Note 6. Property and Equipment

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Note 6. Property and Equipment

Property and equipment is composed of the following. 

	June 30, 2019			December 31, 2018
Land	$	151,671		$	146,015
Buildings		145,915			142,658
Land and leasehold improvements		162,839			158,938
Equipment		200,076			201,738
Construction in progress		2,910			1,703
		663,411			651,052
Less accumulated depreciation and amortization		(366,717	)		(376,336	)
Property and equipment, net	$	296,694		$	274,716

The Company recorded an impairment to long-lived assets of $438 and $2,338 in selling, general and administrative expenses in the second quarter and first six months of 2019, respectively, and no impairment to long-lived assets in the first six months of 2018. The fair value of the long-lived assets was determined based on Level 2 inputs using a discounted cash flow model and quoted prices for the properties. The fair value of the assets impaired was not material for any of the applicable periods.

As of June 30, 2019, a total of 103 Steak n Shake restaurants have been temporarily closed. The Company is actively working to identify franchise partners for these stores. The Company has recorded impairments of $2,006 during the first six months of 2019 associated with temporarily closed units. Although the Company is committed to the franchise partnership model, future impairments are possible.