Biglari (BH) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	19100 Ridgewood Parkway
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	San Antonio,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78259
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	true
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	2023
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 39,363	$ 37,467
Investments	79,652	69,466
Receivables	27,044	29,375
Inventories	3,755	3,851
Other current assets	13,542	10,495
Total current assets	163,356	150,654
Property and equipment	392,904	400,725
Operating lease assets	33,532	34,739
Goodwill and other intangible assets	76,672	76,550
Investment partnerships	230,843	155,794
Other assets	9,911	10,012
Total assets	907,218	828,474
Current liabilities:
Accounts payable and accrued expenses	79,244	78,616
Unpaid losses and loss adjustment expenses	15,514	16,805
Unearned premiums	13,445	12,495
Current portion of lease obligations	16,109	16,981
Line of credit	6,500	10,000
Total current liabilities	130,812	134,897
Lease obligations	90,135	91,844
Deferred taxes	49,809	31,343
Asset retirement obligations	14,240	14,068
Other liabilities	1,024	754
Total liabilities	286,020	272,906
Shareholders’ equity
Common stock	1,138	1,138
Additional paid-in capital	381,788	381,788
Retained earnings	641,396	576,510
Accumulated other comprehensive loss	(2,458)	(2,790)
Treasury stock, at cost	(409,919)	(409,680)
Biglari Holdings Inc. shareholders’ equity	611,945	546,966
Noncontrolling interests	9,253	8,602
Total shareholders’ equity	621,198	555,568
Total liabilities and shareholders’ equity	$ 907,218	$ 828,474

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues		$ 90,176	$ 85,372
Costs and expenses
Restaurant cost of sales		32,738	35,352
Insurance losses and underwriting expenses		13,013	13,774
Oil and gas production costs		5,471	3,819
Licensing and media costs		452	953
Selling, general and administrative		17,263	16,224
Impairments		776	0
Depreciation, depletion, and amortization		9,940	7,871
Interest expense on leases		1,307	1,412
Interest expense on borrowings		167	0
Total costs and expenses		81,127	79,405
Other income
Investment gains		3,638	225
Investment partnership gains (losses)		72,588	(6,661)
Total other income (expenses)		76,226	(6,436)
Earnings (loss) before income taxes		85,275	(469)
Income tax expense (benefit)		19,738	(171)
Net earnings (loss)		65,537	(298)
Earnings attributable to noncontrolling interest		651	0
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders		64,886	(298)
Restaurant Operations
Revenues
Total revenues		61,129	59,847
Insurance Operations
Revenues
Total revenues		16,229	15,079
Oil and Gas
Revenues
Total revenues		12,223	9,812
Media And Licensing
Revenues
Total revenues		$ 595	$ 634
Common Class A
Earnings Per Share [Abstract]
Net earnings (loss) per average equivalent Class A share, basic (in dollars per share)	[1]	$ 222.28	$ (0.98)
Net earnings (loss) per average equivalent Class A share, diluted (in dollars per share)	[1]	222.28	(0.98)
Common Class B
Earnings Per Share [Abstract]
Net earnings (loss) per average equivalent Class A share, basic (in dollars per share)		44.46	(0.20)
Net earnings (loss) per average equivalent Class A share, diluted (in dollars per share)		$ 44.46	$ (0.20)
[1]Net earnings (loss) per average equivalent Class B share outstanding are one-fifth of the average equivalent Class A share or $44.46 for the first quarter of 2023 and $(0.20) for the first quarter of 2022.

CONSOLIDATED STATEMENTS OF EA_2

CONSOLIDATED STATEMENTS OF EARNINGS (Parenthetical) - Common Class B	3 Months Ended
	Mar. 31, 2023 $ / shares	Mar. 31, 2022 $ / shares
Net earnings (loss) per average equivalent Class B share, basic (in dollars per share)	$ 44.46	$ (0.20)
Net earnings (loss) per average equivalent Class B share, diluted (in dollars per share)	$ 44.46	$ (0.20)
Net earnings (loss) per equivalent share ratio	0.2	0.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 65,537	$ (298)
Foreign currency translation	332	(231)
Comprehensive income (loss)	65,869	(529)
Comprehensive income attributable to noncontrolling interest	651	0
Total comprehensive income (loss) attributable to Biglari Holdings Inc. shareholders	$ 65,218	$ (529)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net earnings (loss)	$ 65,537	$ (298)
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation, depletion, and amortization	9,940	7,871
Provision for deferred income taxes	18,450	(4,750)
Asset impairments	776	0
Gains on sale of assets	(1,590)	(133)
Investment and investment partnerships (gains) losses	(76,226)	6,436
Distributions from investment partnerships	0	4,500
Changes in receivables, inventories and other assets	2,006	4,633
Changes in accounts payable and accrued expenses	1,030	2,833
Net cash provided by operating activities	19,923	21,092
Investing activities
Capital expenditures	(5,929)	(9,293)
Proceeds from property and equipment disposals	2,140	109
Purchases of interests in limited partnerships	(2,700)	(3,000)
Purchases of investments	(27,255)	(50,086)
Sales of investments and redemptions of fixed maturity securities	21,009	46,193
Net cash used in investing activities	(12,735)	(16,077)
Financing activities
Repayments of borrowings	(3,500)	0
Principal payments on direct financing lease obligations	(1,550)	(1,564)
Net cash used in financing activities	(5,050)	(1,564)
Effects of foreign currency exchange rate changes	8	(23)
Increase in cash, cash equivalents and restricted cash	2,146	3,428
Cash, cash equivalents and restricted cash at beginning of year	38,805	43,687
Cash, cash equivalents and restricted cash at end of first quarter	40,951	47,115
Cash and cash equivalents	39,363	45,777
Restricted cash in other long-term assets	1,588	1,338
Cash, cash equivalents and restricted cash at end of first quarter	$ 40,951	$ 47,115

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	Non-controlling Interests
Beginning balance at Dec. 31, 2021	$ 587,696	$ 1,138	$ 381,788	$ 608,528	$ (1,907)	$ (401,851)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(298)			(298)
Other comprehensive income (loss)	(231)				(231)
Adjustment for holdings in investment partnerships	130					130
Ending balance at Mar. 31, 2022	587,297	1,138	381,788	608,230	(2,138)	(401,721)	0
Beginning balance at Dec. 31, 2022	555,568	1,138	381,788	576,510	(2,790)	(409,680)	8,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	65,537			64,886			651
Other comprehensive income (loss)	332				332
Adjustment for holdings in investment partnerships	(239)					(239)
Ending balance at Mar. 31, 2023	$ 621,198	$ 1,138	$ 381,788	$ 641,396	$ (2,458)	$ (409,919)	$ 9,253

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 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, 2022. Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. As of March 31, 2023, Mr. Biglari beneficially owns shares of the Company that represent approximately 66.3% of the economic interest and approximately 70.4% of the voting interest. Business Acquisition On September 14, 2022, the Company purchased Series A Preferred Stock (the “Preferred Shares”) of Abraxas Petroleum Corporation for a purchase price of $80 million. On October 26, 2022, the Company exchanged the Preferred Shares for 90% of the outstanding common stock of Abraxas Petroleum. 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 Property & Casualty Insurance Company, Southern Oil Company, and Abraxas Petroleum Corporation. Intercompany accounts and transactions have been eliminated in consolidation.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 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 The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification (“ASC”) 260, “ Earnings Per Share ”. (Class B shares are economically equivalent to one-fifth of a Class A 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. In the tabulation below is the weighted-average equivalent Class A common stock for earnings per share. March 31, 2023 March 31, 2022 Equivalent Class A common stock outstanding 620,592 620,592 Proportional ownership of Company stock held by investment partnerships 328,681 316,020 Equivalent Class A common stock for earnings per share 291,911 304,572

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments We classify investments in fixed maturity securities at the acquisition date as available-for-sale. 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 result. However, we consider investment gains and losses, whether realized or unrealized, as non-operating. Investment gains for the first quarter of 2023 and 2022 were $3,638 and $225, respectively.

Investment Partnerships

Investment Partnerships	3 Months Ended
	Mar. 31, 2023
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 these shares 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. is the general partner of the investment partnerships. Biglari Capital Corp. is 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 are presented below. Fair Value Company Carrying Value Partnership interest at December 31, 2022 $ 383,004 $ 227,210 $ 155,794 Investment partnership gains (losses) 121,795 49,207 72,588 Contributions 2,700 2,700 Changes in proportionate share of Company stock held 239 (239) Partnership interest at March 31, 2023 $ 507,499 $ 276,656 $ 230,843 Fair Value Company Carrying Value Partnership interest at December 31, 2021 $ 474,201 $ 223,802 $ 250,399 Investment partnership gains (losses) (909) 5,752 (6,661) Distributions (net of contributions) (1,500) (1,500) Changes in proportionate share of Company stock held (130) 130 Partnership interest at March 31, 2022 $ 471,792 $ 229,424 $ 242,368 The carrying value of the investment partnerships net of deferred taxes is presented below. March 31, December 31, 2022 Carrying value of investment partnerships $ 230,843 $ 155,794 Deferred tax liability related to investment partnerships (40,410) (23,643) Carrying value of investment partnerships net of deferred taxes $ 190,433 $ 132,151 Because of a transaction that occurred between The Lion Fund, L.P., and The Lion Fund II, L.P., in 2022, we expect that a majority of the $40,410 deferred tax liability enumerated above will not become due until the dissolution of the investment partnerships. In effect, the tax-basis cost increased for the common stock of certain unaffiliated securities held by the investment partnerships. The Company’s proportionate share of Company stock held by investment partnerships at cost was $409,919 and $409,680 as of March 31, 2023 and December 31, 2022, respectively. The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value of our partnership interest 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. First Quarter 2023 2022 Gains (losses) from investment partnerships $ 72,588 $ (6,661) Tax expense (benefit) 16,559 (1,860) Contribution to net earnings $ 56,029 $ (4,801) On December 31 of each year, the general partner of the investment partnerships, Biglari Capital Corp., 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 Corp. 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. There were no incentive reallocations accrued during the first quarters of 2023 and 2022. 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, 2023 $ 348,606 $ 415,057 Total liabilities as of March 31, 2023 $ 10,373 $ 173,731 Revenue for the first quarter of 2023 $ 63,558 $ 78,592 Earnings for the first quarter of 2023 $ 63,404 $ 76,341 Biglari Holdings’ ownership interest as of March 31, 2023 88.6 % 86.1 % Total assets as of December 31, 2022 $ 285,071 $ 330,832 Total liabilities as of December 31, 2022 $ 10,517 $ 167,847 Revenue for the first quarter of 2022 $ 969 $ (1,249) Earnings for the first quarter of 2022 $ 926 $ (1,581) Biglari Holdings’ ownership interest as of March 31, 2022 62.5 % 93.9 % Revenue in the financial information of the investment partnerships, summarized above, includes investment income and unrealized gains and losses on investments.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment is composed of the following. March 31, December 31, Land $ 139,705 $ 143,313 Buildings 149,081 151,627 Land and leasehold improvements 154,641 151,496 Equipment 215,715 222,661 Oil and gas properties 144,692 144,888 Construction in progress 900 2,238 804,734 816,223 Less accumulated depreciation, depletion, and amortization (411,830) (415,498) Property and equipment, net $ 392,904 $ 400,725 Depletion expense related to oil and gas properties was $2,648 and $1,380 during the first quarter of 2023 and 2022, respectively. The Company recorded an impairment to restaurant long-lived assets of $776 in the first quarter of 2023 related to underperforming stores. There were no impairments in the first quarter of 2022. Property and equipment held for sale of $8,012 and $4,700 are recorded in other current assets as of March 31, 2023 and December 31, 2022, respectively. The assets classified as held for sale include seven properties owned by Steak n Shake, which were previously operated restaurants, and Abraxas Petroleum’s office building.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
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, 2022 Goodwill $ 53,813 Accumulated impairment losses (300) $ 53,513 Change in foreign exchange rates during the first quarter of 2023 9 Goodwill at March 31, 2023 $ 53,522 Goodwill and indefinite-lived intangible asset impairment reviews include determining the estimated fair values of our reporting units and indefinite-lived intangible assets. The key assumptions and inputs used in such determinations may include forecasting revenues and expenses, cash flows and capital expenditures, as well as an appropriate discount rate and other inputs. Significant judgment by management is required in estimating the fair value of a reporting unit and in performing impairment reviews. Due to the inherent subjectivity and uncertainty in forecasting future cash flows and earnings over long periods of time, actual results may differ materially from the forecasts. If the carrying value of the indefinite-lived intangible asset exceeds fair value, the excess is charged to earnings as an impairment loss. If the carrying value of a reporting unit exceeds the estimated fair value of the reporting unit, then the excess, limited to the carrying amount of goodwill, will be charged to earnings as an impairment loss. There was no impairment recorded for goodwill during the first quarters of 2023 or 2022. Other Intangible Assets Intangible assets with indefinite lives are composed of the following. Trade Names Lease Rights Total Balance at December 31, 2022 Intangibles $ 15,876 $ 10,889 $ 26,765 Accumulated impairment losses — (3,728) (3,728) $ 15,876 $ 7,161 $ 23,037 Change in foreign exchange rates during the first quarter of 2023 — 113 113 Balance at March 31, 2023 $ 15,876 $ 7,274 $ 23,150

Restaurant Operations Revenues

Restaurant Operations Revenues	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Restaurant Operations Revenues	Restaurant Operations Revenues Restaurant operations revenues were as follows. First Quarter 2023 2022 Net sales $ 36,894 $ 38,216 Franchise partner fees 17,912 15,624 Franchise royalties and fees 4,258 5,146 Other 2,065 861 $ 61,129 $ 59,847 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 franchise partners under lease arrangements. Both real estate and equipment rental payments are charged to franchise partners and are recognized in accordance with ASC 842, “ Leases ”. During the first quarter of 2023 and 2022, restaurant operations recognized $5,575 and $4,774, respectively, in franchise partner fees related to rental income. 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	3 Months Ended
	Mar. 31, 2023
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 $ 30,932 $ 28,431 Gift card and other marketing 10,640 12,028 Insurance accruals 2,479 6,012 Salaries and wages 6,602 4,400 Deferred revenue 5,835 4,445 Taxes payable 15,500 14,896 Oil and gas payable 4,641 3,877 Other 2,615 4,527 Accounts payable and accrued expenses $ 79,244 $ 78,616

Line of Credit and Note Payable

Line of Credit and Note Payable	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Line of Credit and Note Payable	Line of Credit and Note Payable Biglari Holdings Line of Credit On September 13, 2022, Biglari Holdings entered into a line of credit in an aggregate principal amount of up to $30,000. The line of credit will be available on a revolving basis until September 12, 2024. The line of credit includes customary covenants, as well as financial maintenance covenants. The balance of the line of credit was $6,500 and $10,000 on March 31, 2023 and December 31, 2022, respectively. Our interest rate was 7.3% on March 31, 2023. The line of credit was paid in full in April 2023. Western Sizzlin Revolver Western Sizzlin’s available line of credit is $500. As of March 31, 2023 and December 31, 2022, Western Sizzlin had no debt outstanding under its revolver.

Unpaid losses and loss adjustme

Unpaid losses and loss adjustment expense	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Unpaid losses and loss adjustment expense	Unpaid losses and loss adjustment expenses Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under insurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, net of reinsurance, for each of the three-month periods ending March 31, 2023 and 2022 follows. 2023 2022 Balances at beginning of year: Gross liabilities $ 17,520 $ 14,993 Reinsurance recoverable on unpaid losses (715) (1,892) Net liabilities 16,805 13,101 Incurred losses and loss adjustment expenses: Current accident year 10,247 9,721 Prior accident years (1,651) (133) Total 8,596 9,588 Paid losses and loss adjustment expenses: Current accident year 4,433 5,577 Prior accident years 5,454 3,977 Total 9,887 9,554 Balances at March 31: Net liabilities 15,514 13,135 Reinsurance recoverable on unpaid losses 2,207 890 Gross liabilities $ 17,721 $ 14,025 Incurred loss and loss adjustment expenses of $8,596 and $9,588 in the first quarter of 2023 and 2022, respectively, were recorded in earnings and related to insured events occurring in the current period and events occurring in all prior periods. Incurred and paid loss and loss adjustment expenses are net of reinsurance recoveries. We recorded net reductions of estimated ultimate liabilities for prior accident years of $1,651 and $133 in the first quarter of 2023 and 2022, respectively, which produced corresponding reductions in incurred losses and loss adjustment expenses in those periods. These reductions as a percentage of the net liabilities at the beginning of each year, were 9.8% in 2023 and 1.0% in 2022.

Lease Assets and Obligations

Lease Assets and Obligations	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease Assets and Obligations	Lease Assets and Obligations Lease obligations include the following. Current portion of lease obligations March 31, December 31, Finance lease liabilities $ 1,242 $ 1,237 Finance obligations 5,139 5,161 Operating lease liabilities 9,728 10,583 Total current portion of lease obligations $ 16,109 $ 16,981 Long-term lease obligations Finance lease liabilities $ 3,779 $ 4,129 Finance obligations 58,428 58,868 Operating lease liabilities 27,928 28,847 Total long-term lease obligations $ 90,135 $ 91,844 Nature of Leases Steak n Shake and Western Sizzlin operate restaurants that are located on sites owned by us or leased from third parties. In addition, they own sites and lease sites from third parties that are leased and/or subleased to franchisees. Lease Costs A significant portion of our operating and finance lease portfolio includes restaurant locations. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term. Total lease cost consists of the following. First Quarter 2023 2022 Finance lease costs: Amortization of right-of-use assets $ 242 $ 363 Interest on lease liabilities 91 115 Operating and variable lease costs 3,167 3,612 Sublease income (3,091) (4,069) Total lease costs $ 409 $ 21 Supplemental cash flow information related to leases is as follows. First Quarter 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 344 $ 421 Operating cash flows from finance leases $ 91 $ 115 Operating cash flows from operating leases $ 3,355 $ 3,067 Supplemental balance sheet information related to leases is as follows. March 31, December 31, Finance leases: Property and equipment, net $ 3,656 $ 4,352 Weighted-average lease terms and discount rates are as follows. March 31, Weighted-average remaining lease terms: Finance leases 4.11 years Operating leases 4.68 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 7.0 % Maturities of lease liabilities as of March 31, 2023 are as follows. Year Operating Finance Remainder of 2023 $ 9,210 $ 1,134 2024 10,228 1,534 2025 8,437 1,298 2026 5,868 959 2027 3,503 623 After 2027 7,028 232 Total lease payments 44,274 5,780 Less interest 6,618 759 Total lease liabilities $ 37,656 $ 5,021 Lease Income The components of lease income are as follows. First Quarter 2023 2022 Operating lease income $ 4,085 $ 4,724 Variable lease income 1,784 313 Total lease income $ 5,869 $ 5,037 The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of March 31, 2023. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties Remainder of 2023 $ 520 $ 119 2024 503 265 2025 454 265 2026 134 275 2027 116 275 After 2027 125 2,315 Total future minimum receipts $ 1,852 $ 3,514
Lease Assets and Obligations	Lease Assets and Obligations Lease obligations include the following. Current portion of lease obligations March 31, December 31, Finance lease liabilities $ 1,242 $ 1,237 Finance obligations 5,139 5,161 Operating lease liabilities 9,728 10,583 Total current portion of lease obligations $ 16,109 $ 16,981 Long-term lease obligations Finance lease liabilities $ 3,779 $ 4,129 Finance obligations 58,428 58,868 Operating lease liabilities 27,928 28,847 Total long-term lease obligations $ 90,135 $ 91,844 Nature of Leases Steak n Shake and Western Sizzlin operate restaurants that are located on sites owned by us or leased from third parties. In addition, they own sites and lease sites from third parties that are leased and/or subleased to franchisees. Lease Costs A significant portion of our operating and finance lease portfolio includes restaurant locations. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term. Total lease cost consists of the following. First Quarter 2023 2022 Finance lease costs: Amortization of right-of-use assets $ 242 $ 363 Interest on lease liabilities 91 115 Operating and variable lease costs 3,167 3,612 Sublease income (3,091) (4,069) Total lease costs $ 409 $ 21 Supplemental cash flow information related to leases is as follows. First Quarter 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 344 $ 421 Operating cash flows from finance leases $ 91 $ 115 Operating cash flows from operating leases $ 3,355 $ 3,067 Supplemental balance sheet information related to leases is as follows. March 31, December 31, Finance leases: Property and equipment, net $ 3,656 $ 4,352 Weighted-average lease terms and discount rates are as follows. March 31, Weighted-average remaining lease terms: Finance leases 4.11 years Operating leases 4.68 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 7.0 % Maturities of lease liabilities as of March 31, 2023 are as follows. Year Operating Finance Remainder of 2023 $ 9,210 $ 1,134 2024 10,228 1,534 2025 8,437 1,298 2026 5,868 959 2027 3,503 623 After 2027 7,028 232 Total lease payments 44,274 5,780 Less interest 6,618 759 Total lease liabilities $ 37,656 $ 5,021 Lease Income The components of lease income are as follows. First Quarter 2023 2022 Operating lease income $ 4,085 $ 4,724 Variable lease income 1,784 313 Total lease income $ 5,869 $ 5,037 The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of March 31, 2023. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties Remainder of 2023 $ 520 $ 119 2024 503 265 2025 454 265 2026 134 275 2027 116 275 After 2027 125 2,315 Total future minimum receipts $ 1,852 $ 3,514

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIn determining the quarterly provision for income taxes, the Company used an estimated annual effective tax rate for the first quarter of 2023 and 2022. 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 2023 was $19,738 compared to an income tax benefit of $171 for the first quarter of 2022.  The variance in income taxes between 2023 and 2022 is primarily attributable to taxes on income generated by the investment partnerships.  Investment partnership pre-tax gains were $72,588 during the first quarter of 2023 compared to pre-tax losses of $6,661 during the first quarter of 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
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 as Level 1 of the fair value hierarchy. Equity securities: The Company’s investments in equity securities are classified as Level 1 of the fair value hierarchy. Bonds: The Company’s investments in bonds consist of both corporate and government debt. Bonds are classified as Level l 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 as Level 1 of the fair value hierarchy. As of March 31, 2023 and December 31, 2022, the fair values of financial assets were as follows. March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 25,209 $ — $ — $ 25,209 $ 17,608 $ — $ — $ 17,608 Equity securities Consumer goods 22,337 — — 22,337 17,274 — — 17,274 Other 2,555 — — 2,555 2,031 — — 2,031 Bonds Government 53,663 — — 53,663 48,456 — — 48,456 Corporate 1,603 — — 1,603 2,199 — — 2,199 Non-qualified deferred compensation plan investments 684 — — 684 699 — — 699 Total assets at fair value $ 106,051 $ — $ — $ 106,051 $ 88,267 $ — $ — $ 88,267 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, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Service Agreement The Company is party to a service agreement with Biglari Enterprises LLC (“Biglari Enterprises”) under which Biglari Enterprises provides business and administrative related services to the Company. Biglari Enterprises is owned by Mr. Biglari. The Company paid Biglari Enterprises $2,100 in service fees during the first quarters of 2023 and 2022. The service agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp. Incentive Agreement

Business Segment Reporting

Business Segment Reporting	3 Months Ended
	Mar. 31, 2023
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. Our oil and gas operations include Southern Oil and Abraxas Petroleum. The Company also reports segment information for Maxim. 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 2023 and 2022 is presented in the tables which follow. Revenues First Quarter 2023 2022 Operating Businesses: Restaurant Operations: Steak n Shake $ 58,487 $ 57,753 Western Sizzlin 2,642 2,094 Total Restaurant Operations 61,129 59,847 Insurance Operations: Underwriting: First Guard 8,899 8,731 Southern Pioneer 5,865 5,438 Investment income and other 1,465 910 Total Insurance Operations 16,229 15,079 Oil and Gas Operations: Abraxas Petroleum 7,252 — Southern Oil 4,971 9,812 Total Oil and Gas Operations 12,223 9,812 Maxim 595 634 $ 90,176 $ 85,372 Earnings (Losses) Before Income Taxes First Quarter 2023 2022 Operating Businesses: Restaurant Operations: Steak n Shake $ 7,325 $ 4,198 Western Sizzlin 472 232 Total Restaurant Operations 7,797 4,430 Insurance Operations: Underwriting: First Guard 1,862 732 Southern Pioneer (111) (337) Investment income and other 1,036 969 Total Insurance Operations 2,787 1,364 Oil and Gas Operations: Abraxas Petroleum 1,209 — Southern Oil 894 3,921 Total Oil and Gas Operations 2,103 3,921 Maxim 122 (336) Interest expense not allocated to segments (167) — Total Operating Businesses 12,642 9,379 Corporate and other (3,593) (3,412) Investment gains 3,638 225 Investment partnership gains (losses) 72,588 (6,661) $ 85,275 $ (469)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
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 Property & Casualty Insurance Company, Southern Oil Company, and Abraxas Petroleum Corporation. Intercompany accounts and transactions have been eliminated in consolidation.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The following table presents shares authorized, issued and outstanding on March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 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
Schedule of Weighted Average Number of Shares	In the tabulation below is the weighted-average equivalent Class A common stock for earnings per share. March 31, 2023 March 31, 2022 Equivalent Class A common stock outstanding 620,592 620,592 Proportional ownership of Company stock held by investment partnerships 328,681 316,020 Equivalent Class A common stock for earnings per share 291,911 304,572

Investment Partnerships (Tables

Investment Partnerships (Tables)	3 Months Ended
	Mar. 31, 2023
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 are presented below. Fair Value Company Carrying Value Partnership interest at December 31, 2022 $ 383,004 $ 227,210 $ 155,794 Investment partnership gains (losses) 121,795 49,207 72,588 Contributions 2,700 2,700 Changes in proportionate share of Company stock held 239 (239) Partnership interest at March 31, 2023 $ 507,499 $ 276,656 $ 230,843 Fair Value Company Carrying Value Partnership interest at December 31, 2021 $ 474,201 $ 223,802 $ 250,399 Investment partnership gains (losses) (909) 5,752 (6,661) Distributions (net of contributions) (1,500) (1,500) Changes in proportionate share of Company stock held (130) 130 Partnership interest at March 31, 2022 $ 471,792 $ 229,424 $ 242,368
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, December 31, 2022 Carrying value of investment partnerships $ 230,843 $ 155,794 Deferred tax liability related to investment partnerships (40,410) (23,643) Carrying value of investment partnerships net of deferred taxes $ 190,433 $ 132,151
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 2023 2022 Gains (losses) from investment partnerships $ 72,588 $ (6,661) Tax expense (benefit) 16,559 (1,860) Contribution to net earnings $ 56,029 $ (4,801)
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, 2023 $ 348,606 $ 415,057 Total liabilities as of March 31, 2023 $ 10,373 $ 173,731 Revenue for the first quarter of 2023 $ 63,558 $ 78,592 Earnings for the first quarter of 2023 $ 63,404 $ 76,341 Biglari Holdings’ ownership interest as of March 31, 2023 88.6 % 86.1 % Total assets as of December 31, 2022 $ 285,071 $ 330,832 Total liabilities as of December 31, 2022 $ 10,517 $ 167,847 Revenue for the first quarter of 2022 $ 969 $ (1,249) Earnings for the first quarter of 2022 $ 926 $ (1,581) Biglari Holdings’ ownership interest as of March 31, 2022 62.5 % 93.9 %

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment is composed of the following. March 31, December 31, Land $ 139,705 $ 143,313 Buildings 149,081 151,627 Land and leasehold improvements 154,641 151,496 Equipment 215,715 222,661 Oil and gas properties 144,692 144,888 Construction in progress 900 2,238 804,734 816,223 Less accumulated depreciation, depletion, and amortization (411,830) (415,498) Property and equipment, net $ 392,904 $ 400,725

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 Goodwill $ 53,813 Accumulated impairment losses (300) $ 53,513 Change in foreign exchange rates during the first quarter of 2023 9 Goodwill at March 31, 2023 $ 53,522
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, 2022 Intangibles $ 15,876 $ 10,889 $ 26,765 Accumulated impairment losses — (3,728) (3,728) $ 15,876 $ 7,161 $ 23,037 Change in foreign exchange rates during the first quarter of 2023 — 113 113 Balance at March 31, 2023 $ 15,876 $ 7,274 $ 23,150

Restaurant Operations Revenues

Restaurant Operations Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of restaurant operations revenues	Restaurant operations revenues were as follows. First Quarter 2023 2022 Net sales $ 36,894 $ 38,216 Franchise partner fees 17,912 15,624 Franchise royalties and fees 4,258 5,146 Other 2,065 861 $ 61,129 $ 59,847

Accounts Payable And Accrued _2

Accounts Payable And Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accounts payable and accrued expenses include the following. March 31, December 31, Accounts payable $ 30,932 $ 28,431 Gift card and other marketing 10,640 12,028 Insurance accruals 2,479 6,012 Salaries and wages 6,602 4,400 Deferred revenue 5,835 4,445 Taxes payable 15,500 14,896 Oil and gas payable 4,641 3,877 Other 2,615 4,527 Accounts payable and accrued expenses $ 79,244 $ 78,616

Unpaid losses and loss adjust_2

Unpaid losses and loss adjustment expense (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	A reconciliation of the changes in claim liabilities, net of reinsurance, for each of the three-month periods ending March 31, 2023 and 2022 follows. 2023 2022 Balances at beginning of year: Gross liabilities $ 17,520 $ 14,993 Reinsurance recoverable on unpaid losses (715) (1,892) Net liabilities 16,805 13,101 Incurred losses and loss adjustment expenses: Current accident year 10,247 9,721 Prior accident years (1,651) (133) Total 8,596 9,588 Paid losses and loss adjustment expenses: Current accident year 4,433 5,577 Prior accident years 5,454 3,977 Total 9,887 9,554 Balances at March 31: Net liabilities 15,514 13,135 Reinsurance recoverable on unpaid losses 2,207 890 Gross liabilities $ 17,721 $ 14,025

Lease Assets and Obligations (T

Lease Assets and Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Debt	Lease obligations include the following. Current portion of lease obligations March 31, December 31, Finance lease liabilities $ 1,242 $ 1,237 Finance obligations 5,139 5,161 Operating lease liabilities 9,728 10,583 Total current portion of lease obligations $ 16,109 $ 16,981 Long-term lease obligations Finance lease liabilities $ 3,779 $ 4,129 Finance obligations 58,428 58,868 Operating lease liabilities 27,928 28,847 Total long-term lease obligations $ 90,135 $ 91,844
Schedule of Lease Cost	Total lease cost consists of the following. First Quarter 2023 2022 Finance lease costs: Amortization of right-of-use assets $ 242 $ 363 Interest on lease liabilities 91 115 Operating and variable lease costs 3,167 3,612 Sublease income (3,091) (4,069) Total lease costs $ 409 $ 21
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information related to leases is as follows. First Quarter 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 344 $ 421 Operating cash flows from finance leases $ 91 $ 115 Operating cash flows from operating leases $ 3,355 $ 3,067
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 $ 3,656 $ 4,352
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 4.11 years Operating leases 4.68 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 7.0 %
Schedule of Lease Maturities	Maturities of lease liabilities as of March 31, 2023 are as follows. Year Operating Finance Remainder of 2023 $ 9,210 $ 1,134 2024 10,228 1,534 2025 8,437 1,298 2026 5,868 959 2027 3,503 623 After 2027 7,028 232 Total lease payments 44,274 5,780 Less interest 6,618 759 Total lease liabilities $ 37,656 $ 5,021
Operating Lease, Lease Income	The components of lease income are as follows. First Quarter 2023 2022 Operating lease income $ 4,085 $ 4,724 Variable lease income 1,784 313 Total lease income $ 5,869 $ 5,037
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 March 31, 2023. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties Remainder of 2023 $ 520 $ 119 2024 503 265 2025 454 265 2026 134 275 2027 116 275 After 2027 125 2,315 Total future minimum receipts $ 1,852 $ 3,514

Fair Value of Financial Assets

Fair Value of Financial Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	As of March 31, 2023 and December 31, 2022, the fair values of financial assets were as follows. March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 25,209 $ — $ — $ 25,209 $ 17,608 $ — $ — $ 17,608 Equity securities Consumer goods 22,337 — — 22,337 17,274 — — 17,274 Other 2,555 — — 2,555 2,031 — — 2,031 Bonds Government 53,663 — — 53,663 48,456 — — 48,456 Corporate 1,603 — — 1,603 2,199 — — 2,199 Non-qualified deferred compensation plan investments 684 — — 684 699 — — 699 Total assets at fair value $ 106,051 $ — $ — $ 106,051 $ 88,267 $ — $ — $ 88,267

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	A disaggregation of our consolidated data for the first quarters of 2023 and 2022 is presented in the tables which follow. Revenues First Quarter 2023 2022 Operating Businesses: Restaurant Operations: Steak n Shake $ 58,487 $ 57,753 Western Sizzlin 2,642 2,094 Total Restaurant Operations 61,129 59,847 Insurance Operations: Underwriting: First Guard 8,899 8,731 Southern Pioneer 5,865 5,438 Investment income and other 1,465 910 Total Insurance Operations 16,229 15,079 Oil and Gas Operations: Abraxas Petroleum 7,252 — Southern Oil 4,971 9,812 Total Oil and Gas Operations 12,223 9,812 Maxim 595 634 $ 90,176 $ 85,372
Schedule of earnings (losses) before income taxes by segment	Earnings (Losses) Before Income Taxes First Quarter 2023 2022 Operating Businesses: Restaurant Operations: Steak n Shake $ 7,325 $ 4,198 Western Sizzlin 472 232 Total Restaurant Operations 7,797 4,430 Insurance Operations: Underwriting: First Guard 1,862 732 Southern Pioneer (111) (337) Investment income and other 1,036 969 Total Insurance Operations 2,787 1,364 Oil and Gas Operations: Abraxas Petroleum 1,209 — Southern Oil 894 3,921 Total Oil and Gas Operations 2,103 3,921 Maxim 122 (336) Interest expense not allocated to segments (167) — Total Operating Businesses 12,642 9,379 Corporate and other (3,593) (3,412) Investment gains 3,638 225 Investment partnership gains (losses) 72,588 (6,661) $ 85,275 $ (469)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Sep. 14, 2022	Mar. 31, 2023	Oct. 26, 2022
Abraxas Petroleum Corporation
Business Acquisition [Line Items]
Purchase price	$ 80
Consolidated Entities | Abraxas Petroleum Corporation | Common Stock
Business Acquisition [Line Items]
Preferred stock converted, percentage of outstanding common stock			90%
Mr. Biglari
Business Acquisition [Line Items]
Economic interest		66.30%
Voting interest		70.40%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Common Stock (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Common Class A
Common stock authorized (in shares)	500,000	500,000
Common stock issued (in shares)	206,864	206,864
Common stock outstanding (in shares)	206,864	206,864
Common Class B
Common stock authorized (in shares)	10,000,000	10,000,000
Common stock issued (in shares)	2,068,640	2,068,640
Common stock outstanding (in shares)	2,068,640	2,068,640

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Class B
Net earnings (loss) per equivalent share ratio	0.2	0.2

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Class A Common Stock (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Equivalent class A common stock outstanding (in shares)	620,592	620,592
Proportional ownership of Company stock held by investment partnerships (in shares)	328,681	316,020
Antidilutive securities excluded from computation of earnings per share (in shares)	291,911	304,572

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment gains	$ 3,638	$ 225

Investment Partnerships - Fair

Investment Partnerships - Fair Value and Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	$ 383,004	$ 474,201
Investment partnership gains (losses)	121,795	(909)
Contributions	2,700
Contributions		(1,500)
Changes in proportionate share of Company stock held
Fair value of partnership interest, ending balance	507,499	471,792
Company Common Stock
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	227,210	223,802
Investment partnership gains (losses)	49,207	5,752
Contributions
Contributions
Changes in proportionate share of Company stock held	239	(130)
Fair value of partnership interest, ending balance	276,656	229,424
Carry Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	155,794	250,399
Investment partnership gains (losses)	72,588	(6,661)
Contributions	2,700
Contributions		(1,500)
Changes in proportionate share of Company stock held	(239)	130
Fair value of partnership interest, ending balance	$ 230,843	$ 242,368

Investment Partnerships - Carry

Investment Partnerships - Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Carrying value of investment partnerships	$ 230,843	$ 155,794
Deferred tax liability related to investment partnerships	(40,410)	(23,643)
Carrying value of investment partnerships net of deferred taxes	$ 190,433	$ 132,151

Investment Partnerships - Narra

Investment Partnerships - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Deferred tax liability related to investment partnerships	$ 40,410,000		$ 23,643,000
Proportionate share of Company stock held by investment partnerships at cost	$ 409,919,000		$ 409,680,000
Incentive reallocation fee, percentage	25%
Hurdle rate, percentage	6%
Incentive reallocation fee	$ 0	$ 0

Investment Partnerships - Gains

Investment Partnerships - Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Gains (losses) from investment partnerships	$ 72,588	$ (6,661)
Tax expense (benefit)	16,559	(1,860)
Contribution to net earnings	$ 56,029	$ (4,801)

Investment Partnerships - Summa

Investment Partnerships - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total assets	$ 907,218		$ 828,474
Total liabilities	286,020		272,906
Total earnings	$ 65,537	$ (298)
Lion Fund, L.P.
Schedule of Equity Method Investments [Line Items]
Biglari Holdings' ownership interest	88.60%	62.50%
Lion Fund II, L.P.
Schedule of Equity Method Investments [Line Items]
Biglari Holdings' ownership interest	86.10%	93.90%
Lion Fund, L.P.
Schedule of Equity Method Investments [Line Items]
Total assets	$ 348,606		285,071
Total liabilities	10,373		10,517
Total revenues	63,558	$ 969
Total earnings	63,404	926
Lion Fund II, L.P.
Schedule of Equity Method Investments [Line Items]
Total assets	415,057		330,832
Total liabilities	173,731		$ 167,847
Total revenues	78,592	(1,249)
Total earnings	$ 76,341	$ (1,581)

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land	$ 139,705	$ 143,313
Buildings	149,081	151,627
Land and leasehold improvements	154,641	151,496
Equipment	215,715	222,661
Oil and gas properties	144,692	144,888
Construction in progress	900	2,238
Total property and equipment	804,734	816,223
Less accumulated depreciation, depletion, and amortization	(411,830)	(415,498)
Property and equipment, net	$ 392,904	$ 400,725

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depletion of oil and gas properties	$ 2,648	$ 1,380
Impairment of long-lived assets held-for-use	776	0
Asset held for sale	8,012		$ 4,700
Gain on sale of assets	1,590	$ 133
Steak n Shake
Property, Plant and Equipment [Line Items]
Gain on sale of assets	$ 1,431

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Reconciliation of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 53,813
Accumulated impairment losses		(300)
Goodwill	$ 53,522	$ 53,513
Goodwill [Roll Forward]
Goodwill beginning balance	53,513
Change in foreign exchange rates during the first quarter of 2023	9
Goodwill ending balance	$ 53,522

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Intangibles		$ 26,765
Accumulated impairment losses		(3,728)
Intangible assets, net	$ 23,150	23,037
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	23,037
Change in foreign exchange rates during the first quarter of 2023	113
Ending balance	23,150
Trade Names
Goodwill [Line Items]
Intangible assets, net	15,876	15,876
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	15,876
Change in foreign exchange rates during the first quarter of 2023	0
Ending balance	15,876
Lease Rights
Goodwill [Line Items]
Intangible assets, net	7,274	7,161
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	7,161
Change in foreign exchange rates during the first quarter of 2023	113
Ending balance	$ 7,274
Trade Names
Goodwill [Line Items]
Intangibles		15,876
Accumulated impairment losses		0
Lease Rights
Goodwill [Line Items]
Intangibles		10,889
Accumulated impairment losses		$ (3,728)

Restaurant Operations Revenue_2

Restaurant Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 90,176	$ 85,372
Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	61,129	59,847
Net sales | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	36,894	38,216
Franchise partner fees | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	17,912	15,624
Franchise royalties and fees | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	4,258	5,146
Other | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 2,065	$ 861

Restaurant Operations Revenue_3

Restaurant Operations Revenues - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Franchise partner fees sales percent	15%
Franchise partner fees profits percent	50%
Initial franchise partner fee	$ 10,000
Rental fees	$ 5,575,000	$ 4,774,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 30,932	$ 28,431
Gift card and other marketing	10,640	12,028
Insurance accruals	2,479	6,012
Salaries and wages	6,602	4,400
Deferred revenue	5,835	4,445
Taxes payable	15,500	14,896
Oil and gas payable	4,641	3,877
Other	2,615	4,527
Accounts payable and accrued expenses	$ 79,244	$ 78,616

Line of Credit and Note Payab_2

Line of Credit and Note Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 13, 2022
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 6,500,000	$ 10,000,000	$ 30,000,000
Interest rate during period	7.30%
Revolving Credit Facility | Western Sizzlin Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000
Long-term line of credit	$ 0	$ 0

Unpaid losses and loss adjust_3

Unpaid losses and loss adjustment expense - Reconciliation of Changes in Claim Liabilities, Net of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross liabilities	$ 17,721	$ 14,025	$ 17,520	$ 14,993
Reinsurance recoverable on unpaid losses	2,207	890	$ 715	$ 1,892
Amount of claim liabilities at the beginning of the year, net of reinsurance loss recoverable	16,805	13,101
Incurred losses and loss adjustment expenses:
Current accident year	10,247	9,721
Prior accident years	(1,651)	(133)
Total	8,596	9,588
Paid losses and loss adjustment expenses:
Current accident year	4,433	5,577
Prior accident years	5,454	3,977
Total	9,887	9,554
Amount of claim liabilities at the end of each year, net of reinsurance loss recoverable	$ 15,514	$ 13,135

Unpaid losses and loss adjust_4

Unpaid losses and loss adjustment expense - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Insurance [Abstract]
Incurred losses and loss adjustment expenses	$ 8,596	$ 9,588
Reduction in provision for insured events of prior years	$ 1,651	$ 133
Reductions as a percentage of net liabilities	9.80%		1%

Lease Assets and Obligations (D

Lease Assets and Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current portion of lease obligations
Finance lease liabilities	$ 1,242	$ 1,237
Finance obligations	5,139	5,161
Operating lease liabilities	9,728	10,583
Total current portion of lease obligations	16,109	16,981
Long-term lease obligations
Finance lease liabilities	3,779	4,129
Finance obligations	58,428	58,868
Operating lease liabilities	27,928	28,847
Total long-term lease obligations	$ 90,135	$ 91,844
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total current portion of lease obligations	Total current portion of lease obligations
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total current portion of lease obligations	Total current portion of lease obligations
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term lease obligations	Total long-term lease obligations
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term lease obligations	Total long-term lease obligations

Lease Assets and Obligations -

Lease Assets and Obligations - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finance lease costs:
Amortization of right-of-use assets	$ 242	$ 363
Interest on lease liabilities	91	115
Operating and variable lease costs	3,167	3,612
Sublease income	(3,091)	(4,069)
Total lease costs	$ 409	$ 21

Lease Assets and Obligations _2

Lease Assets and Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 344	$ 421
Operating cash flows from finance leases	91	115
Operating cash flows from operating leases	$ 3,355	$ 3,067

Lease Assets and Obligations _3

Lease Assets and Obligations - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance leases:	$ 3,656	$ 4,352

Lease Assets and Obligations _4

Lease Assets and Obligations - Weighted Average Lease Terms and Discount Rates (Details)	Mar. 31, 2023
Weighted-average remaining lease terms:
Finance leases	4 years 1 month 9 days
Operating leases	4 years 8 months 4 days
Weighted-average discount rates:
Finance leases	7%
Operating leases	7%

Lease Assets and Obligations _5

Lease Assets and Obligations - Lease Maturity Schedule (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating Leases
Remainder of 2023	$ 9,210
2024	10,228
2025	8,437
2026	5,868
2027	3,503
After 2027	7,028
Total lease payments	44,274
Less interest	6,618
Total lease liabilities	37,656
Finance Leases
Remainder of 2023	1,134
2024	1,534
2025	1,298
2026	959
2027	623
After 2027	232
Total lease payments	5,780
Less interest	759
Total lease liabilities	$ 5,021

Lease Assets and Obligations _6

Lease Assets and Obligations - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease income	$ 4,085	$ 4,724
Variable lease income	1,784	313
Total lease income	$ 5,869	$ 5,037

Lease Assets and Obligations _7

Lease Assets and Obligations - Future Minimum Rental Receipts (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Subleases
Operating Leases
Remainder of 2023	$ 520
2024	503
2025	454
2026	134
2027	116
After 2027	125
Total future minimum receipts	1,852
Owned Properties
Operating Leases
Remainder of 2023	119
2024	265
2025	265
2026	275
2027	275
After 2027	2,315
Total future minimum receipts	$ 3,514

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 19,738	$ (171)
Investment partnership pretax gains (losses)	$ 72,588	$ (6,661)

Fair Value of Financial Asset_2

Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash equivalents	$ 25,209	$ 17,608
Non-qualified deferred compensation plan investments	684	699
Total assets at fair value	106,051	88,267
Consumer goods
Assets
Equity securities	22,337	17,274
Other
Assets
Equity securities	2,555	2,031
Government
Assets
Bonds	53,663	48,456
Corporate
Assets
Bonds	1,603	2,199
Level 1
Assets
Cash equivalents	25,209	17,608
Non-qualified deferred compensation plan investments	684	699
Total assets at fair value	106,051	88,267
Level 1 | Consumer goods
Assets
Equity securities	22,337	17,274
Level 1 | Other
Assets
Equity securities	2,555	2,031
Level 1 | Government
Assets
Bonds	53,663	48,456
Level 1 | Corporate
Assets
Bonds	1,603	2,199
Level 2
Assets
Cash equivalents	0	0
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	0	0
Level 2 | Consumer goods
Assets
Equity securities	0	0
Level 2 | Other
Assets
Equity securities	0	0
Level 2 | Government
Assets
Bonds	0	0
Level 2 | Corporate
Assets
Bonds	0	0
Level 3
Assets
Cash equivalents	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 | Other
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, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Hurdle rate, percentage	6%
Incentive reallocation fee, percentage	25%
Biglari Entities
Related Party Transaction [Line Items]
Hurdle rate, percentage	6%
Incentive reallocation fee, percentage	25%
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, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Restaurant operations	$ 90,176	$ 85,372
Restaurant Operations
Segment Reporting Information [Line Items]
Restaurant operations	61,129	59,847
Restaurant Operations | Steak n Shake
Segment Reporting Information [Line Items]
Restaurant operations	58,487	57,753
Restaurant Operations | Western Sizzlin
Segment Reporting Information [Line Items]
Restaurant operations	2,642	2,094
Insurance Operations
Segment Reporting Information [Line Items]
Restaurant operations	16,229	15,079
Insurance Operations | Insurance Investment Income And Other
Segment Reporting Information [Line Items]
Restaurant operations	1,465	910
Insurance Operations | First Guard | Insurance Underwriting
Segment Reporting Information [Line Items]
Restaurant operations	8,899	8,731
Insurance Operations | Southern Pioneer | Insurance Underwriting
Segment Reporting Information [Line Items]
Restaurant operations	5,865	5,438
Oil and Gas Operations
Segment Reporting Information [Line Items]
Restaurant operations	12,223	9,812
Oil and Gas Operations | Abraxas Petroleum
Segment Reporting Information [Line Items]
Restaurant operations	7,252	0
Oil and Gas Operations | Southern Oil
Segment Reporting Information [Line Items]
Restaurant operations	4,971	9,812
Maxim
Segment Reporting Information [Line Items]
Restaurant operations	$ 595	$ 634

Business Segment Reporting - Ea

Business Segment Reporting - Earnings (Losses) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Investment gains	$ 3,638	$ 225
Investment partnership gains (losses)	72,588	(6,661)
Earnings (loss) before income taxes	85,275	(469)
Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	12,642	9,379
Interest expense not allocated to segments	(167)	0
Segment Reconciling Items
Segment Reporting Information [Line Items]
Corporate and other	(3,593)	(3,412)
Investment gains	3,638	225
Investment partnership gains (losses)	72,588	(6,661)
Restaurant Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	7,797	4,430
Restaurant Operations | Operating Segments | Steak n Shake
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	7,325	4,198
Restaurant Operations | Operating Segments | Western Sizzlin
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	472	232
Insurance Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	2,787	1,364
Insurance Operations | Operating Segments | Insurance Investment Income And Other
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	1,036	969
Insurance Operations | Operating Segments | First Guard | Insurance Underwriting
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	1,862	732
Insurance Operations | Operating Segments | Southern Pioneer | Insurance Underwriting
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	(111)	(337)
Oil and Gas Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	2,103	3,921
Oil and Gas Operations | Operating Segments | Abraxas Petroleum
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	1,209	0
Oil and Gas Operations | Operating Segments | Southern Oil
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	894	3,921
Maxim | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	$ 122	$ (336)