terms: Finance leases 5.2 years Operating leases 5.3 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 6.9 % Maturities of lease liabilities as of September 30, 2021 are as follows. Year Operating Finance 2021 $ 4,217 $ 543 2022 12,457 1,816 2023 11,204 1,551 2024 9,244 1,534 2025 7,605 1,298 After 2025 13,699 1,814 Total lease payments 58,426 8,556 Less interest 9,673 1,393 Total lease liabilities $ 48,753 $ 7,163 Company as Lessor The components of lease income are as follows. Third Quarter First Nine Months 2021 2020 2021 2020 Operating lease income $ 3,211 $ 1,428 $ 8,471 $ 3,259 Variable lease income 1,370 449 3,375 1,183 Total lease income $ 4,581 $ 1,877 $ 11,846 $ 4,442 The following table displays the Company's future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2021. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties 2021 $ 190 $ 62 2022 725 247 2023 537 247 2024 454 247 2025 454 250 After 2025 1,916 1,052 Total future minimum receipts $ 4,276 $ 2,105

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive IncomeAccumulated other comprehensive loss increased $49 and decreased $344 during the third quarters of 2021 and 2020, respectively. During the first nine months of 2021, accumulated other comprehensive loss increased by $378 and decreased by $834 during the first nine months of 2020.  As of September 30, 2021 and 2020, the balances in accumulated other comprehensive loss were $1,909 and $1,976, respectively.  There were no reclassifications from accumulated other comprehensive loss to earnings during the first nine months of 2021 and 2020.  All changes in accumulated other comprehensive loss were due to foreign currency translation adjustments.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 nine months 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 benefit for the third quarter of 2021 was $4,274 compared to an income tax expense of $5,617 for the third quarter of 2020.  Income tax expense for the first nine months of 2021 was $11,544 compared to a benefit of $23,449 for the first nine months 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 gains were $27,344 during the first nine months of 2021 compared to pretax losses of $89,276 during the first nine months of 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe 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.

Fair Value of Financial Assets

Fair Value of Financial Assets	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets	Fair Value of Financial Assets The 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 September 30, 2021 and December 31, 2020, the fair values of financial assets were as follows. September 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 25,575 $ — $ — $ 25,575 $ 23,885 $ — $ — $ 23,885 Equity securities Consumer goods 8,349 2,810 — 11,159 7,274 5,652 — 12,926 Insurance 4,536 — — 4,536 261 — — 261 Bonds Government 52,876 — — 52,876 39,472 14,043 — 53,515 Corporate 6,947 — — 6,947 — 5,406 — 5,406 Options on equity securities — 1,653 — 1,653 — 2,911 — 2,911 Non-qualified deferred compensation plan investments 1,596 — — 1,596 1,368 — — 1,368 Total assets at fair value $ 99,879 $ 4,463 $ — $ 104,342 $ 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	9 Months Ended
	Sep. 30, 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 The Incentive Agreement establishes a performance-based annual incentive payment for Mr. Biglari contingent upon the growth in adjusted equity in each year attributable to our operating businesses. In order for Mr. Biglari to receive any incentive, our operating businesses must achieve an annual increase in shareholders’ equity in excess of 6% (the “Hurdle Rate”) above the previous highest level (the “High Water Mark”). Mr. Biglari will receive 25% of any incremental book value created above the High Water Mark plus the Hurdle Rate. In any year in which book value declines, our operating businesses must completely recover their deficit from the previous High Water Mark, along with attaining the Hurdle Rate, before Mr. Biglari becomes eligible to receive any further incentive payment.

Business Segment Reporting

Business Segment Reporting	9 Months Ended
	Sep. 30, 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 third quarters and first nine months of 2021 and 2020 is presented in the tables that follow. Revenue Third Quarter First Nine Months 2021 2020 2021 2020 Operating Businesses: Restaurant Operations: Steak n Shake $ 56,993 $ 78,313 $ 190,517 $ 267,637 Western Sizzlin 2,151 1,361 5,907 4,945 Total Restaurant Operations 59,144 79,674 196,424 272,582 Insurance Operations: First Guard 8,656 7,898 25,250 23,194 Southern Pioneer 6,067 6,515 18,479 15,498 Total Insurance Operations 14,723 14,413 43,729 38,692 Southern Oil 7,353 6,029 24,310 19,554 Maxim 863 1,719 2,695 3,209 $ 82,083 $ 101,835 $ 267,158 $ 334,037 Earnings (Losses) Before Income Taxes Third Quarter First Nine Months 2021 2020 2021 2020 Operating Businesses: Restaurant Operations: Steak n Shake $ (2,959) $ (63) $ 5,733 $ (6,362) Western Sizzlin 247 (396) 707 (937) Total Restaurant Operations (2,712) (459) 6,440 (7,299) Insurance Operations: First Guard 2,934 2,152 8,204 7,193 Southern Pioneer 908 518 3,194 1,458 Total Insurance Operations 3,842 2,670 11,398 8,651 Southern Oil 2,982 592 9,047 1,355 Maxim (56) 1,150 867 1,605 Interest expense not allocated to segments — (2,150) (1,121) (6,973) Total Operating Businesses 4,056 1,803 26,631 (2,661) Corporate and Investments: Corporate and other (3,302) (2,657) (8,595) (7,693) Investment gains 4,534 354 6,465 1,863 Investment partnership gains (losses) (20,231) 27,218 27,344 (89,276) Total Corporate and Investments (18,999) 24,915 25,214 (95,106) $ (14,943) $ 26,718 $ 51,845 $ (97,767)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Business Acquisition	Business AcquisitionOn 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.
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 Company. Intercompany accounts and transactions have been eliminated in consolidation.
Changes in Presentation	Change in Presentation Gain on debt extinguishment of $0 and $5,713 during the third quarter and first nine months of 2020, respectively, have been reclassified from other income to selling, general and administrative expenses. Loss and loss adjustment expenses and unearned premiums are reflected separately from accrued expenses on the consolidated balance sheet.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following table presents shares authorized, issued and outstanding on September 30, 2021 and December 31, 2020. September 30, 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)	9 Months Ended
	Sep. 30, 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) 110,690 83,346 27,344 Distributions (net of contributions) (167,620) (167,620) Increase in proportionate share of Company stock held 6,185 (6,185) Partnership interest at September 30, 2021 $ 533,996 $ 260,907 $ 273,089 Fair Value Company Carrying Value Partnership interest at December 31, 2019 $ 666,123 $ 160,581 $ 505,542 Investment partnership gains (losses) (123,524) (34,248) (89,276) Distributions (net of contributions) (28,000) (28,000) Decrease in proportionate share of Company stock held 4,596 (4,596) Partnership interest at September 30, 2020 $ 514,599 $ 130,929 $ 383,670
Carrying value of investment partnerships net of deferred taxes	The carrying value of the investment partnerships net of deferred taxes is presented below. September 30, December 31, 2020 Carrying value of investment partnerships $ 273,089 $ 419,550 Deferred tax liability related to investment partnerships (54,432) (44,805) Carrying value of investment partnerships net of deferred taxes $ 218,657 $ 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. Third Quarter First Nine Months 2021 2020 2021 2020 Gains (losses) on investment partnership $ (20,231) $ 27,218 $ 27,344 $ (89,276) Tax expense (benefit) (4,946) 6,163 6,175 (21,337) Contribution to net earnings $ (15,285) $ 21,055 $ 21,169 $ (67,939)
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 September 30, 2021 $ 132,351 $ 583,989 Total liabilities as of September 30, 2021 $ 1,490 $ 101,956 Revenue for the first nine months of 2021 $ 35,639 $ 94,078 Earnings for the first nine months of 2021 $ 35,584 $ 93,548 Biglari Holdings' ownership interest as of September 30, 2021 62.4 % 93.9 % 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 nine months of 2020 $ (18,941) $ (119,644) Earnings for the first nine months of 2020 $ (18,992) $ (120,849) Biglari Holdings' ownership interest as of September 30, 2020 66.2 % 95.3 %

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment is composed of the following. September 30, December 31, Land $ 144,774 $ 142,601 Buildings 147,947 138,734 Land and leasehold improvements 148,296 141,351 Equipment 223,815 192,735 Oil and gas properties 73,752 75,900 Construction in progress 2,482 1,032 741,066 692,353 Less accumulated depreciation and amortization (388,244) (376,231) Property and equipment, net $ 352,822 $ 316,122

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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 nine months of 2021 (36) Goodwill at September 30, 2021 $ 53,560
Schedule of Finite-Lived 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 nine months of 2021 — (446) (446) Balance at September 30, 2021 $ 15,876 $ 7,743 $ 23,619

Restaurant Operations Revenues

Restaurant Operations Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of restaurant operations revenues	Restaurant operations revenues were as follows. Third Quarter First Nine Months 2021 2020 2021 2020 Net sales $ 41,916 $ 67,617 $ 146,269 $ 241,832 Franchise partner fees 11,508 6,894 31,744 14,775 Franchise royalties and fees 4,865 4,421 14,594 13,704 Other 855 742 3,817 2,271 $ 59,144 $ 79,674 $ 196,424 $ 272,582

Accounts Payable And Accrued _2

Accounts Payable And Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accounts payable and accrued expenses include the following. September 30, December 31, Accounts payable $ 42,307 $ 26,537 Gift card liability 21,174 21,822 Insurance accruals 6,221 6,559 Salaries, wages and vacation 8,378 8,285 Deferred revenue 7,546 9,324 Taxes payable 4,317 10,922 Professional fees 6,169 5,882 Other 4,786 1,561 Accounts payable and accrued expenses $ 100,898 $ 90,892

Notes Payable and Lease Oblig_2

Notes Payable and Lease Obligations (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Lease obligations include the following. Current portion of lease obligations September 30, December 31, Finance lease liabilities $ 1,536 $ 1,897 Finance obligations 4,948 4,854 Operating lease liabilities 10,746 10,614 Total current portion of lease obligations $ 17,230 $ 17,365 Long-term lease obligations Finance lease liabilities $ 5,627 $ 7,034 Finance obligations 64,315 68,148 Operating leases liabilities 38,007 36,463 Total long-term lease obligations $ 107,949 $ 111,645

Leased Assets and Lease Commi_2

Leased Assets and Lease Commitments (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Lease Cost	Total lease cost consists of the following. Third Quarter First Nine Months 2021 2020 2021 2020 Finance lease costs: Amortization of right-of-use assets $ 404 $ 279 $ 1,205 $ 1,087 Interest on lease liabilities 126 136 399 392 Operating lease costs * 240 2,096 1,403 8,321 Total lease costs $ 770 $ 2,511 $ 3,007 $ 9,800 *Includes short-term leases, variable lease costs and sublease income.
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information related to leases is as follows. First Nine Months 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 1,226 $ 1,132 Operating cash flows from finance leases $ 384 $ 463 Operating cash flows from operating leases $ 9,806 $ 10,382 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. September 30, December 31, Finance leases: Property and equipment, net $ 6,005 $ 6,501
Schedule of weighted-average lease terms and discount rates	Weighted-average lease terms and discount rates are as follows. September 30, Weighted-average remaining lease terms: Finance leases 5.2 years Operating leases 5.3 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 6.9 %
Schedule of Lease Maturities	Maturities of lease liabilities as of September 30, 2021 are as follows. Year Operating Finance 2021 $ 4,217 $ 543 2022 12,457 1,816 2023 11,204 1,551 2024 9,244 1,534 2025 7,605 1,298 After 2025 13,699 1,814 Total lease payments 58,426 8,556 Less interest 9,673 1,393 Total lease liabilities $ 48,753 $ 7,163
Operating Lease, Lease Income	The components of lease income are as follows. Third Quarter First Nine Months 2021 2020 2021 2020 Operating lease income $ 3,211 $ 1,428 $ 8,471 $ 3,259 Variable lease income 1,370 449 3,375 1,183 Total lease income $ 4,581 $ 1,877 $ 11,846 $ 4,442
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	The following table displays the Company's future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2021. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties 2021 $ 190 $ 62 2022 725 247 2023 537 247 2024 454 247 2025 454 250 After 2025 1,916 1,052 Total future minimum receipts $ 4,276 $ 2,105

Fair Value of Financial Assets

Fair Value of Financial Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	As of September 30, 2021 and December 31, 2020, the fair values of financial assets were as follows. September 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 25,575 $ — $ — $ 25,575 $ 23,885 $ — $ — $ 23,885 Equity securities Consumer goods 8,349 2,810 — 11,159 7,274 5,652 — 12,926 Insurance 4,536 — — 4,536 261 — — 261 Bonds Government 52,876 — — 52,876 39,472 14,043 — 53,515 Corporate 6,947 — — 6,947 — 5,406 — 5,406 Options on equity securities — 1,653 — 1,653 — 2,911 — 2,911 Non-qualified deferred compensation plan investments 1,596 — — 1,596 1,368 — — 1,368 Total assets at fair value $ 99,879 $ 4,463 $ — $ 104,342 $ 72,260 $ 28,012 $ — $ 100,272

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	A disaggregation of our consolidated data for the third quarters and first nine months of 2021 and 2020 is presented in the tables that follow. Revenue Third Quarter First Nine Months 2021 2020 2021 2020 Operating Businesses: Restaurant Operations: Steak n Shake $ 56,993 $ 78,313 $ 190,517 $ 267,637 Western Sizzlin 2,151 1,361 5,907 4,945 Total Restaurant Operations 59,144 79,674 196,424 272,582 Insurance Operations: First Guard 8,656 7,898 25,250 23,194 Southern Pioneer 6,067 6,515 18,479 15,498 Total Insurance Operations 14,723 14,413 43,729 38,692 Southern Oil 7,353 6,029 24,310 19,554 Maxim 863 1,719 2,695 3,209 $ 82,083 $ 101,835 $ 267,158 $ 334,037
Schedule of earnings (losses) before income taxes by segment	Earnings (Losses) Before Income Taxes Third Quarter First Nine Months 2021 2020 2021 2020 Operating Businesses: Restaurant Operations: Steak n Shake $ (2,959) $ (63) $ 5,733 $ (6,362) Western Sizzlin 247 (396) 707 (937) Total Restaurant Operations (2,712) (459) 6,440 (7,299) Insurance Operations: First Guard 2,934 2,152 8,204 7,193 Southern Pioneer 908 518 3,194 1,458 Total Insurance Operations 3,842 2,670 11,398 8,651 Southern Oil 2,982 592 9,047 1,355 Maxim (56) 1,150 867 1,605 Interest expense not allocated to segments — (2,150) (1,121) (6,973) Total Operating Businesses 4,056 1,803 26,631 (2,661) Corporate and Investments: Corporate and other (3,302) (2,657) (8,595) (7,693) Investment gains 4,534 354 6,465 1,863 Investment partnership gains (losses) (20,231) 27,218 27,344 (89,276) Total Corporate and Investments (18,999) 24,915 25,214 (95,106) $ (14,943) $ 26,718 $ 51,845 $ (97,767)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Gain on extinguishment of debt	$ 0	$ 5,713
Mr. Biglari | Common Class A
Biglari Holdings' ownership interest	65.00%	65.00%
Mr. Biglari | Common Class B
Biglari Holdings' ownership interest	70.30%	70.30%

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
Common Class A
Common stock authorized (in shares)	500,000	500,000
Common stock issued and outstanding (in shares)	206,864	206,864
Common Class B
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Earnings Per Share [Abstract]
Equivalent class A common stock outstanding (in shares)	620,592		620,592		620,592
Antidilutive securities excluded from computation of earnings per share (in shares)	316,236	351,288	320,377	348,396

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2014USD ($)a	Dec. 31, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
Available-for-sale investments	$ 99,006	$ 99,006		$ 94,861
Gain on investment	4,534	6,465
Gain on sale of real estate investment	$ 5,047	$ 5,047
Area of land | a			26
Payments to acquire land			$ 2,145

Investment Partnerships - Fair

Investment Partnerships - Fair Value and Adjustments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
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)	110,690	(123,524)
Distributions (net of contributions)	167,620	28,000
Increase (Decrease) in proportionate share of Company stock held
Fair value of partnership interest, ending balance	533,996	514,599
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)	83,346	(34,248)
Distributions (net of contributions)
Increase (Decrease) in proportionate share of Company stock held	6,185	4,596
Fair value of partnership interest, ending balance	260,907	130,929
Carry Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	419,550	505,542
Investment partnership gains (losses)	27,344	(89,276)
Distributions (net of contributions)	167,620	28,000
Increase (Decrease) in proportionate share of Company stock held	(6,185)	(4,596)
Fair value of partnership interest, ending balance	$ 273,089	$ 383,670

Investment Partnerships - Carry

Investment Partnerships - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Carrying value of investment partnerships	$ 273,089	$ 419,550
Deferred tax liability related to investment partnerships	(54,432)	(44,805)
Carrying value of investment partnerships net of deferred taxes	$ 218,657	$ 374,745

Investment Partnerships - Gains

Investment Partnerships - Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Gains (losses) on investment partnership	$ (20,231)	$ 27,218	$ 27,344	$ (89,276)
Tax expense (benefit)	(4,946)	6,163	6,175	(21,337)
Contribution to net earnings	$ (15,285)	$ 21,055	$ 21,169	$ (67,939)

Investment Partnerships - Summa

Investment Partnerships - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total assets	$ 919,371						$ 919,371		$ 1,017,968
Total liabilities	320,805						320,805		453,140
Total revenues	82,083			$ 101,835			267,158	$ 334,037
Total earnings	(10,669)	$ (20,737)	$ 71,707	$ 21,101	$ 42,466	$ (137,885)
Lion Fund, L.P.
Schedule of Equity Method Investments [Line Items]
Total assets	132,351						132,351		112,970
Total liabilities	$ 1,490						1,490		189
Total revenues							35,639	(18,941)
Total earnings							$ 35,584	$ (18,992)
Biglari Holdings' ownership interest	62.40%			66.20%			62.40%	66.20%
Lion Fund II, L.P.
Schedule of Equity Method Investments [Line Items]
Total assets	$ 583,989						$ 583,989		566,663
Total liabilities	$ 101,956						101,956		$ 25,453
Total revenues							94,078	$ (119,644)
Total earnings							$ 93,548	$ (120,849)
Biglari Holdings' ownership interest	93.90%			95.30%			93.90%	95.30%

Investment Partnerships - Narra

Investment Partnerships - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Proportionate share of Company stock held by investment partnerships at cost	$ 395,802	$ 389,617
Incentive reallocation fee, percentage	25.00%
Hurdle rate, percentage	6.00%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Land	$ 144,774	$ 142,601
Buildings	147,947	138,734
Land and leasehold improvements	148,296	141,351
Equipment	223,815	192,735
Oil and gas properties	73,752	75,900
Construction in progress	2,482	1,032
Total property and equipment	741,066	692,353
Less accumulated depreciation and amortization	(388,244)	(376,231)
Property and equipment, net	$ 352,822	$ 316,122

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depletion	$ 5,875	$ 9,249
Impairments charges	$ 559	$ 18,117

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Reconciliation of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Goodwill at December 31, 2020	$ 53,596
Change in foreign exchange rates during the first nine months of 2021	(36)
Goodwill at September 30, 2021	$ 53,560

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2020	$ 24,065
Changes in foreign exchange rates during the first nine months of 2021	(446)
Balance at September 30, 2021	23,619
Trade Names
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2020	15,876
Changes in foreign exchange rates during the first nine months of 2021	0
Balance at September 30, 2021	15,876
Lease Rights
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2020	8,189
Changes in foreign exchange rates during the first nine months of 2021	(446)
Balance at September 30, 2021	$ 7,743

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill [Line Items]
Goodwill and intangible asset impairment	$ 0	$ 0
International Restaurant Operations
Goodwill [Line Items]
Goodwill and intangible asset impairment		$ 3,700,000

Restaurant Operations Revenue_2

Restaurant Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 59,144	$ 79,674	$ 196,424	$ 272,582
Net sales
Disaggregation of Revenue [Line Items]
Restaurant operations	41,916	67,617	146,269	241,832
Franchise partner fees
Disaggregation of Revenue [Line Items]
Restaurant operations	11,508	6,894	31,744	14,775
Franchise royalties and fees
Disaggregation of Revenue [Line Items]
Restaurant operations	4,865	4,421	14,594	13,704
Other
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 855	$ 742	$ 3,817	$ 2,271

Restaurant Operations Revenue_3

Restaurant Operations Revenues - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Franchise partner fees sales percent			15.00%
Franchise partner fees profits percent			50.00%
Initial franchise partner fee			$ 10,000
Rental fees	$ 4,277,000	$ 1,606,000	$ 10,910,000	$ 3,617,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts payable	$ 42,307	$ 26,537
Gift card liability	21,174	21,822
Insurance accruals	6,221	6,559
Salaries, wages and vacation	8,378	8,285
Deferred revenue	7,546	9,324
Taxes payable	4,317	10,922
Professional fees	6,169	5,882
Other	4,786	1,561
Accounts payable and accrued expenses	$ 100,898	$ 90,892

Notes Payable and Lease Oblig_3

Notes Payable and Lease Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current portion of lease obligations
Finance lease liabilities	$ 1,536	$ 1,897
Finance obligations	4,948	4,854
Operating lease liabilities	10,746	10,614
Total current portion of lease obligations	17,230	17,365
Long-term lease obligations
Finance lease liabilities	5,627	7,034
Finance obligations	64,315	68,148
Operating leases liabilities	38,007	36,463
Total long-term lease obligations	$ 107,949	$ 111,645

Notes Payable and Lease Oblig_4

Notes Payable and Lease Obligations - Narrative (Details) - Steak n Shake Credit Facility - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 19, 2014
Debt Instrument [Line Items]
Debt instrument principal amount		$ 220,000
Debt instrument fair value	$ 152,506

Leased Assets and Lease Commi_3

Leased Assets and Lease Commitments - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finance lease costs:
Amortization of right-of-use assets	$ 404	$ 279	$ 1,205	$ 1,087
Interest on lease liabilities	126	136	399	392
Operating lease costs	240	2,096	1,403	8,321
Total lease costs	$ 770	$ 2,511	$ 3,007	$ 9,800

Leased Assets and Lease Commi_4

Leased Assets and Lease Commitments - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 1,226	$ 1,132
Operating cash flows from finance leases	384	463
Operating cash flows from operating leases	9,806	10,382
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	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Property and equipment, net	$ 6,005	$ 6,501

Leased Assets and Lease Commi_6

Leased Assets and Lease Commitments - Weighted Average Lease Terms and Discount Rates (Details)	Sep. 30, 2021
Weighted-average remaining lease terms:
Finance leases	5 years 2 months 12 days
Operating leases	5 years 3 months 18 days
Weighted-average discount rates:
Finance leases	7.00%
Operating leases	6.90%

Leased Assets and Lease Commi_7

Leased Assets and Lease Commitments - Lease Maturity Schedule (Details) $ in Thousands	Sep. 30, 2021USD ($)
Operating Leases
2021	$ 4,217
2022	12,457
2023	11,204
2024	9,244
2025	7,605
After 2025	13,699
Total lease payments	58,426
Less interest	9,673
Total lease liabilities	48,753
Finance Leases
2021	543
2022	1,816
2023	1,551
2024	1,534
2025	1,298
After 2025	1,814
Total lease payments	8,556
Less interest	1,393
Total lease liabilities	$ 7,163

Leased Assets and Lease Commi_8

Leased Assets and Lease Commitments - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease income	$ 3,211	$ 1,428	$ 8,471	$ 3,259
Variable lease income	1,370	449	3,375	1,183
Total lease income	$ 4,581	$ 1,877	$ 11,846	$ 4,442

Leased Assets and Lease Commi_9

Leased Assets and Lease Commitments - Future Minimum Rental Receipts (Details) $ in Thousands	Sep. 30, 2021USD ($)
Subleases
Operating Leases
2021	$ 190
2022	725
2023	537
2024	454
2025	454
After 2025	1,916
Total future minimum receipts	4,276
Owned Properties
Operating Leases
2021	62
2022	247
2023	247
2024	247
2025	250
After 2025	1,052
Total future minimum receipts	$ 2,105

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss increase/(decrease)	$ 49	$ (115)	$ 444	$ (344)	$ (802)	$ 312
Biglari Holdings Inc. shareholders' equity	(598,566)	(613,492)	(639,140)	(538,218)	(522,550)	(479,190)	$ (598,566)	$ (538,218)	$ (564,828)	$ (616,298)
Accumulated Other Comprehensive  Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss increase/(decrease)	49	(115)	444	(344)	(802)	312	378	(834)
Biglari Holdings Inc. shareholders' equity	$ 1,909	$ 1,860	$ 1,975	$ 1,976	$ 2,320	$ 3,122	$ 1,909	$ 1,976	$ 1,531	$ 2,810

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (4,274)	$ 5,617	$ 11,544	$ (23,449)
Investment partnership pretax gains (losses)			$ 27,344	$ (89,276)

Fair Value of Financial Asset_2

Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash equivalents	$ 25,575	$ 23,885
Options on equity securities	1,653	2,911
Non-qualified deferred compensation plan investments	1,596	1,368
Total assets at fair value	104,342	100,272
Consumer Goods Equity Security
Assets
Equity securities	11,159	12,926
Insurance Equity Security
Assets
Equity securities	4,536	261
US Treasury and Government
Assets
Bonds	52,876	53,515
Corporate Debt Securities
Assets
Bonds	6,947	5,406
Level 1
Assets
Cash equivalents	25,575	23,885
Options on equity securities	0	0
Non-qualified deferred compensation plan investments	1,596	1,368
Total assets at fair value	99,879	72,260
Level 1 | Consumer Goods Equity Security
Assets
Equity securities	8,349	7,274
Level 1 | Insurance Equity Security
Assets
Equity securities	4,536	261
Level 1 | US Treasury and Government
Assets
Bonds	52,876	39,472
Level 1 | Corporate Debt Securities
Assets
Bonds	6,947	0
Level 2
Assets
Cash equivalents	0	0
Options on equity securities	1,653	2,911
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	4,463	28,012
Level 2 | Consumer Goods Equity Security
Assets
Equity securities	2,810	5,652
Level 2 | Insurance Equity Security
Assets
Equity securities	0	0
Level 2 | US Treasury and Government
Assets
Bonds	0	14,043
Level 2 | Corporate Debt Securities
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 Equity Security
Assets
Equity securities	0	0
Level 3 | Insurance Equity Security
Assets
Equity securities	0	0
Level 3 | US Treasury and Government
Assets
Bonds	0	0
Level 3 | Corporate Debt Securities
Assets
Bonds	$ 0	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Hurdle rate, percentage	6.00%
Incentive reallocation fee, percentage	25.00%
Biglari Entities
Related Party Transaction [Line Items]
Term of agreement	5 years
Hurdle rate, percentage	6.00%
Incentive reallocation fee, percentage	25.00%
Biglari Entities | Services Agreement
Related Party Transaction [Line Items]
Management fee expense	$ 6,300	$ 6,300

Business Segment Reporting - Di

Business Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Restaurant operations	$ 59,144	$ 79,674	$ 196,424	$ 272,582
Insurance premiums and other	14,723	14,413	43,729	38,692
Oil and gas	7,353	6,029	24,310	19,554
Media and licensing	863	1,719	2,695	3,209
Total revenues	82,083	101,835	267,158	334,037
Restaurant Operations
Segment Reporting Information [Line Items]
Restaurant operations	59,144	79,674	196,424	272,582
Restaurant Operations | Steak n Shake
Segment Reporting Information [Line Items]
Restaurant operations	56,993	78,313	190,517	267,637
Restaurant Operations | Western Sizzlin
Segment Reporting Information [Line Items]
Restaurant operations	2,151	1,361	5,907	4,945
Insurance Operations
Segment Reporting Information [Line Items]
Insurance premiums and other	14,723	14,413	43,729	38,692
Insurance Operations | First Guard
Segment Reporting Information [Line Items]
Insurance premiums and other	8,656	7,898	25,250	23,194
Insurance Operations | Southern Pioneer
Segment Reporting Information [Line Items]
Insurance premiums and other	6,067	6,515	18,479	15,498
Southern Oil
Segment Reporting Information [Line Items]
Oil and gas	7,353	6,029	24,310	19,554
Maxim
Segment Reporting Information [Line Items]
Media and licensing	$ 863	$ 1,719	$ 2,695	$ 3,209

Business Segment Reporting - Ea

Business Segment Reporting - Earnings (Losses) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Investment gains	$ 4,534	$ 354	$ 6,465	$ 1,863
Investment partnership gains (losses)	(20,231)	27,218	27,344	(89,276)
Earnings (loss) before income taxes	(14,943)	26,718	51,845	(97,767)
Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	4,056	1,803	26,631	(2,661)
Interest expense not allocated to segments	0	(2,150)	(1,121)	(6,973)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Corporate and other	(3,302)	(2,657)	(8,595)	(7,693)
Investment gains	4,534	354	6,465	1,863
Investment partnership gains (losses)	(20,231)	27,218	27,344	(89,276)
Total Corporate and Investments	(18,999)	24,915	25,214	(95,106)
Restaurant Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	(2,712)	(459)	6,440	(7,299)
Restaurant Operations | Operating Segments | Steak n Shake
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	(2,959)	(63)	5,733	(6,362)
Restaurant Operations | Operating Segments | Western Sizzlin
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	247	(396)	707	(937)
Insurance Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	3,842	2,670	11,398	8,651
Insurance Operations | Operating Segments | First Guard
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	2,934	2,152	8,204	7,193
Insurance Operations | Operating Segments | Southern Pioneer
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	908	518	3,194	1,458
Southern Oil | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	2,982	592	9,047	1,355
Maxim | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	$ (56)	$ 1,150	$ 867	$ 1,605