0000921895-19-002654.txt : 20191101 0000921895-19-002654.hdr.sgml : 20191101 20191101163444 ACCESSION NUMBER: 0000921895-19-002654 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 80 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191101 DATE AS OF CHANGE: 20191101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Biglari Holdings Inc. CENTRAL INDEX KEY: 0001726173 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 823784946 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38477 FILM NUMBER: 191187186 BUSINESS ADDRESS: STREET 1: 17802 IH 10 WEST STREET 2: SUITE 400 CITY: SAN ANTONIO STATE: TX ZIP: 78257 BUSINESS PHONE: 210-344-3400 MAIL ADDRESS: STREET 1: 17802 IH 10 WEST STREET 2: SUITE 400 CITY: SAN ANTONIO STATE: TX ZIP: 78257 FORMER COMPANY: FORMER CONFORMED NAME: NBHSA Inc. DATE OF NAME CHANGE: 20171221 10-Q 1 form10q07428007_11012019.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number 001-38477

BIGLARI HOLDINGS INC.

(Exact name of registrant as specified in its charter)


INDIANA		82-3784946
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

17802 IH 10 West, Suite 400

San Antonio, Texas

78257

(Address of principal executive offices)

(Zip Code)

(210) 344-3400

Registrant’s telephone number, including area code

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Class A Common Stock, no par value

Class B Common Stock, no par value

BH.A

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yesx Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and an “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Emerging growth company o

Accelerated filer x

Non-accelerated filer o

Smaller reporting company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Number of shares of common stock outstanding as of October 30, 2019:

Class A common stock –	206,864
Class B common stock –	2,068,640

Index

BIGLARI HOLDINGS INC.

INDEX


		Page No.
Part I – Financial Information

Item 1.	Financial Statements
	Consolidated Balance Sheets — September 30, 2019 and December 31, 2018	1
	Consolidated Statements of Earnings — Third Quarter and First Nine Months 2019 and 2018	2
	Consolidated Statements of Comprehensive Income — Third Quarter and First Nine Months 2019 and 2018	2
	Consolidated Statements of Cash Flows — First Nine Months 2019 and 2018	3
	Consolidated Statements of Changes in Shareholders’ Equity — First Nine Months 2019 and 2018	4
	Notes to Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	27
Item 4.	Controls and Procedures	27

Part II – Other Information

Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	28
Signatures		29

Index

PART 1 – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BIGLARI HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

	September 30, 2019			December 31, 2018
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	19,058		$	48,557
Investments		43,766			33,860
Receivables		16,460			15,743
Inventories		4,651			7,537
Other current assets		6,042			9,236
Total current assets		89,977			114,933
Property and equipment		355,489			274,716
Operating lease assets		65,939			—
Goodwill and other intangible assets		67,227			68,166
Investment partnerships		561,479			557,480
Other assets		13,839			14,198
Total assets	$	1,153,950		$	1,029,493

Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	138,822		$	117,265
Current portion of operating lease liabilities		11,762			—
Current portion of notes payable and other borrowings		7,005			5,720
Total current liabilities		157,589			122,985
Long-term notes payable and other borrowings		264,857			240,001
Operating lease liabilities		59,668			—
Deferred taxes		56,562			86,871
Other liabilities		13,754			9,181
Total liabilities		552,430			459,038

Shareholders’ equity
Common stock		1,138			1,138
Additional paid-in capital		381,904			381,904
Retained earnings		597,434			564,160
Accumulated other comprehensive loss		(3,252	)		(2,516	)
Treasury stock, at cost		(375,704	)		(374,231	)
Biglari Holdings Inc. shareholders’ equity		601,520			570,455
Total liabilities and shareholders’ equity	$	1,153,950		$	1,029,493

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(dollars in thousands except per share amounts)

	Third Quarter						First Nine Months
	2019			2018			2019			2018
	(Unaudited)						(Unaudited)
Revenues
Restaurant operations	$	145,111		$	195,041		$	478,947		$	589,569
Insurance premiums and other		7,681			7,038			22,305			20,330
Oil and gas		6,500			—			6,500			—
Media and licensing		924			1,503			2,666			4,647
		160,216			203,582			510,418			614,546
Cost and expenses
Restaurant cost of sales		113,398			161,218			397,597			480,127
Insurance losses and underwriting expenses		5,242			5,146			16,400			15,547
Oil and gas production costs		2,595			—			2,595			—
Media and licensing costs		514			1,065			2,103			3,562
Selling, general and administrative		22,930			31,966			81,871			97,241
Impairments		5,079			345			7,417			670
Depreciation, depletion and amortization		7,514			4,778			18,191			14,540
		157,272			204,518			526,174			611,687
Other income (expenses)
Interest expense		(3,090	)		(2,967	)		(9,298	)		(8,619	)
Interest on finance leases and obligations		(1,934	)		(1,991	)		(5,946	)		(6,328	)
Investment partnership gains (losses)		1,449			(19,008	)		69,801			(23,854	)
Total other income (expenses)		(3,575	)		(23,966	)		54,557			(38,801	)
Earnings (loss) before income taxes		(631	)		(24,902	)		38,801			(35,942	)
Income tax expense (benefit)		(614	)		(11,199	)		7,026			(12,886	)
Net earnings (loss)	$	(17	)	$	(13,703	)	$	31,775		$	(23,056	)
Earnings per share
Net earnings (loss) per equivalent Class A share *	$	(0.05	)	$	(39.50	)	$	92.04		$	(66.12	)

*Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(0.01) and $18.41 for the third quarter and first nine months of 2019, respectively, and $(7.90) and $(13.22) for the third quarter and first nine months of 2018, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)

	Third Quarter						First Nine Months
	2019			2018			2019			2018
	(Unaudited)						(Unaudited)

Net earnings (loss)	$	(17	)	$	(13,703	)	$	31,775		$	(23,056	)
Other comprehensive income:
Reclassification to earnings		—			—			—			(73	)
Applicable income taxes		—			—			—			15
Foreign currency translation		(628	)		(138	)		(736	)		(783	)
Other comprehensive income (loss), net		(628	)		(138	)		(736	)		(841	)
Total comprehensive income (loss)	$	(645	)	$	(13,841	)	$	31,039		$	(23,897	)

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

	First Nine Months
	2019			2018
	(Unaudited)
Operating activities
Net earnings (loss)	$	31,775		$	(23,056	)
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation, depletion and amortization		18,191			14,540
Provision for deferred income taxes		(35,902	)		(12,327	)
Asset impairments and other non-cash expenses		8,105			1,246
(Gains) losses on disposal of assets		200			434
Investment partnership (gains) losses		(69,801	)		23,854
Distributions from investment partnerships		64,329			7,700
Changes in receivables and inventories		8,817			3,008
Changes in other assets		(1,241	)		583
Changes in accounts payable and accrued expenses		15,386			(21,566	)
Net cash provided by (used in) operating activities		39,859			(5,584	)
Investing activities
Capital expenditures		(8,357	)		(10,400	)
Proceeds from property and equipment disposals		815			2,510
Acquisition of business, net of cash acquired		(51,057	)		—
Distributions from investment partnerships		40,000			26,000
Purchases of limited partner interests		(40,000	)		(7,340	)
Purchases of investments		(91,927	)		(50,140	)
Redemptions of fixed maturity securities		87,250			41,591
Net cash provided by (used in) investing activities		(63,276	)		2,221
Financing activities
Payments on revolving credit facility		—			(175	)
Principal payments on long-term debt		(1,650	)		(1,650	)
Principal payments on direct financing lease obligations		(4,353	)		(4,021	)
Proceeds for exercise of stock options		—			49
Net cash used in financing activities		(6,003	)		(5,797	)
Effect of exchange rate changes on cash		(29	)		(63	)
Decrease in cash, cash equivalents and restricted cash		(29,449	)		(9,223	)
Cash, cash equivalents and restricted cash at beginning of year		55,010			67,230
Cash, cash equivalents and restricted cash at end of third quarter	$	25,561		$	58,007

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(dollars in thousands)

	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance at December 31, 2018	$	1,138	$	381,904		$	564,160		$	(2,516	)	$	(374,231	)	$	570,455
Net earnings							9,818									9,818
Adoption of accounting standards							1,499									1,499
Other comprehensive income, net										(304	)					(304	)
Adjustment to treasury stock for holdings in investment partnerships													(114	)		(114	)
Balance at March 31, 2019	$	1,138	$	381,904		$	575,477		$	(2,820	)	$	(374,345	)	$	581,354
Net earnings							21,974									21,974
Other comprehensive income, net										196						196
Adjustment to treasury stock for holdings in investment partnerships													(1,162	)		(1,162	)
Balance at June 30, 2019	$	1,138	$	381,904		$	597,451		$	(2,624	)	$	(375,507	)	$	602,362
Net earnings							(17	)								(17	)
Other comprehensive income, net										(628	)					(628	)
Adjustment to treasury stock for holdings in investment partnerships													(197	)		(197	)
Balance at September 30, 2019	$	1,138	$	381,904		$	597,434		$	(3,252	)	$	(375,704	)	$	601,520

		Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance at December 31, 2017	$	1,071	$	382,014		$	565,504		$	(1,404	)	$	(375,857	)	$	571,328
Net earnings (loss)							(1,814	)								(1,814	)
Adoption of accounting standards							90									90
Other comprehensive income, net										438						438
Adjustment to treasury stock for holdings in investment partnerships													(18,377	)		(18,377	)
Exercise of stock options				(39	)								81			42
Balance at March 31, 2018	$	1,071	$	381,975		$	563,780		$	(966	)	$	(394,153	)	$	551,707
Net earnings (loss)							(7,539	)								(7,539	)
Other comprehensive income, net										(1,141	)					(1,141	)
Conversion of common stock		67		(67	)		(20,826	)					20,826			—
Adjustment to treasury stock for holdings in investment partnerships													(304	)		(304	)
Exercise of stock options				(4	)								11			7
Balance at June 30, 2018	$	1,138	$	381,904		$	535,415		$	(2,107	)	$	(373,620	)	$	542,730
Net earnings (loss)							(13,703	)								(13,703	)
Other comprehensive income, net										(138	)					(138	)
Adjustment to treasury stock for holdings in investment partnerships													(471	)		(471	)
Balance at September 30, 2018	$	1,138	$	381,904		$	521,712		$	(2,245	)	$	(374,091	)	$	528,418

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2019

(dollars in thousands, except share and per share data)

Note 1. Summary of Significant Accounting Policies

Description of Business

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018.

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

As of September 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

Business Acquisition

On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”) for $51,500 in cash. Southern Oil is engaged in the exploration, development, and production of oil and natural gas properties primarily offshore in the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the third quarter. The revenues and operating results for Southern Oil were not significant to the Company for the third quarter.

The following table sets forth certain unaudited pro forma consolidated earnings data for the third quarter and first nine months of 2019 as if the acquisition of Southern Oil consummated on the same terms at the beginning of 2019.

	Third Quarter					First Nine Months
	2019		2018			2019		2018
Revenues	$	172,187	$	215,794		$	562,315	$	646,359
Earnings before income taxes	$	2,538	$	(20,617	)	$	59,212	$	(26,604	)

Index

Note 1. Summary of Significant Accounting Policies (continued)

The acquisition date fair values of certain assets and liabilities of Southern Oil are provisional and subject to revision as the related valuations are completed. Acquisition related expenses, which consists of external costs directly related to the acquisition of Southern Oil, such as advisory, legal and other professional fees are expensed as incurred.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”), First Guard Insurance Company (“First Guard”), and Southern Oil. Intercompany accounts and transactions have been eliminated in consolidation.

Oil and Gas Producing Activities

Revenues are derived from the sale of produced oil and natural gas. The Company recognizes oil and gas revenue from its interests in wells using the sales method wherein revenues are recognized based on actual volumes of oil and gas delivered to purchasers. Payments for product sales are received one to three months after delivery.

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs of drilling exploratory wells are initially capitalized but are charged to expense if the well is determined to be unsuccessful. The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable.

All property acquisition costs and development costs are capitalized when incurred and depleted on a unit-of-production basis over the remaining life of proved reserves. Support equipment and other property and equipment are depreciated over their estimated useful lives.

Acquisition costs of unproved properties are periodically assessed for impairment and are transferred to proved properties to the extent the costs are associated with the successful exploration activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated.

Asset retirement obligations relate to future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and returning such land to its original condition. The Company determines its asset retirement obligation amounts by calculating the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability increases the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period through charges to depreciation, depletion and amortization expense, and the capitalized cost is depleted on a unit-of-production basis over the proved developed reserves of the related asset.

Note 2. New Accounting Standards

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842). We adopted ASC 842 “Leases” on January 1, 2019. Most significantly, ASC 842 requires a lessee to recognize a liability to make lease payments and an asset with respect to its right to use the underlying asset for the lease term. We applied ASC 840 to all comparative periods which included a cumulative-effect adjustment of $1,499 to retained earnings on January 1, 2019. Adoption of ASC 842 also resulted in an increase to total assets and liabilities due to the recording of operating lease assets of $63,261 and operating lease liabilities of $69,671 as of January 1, 2019 and due to the recording of finance lease assets of $11,638 and finance lease liabilities of $11,784. The difference between the asset and liability amounts primarily relates to previously recorded deferred/prepaid rent. The standard had a material impact on our consolidated balance sheets but did not have a material impact on our consolidated statements of earnings and statements of cash flow. The most significant impact was the recognition of right-of-use assets and lease liabilities for operating leases.

Index

Note 2. New Accounting Standards (continued)

In adopting and applying ASC 842, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. In addition, we elected certain practical expedients and accounting policies, including an accounting policy election to keep leases with an initial term of 12 months or less from the balance sheet. We recognize those lease payments in the consolidated statements of earnings on a straight-line basis over the lease term.

Note 3. 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 September 30, 2019 and December 31, 2018.

	September 30, 2019			December 31, 2018
		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 ASC 260, “Earnings Per Share.”

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of September 30, 2019 and December 31, 2018. There are no dilutive securities outstanding.

For financial reporting purposes, the proportional ownership of the Company’s common stock owned by the investment partnerships is excluded in the earnings per share calculation. After giving effect for the investment partnerships’ proportional ownership of common stock, the equivalent Class A weighted average number of common shares during the third quarters of 2019 and 2018 were 343,519 and 346,912, respectively. The equivalent Class A weighted average number of common shares during the first nine months of 2019 and 2018 were 345,249 and 348,678, respectively.

Each Class A common share is entitled to one vote. Class B common stock possesses economic rights equal to one-fifth (1/5^th) of such rights of Class A common stock; however, Class B common stock has no voting rights.

Note 4. Investments

Available for sale investments were $39,303 and $33,860 as of September 30, 2019 and December 31, 2018, respectively. Investments in equity securities and a related derivative position of $4,463 are included in investments as of September 30, 2019 and in other current assets as of December 31, 2018. The investments are recorded at fair value.

Note 5. Investment Partnerships

The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock.

Index

Note 5. Investment Partnerships (continued)

Biglari Capital Corp. is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.

The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2018	$	715,102		$	157,622		$	557,480
Investment partnership gains (losses)		63,419			(6,382	)		69,801
Contributions (net of distributions) to investment partnerhips		(64,329	)					(64,329	)
Increase in proportionate share of Company stock held					1,473			(1,473	)
Partnership interest at September 30, 2019	$	714,192		$	152,713		$	561,479

		Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2017	$	925,279		$	359,258		$	566,021
Investment partnership gains (losses)		(152,261	)		(128,407	)		(23,854	)
Contributions (net of distributions) to investment partnerships		(26,360	)					(26,360	)
Increase in proportionate share of Company stock held					19,152			(19,152	)
Partnership interest at September 30, 2018	$	746,658		$	250,003		$	496,655

The carrying value of the investment partnerships net of deferred taxes is presented below.

	September 30, 2019			December 31, 2018
Carrying value of investment partnerships	$	561,479		$	557,480
Deferred tax liability related to investment partnerships		(58,193	)		(92,703	)
Carrying value of investment partnerships net of deferred taxes	$	503,286		$	464,777

The Company’s proportionate share of Company stock held by investment partnerships at cost is $375,704 and $374,231 at September 30, 2019 and December 31, 2018, respectively, and is recorded as treasury stock.

The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within the fair value hierarchy.

Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.

	Third Quarter					First Nine Months
	2019		2018			2019		2018
Gains (losses) on investment partnership	$	1,449	$	(19,008	)	$	69,801	$	(23,854	)
Tax expense (benefit)		49		(6,119	)		15,910		(8,163	)
Net earnings (loss)	$	1,400	$	(12,889	)	$	53,891	$	(15,691	)

On December 31 of each year, the general partner of the investment partnerships will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue an incentive fee during the first nine months of 2019 or 2018. Our investments in these partnerships are committed on a rolling 5-year basis.

Index

Note 5. Investment Partnerships (continued)

Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of September 30, 2019	$	109,895		$	803,338
Total liabilities as of September 30, 2019	$	112		$	116,280
Revenue for the first nine months of 2019	$	3,332		$	71,578
Earnings for the first nine months of 2019	$	3,278		$	65,637
Biglari Holdings’ ownership interest as of September 30, 2019		66.1	%		93.5	%

Total assets as of December 31, 2018	$	107,207		$	901,750
Total liabilities as of December 31, 2018	$	447		$	202,770
Revenue for the first nine months of 2018	$	(49,895	)	$	(122,622	)
Earnings (loss) for the first nine months of 2018	$	(49,944	)	$	(129,691	)
Biglari Holdings’ ownership interest as of September 30, 2018		65.8	%		92.2	%

Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

Transactions with The Lion Fund II, L.P. were as follows.

	Third Quarter						First Nine Months
	2019			2018			2019			2018

Contributions	$	—		$	7,340		$	40,000		$	7,340
Distributions		(61,839	)		(26,000	)		(104,329	)		(33,700	)
	$	(61,839	)	$	(18,660	)	$	(64,329	)	$	(26,360	)

Note 6. Property and Equipment

Property and equipment is composed of the following.

	September 30, 2019			December 31, 2018
Land	$	151,670		$	146,015
Buildings		146,985			142,658
Land and leasehold improvements		160,292			158,938
Equipment		268,304			201,738
Construction in progress		3,144			1,703
		730,395			651,052
Less accumulated depreciation, depletion and amortization		(374,906	)		(376,336	)
Property and equipment, net	$	355,489		$	274,716

The Company recorded an impairment to long-lived assets of $5,079 and $7,417 in the third quarter and first nine months of 2019, respectively, and $345 and $670 in the third quarter and first nine months of 2018, respectively. The impairments are primarily attributable to closed stores. As of September 30, 2019, a total of 106 Steak n Shake restaurants have been temporarily closed. The Company is actively working to identify franchise partners for these stores. Although the Company is committed to the franchise partnership model, future impairments are possible. 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.

Index

Note 7. 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.

	Restaurants			Other		Total
Goodwill at December 31, 2018	$	28,139		$	11,913	$	40,052
Change in foreign exchange rates during the first nine months of 2019		(28	)		—		(28	)
Goodwill at September 30, 2019	$	28,111		$	11,913	$	40,024

We are required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying financial information included in our determination of fair value require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. No impairment charges for goodwill were recorded in the first nine months of 2019 or 2018.

Other Intangible Assets

Other intangible assets are composed of the following.

	September 30, 2019							December 31, 2018
	Gross carrying amount		Accumulated amortization			Total		Gross carrying amount		Accumulated amortization			Total
Franchise agreement	$	5,310	$	(5,045	)	$	265	$	5,310	$	(4,647	)	$	663
Other		810		(788	)		22		810		(774	)		36
Total		6,120		(5,833	)		287		6,120		(5,421	)		699
Intangible assets with indefinite lives:
Trade names		15,876		—			15,876		15,876		—			15,876
Other assets with indefinite lives		11,040		—			11,040		11,539		—			11,539
Total intangible assets	$	33,036	$	(5,833	)	$	27,203	$	33,535	$	(5,421	)	$	28,114

Intangible assets subject to amortization consist of franchise agreements connected with the purchase of Western Sizzlin as well as rights to favorable leases related to prior acquisitions. These intangible assets are being amortized over their estimated weighted average of useful lives ranging from eight to twelve years. Amortization expense for the first nine months of 2019 and 2018 was $412 and $422, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020. Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights.

Index

Note 8. Restaurant Operations Revenues

Restaurant operations revenues were as follows.

	Third Quarter				First Nine Months
	2019		2018		2019		2018
Net sales	$	136,651	$	186,368	$	454,344	$	563,736
Franchise royalties and fees		7,627		7,762		21,685		22,637
Other		833		911		2,918		3,196
	$	145,111	$	195,041	$	478,947	$	589,569

Net sales

Net sales are composed of retail sales of food through Company-owned stores. Company-owned store revenues are recognized when control of the food items are transferred to our customers 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 royalties and fees

Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalty revenues are based on a percentage of franchise sales and are recognized when the retail food items are purchased by franchise customers. Initial franchise fees received are deferred when amounts are received and recognized as revenue on a straight-line basis over the term of each respective franchise agreement, which is typically 20 years.

Our advertising arrangements with franchisees are reported in franchise royalties and fees.

Gift card revenue

Restaurant operations sells gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimates breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.

Note 9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses include the following.

	September 30, 2019		December 31, 2018
Accounts payable	$	25,108	$	41,967
Gift card liability		18,472		22,685
Salaries, wages, and vacation		7,056		13,107
Taxes payable		54,447		11,214
Insurance accruals		13,443		12,127
Deferred revenue		12,446		11,681
Other		7,850		4,484
Accounts payable and accrued expenses	$	138,822	$	117,265

Index

Note 10. Notes Payable and Other Borrowings

Notes payable and other borrowings include the following.

Current portion of notes payable and other borrowings	September 30, 2019			December 31, 2018
Notes payable	$	2,200		$	2,200
Unamortized original issue discount and debt issuance costs		(972	)		(943	)
Finance obligations		4,137			4,463
Finance lease liabilities		1,640			—
Total current portion of notes payable and other borrowings	$	7,005		$	5,720

Long-term notes payable and other borrowings
Notes payable	$	179,848		$	181,498
Unamortized original issue discount and debt issuance costs		(501	)		(1,234	)
Finance obligations		75,467			59,737
Finance leases liabilities		10,043			—
Total long-term notes payable and other borrowings	$	264,857		$	240,001

Steak n Shake Credit Facility

On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000. The term loan is scheduled to mature on March 19, 2021. It amortizes at an annual rate of 1.0% in equal quarterly installments, beginning June 30, 2014, at 0.25% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.

Steak n Shake has the right to request an incremental term loan facility from participating lenders and/or eligible assignees at any time, up to an aggregate total principal amount not to exceed $70,000 if certain customary conditions within the credit agreement are met.

Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. The interest rate on the term loan was 5.80% as of September 30, 2019.

The credit agreement includes customary affirmative and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.

The term loan is secured by first priority security interests in substantially all the assets of Steak n Shake. Disruptions in debt capital markets that restrict access to funding when needed could adversely affect the results of operations, liquidity and capital resources of Steak n Shake. Biglari Holdings is not a guarantor under the credit facility. As of September 30, 2019, $182,048 was outstanding under the term loan.

Note 11. Leases

The Company adopted ASC 842 on January 1, 2019, as discussed in Note 2. Under ASC 842, leases are generally classified as either operating right-of-use assets or finance lease assets. Right-of-use assets represent the Company's right to use an underlying asset during the lease term. Right-of-use liabilities represent the Company's obligation to make lease payments arising from the lease. These assets and liabilities are calculated by using the net present value of fixed lease payments over the lease term. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The Company applied an incremental borrowing rate to determine the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments.

A significant portion of our operating and finance lease portfolio includes restaurant locations. The Company’s operating leases with a term of 12 months or greater were recognized as operating right-of-use assets and liabilities and recorded as operating lease assets and operating lease liabilities. Historical capital leases and certain historical build-to-suit leases were reclassified from obligations under leases to finance lease assets and liabilities. Finance lease assets are recorded in property and equipment and finance lease liabilities are recorded in notes payable and other borrowings. Historical sale-and-leaseback transactions in which the Company is deemed to have a continued interest in the leased asset are recorded as property and equipment and as finance obligations. Finance obligations are recorded in notes payable and other borrowings.

Index

Note 11. Leases (continued)

Operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term.

Total lease cost consists of the following.

	Third Quarter 2019		First Nine Months 2019
Finance lease costs:
Amortization of right-of-use assets	$	487	$	1,466
Interest on lease liabilities		208		630
Operating lease costs *		4,445		12,305
Total lease costs	$	5,140	$	14,401

*Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Supplemental cash flow information related to leases is as follows.

	First Nine Months 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	1,201
Operating cash flows from finance leases	$	630
Operating cash flows from operating leases	$	12,558
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	$	1,097
Operating lease liabilities	$	11,069

Supplemental balance sheet information related to leases is as follows.

	September 30, 2019
Finance leases:
Property and equipment, net	$	11,267

Current portion of notes payable and other borrowings	$	1,640
Long-term notes payable and other borrowings		10,043
Total finance lease liabilities	$	11,683

Weighted-average lease terms and discount rates are as follows.

	September 30, 2019
Weighted-average remaining lease terms:
Finance leases		8.5 years
Operating leases		7.3 years

Weighted-average discount rates:
Finance leases		7.1%
Operating leases		6.9%

Index

Note 11. Leases (continued)

Maturities of lease liabilities as of September 30, 2019 are as follows.

Year	Operating Leases		Finance Leases
2019	$	4,637	$	609
2020		15,774		2,377
2021		14,683		2,358
2022		12,630		1,869
2023		10,580		1,669
After 2023		32,428		6,803
Total lease payments		90,732		15,685
Less interest		19,315		4,002
Total lease liabilities	$	71,417	$	11,683

On December 31, 2018, obligations under non-cancelable finance obligations, capital leases, and operating leases (excluding real estate taxes, insurance and maintenance costs) require the following minimum future rental payments.

								Operating Leases
Year		Finance Obligations		Capital Leases		Total		Operating Property		Non-Operating Property
2019	$	11,114	$	55	$	11,169	$	17,914	$	483
2020		8,040		55		8,095		16,691		554
2021		5,925		55		5,980		16,787		578
2022		2,951		5		2,956		15,603		599
2023		1,587		—		1,587		14,071		539
After 2023		1,673		—		1,673		36,709		1,790
Total minimum future rental payments		31,290		170		31,460	$	117,775	$	4,543
Less amount representing interest		18,004		60		18,064
Total principal obligations under leases		13,286		110		13,396
Less current portion		4,433		30		4,463
Non-current principal obligations under leases		8,853		80		8,933
Residual value at end of lease term		50,744		60		50,804
Obligations under leases	$	59,597	$	140	$	59,737

Index

Note 12. Accumulated Other Comprehensive Income

During the first nine months of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, were as follows.

	Nine months ended September 30, 2019								Nine months ended September 30, 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,516	)	$	—	$	(2,516	)	$	(1,462	)	$	58		$	(1,404	)
Reclassification to (earnings) loss					—		—						(58	)		(58	)
Foreign currency translation		(736	)				(736	)		(783	)					(783	)
Ending Balance	$	(3,252	)	$	—	$	(3,252	)	$	(2,245	)	$	—		$	(2,245	)

During the third quarter of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, were as follows.

	Third Quarter 2019								Third Quarter 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,624	)	$	—	$	(2,624	)	$	(2,107	)	$	—	$	(2,107	)
Reclassification to (earnings) loss					—		—						—		—
Foreign currency translation		(628	)				(628	)		(138	)				(138	)
Ending Balance	$	(3,252	)	$	—	$	(3,252	)	$	(2,245	)	$	—	$	(2,245	)

There were no reclassifications from accumulated other comprehensive income to earnings during the third quarters of 2019 and 2018 and first nine months of 2019. Reclassifications made from accumulated other comprehensive income to earnings during the first nine months of 2018 were $58.

Note 13. Income Taxes

In determining the quarterly provision for income taxes, the Company used a discrete effective tax rate method based on statutory tax rates for 2019 and an estimated annual effective tax rate for 2018. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.

Income tax benefit for the third quarter of 2019 was $614 compared to $11,199 for the third quarter of 2018. Income tax expense for the first nine months of 2019 was $7,026 compared to an income tax benefit of $12,886 for the first nine months of 2018. The variance in income taxes between 2019 and 2018 is attributable to taxes on income generated by the investment partnerships.

As of September 30, 2019 and December 31, 2018, we had approximately $356 and $341, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

Note 14. 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.

On January 29, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari as a result of the dual class structure.

Index

Note 14. Commitments and Contingencies (continued)

On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the dual class structure. On April 16, 2018, the shareholders withdrew their motions to enjoin the shareholder vote on April 26, 2018.

On May 17, 2018, the shareholders who filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally allege claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari arising out of the dual class structure. The shareholders seek, for themselves and on behalf of all other shareholders as a class, a declaration that the defendants breached their duty to the shareholders and the class, and to recover unspecified damages, pre-judgment and post-judgment interest, and an award of their attorneys’ fees and other costs.

On December 14, 2018, the judge of the Superior Court of Hamilton County, Indiana issued an order granting the Company’s motion to dismiss the shareholders’ lawsuits. On January 11, 2019, the shareholders filed an appeal of the judge’s order dismissing the lawsuits. The appeal was argued on October 7, 2019, and we await a decision.

On September 8, 2014, two former restaurant manager employees filed a purported class action lawsuit against Steak n Shake (Drake v. Steak n Shake). On January 30, 2017, a former restaurant manager employee filed a purported class action lawsuit against Steak n Shake (Clendenen v. Steak n Shake). The plaintiffs generally allege claims that Steak n Shake improperly classified its managerial employees as exempt. On February 28, 2019, a jury returned a verdict in the Drake case against Steak n Shake. The Company agreed to settle both cases for $8,350 and the Court approved the terms of the settlement on July 26, 2019. The settlement is reflected in selling, general and administrative expenses in the consolidated statement of earnings.

Note 15. 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.

Index

Note 15. Fair Value of Financial Assets (continued)

The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:

Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.

Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.

Bonds: The Company’s investments in bonds are classified within Level 1 of the fair value hierarchy.

Non-qualified deferred compensation plan investments: The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and publicly traded securities, each of which are classified within Level 1 of the fair value hierarchy.

Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Levels 1 and 2 of the fair value hierarchy depending on the instrument.

As of September 30, 2019 and December 31, 2018, the fair values of financial assets were as follows.

	September 30, 2019								December 31, 2018

		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	126	$	—	$	—	$	126	$	21,448	$	—	$	—	$	21,448
Equity securities: Consumer goods		—		6,413		—		6,413		1,708		4,100		—		5,808
Bonds		37,631		—		—		37,631		32,404		—		—		32,404
Derivatives		202		2,150		—		2,352		—		2,755		—		2,755
Non-qualified deferred compensation plan investments		2,022		—		—		2,022		2,149		—		—		2,149
Total assets at fair value	$	39,981	$	8,563	$	—	$	48,544	$	57,709	$	6,855	$	—	$	64,564

There were no changes in our valuation techniques used to measure fair values on a recurring basis.

Note 16. Related Party Transactions

Services Agreement

During 2017, the Company entered into a services agreement with Biglari Enterprises LLC and Biglari Capital Corp. (collectively, the “Biglari Entities”) under which the Biglari Entities provide business and administrative related services to the Company. The Biglari Entities are owned by Mr. Biglari. The services agreement has a five-year term, effective on October 1, 2017. The fixed fee is $700 per month for the first year with adjustments in years two through five. The monthly fee will remain at $700 during 2019. The Company paid Biglari Enterprises $6,300 in service fees during the first nine months of 2019 and 2018. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp. by the Company.

License Agreement

During 2013, the Company entered into a Trademark License Agreement (the “License Agreement”) with Mr. Biglari. The Company and its subsidiaries paid no royalties to Mr. Biglari under the License Agreement during its term. The License Agreement was terminated on March 26, 2019.

Incentive Agreement Amendment

The Incentive Agreement was amended on March 26, 2019 to remove the annual limitation on Mr. Biglari’s incentive compensation, as well as the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company. In connection with the amendment, the change of control and severance provisions contained in the Incentive Agreement were eliminated and the License Agreement was terminated. The amendment is effective in 2019.

Index

Note 17. 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. The Company also reports segment information for First Guard, Maxim and Southern Oil. Other business activities not specifically identified with reportable business segments are presented in “other” within total operating businesses. 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.

Revenue for the third quarters and first nine months of 2019 and 2018 were as follows.

	Revenue
	Third Quarter				First Nine Months
	2019		2018		2019		2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	141,354	$	191,240	$	467,471	$	578,111
Western Sizzlin		3,757		3,801		11,476		11,458
Total Restaurant Operations		145,111		195,041		478,947		589,569
First Guard		7,681		7,038		22,305		20,330
Southern Oil		6,500		—		6,500		—
Maxim		924		1,503		2,666		4,647
	$	160,216	$	203,582	$	510,418	$	614,546

Earnings (losses) before income taxes for the third quarters and first nine months of 2019 and 2018 were as follows.

	Earnings (Losses) Before Income Taxes
	Third Quarter						First Nine Months
	2019			2018			2019			2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	(861	)	$	(3,172	)	$	(22,776	)	$	(1,505	)
Western Sizzlin		544			516			1,433			1,564
Total Restaurant Operations		(317	)		(2,656	)		(21,343	)		59
First Guard		2,279			1,813			5,673			4,624
Southern Oil		1,448			—			1,448			—
Maxim		364			111			428			(90	)
Other		109			171			362			474
Total Operating Businesses		3,883			(561	)		(13,432	)		5,067
Corporate and Investments:
Corporate		(2,873	)		(2,366	)		(8,270	)		(8,536	)
Investment partnership gains (losses)		1,449			(19,008	)		69,801			(23,854	)
Total Corporate and Investments		(1,424	)		(21,374	)		61,531			(32,390	)
Interest expense on notes payable and other borrowings		(3,090	)		(2,967	)		(9,298	)		(8,619	)
	$	(631	)	$	(24,902	)	$	38,801		$	(35,942	)

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

(dollars in thousands except per share data)

Overview

Since 2017, Steak n Shake has experienced sales declines, which is the primary reason for Steak n Shake’s lower profitability. To mitigate the sales declines and increase profitability, Steak n Shake is emphasizing its franchise partnership program. As of September 30, 2019, a total of 106 Steak n Shake restaurants have been temporarily closed. Steak n Shake is actively working to identify franchise partners for these closed stores. However, no assurances can be given that Steak n Shake will be able to secure suitable franchise partners or that its strategy will restore profitability.

Net earnings (loss) attributable to Biglari Holdings shareholders are disaggregated in the table that follows. Amounts are recorded after deducting income taxes.

	Third Quarter						First Nine Months
	2019			2018			2019			2018
Operating businesses:
Restaurant	$	(121	)	$	354		$	(14,888	)	$	1,914
Insurance		1,790			1,425			4,465			3,629
Oil and gas		1,060			—			1,060			—
Media and licensing		281			86			329			(69	)
Other		80			127			268			351
Total operating businesses		3,090			1,992			(8,766	)		5,825
Corporate		(2,197	)		(581	)		(6,384	)		(6,726	)
Investment partnership gains (losses)		1,400			(12,889	)		53,891			(15,691	)
Interest expense on notes payable and other borrowings		(2,310	)		(2,225	)		(6,966	)		(6,464	)
	$	(17	)	$	(13,703	)	$	31,775		$	(23,056	)

Our restaurant businesses include Steak n Shake Inc. (“Steak n Shake”) and Western Sizzlin Corporation (“Western Sizzlin”). As of September 30, 2019, Steak n Shake comprised 302 company-operated restaurants and 217 franchise units. Western Sizzlin comprised 4 company-operated restaurants and 50 franchise units.

Our insurance business is composed of First Guard Insurance Company (“First Guard”). First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers.

Our media and licensing business is composed of Maxim Inc. (“Maxim”).

Our oil and gas business is composed of Southern Oil Company (“Southern Oil”). Southern Oil is engaged in the exploration, development, and production of oil and natural gas properties primarily offshore in the Gulf of Mexico.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Restaurants

Steak n Shake and Western Sizzlin comprise 573 company-operated and franchise restaurants as of September 30, 2019.

	Steak n Shake					Western Sizzlin
	Company- operated			Franchise		Company-operated		Franchise			Total
Total stores as of December 31, 2018		413			213		4		55			685
Restaurants temporarily (closed)		(106	)		—		—		—			(106	)
Net restaurants opened (closed)		(5	)		4		—		(5	)		(6	)
Total stores as of September 30, 2019		302			217		4		50			573

Total stores as of December 31, 2017		415			200		4		58			677
Net restaurants opened (closed)		(1	)		14		—		—			13
Total stores as of September 30, 2018		414			214		4		58			690

A total of 106 Steak n Shake restaurants were temporarily closed until such time that a franchise partner is identified.

Earnings of our restaurant operations are summarized below.

	Third Quarter										First Nine Months
	2019					2018					2019					2018
Revenue
Net sales	$	136,651				$	186,368				$	454,344				$	563,736
Franchise royalties and fees		7,627					7,762					21,685					22,637
Other revenue		833					911					2,918					3,196
Total revenue		145,111					195,041					478,947					589,569

Restaurant cost of sales
Cost of food		40,464		29.6	%		55,977		30.0	%		142,757		31.4	%		169,022		30.0	%
Restaurant operating costs		69,222		50.7	%		100,393		53.9	%		242,884		53.5	%		297,061		52.7	%
Rent		3,712		2.7	%		4,848		2.6	%		11,956		2.6	%		14,044		2.5	%
Total cost of sales		113,398					161,218					397,597					480,127

Selling, general and administrative
General and administrative		10,907		7.5	%		14,985		7.7	%		40,029		8.4	%		46,949		8.0	%
Marketing		7,565		5.2	%		13,757		7.1	%		30,811		6.4	%		39,436		6.7	%
Other expenses		1,359		0.9	%		722		0.4	%		2,831		0.6	%		1,820		0.3	%
Total selling, general and administrative		19,831		13.7	%		29,464		15.1	%		73,671		15.4	%		88,205		15.0	%

Impairments		5,079		3.5	%		345		0.2	%		7,417		1.5	%		670		0.1	%

Depreciation and amortization		5,186		3.6	%		4,679		2.4	%		15,659		3.3	%		14,180		2.4	%

Interest on finance leases and obligations		1,934					1,991					5,946					6,328

Earnings (loss) before income taxes		(317	)				(2,656	)				(21,343	)				59

Income tax expense (benefit)		(196	)				(3,010	)				(6,455	)				(1,855	)

Contribution to net earnings	$	(121	)			$	354				$	(14,888	)			$	1,914

Cost of food, restaurant operating costs and rent expense are expressed as a percentage of net sales.

General and administrative, marketing, other expenses, impairments and depreciation and amortization are expressed as a percentage of total revenue.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Net sales during the third quarter and first nine months of 2019 were $136,651 and $454,344, respectively, representing a decrease of $49,717 and $109,392 over the third quarter and first nine months of 2018, respectively. The decreases in net sales during 2019 were primarily attributable to temporary store closures. Steak n Shake’s same-store sales decreased 6.5% whereas customer traffic decreased 13.3% during the third quarter. Steak n Shake’s same-store sales decreased 6.4% whereas customer traffic decreased 9.7% during the first nine months. The term “same-store sales” refers to the sales of company-operated units open at least 18 months at the beginning of the current period and have remained open through the end of the period.

In the third quarter and first nine months of 2019 franchise royalties and fees were relatively flat compared to those in 2018. Steak n Shake opened eight franchise units and closed four franchise units during the third quarter of 2019. There were 217 Steak n Shake franchise units as of September 30, 2019 compared to 214 franchise units as of September 30, 2018.

Cost of food in the third quarter and first nine months of 2019 was $40,464 or 29.6% of net sales and $142,757 or 31.4% of net sales, respectively, compared to the third quarter and first nine months in 2018 of $55,977 or 30.0% of net sales and $169,022 or 30.0% of net sales, respectively. Costs as a percentage of net sales decreased 0.4% during the third quarter of 2019 and increased 1.4% during the first nine months of 2019 compared to 2018. The increase as a percentage of net sales during the first nine months of 2019 was attributable to a promotion that increased food costs.

Restaurant operating costs during the third quarter of 2019 were $69,222 or 50.7% of net sales compared to $100,393 or 53.9% of net sales in 2018. Restaurant operating costs for the first nine months of 2019 were $242,884 or 53.5% of net sales compared to $297,061 or 52.7% of net sales in 2018. Costs as a percentage of net sales decreased 3.2% during the third quarter of 2019 and increased 0.8% during the first nine months of 2019 compared to 2018. The decrease during the third quarter was because of improved efficiency in labor.

General and administrative expenses during the third quarter and first nine months of 2019 were $10,907 or 7.5% and $40,029 or 8.4% of total revenues, respectively, compared to expenses in the third quarter and first nine months of 2018, which were $14,985 or 7.7% and $46,949 or 8.0% of total revenues, respectively. General and administrative expenses decreased during the third quarter of 2019 compared to 2018 primarily because of reduction in personnel. General and administrative expenses decreased during the first nine months of 2019 compared to 2018 due to lower personnel expenses of $14,549 offset by $8,350 in legal settlements.

Marketing expenses during the third quarter and first nine months of 2019 were $7,565 or 5.2% and $30,811 or 6.4% of total revenues, respectively, compared to expenses in the third quarter and first nine months of 2018, which were $13,757 or 7.1% and $39,436 or 6.7% of total revenues, respectively. The decrease was primarily driven by a reduction in television and print advertising.

Asset impairments during the third quarter and first nine months of 2019 of $5,079 and $7,417, respectively, were primarily related to store closures.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Insurance

First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers. Earnings of our insurance business are summarized below.

	Third Quarter						First Nine Months
	2019			2018			2019			2018
Premiums written	$	7,376		$	6,743		$	21,302		$	19,576

Insurance losses		3,898			3,824			12,133			11,238
Underwriting expenses		1,344			1,322			4,267			4,309
Pre-tax underwriting gain		2,134			1,597			4,902			4,029
Other income and expenses
Investment income and commissions		305			295			1,003			754
Other income (expenses)		(160	)		(79	)		(232	)		(159	)
Total other income		145			216			771			595
Earnings before income taxes		2,279			1,813			5,673			4,624
Income tax expense		489			388			1,208			995
Contribution to net earnings	$	1,790		$	1,425		$	4,465		$	3,629

First Guard’s insurance products are marketed primarily through direct response methods via the Internet or by telephone. First Guard’s cost-efficient direct response marketing methods enable it to be a low-cost trucking insurer.

Premiums earned during the third quarter of 2019 were $7,376, an increase of $633 or 9.4% compared to 2018. Premiums earned during the first nine months of 2019 were $21,302, an increase of $1,726 or 8.8% compared to 2018. Pre-tax underwriting gain during the third quarter of 2019 was $2,134, an increase of $537 or 33.6% compared to 2018. Pre-tax underwriting gain during the first nine months of 2019 was $4,902, an increase of $873 or 21.7% compared to 2018.

Insurance premiums and other on the consolidated statement of earnings includes premiums earned, investment income and commissions. In the preceding table, investment income and commissions are included in other income.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Oil and Gas

Southern Oil is an exploration and production company which holds oil and gas interests. The financial results for Southern Oil from the acquisition date to the end of the third quarter are summarized below.

	Third Quarter
	2019
Oil and gas revenue	$	6,500

Oil and gas production costs		2,595

Depreciation, depletion and accretion		2,226
General and administrative expenses		231

Earnings before income taxes		1,448

Income tax expense		388

Contribution to net earnings	$	1,060

Media and Licensing

Earnings of our media and licensing operations are summarized below.

	Third Quarter				First Nine Months
	2019		2018		2019		2018
Media and licensing revenue	$	924	$	1,503	$	2,666	$	4,647

Media and licensing costs		514		1,065		2,103		3,562
General and administrative expenses		46		321		135		1,155
Depreciation and amortization		—		6		—		20
Earnings (loss) before income taxes		364		111		428		(90	)
Income tax expense (benefit)		83		25		99		(21	)
Contribution to net earnings	$	281	$	86	$	329	$	(69	)

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Investment Partnership Gains (Losses)

Earnings (loss) from our investments in partnerships are summarized below.

	Third Quarter					First Nine Months
	2019		2018			2019		2018
Investment partnership gains (losses)	$	1,449	$	(19,008	)	$	69,801	$	(23,854	)
Tax expense (benefit)		49		(6,119	)		15,910		(8,163	)
Contribution to net earnings	$	1,400	$	(12,889	)	$	53,891	$	(15,691	)

Investment partnership gains include gains/losses from changes in market values of underlying investments and dividends earned by the partnerships. Dividend income has a lower effective tax rate than income from capital gains.

The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

The investment partnerships hold the Company’s common stock as investments. 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. Gains and losses on Company common stock included in the earnings of the partnerships are eliminated.

Interest Expense

The Company’s interest expense is summarized below.

	Third Quarter				First Nine Months
	2019		2018		2019		2018
Interest expense on notes payable and other borrowings	$	3,090	$	2,967	$	9,298	$	8,619
Tax benefit		780		742		2,332		2,155
Interest expense net of tax	$	2,310	$	2,225	$	6,966	$	6,464

The outstanding balance on Steak n Shake’s credit facility on September 30, 2019 was $182,048 compared to $184,248 on September 30, 2018. The interest rate was 5.80% as of September 30, 2019 and 6.00% as of September 30, 2018.

Corporate

Corporate expenses exclude the activities in the restaurant, insurance, media and licensing, oil and gas and other companies. Corporate net losses during the first nine months of 2019 were relatively flat compared to the same period during 2018.

Income Taxes

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Financial Condition

Our consolidated shareholders’ equity on September 30, 2019 was $601,520, an increase of $31,065 compared to the December 31, 2018 balance. The increase during the first nine months of 2019 was primarily attributable to net income of $31,775.

Consolidated cash and investments are summarized below.

	September 30, 2019			December 31, 2018
Cash and cash equivalents	$	19,058		$	48,557
Investments		43,766			33,860
Investments reported in other current assets		—			4,463
Fair value of interest in investment partnerships		714,192			715,102
Total cash and investments		777,016			801,982
Less portion of Company stock held by investment partnerships		(152,713	)		(157,622	)
Carrying value of cash and investments on balance sheet	$	624,303		$	644,360

Liquidity

Our balance sheet continues to maintain significant liquidity. Consolidated cash flow activities are summarized below.

	First Nine Months
	2019			2018
Net cash provided by (used in) operating activities	$	39,859		$	(5,584	)
Net cash provided by (used in) investing activities		(63,276	)		2,221
Net cash used in financing activities		(6,003	)		(5,797	)
Effect of exchange rate changes on cash		(29	)		(63	)
Decrease in cash, cash equivalents and restricted cash	$	(29,449	)	$	(9,223	)

Cash provided by operating activities was $39,859 during the first nine months of 2019 compared to cash used in operating activities of $5,584 during the first nine months of 2018. The cash provided by operations during 2019 was primarily due to distributions from investment partnerships. The decrease of cash from operating activities during 2018 was primarily due to a use of cash in working capital accounts of $17,975. The changes in the working capital accounts was primarily due to the payment of the 2017 incentive fee of $7,353 and $5,479 of gift cards redeemed net of gift cards sold.

Cash used in investing activities during the first nine months of 2019 was $63,276 compared to cash provided by investing activities of $2,221 during the first nine months of 2018. Cash used in investing activities included $51,057 for the acquisition of Southern Oil during the third quarter of 2019.

During the first nine months of 2019 and 2018 we incurred debt payments of $6,003 and $5,846, respectively.

We intend to meet the working capital needs of our operating subsidiaries principally through anticipated cash flows generated from operations, cash on hand, existing credit facilities, and the sale of excess properties and investments. We continually review available financing alternatives.

Steak n Shake Credit Facility

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

The credit agreement includes customary affirmative and negative covenants and events of default. As of September 30, 2019, we were in compliance with all covenants. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.

Critical Accounting Policies

Management’s discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Certain accounting policies require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized in our consolidated financial statements from such estimates are necessarily based on numerous assumptions involving varying and potentially significant degrees of judgment and uncertainty. Accordingly, the amounts currently reflected in our consolidated financial statements will likely increase or decrease in the future as additional information becomes available. There have been no material changes to critical accounting policies previously disclosed in our annual report on Form 10-K for the year ended December 31, 2018.

Recently Issued Accounting Pronouncements

For detailed information regarding recently issued accounting pronouncements and the expected impact on our consolidated financial statements, see Note 2, “New Accounting Standards” in the accompanying notes to consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements include estimates of future revenues, cash flows, capital expenditures, or other financial items, and assumptions underlying any of the foregoing. Forward-looking statements reflect management’s current expectations regarding future events and use words such as “anticipate,” “believe,” “expect,” “may,” and other similar terminology. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Investors should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. These forward-looking statements are all based on currently available operating, financial, and competitive information and are subject to various risks and uncertainties. Our actual future results and trends may differ materially depending on a variety of factors, many beyond our control, including, but not limited to, the risks and uncertainties described in Item 1A, Risk Factors of our annual report on Form 10-K. We undertake no obligation to publicly update or revise them, except as may be required by law.

Index

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

The majority of our investments are conducted through investment partnerships which generally hold common stocks. We also hold marketable securities directly. Through investments in the investment partnerships we hold a concentrated position in the common stock of Cracker Barrel Old Country Store, Inc. A significant decline in the general stock market or in the prices of major investments may produce a large net loss and decrease in our consolidated shareholders’ equity. Decreases in values of equity investments can have a materially adverse effect on our earnings and on consolidated shareholders’ equity.

We prefer to hold equity investments for very long periods of time so we are not troubled by short-term price volatility with respect to our investments. Our interests in the investment partnerships are committed on a rolling 5-year basis, and any distributions upon our withdrawal of funds will be paid out over two years (and may be paid in kind rather than in cash). Market prices for equity securities are subject to fluctuation. Consequently, the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. A hypothetical 10% increase or decrease in the market price of our investments would result in a respective increase or decrease in the carrying value of our investments of $60,525 along with a corresponding change in shareholders’ equity of approximately 8%.

Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. At September 30, 2019, a hypothetical 100 basis point increase in short-term interest rates would have an impact of approximately $1,400 on our net earnings.

We have had minimal exposure to foreign currency exchange rate fluctuations in the first nine months of 2019 and 2018.

ITEM 4. Controls and Procedures

Based on an evaluation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), our Chief Executive Officer and Controller have concluded that our disclosure controls and procedures were effective as of September 30, 2019.

There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2019 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Index

Part II Other Information

Item 1. lEGAL PROCEEDINGS

Information in response to this Item is included in Note 14 to the Consolidated Financial Statements included in Part 1, Item 1 of this Form 10-Q and is incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes from the risk factors as previously disclosed in Item 1A to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Number		Description

31.01		Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.02		Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.01*		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Interactive Data Files.

_________________

*	Furnished herewith.

Index

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: November 1, 2019

	Biglari Holdings inc.

	By:	/s/ Bruce Lewis
		Bruce Lewis Controller

EX-31.01 2 ex3101to10q07428007_11012019.htm

Exhibit 31.01

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sardar Biglari, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 1, 2019
			/s/ Sardar Biglari
			Sardar Biglari
			Chairman and Chief Executive Officer

EX-31.02 3 ex3102to10q07428007_11012019.htm

Exhibit 31.02

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bruce Lewis, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 1, 2019
			/s/ Bruce Lewis
			Bruce Lewis
			Controller

EX-32.01 4 ex3201to10q07428007_11012019.htm

Exhibit 32.01

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Sardar Biglari
Sardar Biglari
Chairman and Chief Executive Officer November 1, 2019


/s/ Bruce Lewis
Bruce Lewis
Controller November 1, 2019

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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 September 30, 2019 and December 31, 2018.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Class A</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Class B</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt">Common stock authorized</td><td style="width: 3%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="width: 10%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">500,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 3%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="width: 10%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,000,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">500,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">10,000,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Common stock issued and outstanding</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">206,864</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,068,640</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">206,864</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,068,640</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”    On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of September 30, 2019 and December 31, 2018. There are no dilutive securities outstanding.   For financial reporting purposes, the proportional ownership of the Company’s common stock owned by the investment partnerships is excluded in the earnings per share calculation. After giving effect for the investment partnerships’ proportional ownership of common stock, the equivalent Class A weighted average number of common shares during the third quarters of 2019 and 2018 were 343,519 and 346,912, respectively. The equivalent Class A weighted average number of common shares during the first nine months of 2019 and 2018 were 345,249 and 348,678, respectively.   Each Class A common share is entitled to one vote. Class B common stock possesses economic rights equal to one-fifth (1/5th) of such rights of Class A common stock; however, Class B common stock has no voting rights.

Available for sale investments were $39,303 and $33,860 as of September 30, 2019 and December 31, 2018, respectively. Investments in equity securities and a related derivative position of $4,463 are included in investments as of September 30, 2019 and in other current assets as of December 31, 2018. The investments are recorded at fair value.

The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock.    Biglari Capital Corp. is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.   The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Company Common Stock</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%">Partnership interest at December 31, 2018</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">715,102</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">157,622</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">557,480</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Investment partnership gains (losses)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">63,419</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(6,382</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">69,801</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Contributions (net of distributions) to investment partnerships</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(64,329</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(64,329</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Increase in proportionate share of Company stock held</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,473</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,473</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 2.5pt">Partnership interest at September 30, 2019</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">714,192</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">152,713</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">561,479</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Company Common Stock</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Carrying Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%">Partnership interest at December 31, 2017</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">925,279</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">359,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">566,021</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Investment partnership gains (losses)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(152,261</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(128,407</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(23,854</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Contributions (net of distributions) to investment partnerships</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(26,360</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(26,360</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Increase in proportionate share of Company stock held</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,152</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,152</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt">Partnership interest at September 30, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">746,658</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">250,003</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">496,655</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    The carrying value of the investment partnerships net of deferred taxes is presented below.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%">Carrying value of investment partnerships</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">561,479</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">557,480</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax liability related to investment partnerships</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(58,193</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(92,703</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Carrying value of investment partnerships net of deferred taxes</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">503,286</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">464,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    The Company’s proportionate share of Company stock held by investment partnerships at cost is $375,704 and $374,231 at September 30, 2019 and December 31, 2018, respectively, and is recorded as treasury stock.   The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within the fair value hierarchy.   Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Gains (losses) on investment partnership</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">1,449</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(19,008</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">69,801</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(23,854</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Tax expense (benefit)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">49</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,119</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,910</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,163</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Net earnings (loss)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,400</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(12,889</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">53,891</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(15,691</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>    On December 31 of each year, the general partner of the investment partnerships will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue an incentive fee during the first nine months of 2019 or 2018. Our investments in these partnerships are committed on a rolling 5-year basis.    Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Equity in Investment Partnerships</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Lion Fund</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Lion Fund II</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; font-weight: bold">Total assets as of September 30, 2019</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">109,895</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">803,338</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Total liabilities as of September 30, 2019</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">112</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">116,280</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Revenue for the first nine months of 2019</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">3,332</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">71,578</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Earnings for the first nine months of 2019</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">3,278</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">65,637</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Biglari Holdings’ ownership interest as of September 30, 2019</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">66.1</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">93.5</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total assets as of December 31, 2018</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">107,207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">901,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total liabilities as of December 31, 2018</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">202,770</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Revenue for the first nine months of 2018</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(49,895</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(122,622</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Earnings (loss) for the first nine months of 2018</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(49,944</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(129,691</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td>Biglari Holdings’ ownership interest as of September 30, 2018</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65.8</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92.2</td><td style="text-align: left">%</td></tr> </table>    Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.   Transactions with The Lion Fund II, L.P. were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: left">Contributions</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 16%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,340 </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">40,000</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">7,340</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Distributions</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(61,839</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> (26,000)</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(104,329</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(33,700)</td><td style="padding-bottom: 1pt; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(61,839</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(18,660</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(64,329</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(26,360</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

Property and equipment is composed of the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%">Land</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">151,670</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">146,015</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Buildings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">146,985</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,658</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Land and leasehold improvements</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">160,292</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,938</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">268,304</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">201,738</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Construction in progress</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,144</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,703</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">730,395</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">651,052</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation, depletion and amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(374,906</td><td style="font-weight: bold; text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(376,336</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">355,489</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">274,716</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The Company recorded an impairment to long-lived assets of $5,079 and $7,417 in the third quarter and first nine months of 2019, respectively, and $345 and $670 in the third quarter and first nine months of 2018, respectively. The impairments are primarily attributable to closed stores. As of September 30, 2019, a total of 106 Steak n Shake restaurants have been temporarily closed. The Company is actively working to identify franchise partners for these stores.  Although the Company is committed to the franchise partnership model, future impairments are possible. 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.

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.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restaurants</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left">Goodwill at December 31, 2018</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">28,139</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">11,913</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">40,052</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Change in foreign exchange rates during the first nine months of 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(28</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(28</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Goodwill at September 30, 2019</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,111</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,913</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">40,024</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   We are required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying financial information included in our determination of fair value require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. No impairment charges for goodwill were recorded in the first nine months of 2019 or 2018. Other Intangible Assets Other intangible assets are composed of the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross carrying amount</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross carrying amount</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Franchise agreement</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">5,310</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(5,045</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">265</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">5,310</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(4,647</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">663</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">810</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(788</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">810</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(774</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,120</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,833</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">287</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,120</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,421</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">699</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Intangible assets with indefinite lives:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Trade names</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,876</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,876</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,876</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,876</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Other assets with indefinite lives</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,040</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,040</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,539</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,539</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">33,036</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,833</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">27,203</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">33,535</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,421</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,114</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Intangible assets subject to amortization consist of franchise agreements connected with the purchase of Western Sizzlin as well as rights to favorable leases related to prior acquisitions. These intangible assets are being amortized over their estimated weighted average of useful lives ranging from eight to twelve years. Amortization expense for the first nine months of 2019 and 2018 was $412 and $422, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020. Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights.

Restaurant operations revenues were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Net sales</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">136,651</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">186,368</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">454,344</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">563,736</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Franchise royalties and fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">7,627</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,762</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">21,685</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,637</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">833</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">911</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,918</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,196</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">145,111</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">195,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">478,947</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">589,569</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Net sales Net sales are composed of retail sales of food through Company-owned stores. Company-owned store revenues are recognized when control of the food items are transferred to our customers 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 royalties and fees Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalty revenues are based on a percentage of franchise sales and are recognized when the retail food items are purchased by franchise customers. Initial franchise fees received are deferred when amounts are received and recognized as revenue on a straight-line basis over the term of each respective franchise agreement, which is typically 20 years.   Our advertising arrangements with franchisees are reported in franchise royalties and fees.   Gift card revenue Restaurant operations sells gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimates breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.

Accounts payable and accrued expenses include the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left">Accounts payable</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">25,108</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">41,967</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Gift card liability</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">18,472</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,685</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Salaries, wages, and vacation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">7,056</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,107</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Taxes payable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">54,447</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Insurance accruals</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">13,443</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,127</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Deferred revenue</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">12,446</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,681</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,850</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,484</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable and accrued expenses</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">138,822</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">117,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Notes payable and other borrowings include the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left">Notes payable</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">2,200</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount and debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(972</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(943</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance obligations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,137</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,463</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,640</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,005</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,720</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Long-term notes payable and other borrowings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Notes payable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">179,848</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">181,498</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount and debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(501</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,234</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance obligations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">75,467</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,737</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Finance leases liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,043</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total long-term notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">264,857</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,001</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Steak n Shake Credit Facility On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000. The term loan is scheduled to mature on March 19, 2021. It amortizes at an annual rate of 1.0% in equal quarterly installments, beginning June 30, 2014, at 0.25% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.   Steak n Shake has the right to request an incremental term loan facility from participating lenders and/or eligible assignees at any time, up to an aggregate total principal amount not to exceed $70,000 if certain customary conditions within the credit agreement are met.   Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. The interest rate on the term loan was 5.80% as of September 30, 2019.   The credit agreement includes customary affirmative and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.   The term loan is secured by first priority security interests in substantially all the assets of Steak n Shake. Disruptions in debt capital markets that restrict access to funding when needed could adversely affect the results of operations, liquidity and capital resources of Steak n Shake. Biglari Holdings is not a guarantor under the credit facility. As of September 30, 2019, $182,048 was outstanding under the term loan.

The Company adopted ASC 842 on January 1, 2019, as discussed in Note 2.  Under ASC 842, leases are generally classified as either operating right-of-use assets or finance lease assets. Right-of-use assets represent the Company's right to use an underlying asset during the lease term. Right-of-use liabilities represent the Company's obligation to make lease payments arising from the lease. These assets and liabilities are calculated by using the net present value of fixed lease payments over the lease term. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.  The Company applied an incremental borrowing rate to determine the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments.   A significant portion of our operating and finance lease portfolio includes restaurant locations. The Company’s operating leases with a term of 12 months or greater were recognized as operating right-of-use assets and liabilities and recorded as operating lease assets and operating lease liabilities. Historical capital leases and certain historical build-to-suit leases were reclassified from obligations under leases to finance lease assets and liabilities. Finance lease assets are recorded in property and equipment and finance lease liabilities are recorded in notes payable and other borrowings. Historical sale-and-leaseback transactions in which the Company is deemed to have a continued interest in the leased asset are recorded as property and equipment and as finance obligations. Finance obligations are recorded in notes payable and other borrowings.   Operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term.   Total lease cost consists of the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Nine Months 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance lease costs:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left">  Amortization of right-of-use assets</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">487</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">1,466</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Interest on lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">208</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">630</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Operating lease costs *</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,445</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,305</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease costs</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,140</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">14,401</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   *Includes short-term leases, variable lease costs and sublease income, which are immaterial.    Supplemental cash flow information related to leases is as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Nine Months 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%; text-align: left; padding-left: 12px">Financing cash flows from finance leases</td><td style="width: 10%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 18%; font-weight: bold; text-align: right">1,201</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Operating cash flows from finance leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">630</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Operating cash flows from operating leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">12,558</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Right-of-use assets obtained in exchange for lease obligations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Finance lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,097</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Operating lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">11,069</td><td style="font-weight: bold; text-align: left"> </td></tr> </table>   Supplemental balance sheet information related to leases is as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance leases:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="width: 10%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="width: 18%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,267</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Calibri, Helvetica, Sans-Serif"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Current portion of notes payable and other borrowings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,640</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">  Long-term notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,043</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,683</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   Weighted-average lease terms and discount rates are as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Weighted-average remaining lease terms:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Finance leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: center"> 8.5 years </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Operating leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: center"> 7.3 years </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Weighted-average discount rates:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%; text-align: left">  Finance leases</td><td style="width: 10%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 18%; font-weight: bold; text-align: center">7.1%</td><td style="width: 1%; font-weight: bold; text-align: left"></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Operating leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: center">6.9%</td><td style="font-weight: bold; text-align: left"></td></tr> </table>   Maturities of lease liabilities as of September 30, 2019 are as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: left; border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Operating Leases</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Finance Leases</td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; text-align: left"> </td><td style="width: 26%; text-align: left">2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">4,637</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">609</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,774</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,377</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,630</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,869</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,580</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,669</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">After 2023</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,428</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,803</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Total lease payments</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">90,732</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">15,685</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">  Less interest</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,315</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,002</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Total lease liabilities</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">71,417</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,683</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   On December 31, 2018, obligations under non-cancelable finance obligations, capital leases, and operating leases (excluding real estate taxes, insurance and maintenance costs) require the following minimum future rental payments.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Operating Leases</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Finance Obligations</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Capital Leases</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Operating Property</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Non-Operating Property</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 35%; text-align: left">2019</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,114</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">55</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,169</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">483</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,040</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,691</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">554</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">578</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,956</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,603</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">599</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">After 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,709</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,790</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total minimum future rental payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">31,290</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">170</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">31,460</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">117,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,543</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,004</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,064</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Total principal obligations under leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,433</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,463</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-current principal obligations under leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Residual value at end of lease term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,744</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,804</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Obligations under leases</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,597</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

During the first nine months of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine months ended September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Nine months ended September 30, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,516</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,516</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,462</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">58</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,404</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(736</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(736</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(783</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(783</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,252</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,252</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,245</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,245</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   During the third quarter of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Third Quarter 2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,624</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,624</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(2,107</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(2,107</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(628</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(628</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(138</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(138</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,252</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,252</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,245</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,245</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   There were no reclassifications from accumulated other comprehensive income to earnings during the third quarters of 2019 and 2018 and first nine months of 2019. Reclassifications made from accumulated other comprehensive income to earnings during the first nine months of 2018 were $58.

In determining the quarterly provision for income taxes, the Company used a discrete effective tax rate method based on statutory tax rates for 2019 and an estimated annual effective tax rate for 2018. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.   Income tax benefit for the third quarter of 2019 was $614 compared to $11,199 for the third quarter of 2018.  Income tax expense for the first nine months of 2019 was $7,026 compared to an income tax benefit of $12,886 for the first nine months of 2018.  The variance in income taxes between 2019 and 2018 is attributable to taxes on income generated by the investment partnerships.   As of September 30, 2019 and December 31, 2018, we had approximately $356 and $341, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

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.   On January 29, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari as a result of the dual class structure. On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the dual class structure. On April 16, 2018, the shareholders withdrew their motions to enjoin the shareholder vote on April 26, 2018.   On May 17, 2018, the shareholders who filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally allege claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari arising out of the dual class structure. The shareholders seek, for themselves and on behalf of all other shareholders as a class, a declaration that the defendants breached their duty to the shareholders and the class, and to recover unspecified damages, pre-judgment and post-judgment interest, and an award of their attorneys’ fees and other costs.   On December 14, 2018, the judge of the Superior Court of Hamilton County, Indiana issued an order granting the Company’s motion to dismiss the shareholders’ lawsuits. On January 11, 2019, the shareholders filed an appeal of the judge’s order dismissing the lawsuits.  The appeal was argued on October 7, 2019, and we await a decision.    On September 8, 2014, two former restaurant manager employees filed a purported class action lawsuit against Steak n Shake (Drake v. Steak n Shake). On January 30, 2017, a former restaurant manager employee filed a purported class action lawsuit against Steak n Shake (Clendenen v. Steak n Shake). The plaintiffs generally allege claims that Steak n Shake improperly classified its managerial employees as exempt. On February 28, 2019, a jury returned a verdict in the Drake case against Steak n Shake. The Company agreed to settle both cases for $8,350 and the Court approved the terms of the settlement on July 26, 2019. The settlement is reflected in selling, general and administrative expenses in the consolidated statement of earnings.

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.   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. </td></tr></table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">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.</td></tr></table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">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.</td></tr></table>   The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:   Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.   Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.    Bonds: The Company’s investments in bonds are classified within Level 1 of the fair value hierarchy.   Non-qualified deferred compensation plan investments: The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and publicly traded securities, each of which are classified within Level 1 of the fair value hierarchy.   Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Levels 1 and 2 of the fair value hierarchy depending on the instrument.   As of September 30, 2019 and December 31, 2018, the fair values of financial assets were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="15" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 28%; text-align: left">Cash equivalents</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">126</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">126</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">21,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">21,448</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Equity securities:</td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Consumer goods</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,413</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,413</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Bonds</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">37,631</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">37,631</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,404</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Derivatives</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">202</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,150</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,352</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,755</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-qualified deferred</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">compensation plan</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,022</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,022</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">39,981</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,563</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">48,544</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">64,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   There were no changes in our valuation techniques used to measure fair values on a recurring basis.

Services Agreement During 2017, the Company entered into a services agreement with Biglari Enterprises LLC and Biglari Capital Corp. (collectively, the “Biglari Entities”) under which the Biglari Entities provide business and administrative related services to the Company. The Biglari Entities are owned by Mr. Biglari. The services agreement has a five-year term, effective on October 1, 2017. The fixed fee is $700 per month for the first year with adjustments in years two through five. The monthly fee will remain at $700 during 2019. The Company paid Biglari Enterprises $6,300 in service fees during the first nine months of 2019 and 2018. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp. by the Company.   License Agreement During 2013, the Company entered into a Trademark License Agreement (the “License Agreement”) with Mr. Biglari. The Company and its subsidiaries paid no royalties to Mr. Biglari under the License Agreement during its term. The License Agreement was terminated on March 26, 2019. Incentive Agreement Amendment The Incentive Agreement was amended on March 26, 2019 to remove the annual limitation on Mr. Biglari’s incentive compensation, as well as the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company. In connection with the amendment, the change of control and severance provisions contained in the Incentive Agreement were eliminated and the License Agreement was terminated. The amendment is effective in 2019.

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. The Company also reports segment information for First Guard, Maxim and Southern Oil. Other business activities not specifically identified with reportable business segments are presented in “other” within total operating businesses. 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.   Revenue for the third quarters and first nine months of 2019 and 2018 were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Revenue</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 24px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">141,354</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">191,240</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">467,471</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">578,111</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Western Sizzlin</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,757</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,801</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,476</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,458</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">145,111</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195,041</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">478,947</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">589,569</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">7,681</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,038</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,305</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,330</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Southern Oil</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,500</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,500</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Maxim</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">924</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,503</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,666</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,647</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">160,216</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">203,582</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">510,418</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">614,546</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Earnings (losses) before income taxes for the third quarters and first nine months of 2019 and 2018 were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings (Losses) Before Income Taxes</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 24px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(861</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(3,172</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(22,776</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(1,505</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Western Sizzlin</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">544</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">516</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,433</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,564</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(317</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,656</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(21,343</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,279</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,813</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,673</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,624</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Southern Oil</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,448</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,448</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Maxim</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">364</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">111</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">428</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">109</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">171</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">362</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">474</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Operating Businesses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,883</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(561</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(13,432</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,067</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Corporate and Investments:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Corporate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,873</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,366</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(8,270</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,536</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Investment partnership gains (losses)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,449</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,008</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,801</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(23,854</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Corporate and Investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,424</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,374</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">61,531</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(32,390</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Interest expense on notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,090</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,967</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(9,298</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,619</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(631</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,902</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">38,801</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(35,942</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left">Notes payable</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">2,200</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount and debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(972</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(943</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance obligations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,137</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,463</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,640</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,005</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,720</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Long-term notes payable and other borrowings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Notes payable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">179,848</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">181,498</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount and debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(501</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,234</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance obligations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">75,467</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,737</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Finance leases liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,043</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total long-term notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">264,857</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,001</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: left; border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Operating Leases</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Finance Leases</td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; text-align: left"> </td><td style="width: 26%; text-align: left">2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">4,637</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">609</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,774</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,377</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,683</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,630</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,869</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,580</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,669</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">After 2023</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,428</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,803</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Total lease payments</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">90,732</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">15,685</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">  Less interest</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,315</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,002</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Total lease liabilities</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">71,417</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">11,683</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Operating Leases</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Finance Obligations</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Capital Leases</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Operating Property</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Non-Operating Property</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 35%; text-align: left">2019</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,114</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">55</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,169</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">483</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,040</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,691</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">554</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">578</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,956</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,603</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">599</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">After 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,709</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,790</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total minimum future rental payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">31,290</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">170</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">31,460</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">117,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,543</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,004</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,064</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Total principal obligations under leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,433</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,463</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-current principal obligations under leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Residual value at end of lease term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,744</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,804</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Obligations under leases</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,597</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="15" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 28%; text-align: left">Cash equivalents</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">126</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">126</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">21,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">21,448</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Equity securities:</td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Consumer goods</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,413</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,413</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Bonds</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">37,631</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">37,631</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,404</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Derivatives</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">202</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,150</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,352</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,755</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-qualified deferred</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">compensation plan</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,022</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,022</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">39,981</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,563</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">48,544</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">64,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings (Losses) Before Income Taxes</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 24px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(861</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(3,172</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(22,776</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(1,505</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 24px">Western Sizzlin</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">544</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">516</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,433</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,564</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(317</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,656</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(21,343</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,279</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,813</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">5,673</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,624</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Southern Oil</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,448</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,448</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Maxim</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">364</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">111</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">428</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">109</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">171</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">362</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">474</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Operating Businesses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,883</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(561</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(13,432</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,067</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Corporate and Investments:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 12px">Corporate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,873</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,366</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(8,270</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,536</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px">Investment partnership gains (losses)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,449</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,008</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,801</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(23,854</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Corporate and Investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,424</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,374</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">61,531</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(32,390</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Interest expense on notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,090</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,967</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(9,298</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,619</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(631</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(24,902</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">38,801</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(35,942</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

345249

348678

343519

346912

715102000

714192000

157622000

152713000

557480000

561479000

925279000

746658000

359258000

250003000

566021000

496655000

0 1473000 -1473000 0 19152000 -19152000 -64329000 0 -64329000 -26360000 0 -26360000

69801000

-23854000

63419000

-6382000

69801000

-152261000

-128407000

-23854000

1449000

-19008000

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-6119000

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3332000

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-49895000

-122622000

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-49944000

-129691000

.6610

.9350

.6580

.9220

40000000

7340000

104329000

33700000

61839000

26000000

-64329000 -26360000 -61839000 -18660000

40052000

40024000

28139000

11913000

28111000

11913000

-28000 -28000 0

412000

422000

478947000 589569000 145111000 195041000 2918000 3196000 833000 911000 21685000 22637000 7627000 7762000 454344000 563736000 136651000 186368000

.0580

182048000

1466000

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208000

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1201000 630000 12558000

1097000

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11267000

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P8Y6M

P7Y4M

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71417000

11683000

19315000 4002000 90732000 15685000

32428000

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10580000

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12630000

1869000

14683000

2358000

15774000

2377000

4637000

609000

0 -58000 0 0 0 -58000 0 0 0 0 0 0

38801000

-35942000

-22776000

-1505000

1433000

1564000

-21343000

59000

-9298000

-8619000

5673000

4624000

428000

-90000

-13432000

5067000

69801000

-23854000

474000

362000

61531000

-32390000

-8270000

-8536000

-631000

-24902000

-861000

-3172000

544000

516000

-317000

-2656000

2279000

1813000

364000

111000

109000

171000

3883000

-561000

-2873000

-2366000

1449000

-19008000

-1424000

-21374000

-3090000

-2967000

1448000

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="11" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Nine months ended September 30, 2019</td> <td style="line-height: 107%"> </td> <td colspan="11" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Nine months ended September 30, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Foreign currency translation adjustments</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> Investment gain (loss)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Accumulated other comprehensive income (loss)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Foreign currency translation adjustments</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> Investment gain (loss)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Accumulated other comprehensive income (loss)</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; line-height: 107%">Beginning Balance  </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">(2,516</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">—  </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">(2,516</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">(1,462</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">58</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">(1,404</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Reclassification to</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; line-height: 107%">(earnings) loss</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(58</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(58</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Foreign currency translation</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(736</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(736</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(783</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(783</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Ending Balance</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(3,252</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(3,252</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(2,245</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(2,245</td> <td style="line-height: 107%">)</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="11" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Third Quarter 2019</td> <td style="line-height: 107%"> </td> <td colspan="11" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Third Quarter 2018</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Foreign currency translation adjustments</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> Investment gain (loss)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Accumulated other comprehensive income (loss)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Foreign currency translation adjustments</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> Investment gain (loss)</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Accumulated other comprehensive income (loss)</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; line-height: 107%">Beginning Balance  </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">(2,624</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">—  </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">(2,624</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">(2,107</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">—  </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 6%; text-align: right; line-height: 107%">(2,107</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Reclassification to</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 9pt; line-height: 107%">(earnings) loss</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Foreign currency translation</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(628</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(628</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(138</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(138</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Ending Balance</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(3,252</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(3,252</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(2,245</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(2,245</td> <td style="line-height: 107%">)</td></tr> </table>

736000

783000

736000

783000

628000

138000

628000

138000

2666000 4647000 924000 1503000 2103000 3562000 514000 1065000

Description of Business The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018.   Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.   As of September 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.   Business Acquisition On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”) for $51,500 in cash. Southern Oil is engaged in the exploration, development, and production of oil and natural gas properties primarily offshore in the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the third quarter. The revenues and operating results for Southern Oil were not significant to the Company for the third quarter.   The following table sets forth certain unaudited pro forma consolidated earnings data for the third quarter and first nine months of 2019 as if the acquisition of Southern Oil consummated on the same terms at the beginning of 2018.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Revenues</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">172,187</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">215,794</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">562,315</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">646,359</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Earnings before income taxes</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(20,617</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">59,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(26,604</td><td style="text-align: left">)</td></tr> </table>   The acquisition date fair values of certain assets and liabilities of Southern Oil are provisional and subject to revision as the related valuations are completed. Acquisition related expenses, which consists of external costs directly related to the acquisition of Southern Oil, such as advisory, legal and other professional fees are expensed as incurred.   Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”), First Guard Insurance Company (“First Guard”), and Southern Oil.  Intercompany accounts and transactions have been eliminated in consolidation.   Oil and Gas Producing Activities Revenues are derived from the sale of produced oil and natural gas.  The Company recognizes oil and gas revenue from its interests in wells using the sales method wherein revenues are recognized based on actual volumes of oil and gas delivered to purchasers.  Payments for product sales are received one to three months after delivery.   The Company follows the successful efforts method of accounting for its oil and gas properties.  Costs of drilling exploratory wells are initially capitalized but are charged to expense if the well is determined to be unsuccessful.  The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable.   All property acquisition costs and development costs are capitalized when incurred and depleted on a unit-of-production basis over the remaining life of proved reserves.  Support equipment and other property and equipment are depreciated over their estimated useful lives.   Acquisition costs of unproved properties are periodically assessed for impairment and are transferred to proved properties to the extent the costs are associated with the successful exploration activities.  Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated.   Asset retirement obligations relate to future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and returning such land to its original condition.  The Company determines its asset retirement obligation amounts by calculating the present value of the estimated future cash outflows associated with its plug and abandonment obligations.  The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability increases the carrying amount of the related long-lived asset by the same amount.  The liability is accreted each period through charges to depreciation, depletion and amortization expense, and the capitalized cost is depleted on a unit-of-production basis over the proved developed reserves of the related asset.

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”), First Guard Insurance Company (“First Guard”), and Southern Oil.  Intercompany accounts and transactions have been eliminated in consolidation.

Revenues are derived from the sale of produced oil and natural gas.  The Company recognizes oil and gas revenue from its interests in wells using the sales method wherein revenues are recognized based on actual volumes of oil and gas delivered to purchasers.  Payments for product sales are received one to three months after delivery.   The Company follows the successful efforts method of accounting for its oil and gas properties.  Costs of drilling exploratory wells are initially capitalized but are charged to expense if the well is determined to be unsuccessful.  The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable.   All property acquisition costs and development costs are capitalized when incurred and depleted on a unit-of-production basis over the remaining life of proved reserves.  Support equipment and other property and equipment are depreciated over their estimated useful lives.   Acquisition costs of unproved properties are periodically assessed for impairment and are transferred to proved properties to the extent the costs are associated with the successful exploration activities.  Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated.   Asset retirement obligations relate to future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and returning such land to its original condition.  The Company determines its asset retirement obligation amounts by calculating the present value of the estimated future cash outflows associated with its plug and abandonment obligations.  The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability increases the carrying amount of the related long-lived asset by the same amount.  The liability is accreted each period through charges to depreciation, depletion and amortization expense, and the capitalized cost is depleted on a unit-of-production basis over the proved developed reserves of the related asset.

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures.   In February 2016, the FASB issued ASU 2016-02, Leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842).  We adopted ASC 842 “Leases” on January 1, 2019. Most significantly, ASC 842 requires a lessee to recognize a liability to make lease payments and an asset with respect to its right to use the underlying asset for the lease term. We applied ASC 840 to all comparative periods which included a cumulative-effect adjustment of $1,499 to retained earnings on January 1, 2019. Adoption of ASC 842 also resulted in an increase to total assets and liabilities due to the recording of operating lease assets of $63,261 and operating lease liabilities of $69,671 as of January 1, 2019 and due to the recording of finance lease assets of $11,638 and finance lease liabilities of $11,784. The difference between the asset and liability amounts primarily relates to previously recorded deferred/prepaid rent. The standard had a material impact on our consolidated balance sheets but did not have a material impact on our consolidated statements of earnings and statements of cash flow. The most significant impact was the recognition of right-of-use assets and lease liabilities for operating leases.   In adopting and applying ASC 842, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. In addition, we elected certain practical expedients and accounting policies, including an accounting policy election to keep leases with an initial term of 12 months or less from the balance sheet. We recognize those lease payments in the consolidated statements of earnings on a straight-line basis over the lease term.

562315000

646359000

172187000

215794000

59212000 -26604000 2538000 -20617000

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018.   Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.   As of September 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”) for $51,500 in cash. Southern Oil is engaged in the exploration, development, and production of oil and natural gas properties primarily offshore in the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the third quarter. The revenues and operating results for Southern Oil were not significant to the Company for the third quarter.   The following table sets forth certain unaudited pro forma consolidated earnings data for the third quarter and first nine months of 2019 as if the acquisition of Southern Oil consummated on the same terms at the beginning of 2018.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Revenues</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">172,187</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">215,794</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">562,315</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">646,359</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Earnings before income taxes</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(20,617</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">59,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(26,604</td><td style="text-align: left">)</td></tr> </table>   The acquisition date fair values of certain assets and liabilities of Southern Oil are provisional and subject to revision as the related valuations are completed. Acquisition related expenses, which consists of external costs directly related to the acquisition of Southern Oil, such as advisory, legal and other professional fees are expensed as incurred.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Third Quarter</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">First Nine Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Revenues</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">172,187</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">215,794</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">562,315</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">646,359</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Earnings before income taxes</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,538</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(20,617</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">59,212</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(26,604</td><td style="text-align: left">)</td></tr> </table>

Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(0.01) and $18.41 for the third quarter and first nine months of 2019, respectively, and $(7.90) and $(13.22) for the third quarter and first nine months of 2018, respectively. 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Assets Current assets: Cash and cash equivalents Investments Receivables Inventories Other current assets Total current assets Property and equipment Operating lease assets Goodwill and other intangible assets Investment partnerships Other assets Total assets Liabilities and shareholders' equity Liabilities Current liabilities: Accounts payable and accrued expenses Current portion of operating lease liabilities Current portion of notes payable and other borrowings Total current liabilities Long-term notes payable and other borrowings Operating lease liabilities Deferred taxes Other liabilities Total liabilities Shareholders' equity Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost Biglari Holdings Inc. shareholders' equity Total liabilities and shareholders' equity Income Statement [Abstract] Revenues Restaurant operations Insurance premiums and other Oil and gas Media and licensing Total revenues Cost and expenses Restaurant cost of sales Insurance losses and underwriting expenses Oil and gas production costs Media and licensing costs Selling, general and administrative Impairments Depreciation, depletion and amortization Total cost and expenses Other income (expenses) Interest expense Interest on finance leases and obligations Investment partnership gains (losses) Total other income (expenses) Earnings (loss) before income taxes Income tax expense (benefit) Net earnings (loss) Earnings per share Net earnings (loss) per equivalent Class A share Consolidated Statements Of Comprehensive Income Net earnings (loss) Other comprehensive income: Reclassification to earnings Applicable income taxes Foreign currency translation Other comprehensive income (loss), net Total comprehensive income (loss) Statement of Cash Flows [Abstract] Operating activities Net earnings (loss) Adjustments to reconcile net earnings (loss) to operating cash flows: Provision for deferred income taxes Asset impairments and other non-cash expenses (Gains) losses on disposal of assets Investment partnership (gains) losses Distributions from investment partnerships Changes in receivables and inventories Changes in other assets Changes in accounts payable and accrued expenses Net cash provided by (used in) operating activities Investing activities Capital expenditures Proceeds from property and equipment disposals Acquisition of business, net of cash acquired Distributions from investment partnerships Purchases of limited partner interests Purchases of investments Redemptions of fixed maturity securities Net cash provided by (used in) investing activities Financing activities Payments on revolving credit facility Principal payments on long-term debt Principal payments on direct financing lease obligations Proceeds for exercise of stock options Net cash used in financing activities Effect of exchange rate changes on cash Decrease in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of third quarter Balance Adoption of accounting standards Other comprehensive income, net Conversion of common stock Adjustment to treasury stock for holdings in investment partnerships Exercise of stock options Balance Accounting Policies [Abstract] Note 1. Summary of Significant Accounting Policies Note 2. New Accounting Standards Earnings Per Share [Abstract] Note 3. Earnings Per Share Schedule of Investments [Abstract] Note 4. Investments Note 5. Investment Partnerships Note 5. Investment Partnerships Property, Plant and Equipment [Abstract] EX-101.PRE 10 bh-20190930_pre.xml XBRL PRESENTATION FILE XML 11 R33.htm IDEA: XBRL DOCUMENT

Note 11. Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of lease cost

	Third Quarter 2019		First Nine Months 2019
Finance lease costs:
Amortization of right-of-use assets	$	487	$	1,466
Interest on lease liabilities		208		630
Operating lease costs *		4,445		12,305
Total lease costs	$	5,140	$	14,401

*Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Schedule of supplemental cash flow information related to leases

	First Nine Months 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	1,201
Operating cash flows from finance leases	$	630
Operating cash flows from operating leases	$	12,558
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	$	1,097
Operating lease liabilities	$	11,069

Schedule of supplemental balance sheet information related to leases

	September 30, 2019
Finance leases:
Property and equipment, net	$	11,267

Current portion of notes payable and other borrowings	$	1,640
Long-term notes payable and other borrowings		10,043
Total finance lease liabilities	$	11,683

Schedule of weighted-average lease terms and discount rates

	September 30, 2019
Weighted-average remaining lease terms:
Finance leases		8.5 years
Operating leases		7.3 years

Weighted-average discount rates:
Finance leases		7.1%
Operating leases		6.9%

Schedule of maturities of lease liabilities at September 30, 2019

Year		Operating Leases		Finance Leases
	2019	$	4,637	$	609
	2020		15,774		2,377
	2021		14,683		2,358
	2022		12,630		1,869
	2023		10,580		1,669
	After 2023		32,428		6,803
	Total lease payments		90,732		15,685
	Less interest		19,315		4,002
	Total lease liabilities	$	71,417	$	11,683

Schedule of future minimum lease payments at December 31, 2018

								Operating Leases
Year		Finance Obligations		Capital Leases		Total		Operating Property		Non-Operating Property
2019	$	11,114	$	55	$	11,169	$	17,914	$	483
2020		8,040		55		8,095		16,691		554
2021		5,925		55		5,980		16,787		578
2022		2,951		5		2,956		15,603		599
2023		1,587		—		1,587		14,071		539
After 2023		1,673		—		1,673		36,709		1,790
Total minimum future rental payments		31,290		170		31,460	$	117,775	$	4,543
Less amount representing interest		18,004		60		18,064
Total principal obligations under leases		13,286		110		13,396
Less current portion		4,433		30		4,463
Non-current principal obligations under leases		8,853		80		8,933
Residual value at end of lease term		50,744		60		50,804
Obligations under leases	$	59,597	$	140	$	59,737

XML 12 R37.htm IDEA: XBRL DOCUMENT

Note 1. Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Revenues	$ 172,187	$ 215,794	$ 562,315	$ 646,359
Earnings before income taxes	$ 2,538	$ (20,617)	$ 59,212	$ (26,604)

XML 13 R14.htm IDEA: XBRL DOCUMENT

Note 8. Restaurant Operations Revenues

9 Months Ended

Sep. 30, 2019

Note 8. Restaurant Operations Revenues

Note 8. Restaurant Operations Revenues

Restaurant operations revenues were as follows.

	Third Quarter				First Nine Months
	2019		2018		2019		2018
Net sales	$	136,651	$	186,368	$	454,344	$	563,736
Franchise royalties and fees		7,627		7,762		21,685		22,637
Other		833		911		2,918		3,196
	$	145,111	$	195,041	$	478,947	$	589,569

Net sales

Franchise royalties and fees

Our advertising arrangements with franchisees are reported in franchise royalties and fees.

Gift card revenue

XML 14 R10.htm IDEA: XBRL DOCUMENT

Note 4. Investments

9 Months Ended

Sep. 30, 2019

Schedule of Investments [Abstract]

Note 4. Investments

XML 15 R18.htm IDEA: XBRL DOCUMENT

Note 12. Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Note 12. Accumulated Other Comprehensive Income

During the first nine months of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, were as follows.

	Nine months ended September 30, 2019								Nine months ended September 30, 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,516	)	$	—	$	(2,516	)	$	(1,462	)	$	58		$	(1,404	)
Reclassification to
(earnings) loss					—		—						(58	)		(58	)
Foreign currency translation		(736	)				(736	)		(783	)					(783	)
Ending Balance	$	(3,252	)	$	—	$	(3,252	)	$	(2,245	)	$	—		$	(2,245	)

During the third quarter of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, were as follows.

	Third Quarter 2019								Third Quarter 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,624	)	$	—	$	(2,624	)	$	(2,107	)	$	—	$	(2,107	)
Reclassification to
(earnings) loss					—		—						—		—
Foreign currency translation		(628	)				(628	)		(138	)				(138	)
Ending Balance	$	(3,252	)	$	—	$	(3,252	)	$	(2,245	)	$	—	$	(2,245	)

XML 16 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 19,058	$ 48,557
Investments	43,766	33,860
Receivables	16,460	15,743
Inventories	4,651	7,537
Other current assets	6,042	9,236
Total current assets	89,977	114,933
Property and equipment	355,489	274,716
Operating lease assets	65,939	0
Goodwill and other intangible assets	67,227	68,166
Investment partnerships	561,479	557,480
Other assets	13,839	14,198
Total assets	1,153,950	1,029,493
Current liabilities:
Accounts payable and accrued expenses	138,822	117,265
Current portion of operating lease liabilities	11,762	0
Current portion of notes payable and other borrowings	7,005	5,720
Total current liabilities	157,589	122,985
Long-term notes payable and other borrowings	264,857	240,001
Operating lease liabilities	59,668	0
Deferred taxes	56,562	86,871
Other liabilities	13,754	9,181
Total liabilities	552,430	459,038
Shareholders' equity
Common stock	1,138	1,138
Additional paid-in capital	381,904	381,904
Retained earnings	597,434	564,160
Accumulated other comprehensive loss	(3,252)	(2,516)
Treasury stock, at cost	(375,704)	(374,231)
Biglari Holdings Inc. shareholders' equity	601,520	570,455
Total liabilities and shareholders' equity	$ 1,153,950	$ 1,029,493

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at Dec. 31, 2017	$ 1,071	$ 382,014	$ 565,504	$ (1,404)	$ (375,857)	$ 571,328
Net earnings (loss)			(1,814)			(1,814)
Adoption of accounting standards			90			90
Other comprehensive income, net				438		438
Adjustment to treasury stock for holdings in investment partnerships					(18,377)	(18,377)
Exercise of stock options		(39)			81	42
Balance at Mar. 31, 2018	1,071	381,975	563,780	(966)	(394,153)	551,707
Balance at Dec. 31, 2017	1,071	382,014	565,504	(1,404)	(375,857)	571,328
Net earnings (loss)						(23,056)
Other comprehensive income, net						(841)
Balance at Sep. 30, 2018	1,138	381,904	521,712	(2,245)	(374,091)	528,418
Balance at Mar. 31, 2018	1,071	381,975	563,780	(966)	(394,153)	551,707
Net earnings (loss)			(7,539)			(7,539)
Other comprehensive income, net				(1,141)		(1,141)
Conversion of common stock	67	(67)	(20,826)		20,826	0
Adjustment to treasury stock for holdings in investment partnerships					(304)	(304)
Exercise of stock options		(4)			11	7
Balance at Jun. 30, 2018	1,138	381,904	535,415	(2,107)	(373,620)	542,730
Net earnings (loss)			(13,703)			(13,703)
Other comprehensive income, net				(138)		(138)
Adjustment to treasury stock for holdings in investment partnerships					(471)	(471)
Balance at Sep. 30, 2018	1,138	381,904	521,712	(2,245)	(374,091)	528,418
Balance at Dec. 31, 2018	1,138	381,904	564,160	(2,516)	(374,231)	570,455
Net earnings (loss)			9,818			9,818
Adoption of accounting standards			1,499			1,499
Other comprehensive income, net				(304)		(304)
Adjustment to treasury stock for holdings in investment partnerships					(114)	(114)
Balance at Mar. 31, 2019	1,138	381,904	575,477	(2,820)	(374,345)	581,354
Balance at Dec. 31, 2018	1,138	381,904	564,160	(2,516)	(374,231)	570,455
Net earnings (loss)						31,775
Other comprehensive income, net						(736)
Balance at Sep. 30, 2019	1,138	381,904	597,434	(3,252)	(375,704)	601,520
Balance at Mar. 31, 2019	1,138	381,904	575,477	(2,820)	(374,345)	581,354
Net earnings (loss)			21,974			21,974
Other comprehensive income, net				196		196
Adjustment to treasury stock for holdings in investment partnerships					(1,162)	(1,162)
Balance at Jun. 30, 2019	1,138	381,904	597,451	(2,624)	(375,507)	602,362
Net earnings (loss)			(17)			(17)
Other comprehensive income, net				(628)		(628)
Adjustment to treasury stock for holdings in investment partnerships					(197)	(197)
Balance at Sep. 30, 2019	$ 1,138	$ 381,904	$ 597,434	$ (3,252)	$ (375,704)	$ 601,520

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Note 11. Leases (Details 1)
$ in Thousands
9 Months Ended

Sep. 30, 2019

USD ($)

Cash paid for amounts included in the measurement of lease liablities:

Financing cash flows from finance leases $ 1,201

Operating cash flows from finance leases 630

Operating cash flows from operating leases 12,558

Right-of-use assets obtained in exchange for lease obligations:

Finance lease liabilities 1,097

Operating lease liabilities $ 11,069

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Note 9. Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Payables and Accruals [Abstract]

Accounts payable $ 25,108 $ 41,967

Gift card liability 18,472 22,685

Salaries, wages, and vacation 7,056 13,107

Taxes payable 54,447 11,214

Insurance accruals 13,443 12,127

Deferred revenue 12,446 11,681

Other 7,850 4,484

Accounts payable and accrued expenses $ 138,822 $ 117,265

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Note 17. Business Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Revenue $ 160,216 $ 203,582 $ 510,418 $ 614,546

Steak n Shake

Revenue 141,354 191,240 467,471 578,111

Western Sizzlin

Revenue 3,757 3,801 11,476 11,458

Total Restaurant Operations

Revenue 145,111 195,041 478,947 589,569

First Guard

Revenue 7,681 7,038 22,305 20,330

Southern Oil

Revenue 6,500 0 6,500 0

Maxim

Revenue 924 1,503 2,666 4,647

Total Revenue

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Note 11. Leases (Details 5)
$ in Thousands

Dec. 31, 2018

USD ($)

2019 $ 11,169

2020 8,095

2021 5,980

2022 2,956

2023 1,587

After 2023 1,673

Total minimum future rental payments 31,460

Less amount representing interest 18,064

Total principal obligations under leases 13,396

Less current portion 4,463

Non-current principal obligations under leases 8,933

Residual value at end of lease term 50,804

Obligations under leases 59,737

Finance Obligations

2019 11,114

2020 8,040

2021 5,925

2022 2,951

2023 1,587

After 2023 1,673

Total minimum future rental payments 31,290

Less amount representing interest 18,004

Total principal obligations under leases 13,286

Less current portion 4,433

Non-current principal obligations under leases 8,853

Residual value at end of lease term 50,744

Obligations under leases 59,597

Capital Leases

2019 55

2020 55

2021 55

2022 5

2023 0

After 2023 0

Total minimum future rental payments 170

Less amount representing interest 60

Total principal obligations under leases 110

Less current portion 30

Non-current principal obligations under leases 80

Residual value at end of lease term 60

Obligations under leases 140

Operating Property

2019 17,914

2020 16,691

2021 16,787

2022 15,603

2023 14,071

After 2023 36,709

Total minimum future rental payments 117,775

Non-Operating Property

2019 483

2020 554

2021 578

2022 599

2023 539

After 2023 1,790

Total minimum future rental payments $ 4,543

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Note 5. Investment Partnerships (Details 2) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Note 5.Investment Partnerships Details 2Abstract

Gains (losses) on investment partnership $ 1,449 $ (19,008) $ 69,801 $ (23,854)

Tax expense (benefit) 49 (6,119) 15,910 (8,163)

Net earnings (loss) $ 1,400 $ (12,889) $ 53,891 $ (15,691)

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Note 6. Property and Equipment (Details) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Land $ 151,670 $ 146,015

Buildings 146,985 142,658

Land and leasehold improvements 160,292 158,938

Equipment 268,304 201,738

Construction in progress 3,144 1,703

Property and equipment, gross 730,395 651,052

Less accumulated depreciation,depletion and amortization (374,906) (376,336)

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Note 3. Earnings Per Share (Tables)
9 Months Ended

Sep. 30, 2019

Earnings per share

Summary of outstanding shares

September 30, 2019 December 31, 2018

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

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Note 16. Related Party Transactions
9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Note 16. Related Party Transactions
Services Agreement*

During 2017, the Company entered into a services agreement with Biglari Enterprises LLC and Biglari Capital Corp. (collectively, the “Biglari Entities”) under which the Biglari Entities provide business and administrative related services to the Company. The Biglari Entities are owned by Mr. Biglari. The services agreement has a five-year term, effective on October 1, 2017. The fixed fee is $700 per month for the first year with adjustments in years two through five. The monthly fee will remain at $700 during 2019. The Company paid Biglari Enterprises $6,300 in service fees during the first nine months of 2019 and 2018. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp. by the Company.

License Agreement

During 2013, the Company entered into a Trademark License Agreement (the “License Agreement”) with Mr. Biglari. The Company and its subsidiaries paid no royalties to Mr. Biglari under the License Agreement during its term. The License Agreement was terminated on March 26, 2019.

Incentive Agreement Amendment

The Incentive Agreement was amended on March 26, 2019 to remove the annual limitation on Mr. Biglari’s incentive compensation, as well as the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company. In connection with the amendment, the change of control and severance provisions contained in the Incentive Agreement were eliminated and the License Agreement was terminated. The amendment is effective in 2019.

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Note 17. Business Segment Reporting (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Earnings (loss) before income taxes $ (631) $ (24,902) $ 38,801 $ (35,942)

Restaurant | Steak n Shake

Earnings (loss) before income taxes (861) (3,172) (22,776) (1,505)

Restaurant | Western Sizzlin

Earnings (loss) before income taxes 544 516 1,433 1,564

Restaurant | Total Restaurant Operations

Earnings (loss) before income taxes (317) (2,656) (21,343) 59

Operating Business

Earnings (loss) before income taxes 3,883 (561) (13,432) 5,067

Operating Business | First Guard

Earnings (loss) before income taxes 2,279 1,813 5,673 4,624

Operating Business | Southern Oil

Earnings (loss) before income taxes 1,448 0 1,448 0

Operating Business | Maxim

Earnings (loss) before income taxes 364 111 428 (90)

Operating Business | Other

Earnings (loss) before income taxes 109 171 362 474

Corporate | Corporate

Earnings (loss) before income taxes (2,873) (2,366) (8,270) (8,536)

Corporate | Investment Partnership Gains (Losses)

Earnings (loss) before income taxes 1,449 (19,008) 69,801 (23,854)

Corporate | Total Corporate And Investments

Earnings (loss) before income taxes (1,424) (21,374) 61,531 (32,390)

Reconciliation Of Segments | Interest expense on notes payable and other borrowings

Earnings (loss) before income taxes $ (3,090) $ (2,967) $ (9,298) $ (8,619)

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$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Beginning balance $ (2,624) $ (2,107) $ (2,516) $ (1,404)

Reclassification to (earnings) loss 0 0 0 (58)

Foreign currency translation (628) (138) (736) (783)

Ending balance (3,252) (2,245) (3,252) (2,245)

Foreign Currency Translation Adjustments

Beginning balance (2,624) (2,107) (2,516) (1,462)

Reclassification to (earnings) loss 0 0 0 0

Foreign currency translation (628) (138) (736) (783)

Ending balance (3,252) (2,245) (3,252) (2,245)

Investment Gain (Loss)

Beginning balance 0 0 0 58

Reclassification to (earnings) loss 0 0 0 (58)

Foreign currency translation 0 0 0 0

Ending balance $ 0 $ 0 $ 0 $ 0

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Note 5. Investment Partnerships (Details 1) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Note 5. Investment Partnerships

Carrying value of investment partnerships $ 561,479 $ 557,480

Deferred tax liability related to investment partnerships (58,193) (92,703)

Carrying value of investment partnerships net of deferred taxes $ 503,286 $ 464,777

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Note 5. Investment Partnerships (Details Narrative) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Note 5. Investment Partnerships

Proportionate share of Company stock held by investment partnerships at cost $ 375,704 $ 374,231

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Note 5. Investment Partnerships (Tables)
9 Months Ended

Sep. 30, 2019

Note 5. Investment Partnerships

Fair value and carrying value of our partnership interest

Fair Value Company
Common
Stock Carrying Value

Partnership interest at December 31, 2018 $ 715,102 $ 157,622 $ 557,480

Investment partnership gains (losses) 63,419 (6,382 ) 69,801

Contributions (net of distributions) to investment partnerships (64,329 ) (64,329 )

Increase in proportionate share of Company stock held 1,473 (1,473 )

Partnership interest at September 30, 2019 $ 714,192 $ 152,713 $ 561,479



Fair Value Company
Common
Stock Carrying Value

Partnership interest at December 31, 2017 $ 925,279 $ 359,258 $ 566,021

Investment partnership gains (losses) (152,261 ) (128,407 ) (23,854 )

Contributions (net of distributions) to investment partnerships (26,360 ) (26,360 )

Increase in proportionate share of Company stock held 19,152 (19,152 )

Partnership interest at September 30, 2018 $ 746,658 $ 250,003 $ 496,655



Carrying value of investment partnerships net of deferred taxes

September 30,
2019 December 31,
2018

Carrying value of investment partnerships $ 561,479 $ 557,480

Deferred tax liability related to investment partnerships (58,193 ) (92,703 )

Carrying value of investment partnerships net of deferred taxes $ 503,286 $ 464,777

Gains (loss) from investment partnerships

Third Quarter First Nine Months

2019 2018 2019 2018

Gains (losses) on investment partnership $ 1,449 $ (19,008 ) $ 69,801 $ (23,854 )

Tax expense (benefit) 49 (6,119 ) 15,910 (8,163 )

Net earnings (loss) $ 1,400 $ (12,889 ) $ 53,891 $ (15,691 )

Summarized financial information for equity in investment partnerships

Equity in Investment Partnerships

Lion Fund Lion Fund II

Total assets as of September 30, 2019 $ 109,895 $ 803,338

Total liabilities as of September 30, 2019 $ 112 $ 116,280

Revenue for the first nine months of 2019 $ 3,332 $ 71,578

Earnings for the first nine months of 2019 $ 3,278 $ 65,637

Biglari Holdings’ ownership interest as of September 30, 2019 66.1 % 93.5 %

Total assets as of December 31, 2018 $ 107,207 $ 901,750

Total liabilities as of December 31, 2018 $ 447 $ 202,770

Revenue for the first nine months of 2018 $ (49,895 ) $ (122,622 )

Earnings (loss) for the first nine months of 2018 $ (49,944 ) $ (129,691 )

Biglari Holdings’ ownership interest as of September 30, 2018 65.8 % 92.2 %

Contributions to and distributions from the investment partnerships

Third Quarter First Nine Months

2019 2018 2019 2018

Contributions $ — $ 7,340 $ 40,000 $ 7,340

Distributions (61,839 ) (26,000) (104,329 ) (33,700 )

$ (61,839 ) $ (18,660 ) $ (64,329 ) $ (26,360 )

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Note 17. Business Segment Reporting
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Note 17. 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. The Company also reports segment information for First Guard, Maxim and Southern Oil. Other business activities not specifically identified with reportable business segments are presented in “other” within total operating businesses. 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.

Revenue for the third quarters and first nine months of 2019 and 2018 were as follows.

Revenue

Third Quarter First Nine Months

2019 2018 2019 2018

Operating Businesses:

Restaurant Operations:

Steak n Shake $ 141,354 $ 191,240 $ 467,471 $ 578,111

Western Sizzlin 3,757 3,801 11,476 11,458

Total Restaurant Operations 145,111 195,041 478,947 589,569

First Guard 7,681 7,038 22,305 20,330

Southern Oil 6,500 — 6,500 —

Maxim 924 1,503 2,666 4,647

$ 160,216 $ 203,582 $ 510,418 $ 614,546

Earnings (losses) before income taxes for the third quarters and first nine months of 2019 and 2018 were as follows.

Earnings (Losses) Before Income Taxes

Third Quarter First Nine Months

2019 2018 2019 2018

Operating Businesses:

Restaurant Operations:

Steak n Shake $ (861 ) $ (3,172 ) $ (22,776 ) $ (1,505 )

Western Sizzlin 544 516 1,433 1,564

Total Restaurant Operations (317 ) (2,656 ) (21,343 ) 59

First Guard 2,279 1,813 5,673 4,624

Southern Oil 1,448 — 1,448 —

Maxim 364 111 428 (90 )

Other 109 171 362 474

Total Operating Businesses 3,883 (561 ) (13,432 ) 5,067

Corporate and Investments:

Corporate (2,873 ) (2,366 ) (8,270 ) (8,536 )

Investment partnership gains (losses) 1,449 (19,008 ) 69,801 (23,854 )

Total Corporate and Investments (1,424 ) (21,374 ) 61,531 (32,390 )

Interest expense on notes payable and other borrowings (3,090 ) (2,967 ) (9,298 ) (8,619 )

$ (631 ) $ (24,902 ) $ 38,801 $ (35,942 )

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Note 10. Notes Payable and Other Borrowings (Tables)
9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of notes payable and other borrowings

Current portion of notes payable and other borrowings September 30,
2019 December 31,
2018

Notes payable $ 2,200 $ 2,200

Unamortized original issue discount and debt issuance costs (972 ) (943 )

Finance obligations 4,137 4,463

Finance lease liabilities 1,640 —

Total current portion of notes payable and other borrowings $ 7,005 $ 5,720

Long-term notes payable and other borrowings

Notes payable $ 179,848 $ 181,498

Unamortized original issue discount and debt issuance costs (501 ) (1,234 )

Finance obligations 75,467 59,737

Finance leases liabilities 10,043 —

Total long-term notes payable and other borrowings $ 264,857 $ 240,001

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Note 17. Business Segment Reporting (Tables)
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of revenue by segment

Revenue

Third Quarter First Nine Months

2019 2018 2019 2018

Operating Businesses:

Restaurant Operations:

Steak n Shake $ 141,354 $ 191,240 $ 467,471 $ 578,111

Western Sizzlin 3,757 3,801 11,476 11,458

Total Restaurant Operations 145,111 195,041 478,947 589,569

First Guard 7,681 7,038 22,305 20,330

Southern Oil 6,500 — 6,500 —

Maxim 924 1,503 2,666 4,647

$ 160,216 $ 203,582 $ 510,418 $ 614,546

Schedule of earnings (losses) before income taxes by segment

Earnings (Losses) Before Income Taxes

Third Quarter First Nine Months

2019 2018 2019 2018

Operating Businesses:

Restaurant Operations:

Steak n Shake $ (861 ) $ (3,172 ) $ (22,776 ) $ (1,505 )

Western Sizzlin 544 516 1,433 1,564

Total Restaurant Operations (317 ) (2,656 ) (21,343 ) 59

First Guard 2,279 1,813 5,673 4,624

Southern Oil 1,448 — 1,448 —

Maxim 364 111 428 (90 )

Other 109 171 362 474

Total Operating Businesses 3,883 (561 ) (13,432 ) 5,067

Corporate and Investments:

Corporate (2,873 ) (2,366 ) (8,270 ) (8,536 )

Investment partnership gains (losses) 1,449 (19,008 ) 69,801 (23,854 )

Total Corporate and Investments (1,424 ) (21,374 ) 61,531 (32,390 )

Interest expense on notes payable and other borrowings (3,090 ) (2,967 ) (9,298 ) (8,619 )

$ (631 ) $ (24,902 ) $ 38,801 $ (35,942 )

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Note 13. Income Taxes
9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Note 13. Income Taxes
In determining the quarterly provision for income taxes, the Company used a discrete effective tax rate method based on statutory tax rates for 2019 and an estimated annual effective tax rate for 2018. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.

Income tax benefit for the third quarter of 2019 was $614 compared to $11,199 for the third quarter of 2018. Income tax expense for the first nine months of 2019 was $7,026 compared to an income tax benefit of $12,886 for the first nine months of 2018. The variance in income taxes between 2019 and 2018 is attributable to taxes on income generated by the investment partnerships.

As of September 30, 2019 and December 31, 2018, we had approximately $356 and $341, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

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Note 9. Accounts Payable and Accrued Expenses
9 Months Ended

Sep. 30, 2019

Payables and Accruals [Abstract]

Note 9. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses include the following.

September 30,
2019 December 31,
2018

Accounts payable $ 25,108 $ 41,967

Gift card liability 18,472 22,685

Salaries, wages, and vacation 7,056 13,107

Taxes payable 54,447 11,214

Insurance accruals 13,443 12,127

Deferred revenue 12,446 11,681

Other 7,850 4,484

Accounts payable and accrued expenses $ 138,822 $ 117,265

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Note 5. Investment Partnerships
9 Months Ended

Sep. 30, 2019

Note 5. Investment Partnerships

Note 5. Investment Partnerships
The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock.

Biglari Capital Corp. is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.

The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.

Fair Value Company Common
Stock Carrying Value

Partnership interest at December 31, 2018 $ 715,102 $ 157,622 $ 557,480

Investment partnership gains (losses) 63,419 (6,382 ) 69,801

Contributions (net of distributions) to investment partnerships (64,329 ) (64,329 )

Increase in proportionate share of Company stock held 1,473 (1,473 )

Partnership interest at September 30, 2019 $ 714,192 $ 152,713 $ 561,479



Fair Value Company Common
Stock Carrying Value

Partnership interest at December 31, 2017 $ 925,279 $ 359,258 $ 566,021

Investment partnership gains (losses) (152,261 ) (128,407 ) (23,854 )

Contributions (net of distributions) to investment partnerships (26,360 ) (26,360 )

Increase in proportionate share of Company stock held 19,152 (19,152 )

Partnership interest at September 30, 2018 $ 746,658 $ 250,003 $ 496,655



The carrying value of the investment partnerships net of deferred taxes is presented below.

September 30,
2019 December 31,
2018

Carrying value of investment partnerships $ 561,479 $ 557,480

Deferred tax liability related to investment partnerships (58,193 ) (92,703 )

Carrying value of investment partnerships net of deferred taxes $ 503,286 $ 464,777



The Company’s proportionate share of Company stock held by investment partnerships at cost is $375,704 and $374,231 at September 30, 2019 and December 31, 2018, respectively, and is recorded as treasury stock.

The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within the fair value hierarchy.

Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.

Third Quarter First Nine Months

2019 2018 2019 2018

Gains (losses) on investment partnership $ 1,449 $ (19,008 ) $ 69,801 $ (23,854 )

Tax expense (benefit) 49 (6,119 ) 15,910 (8,163 )

Net earnings (loss) $ 1,400 $ (12,889 ) $ 53,891 $ (15,691 )



On December 31 of each year, the general partner of the investment partnerships will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue an incentive fee during the first nine months of 2019 or 2018. Our investments in these partnerships are committed on a rolling 5-year basis.

Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.

Equity in Investment Partnerships

Lion Fund Lion Fund II

Total assets as of September 30, 2019 $ 109,895 $ 803,338

Total liabilities as of September 30, 2019 $ 112 $ 116,280

Revenue for the first nine months of 2019 $ 3,332 $ 71,578

Earnings for the first nine months of 2019 $ 3,278 $ 65,637

Biglari Holdings’ ownership interest as of September 30, 2019 66.1 % 93.5 %

Total assets as of December 31, 2018 $ 107,207 $ 901,750

Total liabilities as of December 31, 2018 $ 447 $ 202,770

Revenue for the first nine months of 2018 $ (49,895 ) $ (122,622 )

Earnings (loss) for the first nine months of 2018 $ (49,944 ) $ (129,691 )

Biglari Holdings’ ownership interest as of September 30, 2018 65.8 % 92.2 %



Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

Transactions with The Lion Fund II, L.P. were as follows.

Third Quarter First Nine Months

2019 2018 2019 2018

Contributions $ — $
7,340
$ 40,000 $ 7,340

Distributions (61,839 ) (26,000) (104,329 ) (33,700)

$ (61,839 ) $ (18,660 ) $ (64,329 ) $ (26,360 )

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CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Revenues

Restaurant operations $ 145,111 $ 195,041 $ 478,947 $ 589,569

Insurance premiums and other 7,681 7,038 22,305 20,330

Oil and gas 6,500 0 6,500 0

Media and licensing 924 1,503 2,666 4,647

Total revenues 160,216 203,582 510,418 614,546

Cost and expenses

Restaurant cost of sales 113,398 161,218 397,597 480,127

Insurance losses and underwriting expenses 5,261 5,146 16,419 15,547

Oil and gas production costs 2,595 0 2,595 0

Media and licensing costs 514 1,065 2,103 3,562

Selling, general and administrative 22,911 31,966 81,852 97,241

Impairments 5,079 345 7,417 670

Depreciation, depletion and amortization 7,514 4,778 18,191 14,540

Total cost and expenses 157,272 204,518 526,174 611,687

Other income (expenses)

Interest expense (3,090) (2,967) (9,298) (8,619)

Interest on finance leases and obligations (1,934) (1,991) (5,946) (6,328)

Investment partnership gains (losses) 1,449 (19,008) 69,801 (23,854)

Total other income (expenses) (3,575) (23,966) 54,557 (38,801)

Earnings (loss) before income taxes (631) (24,902) 38,801 (35,942)

Income tax expense (benefit) (614) (11,199) 7,026 (12,886)

Net earnings (loss) $ (17) $ (13,703) $ 31,775 $ (23,056)

Earnings per share

Net earnings (loss) per equivalent Class A share ^[1] $ (0.05) $ (39.50) $ 92.04 $ (66.12)

[1] Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $(0.01) and $18.41 for the third quarter and first nine months of 2019, respectively, and $(7.90) and $(13.22) for the third quarter and first nine months of 2018, respectively.

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Note 1. Summary of Significant Accounting Policies
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Note 1. Summary of Significant Accounting Policies
Description of Business

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018.

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

As of September 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

Business Acquisition

On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”) for $51,500 in cash. Southern Oil is engaged in the exploration, development, and production of oil and natural gas properties primarily offshore in the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the third quarter. The revenues and operating results for Southern Oil were not significant to the Company for the third quarter.

The following table sets forth certain unaudited pro forma consolidated earnings data for the third quarter and first nine months of 2019 as if the acquisition of Southern Oil consummated on the same terms at the beginning of 2018.

Third Quarter First Nine Months

2019 2018 2019 2018

Revenues $ 172,187 $ 215,794 $ 562,315 $ 646,359

Earnings before income taxes $ 2,538 $ (20,617 ) $ 59,212 $ (26,604 )

The acquisition date fair values of certain assets and liabilities of Southern Oil are provisional and subject to revision as the related valuations are completed. Acquisition related expenses, which consists of external costs directly related to the acquisition of Southern Oil, such as advisory, legal and other professional fees are expensed as incurred.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”), First Guard Insurance Company (“First Guard”), and Southern Oil. Intercompany accounts and transactions have been eliminated in consolidation.

Oil and Gas Producing Activities

Revenues are derived from the sale of produced oil and natural gas. The Company recognizes oil and gas revenue from its interests in wells using the sales method wherein revenues are recognized based on actual volumes of oil and gas delivered to purchasers. Payments for product sales are received one to three months after delivery.

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs of drilling exploratory wells are initially capitalized but are charged to expense if the well is determined to be unsuccessful. The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable.

All property acquisition costs and development costs are capitalized when incurred and depleted on a unit-of-production basis over the remaining life of proved reserves. Support equipment and other property and equipment are depreciated over their estimated useful lives.

Acquisition costs of unproved properties are periodically assessed for impairment and are transferred to proved properties to the extent the costs are associated with the successful exploration activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated.

Asset retirement obligations relate to future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and returning such land to its original condition. The Company determines its asset retirement obligation amounts by calculating the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability increases the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period through charges to depreciation, depletion and amortization expense, and the capitalized cost is depleted on a unit-of-production basis over the proved developed reserves of the related asset.

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Note 11. Leases (Details 2) - USD ($)
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Dec. 31, 2018

Finance leases:

Property and equipment, net $ 11,267

Current portion of notes payable and other borrowings 1,640 $ 0

Long-term notes payable and other borrowings 10,043 $ 0

Total finance lease liablities $ 11,683

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Note 10. Notes Payable and Other Borrowings (Details) - USD ($)
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Dec. 31, 2018

Current portion of notes payable and other borrowings

Notes payable $ 2,200 $ 2,200

Unamortized original issue discount and debt issuance costs (972) (943)

Finance obligations 4,137 4,463

Finance lease liabilities 1,640 0

Total current portion of notes payable and other borrowings 7,005 5,720

Long-term notes payable and other borrowings

Notes payable 179,848 181,498

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Finance obligations 75,467 59,737

Finance lease liabilities 10,043 0

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Note 7. Goodwill and Other Intangible Assets (Details)
$ in Thousands
9 Months Ended

Sep. 30, 2019

USD ($)

Goodwill, beginning $ 40,052

Change in foreign exchange rates during the first nine months of 2019 (28)

Goodwill, ending 40,024

Restaurant

Goodwill, beginning 28,139

Change in foreign exchange rates during the first nine months of 2019 (28)

Goodwill, ending 28,111

Other

Goodwill, beginning 11,913

Change in foreign exchange rates during the first nine months of 2019 0

Goodwill, ending $ 11,913

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Note 4. Investments (Details Narrative) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Schedule of Investments [Abstract]

Available for sale investments $ 39,303 $ 33,860

Investments in equity securities and a related derivative position $ 4,463 $ 4,463

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Note 5. Investment Partnerships (Details 3) - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Lion Fund

Total assets $ 109,895 $ 107,207

Total liabilities 112 447

Revenue for the first nine months 3,332 $ (49,895)

Earnings (loss) for the first nine months $ 3,278 $ (49,944)

Biglari Holdings' ownership interest 66.10% 65.80%

Lion Fund II

Total assets $ 803,338 901,750

Total liabilities 116,280 $ 202,770

Revenue for the first nine months 71,578 $ (122,622)

Earnings (loss) for the first nine months $ 65,637 $ (129,691)

Biglari Holdings' ownership interest 93.50% 92.20%

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Note 15. Fair Value of Financial Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Assets

Cash equivalents $ 126 $ 21,448

Equity securities: Consumer goods 6,413 5,808

Bonds 37,631 32,404

Derivatives 2,352 2,755

Non-qualified deferred compensation plan investments 2,022 2,149

Total assets at fair value 48,544 64,564

Level 1

Assets

Cash equivalents 126 21,448

Equity securities: Consumer goods 0 1,708

Bonds 37,631 32,404

Derivatives 202 0

Non-qualified deferred compensation plan investments 2,022 2,149

Total assets at fair value 39,981 57,709

Level 2

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Bonds 0 0

Derivatives 2,150 2,755

Non-qualified deferred compensation plan investments 0 0

Total assets at fair value 8,563 6,855

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Non-qualified deferred compensation plan investments 0 0

Total assets at fair value $ 0 $ 0

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Note 1. Summary of Significant Accounting Policies (Tables)
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Pro forma results

Third Quarter First Nine Months

2019 2018 2019 2018

Revenues $ 172,187 $ 215,794 $ 562,315 $ 646,359

Earnings before income taxes $ 2,538 $ (20,617 ) $ 59,212 $ (26,604 )

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Note 15. Fair Value of Financial Assets
9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Note 15. 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.

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· Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.

· Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.

· Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.

The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:

Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.

Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.

Bonds: The Company’s investments in bonds are classified within Level 1 of the fair value hierarchy.

Non-qualified deferred compensation plan investments: The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and publicly traded securities, each of which are classified within Level 1 of the fair value hierarchy.

Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Levels 1 and 2 of the fair value hierarchy depending on the instrument.

As of September 30, 2019 and December 31, 2018, the fair values of financial assets were as follows.

September 30, 2019 December 31, 2018

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

Assets

Cash equivalents $ 126 $ — $ — $ 126 $ 21,448 $ — $ — $ 21,448

Equity securities:

Consumer goods — 6,413 — 6,413 1,708 4,100 — 5,808

Bonds 37,631 — — 37,631 32,404 — — 32,404

Derivatives 202 2,150 — 2,352 — 2,755 — 2,755

Non-qualified deferred

compensation plan

investments 2,022 — — 2,022 2,149 — — 2,149

Total assets at fair value $ 39,981 $ 8,563 $ — $ 48,544 $ 57,709 $ 6,855 $ — $ 64,564

There were no changes in our valuation techniques used to measure fair values on a recurring basis.

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Note 7. Goodwill and Other Intangible Assets (Tables)
9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

Restaurants Other Total

Goodwill at December 31, 2018 $ 28,139 $ 11,913 $ 40,052

Change in foreign exchange rates during the first nine months of 2019 (28 ) — (28 )

Goodwill at September 30, 2019 $ 28,111 $ 11,913 $ 40,024

Schedule of other intangible assets

September 30, 2019 December 31, 2018

Gross
carrying
amount
Accumulated
amortization Total Gross
carrying
amount Accumulated
amortization Total

Franchise agreement $ 5,310 $ (5,045 ) $ 265 $ 5,310 $ (4,647 ) $ 663

Other 810 (788 ) 22 810 (774 ) 36

Total 6,120 (5,833 ) 287 6,120 (5,421 ) 699

Intangible assets with indefinite lives:

Trade names 15,876 — 15,876 15,876 — 15,876

Other assets with indefinite lives 11,040 — 11,040 11,539 — 11,539

Total intangible assets $ 33,036 $ (5,833 ) $ 27,203 $ 33,535 $ (5,421 ) $ 28,114

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Note 11. Leases
9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Note 11. Leases
The Company adopted ASC 842 on January 1, 2019, as discussed in Note 2. Under ASC 842, leases are generally classified as either operating right-of-use assets or finance lease assets. Right-of-use assets represent the Company's right to use an underlying asset during the lease term. Right-of-use liabilities represent the Company's obligation to make lease payments arising from the lease. These assets and liabilities are calculated by using the net present value of fixed lease payments over the lease term. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The Company applied an incremental borrowing rate to determine the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments.

A significant portion of our operating and finance lease portfolio includes restaurant locations. The Company’s operating leases with a term of 12 months or greater were recognized as operating right-of-use assets and liabilities and recorded as operating lease assets and operating lease liabilities. Historical capital leases and certain historical build-to-suit leases were reclassified from obligations under leases to finance lease assets and liabilities. Finance lease assets are recorded in property and equipment and finance lease liabilities are recorded in notes payable and other borrowings. Historical sale-and-leaseback transactions in which the Company is deemed to have a continued interest in the leased asset are recorded as property and equipment and as finance obligations. Finance obligations are recorded in notes payable and other borrowings.

Operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term.

Total lease cost consists of the following.

Third Quarter
2019 First Nine Months
2019

Finance lease costs:

 Amortization of right-of-use assets $ 487 $ 1,466

 Interest on lease liabilities 208 630

Operating lease costs * 4,445 12,305

Total lease costs $ 5,140 $ 14,401

Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Supplemental cash flow information related to leases is as follows.

First Nine Months
2019

Cash paid for amounts included in the measurement of lease liabilities:

Financing cash flows from finance leases $ 1,201

Operating cash flows from finance leases $ 630

Operating cash flows from operating leases $ 12,558

Right-of-use assets obtained in exchange for lease obligations:

Finance lease liabilities $ 1,097

Operating lease liabilities $ 11,069

Supplemental balance sheet information related to leases is as follows.

September 30,
2019

Finance leases:

Property and equipment, net $ 11,267

 Current portion of notes payable and other borrowings $ 1,640

 Long-term notes payable and other borrowings 10,043

Total finance lease liabilities $ 11,683

Weighted-average lease terms and discount rates are as follows.

September 30,
2019

Weighted-average remaining lease terms:

 Finance leases 8.5 years

 Operating leases 7.3 years

Weighted-average discount rates:

 Finance leases 7.1%

 Operating leases 6.9%

Maturities of lease liabilities as of September 30, 2019 are as follows.

Year Operating
Leases Finance
Leases

2019 $ 4,637 $ 609

2020 15,774 2,377

2021 14,683 2,358

2022 12,630 1,869

2023 10,580 1,669

After 2023 32,428 6,803

Total lease payments 90,732 15,685

 Less interest 19,315 4,002

Total lease liabilities $ 71,417 $ 11,683

On December 31, 2018, obligations under non-cancelable finance obligations, capital leases, and operating leases (excluding real estate taxes, insurance and maintenance costs) require the following minimum future rental payments.

Operating Leases

Year Finance
Obligations Capital
Leases Total Operating
Property Non-Operating
Property

2019 $ 11,114 $ 55 $ 11,169 $ 17,914 $ 483

2020 8,040 55 8,095 16,691 554

2021 5,925 55 5,980 16,787 578

2022 2,951 5 2,956 15,603 599

2023 1,587 — 1,587 14,071 539

After 2023 1,673 — 1,673 36,709 1,790

Total minimum future rental payments 31,290 170 31,460 $ 117,775 $ 4,543

Less amount representing interest 18,004 60 18,064

Total principal obligations under leases 13,286 110 13,396

Less current portion 4,433 30 4,463

Non-current principal obligations under leases 8,853 80 8,933

Residual value at end of lease term 50,744 60 50,804

Obligations under leases $ 59,597 $ 140 $ 59,737

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Note 7. Goodwill and Other Intangible Assets
9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7. 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.

Restaurants Other Total

Goodwill at December 31, 2018 $ 28,139 $ 11,913 $ 40,052

Change in foreign exchange rates during the first nine months of 2019 (28 ) — (28 )

Goodwill at September 30, 2019 $ 28,111 $ 11,913 $ 40,024

We are required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying financial information included in our determination of fair value require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. No impairment charges for goodwill were recorded in the first nine months of 2019 or 2018.

Other Intangible Assets

Other intangible assets are composed of the following.

September 30, 2019 December 31, 2018

Gross
carrying
amount
Accumulated
amortization Total Gross
carrying
amount Accumulated
amortization Total

Franchise agreement $ 5,310 $ (5,045 ) $ 265 $ 5,310 $ (4,647 ) $ 663

Other 810 (788 ) 22 810 (774 ) 36

Total 6,120 (5,833 ) 287 6,120 (5,421 ) 699

Intangible assets with indefinite lives:

Trade names 15,876 — 15,876 15,876 — 15,876

Other assets with indefinite lives 11,040 — 11,040 11,539 — 11,539

Total intangible assets $ 33,036 $ (5,833 ) $ 27,203 $ 33,535 $ (5,421 ) $ 28,114

Intangible assets subject to amortization consist of franchise agreements connected with the purchase of Western Sizzlin as well as rights to favorable leases related to prior acquisitions. These intangible assets are being amortized over their estimated weighted average of useful lives ranging from eight to twelve years. Amortization expense for the first nine months of 2019 and 2018 was $412 and $422, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020. Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights.

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Note 3. Earnings Per Share (Details) - shares

Sep. 30, 2019

Dec. 31, 2018

Class A Common Stock

Common stock authorized 500,000 500,000

Common stock issued 206,864 206,864

Common stock outstanding 206,864 206,864

Class B Common Stock

Common stock authorized 10,000,000 10,000,000

Common stock issued 2,068,640 2,068,640

Common stock outstanding 2,068,640 2,068,640

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Note 8. Restaurant Operations Revenues (Tables)
9 Months Ended

Sep. 30, 2019

Note 8. Restaurant Operations Revenues

Summary of restaurant operations revenues

Third Quarter First Nine Months

2019 2018 2019 2018

Net sales $ 136,651 $ 186,368 $ 454,344 $ 563,736

Franchise royalties and fees 7,627 7,762 21,685 22,637

Other 833 911 2,918 3,196

$ 145,111 $ 195,041 $ 478,947 $ 589,569

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Note 12. Accumulated Other Comprehensive Income (Tables)
9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Component of accumulated other comprehensive income

Nine months ended September 30, 2019 Nine months ended September 30, 2018

Foreign
currency
translation
adjustments

Investment
gain (loss) Accumulated
other
comprehensive
income (loss) Foreign
currency
translation
adjustments

Investment
gain (loss) Accumulated
other
comprehensive
income (loss)

Beginning Balance $ (2,516 ) $ — $ (2,516 ) $ (1,462 ) $ 58 $ (1,404 )

Reclassification to

(earnings) loss — — (58 ) (58 )

Foreign currency translation (736 ) (736 ) (783 ) (783 )

Ending Balance $ (3,252 ) $ — $ (3,252 ) $ (2,245 ) $ — $ (2,245 )

Third Quarter 2019 Third Quarter 2018

Foreign
currency
translation
adjustments

Investment
gain (loss) Accumulated
other
comprehensive
income (loss) Foreign
currency
translation
adjustments

Investment
gain (loss) Accumulated
other
comprehensive
income (loss)

Beginning Balance $ (2,624 ) $ — $ (2,624 ) $ (2,107 ) $ — $ (2,107 )

Reclassification to

(earnings) loss — — — —

Foreign currency translation (628 ) (628 ) (138 ) (138 )

Ending Balance $ (3,252 ) $ — $ (3,252 ) $ (2,245 ) $ — $ (2,245 )

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Note 11. Leases (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2019

Finance lease costs:

Amortization of right-of-use assets $ 487 $ 1,466

Interest on lease liabilities 208 630

Operating lease costs 4,445 12,305

Total lease costs $ 5,140 $ 14,401

X

- Definition
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Note 8. Restaurant Operations Revenues (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Note 8. Restaurant Operations Revenues

Net sales $ 136,651 $ 186,368 $ 454,344 $ 563,736

Franchise royalties and fees 7,627 7,762 21,685 22,637

Other 833 911 2,918 3,196

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Note 11. Leases (Details 4)
$ in Thousands

Sep. 30, 2019

USD ($)

Operating Leases

2019 $ 4,637

2020 15,774

2021 14,683

2022 12,630

2023 10,580

After 2023 32,428

Total lease payments 90,732

Less interest 19,315

Total lease liabilities 71,417

Finance Leases

2019 609

2020 2,377

2021 2,358

2022 1,869

2023 1,669

After 2023 6,803

Total lease payments 15,685

Less interest 4,002

Total lease liabilities $ 11,683

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Operating activities

Net earnings (loss) $ 31,775 $ (23,056)

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Provision for deferred income taxes (35,902) (12,327)

Asset impairments and other non-cash expenses 8,105 1,246

(Gains) losses on disposal of assets 200 434

Investment partnership (gains) losses (69,801) 23,854

Distributions from investment partnerships 64,329 7,700

Changes in receivables and inventories 8,817 3,008

Changes in other assets (1,241) 583

Changes in accounts payable and accrued expenses 15,386 (21,566)

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Capital expenditures (8,357) (10,400)

Proceeds from property and equipment disposals 815 2,510

Acquisition of business, net of cash acquired (51,057) 0

Distributions from investment partnerships 40,000 26,000

Purchases of limited partner interests (40,000) (7,340)

Purchases of investments (91,927) (50,140)

Redemptions of fixed maturity securities 87,250 41,591

Net cash provided by (used in) investing activities (63,276) 2,221

Financing activities

Payments on revolving credit facility 0 (175)

Principal payments on long-term debt (1,650) (1,650)

Principal payments on direct financing lease obligations (4,353) (4,021)

Proceeds for exercise of stock options 0 49

Net cash used in financing activities (6,003) (5,797)

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Decrease in cash, cash equivalents and restricted cash (29,449) (9,223)

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Note 3. Earnings Per Share
9 Months Ended

Sep. 30, 2019

Earnings per share

Note 3. 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 September 30, 2019 and December 31, 2018.

September 30, 2019 December 31, 2018

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 ASC 260, “Earnings Per Share.”

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of September 30, 2019 and December 31, 2018. There are no dilutive securities outstanding.

For financial reporting purposes, the proportional ownership of the Company’s common stock owned by the investment partnerships is excluded in the earnings per share calculation. After giving effect for the investment partnerships’ proportional ownership of common stock, the equivalent Class A weighted average number of common shares during the third quarters of 2019 and 2018 were 343,519 and 346,912, respectively. The equivalent Class A weighted average number of common shares during the first nine months of 2019 and 2018 were 345,249 and 348,678, respectively.

Each Class A common share is entitled to one vote. Class B common stock possesses economic rights equal to one-fifth (1/5^th) of such rights of Class A common stock; however, Class B common stock has no voting rights.

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Note 10. Notes Payable and Other Borrowings
9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Note 10. Notes Payable and Other Borrowings
Notes payable and other borrowings include the following.

Current portion of notes payable and other borrowings September 30,
2019 December 31,
2018

Notes payable $ 2,200 $ 2,200

Unamortized original issue discount and debt issuance costs (972 ) (943 )

Finance obligations 4,137 4,463

Finance lease liabilities 1,640 —

Total current portion of notes payable and other borrowings $ 7,005 $ 5,720

Long-term notes payable and other borrowings

Notes payable $ 179,848 $ 181,498

Unamortized original issue discount and debt issuance costs (501 ) (1,234 )

Finance obligations 75,467 59,737

Finance leases liabilities 10,043 —

Total long-term notes payable and other borrowings $ 264,857 $ 240,001

Steak n Shake Credit Facility

On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000. The term loan is scheduled to mature on March 19, 2021. It amortizes at an annual rate of 1.0% in equal quarterly installments, beginning June 30, 2014, at 0.25% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.

Steak n Shake has the right to request an incremental term loan facility from participating lenders and/or eligible assignees at any time, up to an aggregate total principal amount not to exceed $70,000 if certain customary conditions within the credit agreement are met.

Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. The interest rate on the term loan was 5.80% as of September 30, 2019.

The credit agreement includes customary affirmative and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.

The term loan is secured by first priority security interests in substantially all the assets of Steak n Shake. Disruptions in debt capital markets that restrict access to funding when needed could adversely affect the results of operations, liquidity and capital resources of Steak n Shake. Biglari Holdings is not a guarantor under the credit facility. As of September 30, 2019, $182,048 was outstanding under the term loan.

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Note 6. Property and Equipment
9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Note 6. Property and Equipment
Property and equipment is composed of the following.

September 30,
2019 December 31,
2018

Land $ 151,670 $ 146,015

Buildings 146,985 142,658

Land and leasehold improvements 160,292 158,938

Equipment 268,304 201,738

Construction in progress 3,144 1,703

730,395 651,052

Less accumulated depreciation, depletion and amortization (374,906 ) (376,336 )

Property and equipment, net $ 355,489 $ 274,716

The Company recorded an impairment to long-lived assets of $5,079 and $7,417 in the third quarter and first nine months of 2019, respectively, and $345 and $670 in the third quarter and first nine months of 2018, respectively. The impairments are primarily attributable to closed stores. As of September 30, 2019, a total of 106 Steak n Shake restaurants have been temporarily closed. The Company is actively working to identify franchise partners for these stores. Although the Company is committed to the franchise partnership model, future impairments are possible. 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.

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Note 9. Accounts Payable And Accrued Expenses (Tables)
9 Months Ended

Sep. 30, 2019

Note 9. Accounts Payable And Accrued Expenses

Schedule of accounts payable and accrued expenses

September 30,
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Accounts payable $ 25,108 $ 41,967

Gift card liability 18,472 22,685

Salaries, wages, and vacation 7,056 13,107

Taxes payable 54,447 11,214

Insurance accruals 13,443 12,127

Deferred revenue 12,446 11,681

Other 7,850 4,484

Accounts payable and accrued expenses $ 138,822 $ 117,265

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Note 15. Fair Value of Financial Assets (Tables)
9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of fair value assets

September 30, 2019 December 31, 2018

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

Assets

Cash equivalents $ 126 $ — $ — $ 126 $ 21,448 $ — $ — $ 21,448

Equity securities:

Consumer goods — 6,413 — 6,413 1,708 4,100 — 5,808

Bonds 37,631 — — 37,631 32,404 — — 32,404

Derivatives 202 2,150 — 2,352 — 2,755 — 2,755

Non-qualified deferred

compensation plan

investments 2,022 — — 2,022 2,149 — — 2,149

Total assets at fair value $ 39,981 $ 8,563 $ — $ 48,544 $ 57,709 $ 6,855 $ — $ 64,564

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Note 3. Earnings Per Share (Details Narrative) - shares
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Note 3.Earnings Per Share Details Narrative Abstract

Equivalent Class A weighted average number of common shares 343,519 346,912 345,249 348,678

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Note 11. Leases (Details 3)

Sep. 30, 2019

Weighted-average remaining lease terms:

Finance leases 8 years 6 months

Operating leases 7 years 4 months

Weighted-average discount rates:

Finance leases 7.10%

Operating leases 6.90%

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Note 10. Notes Payable and Other Borrowings (Details Narrative) - Steak n Shake Agreement 2014
$ in Thousands

Sep. 30, 2019

USD ($)

Interest rate 5.80%

Outstanding debt $ 182,048

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Note 7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Amortization expense $ 412 $ 422

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Note 2. New Accounting Standards
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Note 2. New Accounting Standards
In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842). We adopted ASC 842 “Leases” on January 1, 2019. Most significantly, ASC 842 requires a lessee to recognize a liability to make lease payments and an asset with respect to its right to use the underlying asset for the lease term. We applied ASC 840 to all comparative periods which included a cumulative-effect adjustment of $1,499 to retained earnings on January 1, 2019. Adoption of ASC 842 also resulted in an increase to total assets and liabilities due to the recording of operating lease assets of $63,261 and operating lease liabilities of $69,671 as of January 1, 2019 and due to the recording of finance lease assets of $11,638 and finance lease liabilities of $11,784. The difference between the asset and liability amounts primarily relates to previously recorded deferred/prepaid rent. The standard had a material impact on our consolidated balance sheets but did not have a material impact on our consolidated statements of earnings and statements of cash flow. The most significant impact was the recognition of right-of-use assets and lease liabilities for operating leases.

In adopting and applying ASC 842, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. In addition, we elected certain practical expedients and accounting policies, including an accounting policy election to keep leases with an initial term of 12 months or less from the balance sheet. We recognize those lease payments in the consolidated statements of earnings on a straight-line basis over the lease term.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
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Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Consolidated Statements Of Comprehensive Income

Net earnings (loss) $ (17) $ (13,703) $ 31,775 $ (23,056)

Other comprehensive income:

Reclassification to earnings 0 0 0 (73)

Applicable income taxes 0 0 0 15

Foreign currency translation (628) (138) (736) (783)

Other comprehensive income (loss), net (628) (138) (736) (841)

Total comprehensive income (loss) $ (645) $ (13,841) $ 31,039 $ (23,897)

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Note 5. Investment Partnerships (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Investment partnership gains (losses) $ 1,449 $ (19,008) $ 69,801 $ (23,854)

Fair Value

Partnership interest, beginning 715,102 925,279

Investment partnership gains (losses) 63,419 (152,261)

Contributions (net of distributions) to investment partnerships (64,329) (26,360)

Increase in proportionate share of Company stock held 0 0

Partnership interest, ending 714,192 746,658 714,192 746,658

Company Common Stock

Partnership interest, beginning 157,622 359,258

Investment partnership gains (losses) (6,382) (128,407)

Contributions (net of distributions) to investment partnerships 0 0

Increase in proportionate share of Company stock held 1,473 19,152

Partnership interest, ending 152,713 250,003 152,713 250,003

Carrying Value

Partnership interest, beginning 557,480 566,021

Investment partnership gains (losses) 69,801 (23,854)

Contributions (net of distributions) to investment partnerships (64,329) (26,360)

Increase in proportionate share of Company stock held (1,473) (19,152)

Partnership interest, ending $ 561,479 $ 496,655 $ 561,479 $ 496,655

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3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Contributions $ 0 $ 7,340 $ 40,000 $ 7,340

Distributions (61,839) (26,000) (104,329) (33,700)

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Note 7. Goodwill and Other Intangible Assets (Details 1) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Gross carrying amount $ 33,036 $ 33,535

Accumulated amortization (5,833) (5,421)

Total intangible assets 27,203 28,114

Finite-Lived Intangible Assets

Gross carrying amount 6,120 6,120

Accumulated amortization (5,833) (5,421)

Total intangible assets 287 699

Franchise Agreement | Finite-Lived Intangible Assets

Gross carrying amount 5,310 5,310

Accumulated amortization (5,045) (4,647)

Total intangible assets 265 663

Other | Finite-Lived Intangible Assets

Gross carrying amount 810 810

Accumulated amortization (788) (774)

Total intangible assets 22 36

Other | Indefinite-lived Intangible Assets

Gross carrying amount 11,040 11,539

Accumulated amortization 0 0

Total intangible assets 11,040 11,539

Trade names | Indefinite-lived Intangible Assets

Gross carrying amount 15,876 15,876

Accumulated amortization 0 0

Total intangible assets $ 15,876 $ 15,876

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Note 13. Income Taxes (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income tax (benefit) expense $ (614) $ (11,199) $ 7,026 $ (12,886)

Unrecognized tax benefits $ 356 $ 356 $ 341

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Note 6. Property and Equipment (Tables)
9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

September 30,
2019 December 31,
2018

Land $ 151,670 $ 146,015

Buildings 146,985 142,658

Land and leasehold improvements 160,292 158,938

Equipment 268,304 201,738

Construction in progress 3,144 1,703

730,395 651,052

Less accumulated depreciation, depletion and amortization (374,906 ) (376,336 )

Property and equipment, net $ 355,489 $ 274,716

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Note 1. Summary of Significant Accounting Policies (Policies)
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Description of Business
The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018.

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

As of September 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

Business Acquisition
On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”) for $51,500 in cash. Southern Oil is engaged in the exploration, development, and production of oil and natural gas properties primarily offshore in the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the third quarter. The revenues and operating results for Southern Oil were not significant to the Company for the third quarter.

The following table sets forth certain unaudited pro forma consolidated earnings data for the third quarter and first nine months of 2019 as if the acquisition of Southern Oil consummated on the same terms at the beginning of 2018.

Third Quarter First Nine Months

2019 2018 2019 2018

Revenues $ 172,187 $ 215,794 $ 562,315 $ 646,359

Earnings before income taxes $ 2,538 $ (20,617 ) $ 59,212 $ (26,604 )

The acquisition date fair values of certain assets and liabilities of Southern Oil are provisional and subject to revision as the related valuations are completed. Acquisition related expenses, which consists of external costs directly related to the acquisition of Southern Oil, such as advisory, legal and other professional fees are expensed as incurred.

Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”), First Guard Insurance Company (“First Guard”), and Southern Oil. Intercompany accounts and transactions have been eliminated in consolidation.

Oil and Gas Producing Activities
Revenues are derived from the sale of produced oil and natural gas. The Company recognizes oil and gas revenue from its interests in wells using the sales method wherein revenues are recognized based on actual volumes of oil and gas delivered to purchasers. Payments for product sales are received one to three months after delivery.

The Company follows the successful efforts method of accounting for its oil and gas properties. Costs of drilling exploratory wells are initially capitalized but are charged to expense if the well is determined to be unsuccessful. The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable.

All property acquisition costs and development costs are capitalized when incurred and depleted on a unit-of-production basis over the remaining life of proved reserves. Support equipment and other property and equipment are depreciated over their estimated useful lives.

Acquisition costs of unproved properties are periodically assessed for impairment and are transferred to proved properties to the extent the costs are associated with the successful exploration activities. Significant undeveloped leases are assessed individually for impairment, based on the Company’s current exploration plans, and a valuation allowance is provided if impairment is indicated.

Asset retirement obligations relate to future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and returning such land to its original condition. The Company determines its asset retirement obligation amounts by calculating the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The fair value of a liability for an asset retirement obligation is recorded in the period in which it is incurred and the cost of such liability increases the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period through charges to depreciation, depletion and amortization expense, and the capitalized cost is depleted on a unit-of-production basis over the proved developed reserves of the related asset.

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Note 14. Commitments and Contingencies
9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Note 14. 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.

On January 29, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari as a result of the dual class structure.

On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the dual class structure. On April 16, 2018, the shareholders withdrew their motions to enjoin the shareholder vote on April 26, 2018.

On May 17, 2018, the shareholders who filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally allege claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari arising out of the dual class structure. The shareholders seek, for themselves and on behalf of all other shareholders as a class, a declaration that the defendants breached their duty to the shareholders and the class, and to recover unspecified damages, pre-judgment and post-judgment interest, and an award of their attorneys’ fees and other costs.

On December 14, 2018, the judge of the Superior Court of Hamilton County, Indiana issued an order granting the Company’s motion to dismiss the shareholders’ lawsuits. On January 11, 2019, the shareholders filed an appeal of the judge’s order dismissing the lawsuits. The appeal was argued on October 7, 2019, and we await a decision.

On September 8, 2014, two former restaurant manager employees filed a purported class action lawsuit against Steak n Shake (Drake v. Steak n Shake). On January 30, 2017, a former restaurant manager employee filed a purported class action lawsuit against Steak n Shake (Clendenen v. Steak n Shake). The plaintiffs generally allege claims that Steak n Shake improperly classified its managerial employees as exempt. On February 28, 2019, a jury returned a verdict in the Drake case against Steak n Shake. The Company agreed to settle both cases for $8,350 and the Court approved the terms of the settlement on July 26, 2019. The settlement is reflected in selling, general and administrative expenses in the consolidated statement of earnings.

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Note 11. Leases (Details 1) $ in Thousands	9 Months Ended
Note 11. Leases (Details 1) $ in Thousands	Sep. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liablities:
Financing cash flows from finance leases	$ 1,201
Operating cash flows from finance leases	630
Operating cash flows from operating leases	12,558
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	1,097
Operating lease liabilities	$ 11,069

Note 9. Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts payable	$ 25,108	$ 41,967
Gift card liability	18,472	22,685
Salaries, wages, and vacation	7,056	13,107
Taxes payable	54,447	11,214
Insurance accruals	13,443	12,127
Deferred revenue	12,446	11,681
Other	7,850	4,484
Accounts payable and accrued expenses	$ 138,822	$ 117,265

Note 11. Leases (Details 5) $ in Thousands	Dec. 31, 2018 USD ($)
2019	$ 11,169
2020	8,095
2021	5,980
2022	2,956
2023	1,587
After 2023	1,673
Total minimum future rental payments	31,460
Less amount representing interest	18,064
Total principal obligations under leases	13,396
Less current portion	4,463
Non-current principal obligations under leases	8,933
Residual value at end of lease term	50,804
Obligations under leases	59,737
Finance Obligations
2019	11,114
2020	8,040
2021	5,925
2022	2,951
2023	1,587
After 2023	1,673
Total minimum future rental payments	31,290
Less amount representing interest	18,004
Total principal obligations under leases	13,286
Less current portion	4,433
Non-current principal obligations under leases	8,853
Residual value at end of lease term	50,744
Obligations under leases	59,597
Capital Leases
2019	55
2020	55
2021	55
2022	5
2023	0
After 2023	0
Total minimum future rental payments	170
Less amount representing interest	60
Total principal obligations under leases	110
Less current portion	30
Non-current principal obligations under leases	80
Residual value at end of lease term	60
Obligations under leases	140
Operating Property
2019	17,914
2020	16,691
2021	16,787
2022	15,603
2023	14,071
After 2023	36,709
Total minimum future rental payments	117,775
Non-Operating Property
2019	483
2020	554
2021	578
2022	599
2023	539
After 2023	1,790
Total minimum future rental payments	$ 4,543

Note 6. Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land	$ 151,670	$ 146,015
Buildings	146,985	142,658
Land and leasehold improvements	160,292	158,938
Equipment	268,304	201,738
Construction in progress	3,144	1,703
Property and equipment, gross	730,395	651,052
Less accumulated depreciation,depletion and amortization	(374,906)	(376,336)
Property and equipment, net	$ 355,489	$ 274,716

Note 5. Investment Partnerships (Details 1) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Note 5. Investment Partnerships
Carrying value of investment partnerships	$ 561,479	$ 557,480
Deferred tax liability related to investment partnerships	(58,193)	(92,703)
Carrying value of investment partnerships net of deferred taxes	$ 503,286	$ 464,777

Note 5. Investment Partnerships (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Note 5. Investment Partnerships
Proportionate share of Company stock held by investment partnerships at cost	$ 375,704	$ 374,231

Note 11. Leases (Details 2) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finance leases:
Property and equipment, net	$ 11,267
Current portion of notes payable and other borrowings	1,640	$ 0
Long-term notes payable and other borrowings	10,043	$ 0
Total finance lease liablities	$ 11,683

Note 10. Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current portion of notes payable and other borrowings
Notes payable	$ 2,200	$ 2,200
Unamortized original issue discount and debt issuance costs	(972)	(943)
Finance obligations	4,137	4,463
Finance lease liabilities	1,640	0
Total current portion of notes payable and other borrowings	7,005	5,720
Long-term notes payable and other borrowings
Notes payable	179,848	181,498
Unamortized original issue discount and debt issuance costs	(501)	(1,234)
Finance obligations	75,467	59,737
Finance lease liabilities	10,043	0
Total long-term notes payable and other borrowings	$ 264,857	$ 240,001

Note 7. Goodwill and Other Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Goodwill, beginning	$ 40,052
Change in foreign exchange rates during the first nine months of 2019	(28)
Goodwill, ending	40,024
Restaurant
Goodwill, beginning	28,139
Change in foreign exchange rates during the first nine months of 2019	(28)
Goodwill, ending	28,111
Other
Goodwill, beginning	11,913
Change in foreign exchange rates during the first nine months of 2019	0
Goodwill, ending	$ 11,913

Note 4. Investments (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Investments [Abstract]
Available for sale investments	$ 39,303	$ 33,860
Investments in equity securities and a related derivative position	$ 4,463	$ 4,463

Note 15. Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Cash equivalents	$ 126	$ 21,448
Equity securities: Consumer goods	6,413	5,808
Bonds	37,631	32,404
Derivatives	2,352	2,755
Non-qualified deferred compensation plan investments	2,022	2,149
Total assets at fair value	48,544	64,564
Level 1
Assets
Cash equivalents	126	21,448
Equity securities: Consumer goods	0	1,708
Bonds	37,631	32,404
Derivatives	202	0
Non-qualified deferred compensation plan investments	2,022	2,149
Total assets at fair value	39,981	57,709
Level 2
Assets
Cash equivalents	0	0
Equity securities: Consumer goods	6,413	4,100
Bonds	0	0
Derivatives	2,150	2,755
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	8,563	6,855
Level 3
Assets
Cash equivalents	0	0
Equity securities: Consumer goods	0	0
Bonds	0	0
Derivatives	0	0
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	$ 0	$ 0

Note 3. Earnings Per Share (Details) - shares	Sep. 30, 2019	Dec. 31, 2018
Class A Common Stock
Common stock authorized	500,000	500,000
Common stock issued	206,864	206,864
Common stock outstanding	206,864	206,864
Class B Common Stock
Common stock authorized	10,000,000	10,000,000
Common stock issued	2,068,640	2,068,640
Common stock outstanding	2,068,640	2,068,640

Note 11. Leases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Note 11. Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019
Finance lease costs:
Amortization of right-of-use assets	$ 487	$ 1,466
Interest on lease liabilities	208	630
Operating lease costs	4,445	12,305
Total lease costs	$ 5,140	$ 14,401

Note 11. Leases (Details 4) $ in Thousands	Sep. 30, 2019 USD ($)
Operating Leases
2019	$ 4,637
2020	15,774
2021	14,683
2022	12,630
2023	10,580
After 2023	32,428
Total lease payments	90,732
Less interest	19,315
Total lease liabilities	71,417
Finance Leases
2019	609
2020	2,377
2021	2,358
2022	1,869
2023	1,669
After 2023	6,803
Total lease payments	15,685
Less interest	4,002
Total lease liabilities	$ 11,683

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Oct. 30, 2019
Entity Registrant Name	Biglari Holdings Inc.
Entity Central Index Key	0001726173
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Class A Common Stock
Entity Common Stock, Shares Outstanding		206,864
Class B Common Stock
Entity Common Stock, Shares Outstanding		2,068,640

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net earnings (loss)	$ 31,775	$ (23,056)
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation, depletion and amortization	18,191	14,540
Provision for deferred income taxes	(35,902)	(12,327)
Asset impairments and other non-cash expenses	8,105	1,246
(Gains) losses on disposal of assets	200	434
Investment partnership (gains) losses	(69,801)	23,854
Distributions from investment partnerships	64,329	7,700
Changes in receivables and inventories	8,817	3,008
Changes in other assets	(1,241)	583
Changes in accounts payable and accrued expenses	15,386	(21,566)
Net cash provided by (used in) operating activities	39,859	(5,584)
Investing activities
Capital expenditures	(8,357)	(10,400)
Proceeds from property and equipment disposals	815	2,510
Acquisition of business, net of cash acquired	(51,057)	0
Distributions from investment partnerships	40,000	26,000
Purchases of limited partner interests	(40,000)	(7,340)
Purchases of investments	(91,927)	(50,140)
Redemptions of fixed maturity securities	87,250	41,591
Net cash provided by (used in) investing activities	(63,276)	2,221
Financing activities
Payments on revolving credit facility	0	(175)
Principal payments on long-term debt	(1,650)	(1,650)
Principal payments on direct financing lease obligations	(4,353)	(4,021)
Proceeds for exercise of stock options	0	49
Net cash used in financing activities	(6,003)	(5,797)
Effect of exchange rate changes on cash	(29)	(63)
Decrease in cash, cash equivalents and restricted cash	(29,449)	(9,223)
Cash, cash equivalents and restricted cash at beginning of year	55,010	67,230
Cash, cash equivalents and restricted cash at end of third quarter	$ 25,561	$ 58,007

Note 3. Earnings Per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
Note 3. Earnings Per Share (Details Narrative) - shares	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Note 3.Earnings Per Share Details Narrative Abstract
Equivalent Class A weighted average number of common shares	343,519	346,912	345,249	348,678

Note 11. Leases (Details 3)	Sep. 30, 2019
Weighted-average remaining lease terms:
Finance leases	8 years 6 months
Operating leases	7 years 4 months
Weighted-average discount rates:
Finance leases	7.10%
Operating leases	6.90%

Note 7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 412	$ 422

Note 7. Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Gross carrying amount	$ 33,036	$ 33,535
Accumulated amortization	(5,833)	(5,421)
Total intangible assets	27,203	28,114
Finite-Lived Intangible Assets
Gross carrying amount	6,120	6,120
Accumulated amortization	(5,833)	(5,421)
Total intangible assets	287	699
Franchise Agreement \| Finite-Lived Intangible Assets
Gross carrying amount	5,310	5,310
Accumulated amortization	(5,045)	(4,647)
Total intangible assets	265	663
Other \| Finite-Lived Intangible Assets
Gross carrying amount	810	810
Accumulated amortization	(788)	(774)
Total intangible assets	22	36
Other \| Indefinite-lived Intangible Assets
Gross carrying amount	11,040	11,539
Accumulated amortization	0	0
Total intangible assets	11,040	11,539
Trade names \| Indefinite-lived Intangible Assets
Gross carrying amount	15,876	15,876
Accumulated amortization	0	0
Total intangible assets	$ 15,876	$ 15,876