Biglari (BH) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,897	$ 28,066
Investments	93,619	91,879
Receivables	19,169	22,241
Inventories	3,587	2,980
Other current assets	7,882	7,385
Total current assets	151,154	152,551
Property and equipment	381,078	380,491
Operating lease assets	34,601	32,215
Goodwill and other intangible assets	75,540	76,760
Investment partnerships	158,731	199,103
Other assets	7,949	8,302
Total assets	809,053	849,422
Current liabilities:
Accounts payable and accrued expenses	60,126	66,743
Loss and loss adjustment expenses	15,695	15,168
Unearned premiums	15,496	14,334
Current portion of lease obligations	14,406	14,855
Line of credit	50	0
Total current liabilities	105,773	111,100
Lease obligations	92,906	86,389
Deferred taxes	26,254	37,939
Asset retirement obligations	14,593	14,316
Other liabilities	348	348
Total liabilities	239,874	250,092
Shareholders’ equity
Common stock	1,138	1,138
Additional paid-in capital	385,594	385,594
Retained earnings	605,847	631,458
Accumulated other comprehensive loss	(2,667)	(2,518)
Treasury stock, at cost	(420,733)	(416,342)
Biglari Holdings Inc. shareholders’ equity	569,179	599,330
Total liabilities and shareholders’ equity	$ 809,053	$ 849,422

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues		$ 91,141	$ 93,540	$ 180,592	$ 183,716
Costs and expenses
Restaurant cost of sales		36,886	34,928	71,307	67,666
Insurance losses and underwriting expenses		15,745	13,267	30,808	26,280
Oil and gas production costs		4,282	3,512	8,781	8,983
Licensing and media costs		523	499	1,026	951
Selling, general and administrative		18,653	19,009	36,928	36,272
Gain on sale of oil and gas properties		(16,165)	0	(16,646)	0
Impairments		1,000	853	1,107	1,629
Depreciation, depletion, and amortization		9,122	10,094	19,175	20,034
Interest expense on leases		1,349	1,301	2,663	2,608
Interest expense on borrowings		42	40	42	207
Total costs and expenses		71,437	83,503	155,191	164,630
Other income
Investment gains (losses)		(2,729)	353	(1,016)	3,991
Investment partnership gains (losses)		(79,890)	(7,496)	(57,905)	65,092
Total other income (expenses)		(82,619)	(7,143)	(58,921)	69,083
Earnings (loss) before income taxes		(62,915)	2,894	(33,520)	88,169
Income tax expense (benefit)		(14,725)	1,018	(7,909)	20,756
Net earnings (loss)		(48,190)	1,876	(25,611)	67,413
Earnings attributable to noncontrolling interest		0	(60)	0	591
Net earnings (loss) attributable to Biglari Holdings Inc. shareholders		(48,190)	1,936	(25,611)	66,822
Restaurant operations
Revenues
Total revenues		64,475	64,491	126,471	125,620
Insurance premiums and other
Revenues
Total revenues		17,694	17,547	35,427	33,776
Oil and gas
Revenues
Total revenues		8,671	10,741	18,181	22,964
Licensing and media
Revenues
Total revenues		$ 301	$ 761	$ 513	$ 1,356
Common Class A
Other income
Net earnings (loss) per average equivalent Class A share, basic (in dollars per share)	[1]	$ (171.89)	$ 6.64	$ (90.80)	$ 229
Net earnings (loss) per average equivalent Class A share, diluted (in dollars per share)	[1]	$ (171.89)	$ 6.64	$ (90.80)	$ 229
[1] *Net earnings (loss) per average equivalent Class B share outstanding are one-fifth of the average equivalent Class A share or $(34.38) and $(18.16) for the second quarter and first six months of 2024, respectively, and $1.33 and $45.80 for the second quarter and first six months of 2023, respectively.

CONSOLIDATED STATEMENTS OF EA_2

CONSOLIDATED STATEMENTS OF EARNINGS (Parenthetical) - Common Class B	3 Months Ended		6 Months Ended
	Jun. 30, 2024 $ / shares	Jun. 30, 2023 $ / shares	Jun. 30, 2024 $ / shares	Jun. 30, 2023 $ / shares
Net earnings (loss) per equivalent share ratio	0.2	0.2	0.2	0.2
Net earnings (loss) per average equivalent Class B share, basic (in dollars per share)	$ (34.38)	$ 1.33	$ (18.16)	$ 45.80
Net earnings (loss) per average equivalent Class B share, diluted (in dollars per share)	$ (34.38)	$ 1.33	$ (18.16)	$ 45.80

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (48,190)	$ 1,876	$ (25,611)	$ 67,413
Foreign currency translation	(118)	(322)	(149)	10
Comprehensive income (loss)	(48,308)	1,554	(25,760)	67,423
Comprehensive income (loss) attributable to noncontrolling interests	0	(60)	0	591
Total comprehensive income (loss) attributable to Biglari Holdings Inc. shareholders	$ (48,308)	$ 1,614	$ (25,760)	$ 66,832

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net earnings (loss)	$ (48,190)	$ 1,876	$ (25,611)	$ 67,413
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation, depletion, and amortization	9,122	10,094	19,175	20,034
Provision for deferred income taxes			(11,656)	16,842
Asset impairments	1,000	853	1,107	1,629
Gains on sale of assets			(19,618)	(4,194)
Investment and investment partnership gains and losses			58,921	(69,083)
Distributions from investment partnerships			1,000	0
Changes in receivables, inventories and other assets			1,234	4,989
Changes in accounts payable and accrued expenses			(3,642)	(6,112)
Net cash provided by operating activities			20,910	31,518
Investing activities
Capital expenditures			(16,429)	(10,557)
Proceeds from property and equipment disposals			21,820	9,670
Purchases of noncontrolling interests			0	(5,387)
Purchases of interests in limited partnerships			(22,924)	(9,100)
Purchases of investments			(43,152)	(58,926)
Sales of investments and redemptions of fixed maturity securities			41,099	45,826
Net cash used in investing activities			(19,586)	(28,474)
Financing activities
Proceeds from line of credit			6,050	5,000
Payments on line of credit			(6,000)	(11,400)
Principal payments on direct financing lease obligations			(2,741)	(3,078)
Net cash used in financing activities			(2,691)	(9,478)
Effect of exchange rate changes on cash			(7)	98
Decrease in cash, cash equivalents and restricted cash			(1,374)	(6,336)
Cash, cash equivalents and restricted cash at beginning of year			29,654	38,805
Cash, cash equivalents and restricted cash at end of second quarter	28,280	32,469	28,280	32,469
Cash and cash equivalents	26,897	30,881	26,897	30,881
Restricted cash in other long-term assets	1,383	1,588	1,383	1,588
Cash, cash equivalents and restricted cash at end of second quarter	$ 28,280	$ 32,469	$ 28,280	$ 32,469

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	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 (loss)	65,537			64,886			651
Other comprehensive (loss) income	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, 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)	67,413
Ending balance at Jun. 30, 2023	616,354	1,138	385,594	643,332	(2,780)	(410,930)	0
Beginning balance at Mar. 31, 2023	621,198	1,138	381,788	641,396	(2,458)	(409,919)	9,253
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	1,876			1,936			(60)
Other comprehensive (loss) income	(322)				(322)
Adjustment for holdings in investment partnerships	(1,011)					(1,011)
Purchases on noncontrolling interests	(5,387)		3,806				(9,193)
Ending balance at Jun. 30, 2023	616,354	1,138	385,594	643,332	(2,780)	(410,930)	0
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 (loss)	22,579			22,579
Other comprehensive (loss) income	(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
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 (loss)	(25,611)
Ending balance at Jun. 30, 2024	569,179	1,138	385,594	605,847	(2,667)	(420,733)	0
Beginning balance at Mar. 31, 2024	618,572	1,138	385,594	654,037	(2,549)	(419,648)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(48,190)			(48,190)
Other comprehensive (loss) income	(118)				(118)
Adjustment for holdings in investment partnerships	(1,085)					(1,085)
Ending balance at Jun. 30, 2024	$ 569,179	$ 1,138	$ 385,594	$ 605,847	$ (2,667)	$ (420,733)	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023. June 30, 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. Second Quarter First Six Months 2024 2023 2024 2023 Equivalent Class A common stock outstanding 620,592 620,592 620,592 620,592 Proportional ownership of Company stock held by investment partnerships 340,232 328,898 338,518 328,790 Equivalent Class A common stock for earnings per share 280,360 291,694 282,074 291,802

Investments

Investments	6 Months Ended
	Jun. 30, 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 losses for the second quarter and first six months of 2024 were $2,729 and $1,016, respectively. Investment gains in the second quarter and first six months of 2023 were $353 and $3,991, respectively.

Investment Partnerships

Investment Partnerships	6 Months Ended
	Jun. 30, 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) (12,645) 45,260 (57,905) Contributions (net of distributions) 21,924 21,924 Changes in proportionate share of Company stock held 4,391 (4,391) Partnership interest at June 30, 2024 $ 482,051 $ 323,320 $ 158,731 Fair Value Company Carrying Value Partnership interest at December 31, 2022 $ 383,004 $ 227,210 $ 155,794 Investment partnership gains (losses) 157,768 92,676 65,092 Contributions (net of distributions) 9,100 9,100 Changes in proportionate share of Company stock held 1,250 (1,250) Partnership interest at June 30, 2023 $ 549,872 $ 321,136 $ 228,736 The carrying value of the investment partnerships net of deferred taxes is presented below. June 30, December 31, 2023 Carrying value of investment partnerships $ 158,731 $ 199,103 Deferred tax liability related to investment partnerships (13,480) (27,896) Carrying value of investment partnerships net of deferred taxes $ 145,251 $ 171,207 We expect that a majority of the $13,480 deferred tax liability 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 $420,733 and $416,342 at June 30, 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. Second Quarter First Six Months 2024 2023 2024 2023 Gains (losses) from investment partnerships $ (79,890) $ (7,496) $ (57,905) $ 65,092 Tax expense (benefit) (19,142) (1,997) (14,305) 14,562 Contribution to net earnings (loss) $ (60,748) $ (5,499) $ (43,600) $ 50,530 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 six months 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 June 30, 2024 $ 408,170 $ 331,486 Total liabilities as of June 30, 2024 $ 24,074 $ 179,033 Revenue for the first six months of 2024 $ 33,316 $ (42,355) Earnings for the first six months of 2024 $ 32,417 $ (48,207) Biglari Holdings’ ownership interest as of June 30, 2024 90.2 % 87.3 % 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 six months of 2023 $ 117,282 $ 68,060 Earnings for the first six months of 2023 $ 116,952 $ 63,273 Biglari Holdings’ ownership interest as of June 30, 2023 88.8 % 86.0 % 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	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment is composed of the following. June 30, December 31, Land $ 137,250 $ 139,897 Buildings 157,102 151,716 Land and leasehold improvements 150,879 149,795 Equipment 212,441 212,424 Oil and gas properties 153,063 145,065 Construction in progress 531 1,629 811,266 800,526 Less accumulated depreciation, depletion, and amortization (430,188) (420,035) Property and equipment, net $ 381,078 $ 380,491 Depletion expense related to oil and gas properties was $4,227 and $5,386 during the first six months of 2024 and 2023, respectively. The Company did not record an impairment to restaurant long-lived assets in the second quarter of 2024 but did record $833 in the second quarter of 2023. The Company recorded an impairment to restaurant long-lived assets related to underperforming stores of $107 and $1,609 in the first six months of 2024 and 2023, respectively. Property and equipment held for sale of $1,137 and $773 are recorded in other assets as of June 30, 2024 and December 31, 2023, respectively. The assets classified as held for sale at June 30, 2024 include two properties owned by Steak n Shake, which were previously company-operated restaurants. During the first six months of 2024, the Company sold former company-operated restaurants for a gain of $2,909. During the first six months of 2023, the Company sold former company-operated restaurants for a gain of $4,414 and Abraxas Petroleum sold its office building with no gain or loss recorded.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 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 Impairments prior to 2024 (300) 53,530 Impairment during the first six months of 2024 (1,000) Change in foreign exchange rates during the first six months of 2024 (17) Goodwill at June 30, 2024 $ 52,513 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 by Steak n Shake for goodwill during the first six months of 2024 or 2023. During the second quarter of 2024, we performed our annual assessment of our recoverability of goodwill related to Western Sizzlin and an impairment to goodwill of $1,000 was recorded. Western Sizzlin did not record an impairment for goodwill during the first six months of 2023. There was no impairment recorded for intangible assets during the first six months of 2024 and a $20 impairment was recorded in the first six months of 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 Impairments prior to 2024 — (3,748) (3,748) 15,876 7,354 23,230 Change in foreign exchange rates during the first six months of 2024 — (203) (203) Balance at June 30, 2024 $ 15,876 $ 7,151 $ 23,027

Restaurant Operations Revenues

Restaurant Operations Revenues	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Restaurant Operations Revenues	Restaurant Operations Revenues Restaurant operations revenues were as follows. Second Quarter First Six Months 2024 2023 2024 2023 Net sales $ 40,815 $ 39,524 $ 79,550 $ 76,418 Franchise partner fees 18,149 19,070 35,907 36,982 Franchise royalties and fees 3,615 4,125 7,092 8,383 Other 1,896 1,772 3,922 3,837 $ 64,475 $ 64,491 $ 126,471 $ 125,620 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 second quarter of 2024 and 2023, restaurant operations recognized $5,780 and $5,763, respectively, in franchise partner fees related to rental income. During the first six months ended June 30, 2024 and June 30, 2023, restaurant operations recognized $11,485 and $11,338, 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	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses include the following. June 30, December 31, Accounts payable $ 25,809 $ 22,448 Gift cards and other marketing 5,391 7,089 Insurance accruals 2,116 2,565 Compensation 4,969 12,821 Deferred revenue 6,086 5,314 Taxes payable 11,167 11,050 Oil and gas payable 2,422 3,560 Other 2,166 1,896 Accounts payable and accrued expenses $ 60,126 $ 66,743

Lines of Credit

Lines of Credit	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Lines of Credit	Lines of Credit 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 June 30, 2024, or December 31, 2023. Western Sizzlin Revolver

Unpaid Losses and Loss Adjustme

Unpaid Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Unpaid Losses and Loss Adjustment Expenses	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 six month periods ended June 30, 2024 and 2023 follows. June 30, June 30, 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 23,539 19,984 Prior accident years (1,330) (3,016) Total 22,209 16,968 Paid losses and loss adjustment expenses: Current accident year 16,653 14,426 Prior accident years 5,029 4,667 Total 21,682 19,093 Balances at June 30: Net liabilities 15,695 14,680 Reinsurance recoverable on unpaid losses 272 1,150 Gross liabilities $ 15,967 $ 15,830 We recorded net reductions of estimated ultimate liabilities for prior accident years of $1,330 and $3,016 in the first six months 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 8.8% in 2024 and 17.9% in 2023.

Lease Assets and Obligations

Lease Assets and Obligations	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Lease Assets and Obligations	Lease Assets and Obligations Lease obligations include the following. Current portion of lease obligations June 30, December 31, Finance lease liabilities $ 1,274 $ 1,258 Finance obligations 4,479 4,826 Operating lease liabilities 8,653 8,771 Total current portion of lease obligations $ 14,406 $ 14,855 Long-term lease obligations Finance lease liabilities $ 3,328 $ 3,581 Finance obligations 61,098 56,471 Operating lease liabilities 28,480 26,337 Total long-term lease obligations $ 92,906 $ 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. Second Quarter First Six Months 2024 2023 2024 2023 Finance lease costs: Amortization of right-of-use assets $ 221 $ 242 $ 447 $ 484 Interest on lease liabilities 83 86 167 177 Operating and variable lease costs 2,948 3,081 5,777 6,248 Sublease income (2,986) (3,054) (5,975) (6,145) Total lease costs $ 266 $ 355 $ 416 $ 764 Supplemental cash flow information related to leases is as follows. First Six Months 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 621 $ 636 Operating cash flows from finance leases $ 167 $ 177 Operating cash flows from operating leases $ 5,409 $ 6,689 Supplemental balance sheet information related to leases is as follows. June 30, December 31, Finance leases: Property and equipment, net $ 3,423 $ 3,574 Weighted-average lease terms and discount rates are as follows. June 30, Weighted-average remaining lease terms: Finance leases 4.62 years Operating leases 6.00 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 7.0 % Maturities of lease liabilities as of June 30, 2024 are as follows. Year Operating Finance Remainder of 2024 $ 5,636 $ 756 2025 10,198 1,486 2026 7,709 1,163 2027 5,337 828 2028 4,518 437 After 2028 11,849 729 Total lease payments 45,247 5,399 Less interest 8,114 797 Total lease liabilities $ 37,133 $ 4,602 Lease Income The components of lease income recorded in restaurant operations are as follows. Second Quarter First Six Months 2024 2023 2024 2023 Operating lease income $ 4,236 $ 4,044 $ 8,417 $ 8,129 Variable lease income 1,824 1,921 3,623 3,705 Total lease income $ 6,060 $ 5,965 $ 12,040 $ 11,834 The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of June 30, 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 $ 292 $ 198 2025 544 404 2026 225 407 2027 206 415 2028 86 424 After 2028 — 2,435 Total future minimum receipts $ 1,353 $ 4,283
Lease Assets and Obligations	Lease Assets and Obligations Lease obligations include the following. Current portion of lease obligations June 30, December 31, Finance lease liabilities $ 1,274 $ 1,258 Finance obligations 4,479 4,826 Operating lease liabilities 8,653 8,771 Total current portion of lease obligations $ 14,406 $ 14,855 Long-term lease obligations Finance lease liabilities $ 3,328 $ 3,581 Finance obligations 61,098 56,471 Operating lease liabilities 28,480 26,337 Total long-term lease obligations $ 92,906 $ 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. Second Quarter First Six Months 2024 2023 2024 2023 Finance lease costs: Amortization of right-of-use assets $ 221 $ 242 $ 447 $ 484 Interest on lease liabilities 83 86 167 177 Operating and variable lease costs 2,948 3,081 5,777 6,248 Sublease income (2,986) (3,054) (5,975) (6,145) Total lease costs $ 266 $ 355 $ 416 $ 764 Supplemental cash flow information related to leases is as follows. First Six Months 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 621 $ 636 Operating cash flows from finance leases $ 167 $ 177 Operating cash flows from operating leases $ 5,409 $ 6,689 Supplemental balance sheet information related to leases is as follows. June 30, December 31, Finance leases: Property and equipment, net $ 3,423 $ 3,574 Weighted-average lease terms and discount rates are as follows. June 30, Weighted-average remaining lease terms: Finance leases 4.62 years Operating leases 6.00 years Weighted-average discount rates: Finance leases 7.0 % Operating leases 7.0 % Maturities of lease liabilities as of June 30, 2024 are as follows. Year Operating Finance Remainder of 2024 $ 5,636 $ 756 2025 10,198 1,486 2026 7,709 1,163 2027 5,337 828 2028 4,518 437 After 2028 11,849 729 Total lease payments 45,247 5,399 Less interest 8,114 797 Total lease liabilities $ 37,133 $ 4,602 Lease Income The components of lease income recorded in restaurant operations are as follows. Second Quarter First Six Months 2024 2023 2024 2023 Operating lease income $ 4,236 $ 4,044 $ 8,417 $ 8,129 Variable lease income 1,824 1,921 3,623 3,705 Total lease income $ 6,060 $ 5,965 $ 12,040 $ 11,834 The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of June 30, 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 $ 292 $ 198 2025 544 404 2026 225 407 2027 206 415 2028 86 424 After 2028 — 2,435 Total future minimum receipts $ 1,353 $ 4,283

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 six months 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2024 and December 31, 2023, the fair values of financial assets were as follows. June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 4,780 $ — $ — $ 4,780 $ 2,374 $ — $ — $ 2,374 Equity securities Consumer goods 26,190 — — 26,190 26,660 — — 26,660 Other 4,916 — — 4,916 3,171 — — 3,171 Bonds Government 62,156 — — 62,156 61,536 — — 61,536 Corporate 799 — — 799 3,199 — — 3,199 Total assets at fair value $ 98,841 $ — $ — $ 98,841 $ 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	6 Months Ended
	Jun. 30, 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 $4,800 in service fees during the first six months of 2024 and $4,200 during the first six months of 2023. 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	6 Months Ended
	Jun. 30, 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. 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 second quarters and first six months of 2024 and 2023 is presented in the tables which follow. Revenues Second Quarter First Six Months 2024 2023 2024 2023 Operating Businesses: Restaurant Operations: Steak n Shake $ 61,711 $ 61,577 $ 121,065 $ 120,064 Western Sizzlin 2,764 2,914 5,406 5,556 Total Restaurant Operations 64,475 64,491 126,471 125,620 Insurance Operations: Underwriting First Guard 9,494 9,215 18,804 18,114 Southern Pioneer 6,797 6,756 13,409 12,621 Investment income and other 1,403 1,576 3,214 3,041 Total Insurance Operations 17,694 17,547 35,427 33,776 Oil and Gas Operations: Abraxas Petroleum 4,992 5,931 10,860 13,183 Southern Oil 3,679 4,810 7,321 9,781 Total Oil and Gas Operations 8,671 10,741 18,181 22,964 Maxim 301 761 513 1,356 $ 91,141 $ 93,540 $ 180,592 $ 183,716 Earnings (Losses) Before Income Taxes Second Quarter First Six Months 2024 2023 2024 2023 Operating Businesses: Restaurant Operations: Steak n Shake $ 5,509 $ 8,634 $ 9,746 $ 15,959 Western Sizzlin 256 593 897 1,065 Total Restaurant Operations 5,765 9,227 10,643 17,024 Insurance Operations: Underwriting: First Guard 1,331 3,154 2,131 5,016 Southern Pioneer (785) (451) (726) (562) Investment income and other 1,304 1,265 2,691 2,301 Total Insurance Operations 1,850 3,968 4,096 6,755 Oil and Gas Operations: Abraxas Petroleum 17,414 1,845 18,801 3,054 Southern Oil (63) 1,045 16 1,939 Total Oil and Gas Operations 17,351 2,890 18,817 4,993 Maxim (255) 208 (609) 330 Interest expense not allocated to segments (42) (40) (42) (207) Total Operating Businesses 24,669 16,253 32,905 28,895 Goodwill impairment (1,000) — (1,000) — Corporate and other (3,965) (6,216) (6,504) (9,809) Investment gains (losses) (2,729) 353 (1,016) 3,991 Investment partnership gains (losses) (79,890) (7,496) (57,905) 65,092 $ (62,915) $ 2,894 $ (33,520) $ 88,169

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Common Stock	The following table presents shares authorized, issued and outstanding on June 30, 2024 and December 31, 2023. June 30, 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. Second Quarter First Six Months 2024 2023 2024 2023 Equivalent Class A common stock outstanding 620,592 620,592 620,592 620,592 Proportional ownership of Company stock held by investment partnerships 340,232 328,898 338,518 328,790 Equivalent Class A common stock for earnings per share 280,360 291,694 282,074 291,802

Investment Partnerships (Tables

Investment Partnerships (Tables)	6 Months Ended
	Jun. 30, 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) (12,645) 45,260 (57,905) Contributions (net of distributions) 21,924 21,924 Changes in proportionate share of Company stock held 4,391 (4,391) Partnership interest at June 30, 2024 $ 482,051 $ 323,320 $ 158,731 Fair Value Company Carrying Value Partnership interest at December 31, 2022 $ 383,004 $ 227,210 $ 155,794 Investment partnership gains (losses) 157,768 92,676 65,092 Contributions (net of distributions) 9,100 9,100 Changes in proportionate share of Company stock held 1,250 (1,250) Partnership interest at June 30, 2023 $ 549,872 $ 321,136 $ 228,736
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. June 30, December 31, 2023 Carrying value of investment partnerships $ 158,731 $ 199,103 Deferred tax liability related to investment partnerships (13,480) (27,896) Carrying value of investment partnerships net of deferred taxes $ 145,251 $ 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. Second Quarter First Six Months 2024 2023 2024 2023 Gains (losses) from investment partnerships $ (79,890) $ (7,496) $ (57,905) $ 65,092 Tax expense (benefit) (19,142) (1,997) (14,305) 14,562 Contribution to net earnings (loss) $ (60,748) $ (5,499) $ (43,600) $ 50,530
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 June 30, 2024 $ 408,170 $ 331,486 Total liabilities as of June 30, 2024 $ 24,074 $ 179,033 Revenue for the first six months of 2024 $ 33,316 $ (42,355) Earnings for the first six months of 2024 $ 32,417 $ (48,207) Biglari Holdings’ ownership interest as of June 30, 2024 90.2 % 87.3 % 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 six months of 2023 $ 117,282 $ 68,060 Earnings for the first six months of 2023 $ 116,952 $ 63,273 Biglari Holdings’ ownership interest as of June 30, 2023 88.8 % 86.0 %

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment is composed of the following. June 30, December 31, Land $ 137,250 $ 139,897 Buildings 157,102 151,716 Land and leasehold improvements 150,879 149,795 Equipment 212,441 212,424 Oil and gas properties 153,063 145,065 Construction in progress 531 1,629 811,266 800,526 Less accumulated depreciation, depletion, and amortization (430,188) (420,035) Property and equipment, net $ 381,078 $ 380,491

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 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 Impairments prior to 2024 (300) 53,530 Impairment during the first six months of 2024 (1,000) Change in foreign exchange rates during the first six months of 2024 (17) Goodwill at June 30, 2024 $ 52,513
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 Impairments prior to 2024 — (3,748) (3,748) 15,876 7,354 23,230 Change in foreign exchange rates during the first six months of 2024 — (203) (203) Balance at June 30, 2024 $ 15,876 $ 7,151 $ 23,027

Restaurant Operations Revenues

Restaurant Operations Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Restaurant Operations Revenues	Restaurant operations revenues were as follows. Second Quarter First Six Months 2024 2023 2024 2023 Net sales $ 40,815 $ 39,524 $ 79,550 $ 76,418 Franchise partner fees 18,149 19,070 35,907 36,982 Franchise royalties and fees 3,615 4,125 7,092 8,383 Other 1,896 1,772 3,922 3,837 $ 64,475 $ 64,491 $ 126,471 $ 125,620

Accounts Payable And Accrued _2

Accounts Payable And Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accounts payable and accrued expenses include the following. June 30, December 31, Accounts payable $ 25,809 $ 22,448 Gift cards and other marketing 5,391 7,089 Insurance accruals 2,116 2,565 Compensation 4,969 12,821 Deferred revenue 6,086 5,314 Taxes payable 11,167 11,050 Oil and gas payable 2,422 3,560 Other 2,166 1,896 Accounts payable and accrued expenses $ 60,126 $ 66,743

Unpaid Losses and Loss Adjust_2

Unpaid Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 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 six month periods ended June 30, 2024 and 2023 follows. June 30, June 30, 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 23,539 19,984 Prior accident years (1,330) (3,016) Total 22,209 16,968 Paid losses and loss adjustment expenses: Current accident year 16,653 14,426 Prior accident years 5,029 4,667 Total 21,682 19,093 Balances at June 30: Net liabilities 15,695 14,680 Reinsurance recoverable on unpaid losses 272 1,150 Gross liabilities $ 15,967 $ 15,830

Lease Assets and Obligations (T

Lease Assets and Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Debt	Lease obligations include the following. Current portion of lease obligations June 30, December 31, Finance lease liabilities $ 1,274 $ 1,258 Finance obligations 4,479 4,826 Operating lease liabilities 8,653 8,771 Total current portion of lease obligations $ 14,406 $ 14,855 Long-term lease obligations Finance lease liabilities $ 3,328 $ 3,581 Finance obligations 61,098 56,471 Operating lease liabilities 28,480 26,337 Total long-term lease obligations $ 92,906 $ 86,389
Schedule of Lease Cost	Total lease cost consists of the following. Second Quarter First Six Months 2024 2023 2024 2023 Finance lease costs: Amortization of right-of-use assets $ 221 $ 242 $ 447 $ 484 Interest on lease liabilities 83 86 167 177 Operating and variable lease costs 2,948 3,081 5,777 6,248 Sublease income (2,986) (3,054) (5,975) (6,145) Total lease costs $ 266 $ 355 $ 416 $ 764
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information related to leases is as follows. First Six Months 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 621 $ 636 Operating cash flows from finance leases $ 167 $ 177 Operating cash flows from operating leases $ 5,409 $ 6,689
Schedule Of Supplemental Balance Sheet Information Related To Leases	Supplemental balance sheet information related to leases is as follows. June 30, December 31, Finance leases: Property and equipment, net $ 3,423 $ 3,574
Schedule Of Weighted-Average Lease Terms And Discount Rates	Weighted-average lease terms and discount rates are as follows. June 30, Weighted-average remaining lease terms: Finance leases 4.62 years Operating leases 6.00 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 June 30, 2024 are as follows. Year Operating Finance Remainder of 2024 $ 5,636 $ 756 2025 10,198 1,486 2026 7,709 1,163 2027 5,337 828 2028 4,518 437 After 2028 11,849 729 Total lease payments 45,247 5,399 Less interest 8,114 797 Total lease liabilities $ 37,133 $ 4,602
Schedule of Operating Lease, Lease Income	The components of lease income recorded in restaurant operations are as follows. Second Quarter First Six Months 2024 2023 2024 2023 Operating lease income $ 4,236 $ 4,044 $ 8,417 $ 8,129 Variable lease income 1,824 1,921 3,623 3,705 Total lease income $ 6,060 $ 5,965 $ 12,040 $ 11,834
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 June 30, 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 $ 292 $ 198 2025 544 404 2026 225 407 2027 206 415 2028 86 424 After 2028 — 2,435 Total future minimum receipts $ 1,353 $ 4,283

Fair Value of Financial Assets

Fair Value of Financial Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	As of June 30, 2024 and December 31, 2023, the fair values of financial assets were as follows. June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 4,780 $ — $ — $ 4,780 $ 2,374 $ — $ — $ 2,374 Equity securities Consumer goods 26,190 — — 26,190 26,660 — — 26,660 Other 4,916 — — 4,916 3,171 — — 3,171 Bonds Government 62,156 — — 62,156 61,536 — — 61,536 Corporate 799 — — 799 3,199 — — 3,199 Total assets at fair value $ 98,841 $ — $ — $ 98,841 $ 96,940 $ — $ — $ 96,940

Business Segment Reporting (Tab

Business Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	A disaggregation of our consolidated data for the second quarters and first six months of 2024 and 2023 is presented in the tables which follow. Revenues Second Quarter First Six Months 2024 2023 2024 2023 Operating Businesses: Restaurant Operations: Steak n Shake $ 61,711 $ 61,577 $ 121,065 $ 120,064 Western Sizzlin 2,764 2,914 5,406 5,556 Total Restaurant Operations 64,475 64,491 126,471 125,620 Insurance Operations: Underwriting First Guard 9,494 9,215 18,804 18,114 Southern Pioneer 6,797 6,756 13,409 12,621 Investment income and other 1,403 1,576 3,214 3,041 Total Insurance Operations 17,694 17,547 35,427 33,776 Oil and Gas Operations: Abraxas Petroleum 4,992 5,931 10,860 13,183 Southern Oil 3,679 4,810 7,321 9,781 Total Oil and Gas Operations 8,671 10,741 18,181 22,964 Maxim 301 761 513 1,356 $ 91,141 $ 93,540 $ 180,592 $ 183,716
Schedule of Earnings (Losses) Before Income Taxes by Segment	Earnings (Losses) Before Income Taxes Second Quarter First Six Months 2024 2023 2024 2023 Operating Businesses: Restaurant Operations: Steak n Shake $ 5,509 $ 8,634 $ 9,746 $ 15,959 Western Sizzlin 256 593 897 1,065 Total Restaurant Operations 5,765 9,227 10,643 17,024 Insurance Operations: Underwriting: First Guard 1,331 3,154 2,131 5,016 Southern Pioneer (785) (451) (726) (562) Investment income and other 1,304 1,265 2,691 2,301 Total Insurance Operations 1,850 3,968 4,096 6,755 Oil and Gas Operations: Abraxas Petroleum 17,414 1,845 18,801 3,054 Southern Oil (63) 1,045 16 1,939 Total Oil and Gas Operations 17,351 2,890 18,817 4,993 Maxim (255) 208 (609) 330 Interest expense not allocated to segments (42) (40) (42) (207) Total Operating Businesses 24,669 16,253 32,905 28,895 Goodwill impairment (1,000) — (1,000) — Corporate and other (3,965) (6,216) (6,504) (9,809) Investment gains (losses) (2,729) 353 (1,016) 3,991 Investment partnership gains (losses) (79,890) (7,496) (57,905) 65,092 $ (62,915) $ 2,894 $ (33,520) $ 88,169

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Jun. 30, 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	Jun. 30, 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 - Schedule_2

Earnings Per Share - Schedule of Class A Common Stock (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Equivalent class A common stock outstanding (in shares)	620,592	620,592	620,592	620,592
Proportional ownership of Company stock held by investment partnerships (in shares)	340,232	328,898	338,518	328,790
Equivalent Class A common stock for earnings per share (in shares)	280,360	291,694	282,074	291,802

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investment (losses) gains	$ (2,729)	$ 353	$ (1,016)	$ 3,991

Investment Partnerships - Fair

Investment Partnerships - Fair Value and Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) In Equity Method Investments [Roll Forward]
Investment partnership gains (losses)	$ (79,890)	$ (7,496)	$ (57,905)	$ 65,092
Fair Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Partnership interest, beginning balance			472,772	383,004
Investment partnership gains (losses)			(12,645)	157,768
Contributions (net of distributions)			21,924	9,100
Changes in proportionate share of Company stock held
Partnership interest, ending balance	482,051	549,872	482,051	549,872
Company Common Stock
Increase (Decrease) In Equity Method Investments [Roll Forward]
Partnership interest, beginning balance			273,669	227,210
Investment partnership gains (losses)			45,260	92,676
Contributions (net of distributions)
Changes in proportionate share of Company stock held			4,391	1,250
Partnership interest, ending balance	323,320	321,136	323,320	321,136
Carrying Value
Increase (Decrease) In Equity Method Investments [Roll Forward]
Partnership interest, beginning balance			199,103	155,794
Investment partnership gains (losses)			(57,905)	65,092
Contributions (net of distributions)			21,924	9,100
Changes in proportionate share of Company stock held			(4,391)	(1,250)
Partnership interest, ending balance	$ 158,731	$ 228,736	$ 158,731	$ 228,736

Investment Partnerships - Carry

Investment Partnerships - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Carrying value of investment partnerships	$ 158,731	$ 199,103
Deferred tax liability related to investment partnerships	(13,480)	(27,896)
Carrying value of investment partnerships net of deferred taxes	$ 145,251	$ 171,207

Investment Partnerships - Narra

Investment Partnerships - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Deferred tax liability related to investment partnerships	$ 13,480,000		$ 27,896,000
Investment partnerships at cost	420,733,000		$ 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Gains (losses) from investment partnerships	$ (79,890)	$ (7,496)	$ (57,905)	$ 65,092
Tax expense (benefit)	(19,142)	(1,997)	(14,305)	14,562
Contribution to net earnings (loss)	$ (60,748)	$ (5,499)	$ (43,600)	$ 50,530

Investment Partnerships - Summa

Investment Partnerships - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total assets	$ 809,053				$ 809,053		$ 849,422
Total liabilities	239,874				239,874		250,092
Total earnings	$ (48,190)	$ 22,579	$ 1,876	$ 65,537	$ (25,611)	$ 67,413
Lion Fund
Schedule of Equity Method Investments [Line Items]
Biglari Holdings' ownership interest	90.20%		88.80%		90.20%	88.80%
Lion Fund II
Schedule of Equity Method Investments [Line Items]
Biglari Holdings' ownership interest	87.30%		86%		87.30%	86%
Lion Fund
Schedule of Equity Method Investments [Line Items]
Total assets	$ 408,170				$ 408,170		371,365
Total liabilities	24,074				24,074		26,594
Total revenues					33,316	$ 117,282
Total earnings					32,417	116,952
Lion Fund II
Schedule of Equity Method Investments [Line Items]
Total assets	331,486				331,486		373,302
Total liabilities	$ 179,033				179,033		$ 185,024
Total revenues					(42,355)	68,060
Total earnings					$ (48,207)	$ 63,273

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land	$ 137,250	$ 139,897
Buildings	157,102	151,716
Land and leasehold improvements	150,879	149,795
Equipment	212,441	212,424
Oil and gas properties	153,063	145,065
Construction in progress	531	1,629
Total property and equipment	811,266	800,526
Less accumulated depreciation, depletion, and amortization	(430,188)	(420,035)
Property and equipment, net	$ 381,078	$ 380,491

Property and Equipment - Narrat

Property and Equipment - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Depletion of oil and gas properties			$ 4,227,000	$ 5,386,000
Impairment of long-lived assets held-for-use	$ 0	$ 833,000	107,000	1,609,000
Asset held for sale	$ 1,137,000		1,137,000		$ 773,000
Gain on sale of assets			$ 19,618,000	4,194,000
Gain or loss on sale of office building				0
Steak n Shake
Property, Plant and Equipment [Line Items]
Number of properties held for sale | property	2		2
Gain on sale of assets			$ 2,909,000	$ 4,414,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Reconciliation of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 53,830
Impairments prior to 2024		300
Goodwill, net	$ 52,513	$ 53,530
Goodwill [Roll Forward]
Goodwill at December 31, 2023	53,530
Impairment during the first six months of 2024	(1,000)
Change in foreign exchange rates during the first six months of 2024	(17)
Goodwill at June 30, 2024	$ 52,513

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Line Items]
Impairment loss		$ 1,000,000
Impairment of intangible assets		0	$ 20,000
Steak n Shake
Goodwill [Line Items]
Impairment loss		$ 0	0
Western Sizzlin
Goodwill [Line Items]
Impairment loss	$ 1,000,000		$ 0

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Intangibles		$ 26,978
Impairments prior to 2024		(3,748)
Intangible assets, net	$ 23,027	23,230
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2023	23,230
Change in foreign exchange rates during the first six months of 2024	(203)
Balance at June 30, 2024	23,027
Trade Names
Goodwill [Line Items]
Intangibles		15,876
Impairments prior to 2024		0
Intangible assets, net	15,876	15,876
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2023	15,876
Change in foreign exchange rates during the first six months of 2024	0
Balance at June 30, 2024	15,876
Lease Rights
Goodwill [Line Items]
Intangibles		11,102
Impairments prior to 2024		(3,748)
Intangible assets, net	7,151	$ 7,354
Finite-lived Intangible Assets [Roll Forward]
Balance at December 31, 2023	7,354
Change in foreign exchange rates during the first six months of 2024	(203)
Balance at June 30, 2024	$ 7,151

Restaurant Operations Revenue_2

Restaurant Operations Revenues - Schedule of Restaurant Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 91,141	$ 93,540	$ 180,592	$ 183,716
Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	64,475	64,491	126,471	125,620
Net sales | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	40,815	39,524	79,550	76,418
Franchise partner fees | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	18,149	19,070	35,907	36,982
Franchise royalties and fees | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	3,615	4,125	7,092	8,383
Other | Restaurant
Disaggregation of Revenue [Line Items]
Restaurant operations	$ 1,896	$ 1,772	$ 3,922	$ 3,837

Restaurant Operations Revenue_3

Restaurant Operations Revenues - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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	$ 5,780,000	$ 5,763,000	$ 11,485,000	$ 11,338,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 25,809	$ 22,448
Gift cards and other marketing	5,391	7,089
Insurance accruals	2,116	2,565
Compensation	4,969	12,821
Deferred revenue	6,086	5,314
Taxes payable	11,167	11,050
Oil and gas payable	2,422	3,560
Other	2,166	1,896
Accounts payable and accrued expenses	$ 60,126	$ 66,743

Lines of Credit (Details)

Lines of Credit (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000,000
Long-term line of credit	0	$ 0
Revolving Credit Facility | Western Sizzlin Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000
Long-term line of credit	$ 50,000	$ 0

Unpaid Losses and Loss Adjust_3

Unpaid Losses and Loss Adjustment Expenses - Reconciliation of Changes in Claim Liabilities, Net of Reinsurance (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross liabilities	$ 15,967	$ 15,830	$ 16,105	$ 17,520
Reinsurance recoverable on unpaid losses	272	1,150	$ 937	$ 715
Balances at beginning of year, Net liabilities	15,168	16,805
Incurred losses and loss adjustment expenses:
Current accident year	23,539	19,984
Prior accident years	(1,330)	(3,016)
Total	22,209	16,968
Paid losses and loss adjustment expenses:
Current accident year	16,653	14,426
Prior accident years	5,029	4,667
Total	21,682	19,093
Balances at end of each year, Net liabilities	$ 15,695	$ 14,680

Unpaid Losses and Loss Adjust_4

Unpaid Losses and Loss Adjustment Expenses - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Insurance [Abstract]
Reduction in provision for insured events of prior years	$ 1,330	$ 3,016
Reductions as a percentage of net liabilities	8.80%	17.90%

Lease Assets and Obligations -

Lease Assets and Obligations - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current portion of lease obligations
Finance lease liabilities	$ 1,274	$ 1,258
Finance obligations	4,479	4,826
Operating lease liabilities	8,653	8,771
Total current portion of lease obligations	14,406	14,855
Long-term lease obligations
Finance lease liabilities	3,328	3,581
Finance obligations	61,098	56,471
Operating lease liabilities	28,480	26,337
Total long-term lease obligations	$ 92,906	$ 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 _2

Lease Assets and Obligations - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finance lease costs:
Amortization of right-of-use assets	$ 221	$ 242	$ 447	$ 484
Interest on lease liabilities	83	86	167	177
Operating and variable lease costs	2,948	3,081	5,777	6,248
Sublease income	(2,986)	(3,054)	(5,975)	(6,145)
Total lease costs	$ 266	$ 355	$ 416	$ 764

Lease Assets and Obligations _3

Lease Assets and Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ 621	$ 636
Operating cash flows from finance leases	167	177
Operating cash flows from operating leases	$ 5,409	$ 6,689

Lease Assets and Obligations _4

Lease Assets and Obligations - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Property and equipment, net	$ 3,423	$ 3,574

Lease Assets and Obligations _5

Lease Assets and Obligations - Weighted Average Lease Terms and Discount Rates (Details)	Jun. 30, 2024
Weighted-average remaining lease terms:
Finance leases	4 years 7 months 13 days
Operating leases	6 years
Weighted-average discount rates:
Finance leases	7%
Operating leases	7%

Lease Assets and Obligations _6

Lease Assets and Obligations - Lease Maturity Schedule (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
Remainder of 2024	$ 5,636
2025	10,198
2026	7,709
2027	5,337
2028	4,518
After 2028	11,849
Total lease payments	45,247
Less interest	8,114
Total lease liabilities	37,133
Finance Leases
Remainder of 2024	756
2025	1,486
2026	1,163
2027	828
2028	437
After 2028	729
Total lease payments	5,399
Less interest	797
Total lease liabilities	$ 4,602

Lease Assets and Obligations _7

Lease Assets and Obligations - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease income	$ 4,236	$ 4,044	$ 8,417	$ 8,129
Variable lease income	1,824	1,921	3,623	3,705
Total lease income	$ 6,060	$ 5,965	$ 12,040	$ 11,834

Lease Assets and Obligations _8

Lease Assets and Obligations - Future Minimum Rental Receipts (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Subleases
Operating Leases
Remainder of 2024	$ 292
2025	544
2026	225
2027	206
2028	86
After 2028	0
Total future minimum receipts	1,353
Owned Properties
Operating Leases
Remainder of 2024	198
2025	404
2026	407
2027	415
2028	424
After 2028	2,435
Total future minimum receipts	$ 4,283

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (14,725)	$ 1,018	$ (7,909)	$ 20,756
Investment partnership pretax (losses) gains	$ (79,890)	$ (7,496)	$ (57,905)	$ 65,092

Fair Value of Financial Asset_2

Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 4,780	$ 2,374
Total assets at fair value	98,841	96,940
Consumer goods
Assets
Equity securities	26,190	26,660
Other
Assets
Equity securities	4,916	3,171
Government
Assets
Bonds	62,156	61,536
Corporate
Assets
Bonds	799	3,199
Level 1
Assets
Cash equivalents	4,780	2,374
Total assets at fair value	98,841	96,940
Level 1 | Consumer goods
Assets
Equity securities	26,190	26,660
Level 1 | Other
Assets
Equity securities	4,916	3,171
Level 1 | Government
Assets
Bonds	62,156	61,536
Level 1 | Corporate
Assets
Bonds	799	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) - Related Party - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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	$ 4,800	$ 4,200

Business Segment Reporting - Di

Business Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Restaurant operations	$ 91,141	$ 93,540	$ 180,592	$ 183,716
Restaurant operations
Segment Reporting Information [Line Items]
Restaurant operations	64,475	64,491	126,471	125,620
Restaurant operations | Steak n Shake
Segment Reporting Information [Line Items]
Restaurant operations	61,711	61,577	121,065	120,064
Restaurant operations | Western Sizzlin
Segment Reporting Information [Line Items]
Restaurant operations	2,764	2,914	5,406	5,556
Insurance premiums and other
Segment Reporting Information [Line Items]
Restaurant operations	17,694	17,547	35,427	33,776
Insurance premiums and other | Insurance Investment Income And Other
Segment Reporting Information [Line Items]
Restaurant operations	1,403	1,576	3,214	3,041
Insurance premiums and other | First Guard | Insurance Underwriting
Segment Reporting Information [Line Items]
Restaurant operations	9,494	9,215	18,804	18,114
Insurance premiums and other | Southern Pioneer | Insurance Underwriting
Segment Reporting Information [Line Items]
Restaurant operations	6,797	6,756	13,409	12,621
Oil and Gas Operations
Segment Reporting Information [Line Items]
Restaurant operations	8,671	10,741	18,181	22,964
Oil and Gas Operations | Abraxas Petroleum
Segment Reporting Information [Line Items]
Restaurant operations	4,992	5,931	10,860	13,183
Oil and Gas Operations | Southern Oil
Segment Reporting Information [Line Items]
Restaurant operations	3,679	4,810	7,321	9,781
Maxim
Segment Reporting Information [Line Items]
Restaurant operations	$ 301	$ 761	$ 513	$ 1,356

Business Segment Reporting - Ea

Business Segment Reporting - Earnings (Losses) Before Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Goodwill impairment			$ (1,000,000)
Investment gains (losses)	$ (2,729,000)	$ 353,000	(1,016,000)	$ 3,991,000
Investment partnership gains (losses)			(58,921,000)	69,083,000
Earnings (loss) before income taxes	(62,915,000)	2,894,000	(33,520,000)	88,169,000
Steak n Shake
Segment Reporting Information [Line Items]
Goodwill impairment			0	0
Western Sizzlin
Segment Reporting Information [Line Items]
Goodwill impairment	(1,000,000)			0
Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	24,669,000	16,253,000	32,905,000	28,895,000
Interest expense not allocated to segments	(42,000)	(40,000)	(42,000)	(207,000)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Goodwill impairment	(1,000,000)	0	(1,000,000)	0
Corporate and other	(3,965,000)	(6,216,000)	(6,504,000)	(9,809,000)
Investment gains (losses)	(2,729,000)	353,000	(1,016,000)	3,991,000
Investment partnership gains (losses)	(79,890,000)	(7,496,000)	(57,905,000)	65,092,000
Restaurant operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	5,765,000	9,227,000	10,643,000	17,024,000
Restaurant operations | Operating Segments | Steak n Shake
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	5,509,000	8,634,000	9,746,000	15,959,000
Restaurant operations | Operating Segments | Western Sizzlin
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	256,000	593,000	897,000	1,065,000
Insurance Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	1,850,000	3,968,000	4,096,000	6,755,000
Insurance Operations | Operating Segments | Insurance Investment Income And Other
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	1,304,000	1,265,000	2,691,000	2,301,000
Insurance Operations | Operating Segments | First Guard | Insurance Underwriting
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	1,331,000	3,154,000	2,131,000	5,016,000
Insurance Operations | Operating Segments | Southern Pioneer | Insurance Underwriting
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	(785,000)	(451,000)	(726,000)	(562,000)
Oil and Gas Operations | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	17,351,000	2,890,000	18,817,000	4,993,000
Oil and Gas Operations | Operating Segments | Abraxas Petroleum
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	17,414,000	1,845,000	18,801,000	3,054,000
Oil and Gas Operations | Operating Segments | Southern Oil
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	(63,000)	1,045,000	16,000	1,939,000
Maxim | Operating Segments
Segment Reporting Information [Line Items]
Earnings (Losses) Before Income Taxes	$ (255,000)	$ 208,000	$ (609,000)	$ 330,000