Biglari (BH) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
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, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 34,536	$ 28,066
Investments	97,725	91,879
Receivables	24,198	22,241
Inventories	3,565	2,980
Other current assets	8,410	7,385
Total current assets	168,434	152,551
Property and equipment	377,363	380,491
Operating lease assets	34,073	32,215
Goodwill and other intangible assets	76,642	76,760
Investment partnerships	220,757	199,103
Other assets	8,048	8,302
Total assets	885,317	849,422
Current liabilities:
Accounts payable and accrued expenses	72,811	66,743
Loss and loss adjustment expenses	16,013	15,168
Unearned premiums	14,939	14,334
Current portion of lease obligations	14,519	14,855
Total current liabilities	118,282	111,100
Lease obligations	91,912	86,389
Deferred taxes	41,801	37,939
Asset retirement obligations	14,402	14,316
Other liabilities	348	348
Total liabilities	266,745	250,092
Shareholders’ equity
Common stock	1,138	1,138
Additional paid-in capital	385,594	385,594
Retained earnings	654,037	631,458
Accumulated other comprehensive loss	(2,549)	(2,518)
Treasury stock, at cost	(419,648)	(416,342)
Biglari Holdings Inc. shareholders’ equity	618,572	599,330
Total liabilities and shareholders’ equity	$ 885,317	$ 849,422

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues		$ 89,451	$ 90,176
Costs and expenses
Restaurant cost of sales		34,421	32,738
Insurance losses and underwriting expenses		15,063	13,013
Oil and gas production costs		4,499	5,471
Licensing and media costs		503	452
Selling, general and administrative		18,275	17,263
Gain on sale of oil and gas properties		(481)	0
Impairments		107	776
Depreciation, depletion, and amortization		10,053	9,940
Interest expense on leases		1,314	1,307
Interest expense on debt		0	167
Total costs and expenses		83,754	81,127
Other income
Investment gains		1,713	3,638
Investment partnership gains		21,985	72,588
Total other income		23,698	76,226
Earnings before income taxes		29,395	85,275
Income tax expense		6,816	19,738
Net earnings		22,579	65,537
Earnings attributable to noncontrolling interest		0	651
Net earnings attributable to Biglari Holdings Inc. shareholders		22,579	64,886
Restaurant operations
Revenues
Total revenues		61,996	61,129
Insurance premiums and other
Revenues
Total revenues		17,733	16,229
Oil and gas
Revenues
Total revenues		9,510	12,223
Licensing and media
Revenues
Total revenues		$ 212	$ 595
Common Class A
Earnings Per Share [Abstract]
Net earnings per average equivalent Class A share, basic (in dollars per share)	[1]	$ 79.56	$ 222.28
Net earnings per average equivalent Class A share, diluted (in dollars per share)	[1]	79.56	222.28
Common Class B
Earnings Per Share [Abstract]
Net earnings per average equivalent Class A share, basic (in dollars per share)		15.91	44.46
Net earnings per average equivalent Class A share, diluted (in dollars per share)		$ 15.91	$ 44.46
[1]Net earnings per average equivalent Class B share outstanding are one-fifth of the average equivalent Class A share or $15.91 for the first quarter of 2024 and $44.46 for the first quarter of 2023.

CONSOLIDATED STATEMENTS OF EA_2

CONSOLIDATED STATEMENTS OF EARNINGS (Parenthetical) - Common Class B	3 Months Ended
	Mar. 31, 2024 $ / shares	Mar. 31, 2023 $ / shares
Net earnings (loss) per average equivalent Class B share, basic (in dollars per share)	$ 15.91	$ 44.46
Net earnings (loss) per average equivalent Class B share, diluted (in dollars per share)	$ 15.91	$ 44.46
Earnings (loss) per share, equivalent ratio	0.2	0.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 22,579	$ 65,537
Foreign currency translation	(31)	332
Comprehensive income	22,548	65,869
Comprehensive income attributable to noncontrolling interest	0	651
Total comprehensive income attributable to Biglari Holdings Inc. shareholders	$ 22,548	$ 65,218

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, 2022	$ 555,568	$ 1,138	$ 381,788	$ 576,510	$ (2,790)	$ (409,680)	$ 8,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	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
Beginning balance at Dec. 31, 2023	599,330	1,138	385,594	631,458	(2,518)	(416,342)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	22,579			22,579
Other comprehensive income (loss)	(31)				(31)
Adjustment for holdings in investment partnerships	(3,306)					(3,306)
Ending balance at Mar. 31, 2024	$ 618,572	$ 1,138	$ 385,594	$ 654,037	$ (2,549)	$ (419,648)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net earnings	$ 22,579	$ 65,537
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization	10,053	9,940
Provision for deferred income taxes	3,877	18,450
Asset impairments	107	776
Gains on sale of assets	(1,431)	(1,590)
Investment and investment partnerships gains	(23,698)	(76,226)
Distributions from investment partnerships	1,000	0
Changes in receivables and inventories	(2,249)	2,006
Changes in accounts payable and accrued expenses	8,887	1,030
Net cash provided by operating activities	19,125	19,923
Investing activities
Capital expenditures	(4,596)	(5,929)
Proceeds from property and equipment disposals	920	2,140
Purchases of interests in limited partnerships	(3,975)	(2,700)
Purchases of investments	(20,856)	(27,255)
Sales of investments and redemptions of fixed maturity securities	17,265	21,009
Net cash used in investing activities	(11,242)	(12,735)
Financing activities
Repayments of borrowings	0	(3,500)
Principal payments on direct financing lease obligations	(1,403)	(1,550)
Net cash used in financing activities	(1,403)	(5,050)
Effects of foreign currency exchange rate changes	(10)	8
Increase in cash, cash equivalents and restricted cash	6,470	2,146
Cash, cash equivalents and restricted cash at beginning of year	29,654	38,805
Cash, cash equivalents and restricted cash at end of first quarter	36,124	40,951
Cash and cash equivalents	34,536	39,363
Restricted cash in other long-term assets	1,588	1,588
Cash, cash equivalents and restricted cash at end of first quarter	$ 36,124	$ 40,951

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023. 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, 2024, Mr. Biglari beneficially owns shares of the Company that represent approximately 71.5% of the voting interest. 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, 2024
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, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 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, 2024 March 31, 2023 Equivalent Class A common stock outstanding 620,592 620,592 Proportional ownership of Company stock held by investment partnerships 336,804 328,681 Equivalent Class A common stock for earnings per share 283,788 291,911

Investments

Investments	3 Months Ended
	Mar. 31, 2024
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 and interest 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 first quarter of 2024 and 2023 were $1,713 and $3,638, respectively.

Investment Partnerships

Investment Partnerships	3 Months Ended
	Mar. 31, 2024
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, 2023 $ 472,772 $ 273,669 $ 199,103 Investment partnership gains (losses) 69,162 47,177 21,985 Contributions (net of distributions) 2,975 2,975 Changes in proportionate share of Company stock held 3,306 (3,306) Partnership interest at March 31, 2024 $ 544,909 $ 324,152 $ 220,757 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 The carrying value of the investment partnerships net of deferred taxes is presented below. March 31, December 31, 2023 Carrying value of investment partnerships $ 220,757 $ 199,103 Deferred tax liability related to investment partnerships (31,314) (27,896) Carrying value of investment partnerships net of deferred taxes $ 189,443 $ 171,207 We expect that a majority of the $31,314 and $27,896 deferred tax liabilities enumerated above will not become due until the dissolution of the investment partnerships. The Company’s proportionate share of Company stock held by investment partnerships at cost was $419,648 and $416,342 as of March 31, 2024, and December 31, 2023, 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 2024 2023 Gains from investment partnerships $ 21,985 $ 72,588 Tax expense 4,837 16,559 Contribution to net earnings $ 17,148 $ 56,029 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 2024 and 2023. 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, 2024 $ 425,899 $ 412,720 Total liabilities as of March 31, 2024 $ 31,718 $ 193,830 Revenue for the first quarter of 2024 $ 50,262 $ 31,118 Earnings for the first quarter of 2024 $ 49,820 $ 28,237 Biglari Holdings’ ownership interest as of March 31, 2024 89.9 % 86.3 % Total assets as of December 31, 2023 $ 371,365 $ 373,302 Total liabilities as of December 31, 2023 $ 26,594 $ 185,024 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 % 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, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment is composed of the following. March 31, December 31, Land $ 138,076 $ 139,897 Buildings 156,694 151,716 Land and leasehold improvements 150,244 149,795 Equipment 212,706 212,424 Oil and gas properties 145,078 145,065 Construction in progress 845 1,629 803,643 800,526 Less accumulated depreciation, depletion, and amortization (426,280) (420,035) Property and equipment, net $ 377,363 $ 380,491 Depletion expense related to oil and gas properties was $2,568 and $2,648 during the first quarter of 2024 and 2023, respectively. The Company recorded an impairment Property and equipment held for sale of $1,149 and $773 are recorded in other current assets as of March 31, 2024, and December 31, 2023, respectively. The assets classified as held for sale include properties owned by Steak n Shake, which were previously company-operated restaurants.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
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, 2023 Goodwill $ 53,830 Accumulated impairment losses (300) $ 53,530 Change in foreign exchange rates during the first quarter of 2024 (9) Goodwill at March 31, 2024 $ 53,521 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 2024 or 2023. Other Intangible Assets Intangible assets with indefinite lives are composed of the following. Trade Names Lease Rights Total Balance at December 31, 2023 Intangibles $ 15,876 $ 11,102 $ 26,978 Accumulated impairment losses — (3,748) (3,748) $ 15,876 $ 7,354 $ 23,230 Change in foreign exchange rates during the first quarter of 2024 — (109) (109) Balance at March 31, 2024 $ 15,876 $ 7,245 $ 23,121

Restaurant Operations Revenues

Restaurant Operations Revenues	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Restaurant Operations Revenues	Restaurant Operations Revenues Restaurant operations revenues were as follows. First Quarter 2024 2023 Net sales $ 38,735 $ 36,894 Franchise partner fees 17,758 17,912 Franchise royalties and fees 3,477 4,258 Other 2,026 2,065 $ 61,996 $ 61,129 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 2024 and 2023, restaurant operations recognized $5,705 and $5,575, 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 sell 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 estimate 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, 2024
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 $ 21,829 $ 22,448 Gift cards and other marketing 5,877 7,089 Insurance accruals 2,318 2,565 Compensation 14,015 12,821 Deferred revenue 7,066 5,314 Taxes payable 14,672 11,050 Oil and gas payable 3,751 3,560 Other 3,283 1,896 Accounts payable and accrued expenses $ 72,811 $ 66,743

Line of Credit and Note Payable

Line of Credit and Note Payable	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Line of Credit and Note Payable	Line of Credit and Note Payable Biglari Holdings ’ Line of Credit Biglari Holdings’ available line of credit is $30,000. The line of credit matures on September 12, 2024. The line of credit includes customary covenants, as well as financial maintenance covenants. There was no balance on the line of credit on March 31, 2024, or December 31, 2023. Western Sizzlin Revolver Western Sizzlin’s available line of credit is $500. As of March 31, 2024, and December 31, 2023, Western Sizzlin had no debt outstanding under its revolver.

Unpaid Loss and Loss Adjustment

Unpaid Loss and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2024
Insurance [Abstract]
Unpaid Loss and Loss Adjustment Expenses	Unpaid Loss 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 ended March 31, 2024 and 2023 follows. March 31, March 31, 2024 2023 Balances at beginning of year: Gross liabilities $ 16,105 $ 17,520 Reinsurance recoverable on unpaid losses (937) (715) Net liabilities 15,168 16,805 Incurred losses and loss adjustment expenses: Current accident year 14,197 10,247 Prior accident years (3,319) (1,651) Total 10,878 8,596 Paid losses and loss adjustment expenses: Current accident year 7,031 4,433 Prior accident years 3,002 5,454 Total 10,033 9,887 Balances at March 31: Net liabilities 16,013 15,514 Reinsurance recoverable on unpaid losses 687 2,207 Gross liabilities $ 16,700 $ 17,721 We recorded net reductions of estimated ultimate liabilities for prior accident years of $3,319 and $1,651 in the first quarter of 2024 and 2023, 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 21.9% in 2024 and 9.8% in 2023.

Lease Assets and Obligations

Lease Assets and Obligations	3 Months Ended
	Mar. 31, 2024
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 $ 1,251 $ 1,258 Finance obligations 4,564 4,826 Operating lease liabilities 8,704 8,771 Total current portion of lease obligations $ 14,519 $ 14,855 Long-term lease obligations Finance lease liabilities $ 3,645 $ 3,581 Finance obligations 60,127 56,471 Operating lease liabilities 28,140 26,337 Total long-term lease obligations $ 91,912 $ 86,389 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 2024 2023 Finance lease costs: Amortization of right-of-use assets $ 226 $ 242 Interest on lease liabilities 84 91 Operating and variable lease costs 2,829 3,167 Sublease income (2,989) (3,091) Total lease costs $ 150 $ 409 Supplemental cash flow information related to leases is as follows. First Quarter 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 326 $ 344 Operating cash flows from finance leases $ 84 $ 91 Operating cash flows from operating leases $ 2,666 $ 3,355 Supplemental balance sheet information related to leases is as follows. March 31, December 31, Finance leases: Property and equipment, net $ 3,644 $ 3,574 Weighted-average lease terms and discount rates are as follows. March 31, Weighted-average remaining lease terms: Finance leases 4.79 years Operating leases 5.82 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 7.0 % Maturities of lease liabilities as of March 31, 2024 are as follows. Year Operating Finance Remainder of 2024 $ 8,368 $ 1,134 2025 9,697 1,486 2026 7,215 1,163 2027 4,927 828 2028 4,108 437 After 2028 10,307 728 Total lease payments 44,622 5,776 Less interest 7,778 880 Total lease liabilities $ 36,844 $ 4,896 Lease Income The components of lease income are as follows. First Quarter 2024 2023 Operating lease income $ 4,181 $ 4,085 Variable lease income 1,799 1,784 Total lease income $ 5,980 $ 5,869 The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of March 31, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties Remainder of 2024 $ 457 $ 297 2025 544 404 2026 225 406 2027 206 415 2028 86 424 After 2028 — 2,435 Total future minimum receipts $ 1,518 $ 4,381
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 $ 1,251 $ 1,258 Finance obligations 4,564 4,826 Operating lease liabilities 8,704 8,771 Total current portion of lease obligations $ 14,519 $ 14,855 Long-term lease obligations Finance lease liabilities $ 3,645 $ 3,581 Finance obligations 60,127 56,471 Operating lease liabilities 28,140 26,337 Total long-term lease obligations $ 91,912 $ 86,389 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 2024 2023 Finance lease costs: Amortization of right-of-use assets $ 226 $ 242 Interest on lease liabilities 84 91 Operating and variable lease costs 2,829 3,167 Sublease income (2,989) (3,091) Total lease costs $ 150 $ 409 Supplemental cash flow information related to leases is as follows. First Quarter 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 326 $ 344 Operating cash flows from finance leases $ 84 $ 91 Operating cash flows from operating leases $ 2,666 $ 3,355 Supplemental balance sheet information related to leases is as follows. March 31, December 31, Finance leases: Property and equipment, net $ 3,644 $ 3,574 Weighted-average lease terms and discount rates are as follows. March 31, Weighted-average remaining lease terms: Finance leases 4.79 years Operating leases 5.82 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 7.0 % Maturities of lease liabilities as of March 31, 2024 are as follows. Year Operating Finance Remainder of 2024 $ 8,368 $ 1,134 2025 9,697 1,486 2026 7,215 1,163 2027 4,927 828 2028 4,108 437 After 2028 10,307 728 Total lease payments 44,622 5,776 Less interest 7,778 880 Total lease liabilities $ 36,844 $ 4,896 Lease Income The components of lease income are as follows. First Quarter 2024 2023 Operating lease income $ 4,181 $ 4,085 Variable lease income 1,799 1,784 Total lease income $ 5,980 $ 5,869 The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of March 31, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties Remainder of 2024 $ 457 $ 297 2025 544 404 2026 225 406 2027 206 415 2028 86 424 After 2028 — 2,435 Total future minimum receipts $ 1,518 $ 4,381

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining the quarterly provision for income taxes, the Company used an estimated annual effective tax rate for the first quarter of 2024 and 2023. 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements, is not likely to have a material effect on our results of operations, financial position or cash flow.

Fair Value of Financial Assets

Fair Value of Financial Assets	3 Months Ended
	Mar. 31, 2024
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. As of March 31, 2024, and December 31, 2023, the fair values of financial assets were as follows. March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 4,100 $ — $ — $ 4,100 $ 2,374 $ — $ — $ 2,374 Equity securities Consumer goods 28,193 — — 28,193 26,660 — — 26,660 Other 4,083 — — 4,083 3,171 — — 3,171 Bonds Government 65,041 — — 65,041 61,536 — — 61,536 Corporate 879 — — 879 3,199 — — 3,199 Total assets at fair value $ 102,296 $ — $ — $ 102,296 $ 96,940 $ — $ — $ 96,940 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, 2024
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 $2,400 and $2,100 in service fees during the first quarter of 2024 and 2023, respectively. 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, 2024
Segment Reporting [Abstract]
Business Segment Reporting	Business Segment Reporting Our 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. 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 2024 and 2023 is presented in the tables which follow. Revenues First Quarter 2024 2023 Operating Businesses: Restaurant Operations: Steak n Shake $ 59,354 $ 58,487 Western Sizzlin 2,642 2,642 Total Restaurant Operations 61,996 61,129 Insurance Operations: Underwriting: First Guard 9,310 8,899 Southern Pioneer 6,612 5,865 Investment income and other 1,811 1,465 Total Insurance Operations 17,733 16,229 Oil and Gas Operations: Abraxas Petroleum 5,868 7,252 Southern Oil 3,642 4,971 Total Oil and Gas Operations 9,510 12,223 Maxim 212 595 $ 89,451 $ 90,176 Earnings (Loss) Before Income Taxes First Quarter 2024 2023 Operating Businesses: Restaurant Operations: Steak n Shake $ 4,237 $ 7,325 Western Sizzlin 641 472 Total Restaurant Operations 4,878 7,797 Insurance Operations: Underwriting: First Guard 800 1,862 Southern Pioneer 59 (111) Investment income and other 1,387 1,036 Total Insurance Operations 2,246 2,787 Oil and Gas Operations: Abraxas Petroleum 1,387 1,209 Southern Oil 79 894 Total Oil and Gas Operations 1,466 2,103 Maxim (354) 122 Interest expense not allocated to segments — (167) Total Operating Businesses 8,236 12,642 Corporate and other (2,539) (3,593) Investment gains 1,713 3,638 Investment partnership gains 21,985 72,588 $ 29,395 $ 85,275

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2024
Earnings Per Share [Abstract]
Schedule of Common stock	The following table presents shares authorized, issued, and outstanding on March 31, 2024 and December 31, 2023. March 31, 2024 December 31, 2023 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 Class A common stock earnings	In the tabulation below is the weighted-average equivalent Class A common stock for earnings per share. March 31, 2024 March 31, 2023 Equivalent Class A common stock outstanding 620,592 620,592 Proportional ownership of Company stock held by investment partnerships 336,804 328,681 Equivalent Class A common stock for earnings per share 283,788 291,911

Investment Partnerships (Tables

Investment Partnerships (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of 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, 2023 $ 472,772 $ 273,669 $ 199,103 Investment partnership gains (losses) 69,162 47,177 21,985 Contributions (net of distributions) 2,975 2,975 Changes in proportionate share of Company stock held 3,306 (3,306) Partnership interest at March 31, 2024 $ 544,909 $ 324,152 $ 220,757 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
Schedule of 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, 2023 Carrying value of investment partnerships $ 220,757 $ 199,103 Deferred tax liability related to investment partnerships (31,314) (27,896) Carrying value of investment partnerships net of deferred taxes $ 189,443 $ 171,207
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 2024 2023 Gains from investment partnerships $ 21,985 $ 72,588 Tax expense 4,837 16,559 Contribution to net earnings $ 17,148 $ 56,029
Schedule of Equity Method Investments	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, 2024 $ 425,899 $ 412,720 Total liabilities as of March 31, 2024 $ 31,718 $ 193,830 Revenue for the first quarter of 2024 $ 50,262 $ 31,118 Earnings for the first quarter of 2024 $ 49,820 $ 28,237 Biglari Holdings’ ownership interest as of March 31, 2024 89.9 % 86.3 % Total assets as of December 31, 2023 $ 371,365 $ 373,302 Total liabilities as of December 31, 2023 $ 26,594 $ 185,024 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 %

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment is composed of the following. March 31, December 31, Land $ 138,076 $ 139,897 Buildings 156,694 151,716 Land and leasehold improvements 150,244 149,795 Equipment 212,706 212,424 Oil and gas properties 145,078 145,065 Construction in progress 845 1,629 803,643 800,526 Less accumulated depreciation, depletion, and amortization (426,280) (420,035) Property and equipment, net $ 377,363 $ 380,491

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 Goodwill $ 53,830 Accumulated impairment losses (300) $ 53,530 Change in foreign exchange rates during the first quarter of 2024 (9) Goodwill at March 31, 2024 $ 53,521
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, 2023 Intangibles $ 15,876 $ 11,102 $ 26,978 Accumulated impairment losses — (3,748) (3,748) $ 15,876 $ 7,354 $ 23,230 Change in foreign exchange rates during the first quarter of 2024 — (109) (109) Balance at March 31, 2024 $ 15,876 $ 7,245 $ 23,121

Restaurant Operations Revenues

Restaurant Operations Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Restaurant Operations Revenues	Restaurant operations revenues were as follows. First Quarter 2024 2023 Net sales $ 38,735 $ 36,894 Franchise partner fees 17,758 17,912 Franchise royalties and fees 3,477 4,258 Other 2,026 2,065 $ 61,996 $ 61,129

Accounts Payable And Accrued _2

Accounts Payable And Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accounts payable and accrued expenses include the following. March 31, December 31, Accounts payable $ 21,829 $ 22,448 Gift cards and other marketing 5,877 7,089 Insurance accruals 2,318 2,565 Compensation 14,015 12,821 Deferred revenue 7,066 5,314 Taxes payable 14,672 11,050 Oil and gas payable 3,751 3,560 Other 3,283 1,896 Accounts payable and accrued expenses $ 72,811 $ 66,743

Unpaid Loss and Loss Adjustme_2

Unpaid Loss and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
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 ended March 31, 2024 and 2023 follows. March 31, March 31, 2024 2023 Balances at beginning of year: Gross liabilities $ 16,105 $ 17,520 Reinsurance recoverable on unpaid losses (937) (715) Net liabilities 15,168 16,805 Incurred losses and loss adjustment expenses: Current accident year 14,197 10,247 Prior accident years (3,319) (1,651) Total 10,878 8,596 Paid losses and loss adjustment expenses: Current accident year 7,031 4,433 Prior accident years 3,002 5,454 Total 10,033 9,887 Balances at March 31: Net liabilities 16,013 15,514 Reinsurance recoverable on unpaid losses 687 2,207 Gross liabilities $ 16,700 $ 17,721

Lease Assets and Obligations (T

Lease Assets and Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Debt	Lease obligations include the following. Current portion of lease obligations March 31, December 31, Finance lease liabilities $ 1,251 $ 1,258 Finance obligations 4,564 4,826 Operating lease liabilities 8,704 8,771 Total current portion of lease obligations $ 14,519 $ 14,855 Long-term lease obligations Finance lease liabilities $ 3,645 $ 3,581 Finance obligations 60,127 56,471 Operating lease liabilities 28,140 26,337 Total long-term lease obligations $ 91,912 $ 86,389
Schedule of Lease Cost	Total lease cost consists of the following. First Quarter 2024 2023 Finance lease costs: Amortization of right-of-use assets $ 226 $ 242 Interest on lease liabilities 84 91 Operating and variable lease costs 2,829 3,167 Sublease income (2,989) (3,091) Total lease costs $ 150 $ 409
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information related to leases is as follows. First Quarter 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 326 $ 344 Operating cash flows from finance leases $ 84 $ 91 Operating cash flows from operating leases $ 2,666 $ 3,355
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 $ 3,644 $ 3,574
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 4.79 years Operating leases 5.82 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 7.0 %
Schedule of Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities as of March 31, 2024 are as follows. Year Operating Finance Remainder of 2024 $ 8,368 $ 1,134 2025 9,697 1,486 2026 7,215 1,163 2027 4,927 828 2028 4,108 437 After 2028 10,307 728 Total lease payments 44,622 5,776 Less interest 7,778 880 Total lease liabilities $ 36,844 $ 4,896
Schedule of Operating Lease, Lease Income	The components of lease income are as follows. First Quarter 2024 2023 Operating lease income $ 4,181 $ 4,085 Variable lease income 1,799 1,784 Total lease income $ 5,980 $ 5,869
Schedule of 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, 2024. Franchise partner leases and subleases are short-term leases and have been excluded from the table. Operating Leases Year Subleases Owned Properties Remainder of 2024 $ 457 $ 297 2025 544 404 2026 225 406 2027 206 415 2028 86 424 After 2028 — 2,435 Total future minimum receipts $ 1,518 $ 4,381

Fair Value of Financial Assets

Fair Value of Financial Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	As of March 31, 2024, and December 31, 2023, the fair values of financial assets were as follows. March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 4,100 $ — $ — $ 4,100 $ 2,374 $ — $ — $ 2,374 Equity securities Consumer goods 28,193 — — 28,193 26,660 — — 26,660 Other 4,083 — — 4,083 3,171 — — 3,171 Bonds Government 65,041 — — 65,041 61,536 — — 61,536 Corporate 879 — — 879 3,199 — — 3,199 Total assets at fair value $ 102,296 $ — $ — $ 102,296 $ 96,940 $ — $ — $ 96,940

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	A disaggregation of our consolidated data for the first quarters of 2024 and 2023 is presented in the tables which follow. Revenues First Quarter 2024 2023 Operating Businesses: Restaurant Operations: Steak n Shake $ 59,354 $ 58,487 Western Sizzlin 2,642 2,642 Total Restaurant Operations 61,996 61,129 Insurance Operations: Underwriting: First Guard 9,310 8,899 Southern Pioneer 6,612 5,865 Investment income and other 1,811 1,465 Total Insurance Operations 17,733 16,229 Oil and Gas Operations: Abraxas Petroleum 5,868 7,252 Southern Oil 3,642 4,971 Total Oil and Gas Operations 9,510 12,223 Maxim 212 595 $ 89,451 $ 90,176
Schedule of Earnings (Loss) by Segment	Earnings (Loss) Before Income Taxes First Quarter 2024 2023 Operating Businesses: Restaurant Operations: Steak n Shake $ 4,237 $ 7,325 Western Sizzlin 641 472 Total Restaurant Operations 4,878 7,797 Insurance Operations: Underwriting: First Guard 800 1,862 Southern Pioneer 59 (111) Investment income and other 1,387 1,036 Total Insurance Operations 2,246 2,787 Oil and Gas Operations: Abraxas Petroleum 1,387 1,209 Southern Oil 79 894 Total Oil and Gas Operations 1,466 2,103 Maxim (354) 122 Interest expense not allocated to segments — (167) Total Operating Businesses 8,236 12,642 Corporate and other (2,539) (3,593) Investment gains 1,713 3,638 Investment partnership gains 21,985 72,588 $ 29,395 $ 85,275

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Mar. 31, 2024
Mr. Biglari
Business Acquisition [Line Items]
Voting interest	71.50%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Common Stock (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
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, 2024	Mar. 31, 2023
Common Class B
Earnings (loss) per share, equivalent 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, 2024	Mar. 31, 2023
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)	336,804	328,681
Equivalent Class A common stock for earnings per share (in shares)	283,788	291,911

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investment gains	$ 1,713	$ 3,638

Investment Partnerships - Fair

Investment Partnerships - Fair Value and Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) In Equity Method Investments [Roll Forward]
Investment partnership gains (losses)	$ 21,985	$ 72,588
Fair Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	472,772	383,004
Investment partnership gains (losses)	69,162	121,795
Contributions (net of distributions)	2,975	2,700
Changes in proportionate share of Company stock held
Fair value of partnership interest, ending balance	544,909	507,499
Company Common Stock
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	273,669	227,210
Investment partnership gains (losses)	47,177	49,207
Contributions (net of distributions)
Changes in proportionate share of Company stock held	3,306	239
Fair value of partnership interest, ending balance	324,152	276,656
Carry Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Fair value of partnership interest, beginning balance	199,103	155,794
Investment partnership gains (losses)	21,985	72,588
Contributions (net of distributions)	2,975	2,700
Changes in proportionate share of Company stock held	(3,306)	(239)
Fair value of partnership interest, ending balance	$ 220,757	$ 230,843

Investment Partnerships - Carry

Investment Partnerships - Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Carrying value of investment partnerships	$ 220,757	$ 199,103
Deferred tax liability related to investment partnerships	(31,314)	(27,896)
Carrying value of investment partnerships net of deferred taxes	$ 189,443	$ 171,207

Investment Partnerships - Narra

Investment Partnerships - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Deferred tax liability	$ 31,314,000		$ 27,896,000
Treasury stock, at cost	419,648,000		$ 416,342,000
Incentive reallocation fee	$ 0	$ 0
Biglari Entities
Schedule of Equity Method Investments [Line Items]
Incentive reallocation fee, percentage	25%
Hurdle rate, percentage	6%

Investment Partnerships - Gains

Investment Partnerships - Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Gains from investment partnerships	$ 21,985	$ 72,588
Tax expense	4,837	16,559
Contribution to net earnings	$ 17,148	$ 56,029

Investment Partnerships - Summa

Investment Partnerships - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total assets	$ 885,317		$ 849,422
Total liabilities	266,745		250,092
Total earnings	$ 22,579	$ 65,537
Lion Fund, L.P.
Schedule of Equity Method Investments [Line Items]
Biglari Holdings' ownership interest	89.90%	88.60%
Lion Fund II, L.P.
Schedule of Equity Method Investments [Line Items]
Biglari Holdings' ownership interest	86.30%	86.10%
Lion Fund, L.P.
Schedule of Equity Method Investments [Line Items]
Total assets	$ 425,899		371,365
Total liabilities	31,718		26,594
Total revenues	50,262	$ 63,558
Total earnings	49,820	63,404
Lion Fund II, L.P.
Schedule of Equity Method Investments [Line Items]
Total assets	412,720		373,302
Total liabilities	193,830		$ 185,024
Total revenues	31,118	78,592
Total earnings	$ 28,237	$ 76,341

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land	$ 138,076	$ 139,897
Buildings	156,694	151,716
Land and leasehold improvements	150,244	149,795
Equipment	212,706	212,424
Oil and gas properties	145,078	145,065
Construction in progress	845	1,629
Total property and equipment	803,643	800,526
Less accumulated depreciation, depletion, and amortization	(426,280)	(420,035)
Property and equipment, net	$ 377,363	$ 380,491

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depletion of oil and gas properties	$ 2,568	$ 2,648
Impairment of long-lived assets held-for-use	107	776
Asset held for sale	1,149		$ 773
Gain on disposition of assets	$ 1,431	1,590
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairments
Steak n Shake
Property, Plant and Equipment [Line Items]
Gain on disposition of assets	$ 767	$ 1,431

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Reconciliation of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 53,830
Accumulated impairment losses		(300)
Goodwill	$ 53,521	$ 53,530
Goodwill [Roll Forward]
Goodwill beginning balance	53,530
Change in foreign exchange rates	(9)
Goodwill ending balance	$ 53,521

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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, 2024	Dec. 31, 2023
Goodwill [Line Items]
Intangibles		$ 26,978
Accumulated impairment losses		(3,748)
Intangible assets, net	$ 23,121	23,230
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	23,230
Change in foreign exchange rates	(109)
Ending balance	23,121
Trade Names
Goodwill [Line Items]
Intangibles		15,876
Accumulated impairment losses		0
Intangible assets, net	15,876	15,876
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	15,876
Change in foreign exchange rates	0
Ending balance	15,876
Lease Rights
Goodwill [Line Items]
Intangibles		11,102
Accumulated impairment losses		(3,748)
Intangible assets, net	7,245	$ 7,354
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	7,354
Change in foreign exchange rates	(109)
Ending balance	$ 7,245

Restaurant Operations Revenue_2

Restaurant Operations Revenues - Schedule of Restaurant Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 89,451	$ 90,176
Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	61,996	61,129
Net sales | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	38,735	36,894
Franchise partner fees | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	17,758	17,912
Franchise royalties and fees | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	3,477	4,258
Other | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 2,026	$ 2,065

Restaurant Operations Revenue_3

Restaurant Operations Revenues - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	$ 5,705,000	$ 5,575,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 21,829	$ 22,448
Gift cards and other marketing	5,877	7,089
Insurance accruals	2,318	2,565
Compensation	14,015	12,821
Deferred revenue	7,066	5,314
Taxes payable	14,672	11,050
Oil and gas payable	3,751	3,560
Other	3,283	1,896
Accounts payable and accrued expenses	$ 72,811	$ 66,743

Line of Credit and Note Payab_2

Line of Credit and Note Payable (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Line of Credit
Debt Instrument [Line Items]
Line of credit	$ 30,000,000
Long-term line of credit	0	$ 0
Revolving Credit Facility | Western Sizzlin Revolver
Debt Instrument [Line Items]
Line of credit	500,000
Long-term line of credit	$ 0	$ 0

Unpaid Loss and Loss Adjustme_3

Unpaid Loss and Loss Adjustment Expenses - Reconciliation of Changes in Claim Liabilities, Net of Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross liabilities	$ 16,700	$ 17,721	$ 16,105	$ 17,520
Reinsurance recoverable on unpaid losses	687	2,207	$ 937	$ 715
Balances at beginning of year, Net liabilities	15,168	16,805
Incurred losses and loss adjustment expenses:
Current accident year	14,197	10,247
Prior accident years	(3,319)	(1,651)
Total	10,878	8,596
Paid losses and loss adjustment expenses:
Current accident year	7,031	4,433
Prior accident years	3,002	5,454
Total	10,033	9,887
Balances at ending of each year, Net liabilities	$ 16,013	$ 15,514

Unpaid Loss and Loss Adjustme_4

Unpaid Loss and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Insurance [Abstract]
Prior accident years	$ 3,319	$ 1,651
Reductions as a percentage of net liabilities	21.90%	9.80%

Lease Assets and Obligations (D

Lease Assets and Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current portion of lease obligations
Finance lease liabilities	$ 1,251	$ 1,258
Finance obligations	4,564	4,826
Operating lease liabilities	8,704	8,771
Total current portion of lease obligations	14,519	14,855
Long-term lease obligations
Finance lease liabilities	3,645	3,581
Finance obligations	60,127	56,471
Operating lease liabilities	28,140	26,337
Total long-term lease obligations	$ 91,912	$ 86,389
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, 2024	Mar. 31, 2023
Finance lease costs:
Amortization of right-of-use assets	$ 226	$ 242
Interest on lease liabilities	84	91
Operating and variable lease costs	2,829	3,167
Sublease income	(2,989)	(3,091)
Total lease costs	$ 150	$ 409

Lease Assets and Obligations _2

Lease Assets and Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 326	$ 344
Operating cash flows from finance leases	84	91
Operating cash flows from operating leases	$ 2,666	$ 3,355

Lease Assets and Obligations _3

Lease Assets and Obligations - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Property and equipment, net	$ 3,644	$ 3,574

Lease Assets and Obligations _4

Lease Assets and Obligations - Weighted Average Lease Terms and Discount Rates (Details)	Mar. 31, 2024
Weighted-average remaining lease terms:
Finance leases	4 years 9 months 14 days
Operating leases	5 years 9 months 25 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, 2024 USD ($)
Operating Leases
Remainder of 2024	$ 8,368
2025	9,697
2026	7,215
2027	4,927
2028	4,108
After 2028	10,307
Total lease payments	44,622
Less interest	7,778
Total lease liabilities	36,844
Finance Leases
Remainder of 2024	1,134
2025	1,486
2026	1,163
2027	828
2028	437
After 2028	728
Total lease payments	5,776
Less interest	880
Total lease liabilities	$ 4,896

Lease Assets and Obligations _6

Lease Assets and Obligations - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease income	$ 4,181	$ 4,085
Variable lease income	1,799	1,784
Total lease income	$ 5,980	$ 5,869
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag	true	true

Lease Assets and Obligations _7

Lease Assets and Obligations - Future Minimum Rental Receipts (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Subleases
Operating Leases
Remainder of 2024	$ 457
2025	544
2026	225
2027	206
2028	86
After 2028	0
Total future minimum receipts	1,518
Owned Properties
Operating Leases
Remainder of 2024	297
2025	404
2026	406
2027	415
2028	424
After 2028	2,435
Total future minimum receipts	$ 4,381

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 6,816	$ 19,738
Investment partnership pretax gains (losses)	$ 21,985	$ 72,588

Fair Value of Financial Asset_2

Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 4,100	$ 2,374
Total assets at fair value	102,296	96,940
Consumer goods
Assets
Equity securities	28,193	26,660
Other
Assets
Equity securities	4,083	3,171
Government
Assets
Bonds	65,041	61,536
Corporate
Assets
Bonds	879	3,199
Level 1
Assets
Cash equivalents	4,100	2,374
Total assets at fair value	102,296	96,940
Level 1 | Consumer goods
Assets
Equity securities	28,193	26,660
Level 1 | Other
Assets
Equity securities	4,083	3,171
Level 1 | Government
Assets
Bonds	65,041	61,536
Level 1 | Corporate
Assets
Bonds	879	3,199
Level 2
Assets
Cash equivalents	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
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 (Det

Related Party Transactions (Details) - Biglari Entities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Hurdle rate, percentage	6%
Incentive reallocation fee, percentage	25%
Services Agreement
Related Party Transaction [Line Items]
Management fee expense	$ 2,400	$ 2,100

Business Segment Reporting - Di

Business Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 89,451	$ 90,176
Restaurant operations
Segment Reporting Information [Line Items]
Total revenues	61,996	61,129
Restaurant operations | Steak n Shake
Segment Reporting Information [Line Items]
Total revenues	59,354	58,487
Restaurant operations | Western Sizzlin
Segment Reporting Information [Line Items]
Total revenues	2,642	2,642
Insurance Operations
Segment Reporting Information [Line Items]
Total revenues	17,733	16,229
Insurance Operations | Investment income and other
Segment Reporting Information [Line Items]
Total revenues	1,811	1,465
Insurance Operations | First Guard | Insurance Underwriting
Segment Reporting Information [Line Items]
Total revenues	9,310	8,899
Insurance Operations | Southern Pioneer | Insurance Underwriting
Segment Reporting Information [Line Items]
Total revenues	6,612	5,865
Oil and Gas Operations
Segment Reporting Information [Line Items]
Total revenues	9,510	12,223
Oil and Gas Operations | Abraxas Petroleum
Segment Reporting Information [Line Items]
Total revenues	5,868	7,252
Oil and Gas Operations | Southern Oil
Segment Reporting Information [Line Items]
Total revenues	3,642	4,971
Maxim
Segment Reporting Information [Line Items]
Total revenues	$ 212	$ 595

Business Segment Reporting - Ea

Business Segment Reporting - Earnings (Losses) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Investment gains	$ 1,713	$ 3,638
Investment partnership gains	23,698	76,226
Earnings before income taxes	29,395	85,275
Operating Segments
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	8,236	12,642
Interest expense not allocated to segments	0	(167)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Corporate and other	(2,539)	(3,593)
Investment gains	1,713	3,638
Investment partnership gains	21,985	72,588
Restaurant operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	4,878	7,797
Restaurant operations | Operating Segments | Steak n Shake
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	4,237	7,325
Restaurant operations | Operating Segments | Western Sizzlin
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	641	472
Insurance Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	2,246	2,787
Insurance Operations | Operating Segments | Investment income and other
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	1,387	1,036
Insurance Operations | Operating Segments | First Guard | Insurance Underwriting
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	800	1,862
Insurance Operations | Operating Segments | Southern Pioneer | Insurance Underwriting
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	59	(111)
Oil and Gas Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	1,466	2,103
Oil and Gas Operations | Operating Segments | Abraxas Petroleum
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	1,387	1,209
Oil and Gas Operations | Operating Segments | Southern Oil
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	79	894
Maxim | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Loss) Before Income Taxes	$ (354)	$ 122