0001193805-20-000256.txt : 20200224 0001193805-20-000256.hdr.sgml : 20200224 20200224070144 ACCESSION NUMBER: 0001193805-20-000256 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 100 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200224 DATE AS OF CHANGE: 20200224 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-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38477 FILM NUMBER: 20642025 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-K 1 e619393_10k-biglari.htm

 

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

 

FORM 10-K

 

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

For the fiscal year ended December 31, 2019

 

or

 

 ☐   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

 

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

BH

New York Stock Exchange

New York Stock Exchange

 

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

NONE

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐  No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No x

 

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 ☐

 

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). Yes x No ☐

 

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 “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer o Accelerated filer x Non-accelerated filer o  Smaller reporting company o Emerging growth 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. ☐

 

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

 

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of June 30, 2019 was approximately $137,552,014.

 

Number of shares of common stock outstanding as of February 17, 2020:

 

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

 

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive Proxy Statement to be filed for its 2020 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

 

 

Table of Contents

 

 

 

      Page No.
  Part I    
Item 1. Business   1  
Item 1A. Risk Factors   3  
Item 1B. Unresolved Staff Comments   8  
Item 2. Properties   9  
Item 3. Legal Proceedings   10  
Item 4. Mine Safety Disclosures   10  
         
  Part II      
         
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities   10  
Item 6. Selected Financial Data    12  
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations    13  
Item 7A. Quantitative and Qualitative Disclosures about Market Risk    21  
Item 8. Financial Statements and Supplementary Data    22  
     Consolidated Balance Sheets   24  
     Consolidated Statements of Earnings   25  
     Consolidated Statements of Comprehensive Income   25  
     Consolidated Statements of Cash Flows   26  
     Consolidated Statements of Changes in Shareholders’ Equity   27  
     Notes to Consolidated Financial Statements   28  
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure    49  
Item 9A. Controls and Procedures    49  
Item 9B. Other Information    49  
         
  Part III      
         
Item 10. Directors, Executive Officers and Corporate Governance    50  
Item 11. Executive Compensation    50  
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters    50  
Item 13. Certain Relationships and Related Transactions, and Director Independence    50  
Item 14. Principal Accountant Fees and Services    50  
         
  Part IV      
         
Item 15. Exhibits and Financial Statements Schedules   51  
Item 16. Form 10-K Summary   52  
         
Signatures   53  

 

 

Part I

 

Item 1.

Business

 

Biglari Holdings Inc. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of December 31, 2019, Mr. Biglari’s beneficial ownership was approximately 64.4% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

 

Restaurant Operations

The Company’s restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. (“Steak n Shake”) and Western Sizzlin Corporation (“Western Sizzlin”). As of December 31, 2019, Steak n Shake had 368 company-operated restaurants, 29 franchise partner units, and 213 traditional franchise units. As of December 31, 2019, 107 of the company-operated restaurants were temporarily closed. We anticipate re-opening the temporarily closed stores as counter service units. Western Sizzlin had 4 company-operated restaurants and 48 franchise units.

 

Steak n Shake is engaged in the ownership, operation, and franchising of Steak n Shake restaurants. Founded in 1934 in Normal, Illinois, Steak n Shake is a classic American brand serving premium burgers and milkshakes. Steak n Shake is headquartered in Indianapolis, Indiana.

 

Western Sizzlin is engaged primarily in the franchising of restaurants. Founded in 1962 in Augusta, Georgia, Western Sizzlin offers signature steak dishes as well as other classic American menu items. Western Sizzlin also operates two other concepts: Great American Steak & Buffet, and Wood Grill Buffet. Western Sizzlin is headquartered in Roanoke, Virginia.

 

Operations

A typical company-operated restaurant management team consists of a general manager, a restaurant manager and other managers depending on the operating complexity and sales volume of the restaurant. Each restaurant’s general manager has primary responsibility for the day-to-day operations of his or her unit. Restaurant operations obtain food products and supplies from independent national distributors. Purchases are centrally negotiated to ensure uniformity in product quality.

 

Franchising

Restaurant operations’ traditional franchising program extends the brands to areas in which there are no current development plans for company stores. The expansion plans include seeking qualified new franchisees and expanding relationships with current franchisees. Restaurant operations typically seek franchisees with both the financial resources necessary to fund successful development and significant experience in the restaurant/retail business. Both restaurant chains assist franchisees with the development and ongoing operation of their restaurants. In addition, personnel assist franchisees with site selection, approve restaurant sites, and provide prototype plans, construction support, and specifications. Restaurant operations’ staff provides both on-site and off-site instruction to franchise restaurant management and associates.

 

In addition to the traditional franchise arrangements described above, Steak n Shake initiated a franchise partner program during 2018 to transition company-operated restaurants to franchise partnerships. The franchise agreement stipulates that the franchisee make an upfront investment totaling $10,000. Steak n Shake, as the franchisor, assesses a fee of up to 15% of sales as well as 50% of profits. Potential franchise partners are screened based on entrepreneurial attitude and ability, but they become franchise partners based on achievement. Each must meet the gold standard in service. Franchise partners are required to be hands-on operators, limited to a single location.

 

International

We have a corporate office in Monaco and an international organization with personnel in various functions to support our international business. As of December 31, 2019, we operated three company locations in Europe to promote the Steak n Shake brand to prospective franchisees. Similar to our traditional domestic franchise agreements, a typical international franchise development agreement includes development and franchise fees in addition to subsequent royalty fees based on the gross sales of each restaurant. As of December 31, 2019, there were a total of 31 franchise units in Europe and the Middle East.

 

1

 

Competition

The restaurant business is one of the most intensely competitive industries. As there are virtually no barriers to entry into the restaurant business, competitors may include national, regional and local establishments. There may be established competitors with financial and other resources that are greater than the Company’s restaurant operations capabilities. Restaurant businesses compete on the basis of price, menu, food quality, location, and customer service. The restaurant business is often affected by changes in consumer tastes and by national, regional, and local economic conditions. The performance of individual restaurants may be impacted by factors such as traffic patterns, demographic trends, weather conditions, and competing restaurants.

 

Government regulations

The Company is subject to various global, federal, state and local laws affecting its restaurant operations. Each of the restaurants must comply with licensing and regulation by a number of governmental authorities, i.e., health, sanitation, safety and fire agencies in the jurisdiction in which the restaurant is located. Various federal and state labor laws govern our relationship with our employees, e.g., minimum wage, overtime pay, unemployment tax, health insurance, and workers’ compensation. Federal state and local government agencies have established regulations requiring that we disclose nutritional information. To date, none of the Company’s restaurant operations have been materially adversely affected by such laws or been affected by any difficulty, delay or failure to obtain required licenses or approvals.

 

Trademark and licenses

The name and reputation of Steak n Shake is a material asset and management protects it and other service marks through appropriate registrations.

 

Insurance Business

Our insurance business is composed of First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”). First Guard is a direct underwriter of commercial truck insurance, selling physical damage and nontrucking liability insurance to truckers. First Guard is headquartered in Venice, Florida.

 

First Guard competes for truck insurance with other companies. The commercial truck insurance business is highly competitive in the areas of price and service. Vigorous competition is provided by large, well-capitalized companies and by small regional insurers. 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 truck insurer. First Guard uses its own claim staff to manage claims. Seasonal variations in First Guard’s insurance business are not significant. However, extraordinary weather conditions or other factors may have a significant effect upon the frequency or severity of claims.

 

The insurance business is stringently regulated by state insurance departments. First Guard operates under licenses issued by various insurance authorities. Such supervision and regulation include matters relating to authorized lines of business, capital and surplus requirements, licensing of insurers, investments, the filing of annual and other financial reports prepared on the basis of Statutory Accounting Principles, the filing and form of actuarial reports, dividends, and a variety of other financial and non-financial matters.

 

Oil and Gas Business

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”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico. Southern Oil is headquartered in Metairie, Louisiana.

 

The oil and gas industry is fundamentally a commodity business. Southern Oil’s operations and earnings, therefore, may be significantly affected by changes in oil and natural gas prices. Southern Oil competes with fully integrated, major global petroleum companies, as well as independent and national petroleum companies. In addition, the company is subject to a variety of risks inherent in the oil and gas businesses, including a wide range of local, state, and federal regulations.

 

Media and Licensing Business

Maxim’s business lies principally in media and licensing. Maxim is headquartered in New York City, New York.

 

Maxim competes for licensing business with other companies. The nature of the licensing business is predicated on projects that materialize with irregularity. In addition, publishing is a highly competitive business. The Company's magazines and related publishing products and services compete with other mass media, including the Internet.

 

Maxim products are marketed under various registered brand names, including, but not limited to, “MAXIM®” and “Maxim®”.

 

2

 

Investments

The Company and its subsidiaries have invested in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, “the investment partnerships”). The investment partnerships operate as private investment funds. As of December 31, 2019, the fair value of the investments was $666.1 million. These investments are subject to a rolling five-year lock-up period under the terms of the respective partnership agreements.

 

Employees

The Company employs 10,906 persons.

 

Additional information with respect to Biglari Holdings’ businesses

Information related to our reportable segments may be found in Part II, Item 8 of this Form 10-K.

 

Biglari Holdings maintains a website (www.biglariholdings.com) where its annual reports, press releases, interim shareholder reports and links to its subsidiaries’ websites can be found. Biglari Holdings’ periodic reports filed with the Securities and Exchange Commission (the “SEC”), which include Form 10-K, Form 10-Q, Form 8-K and amendments thereto, may be accessed by the public free of charge from the SEC and through Biglari Holdings’ website. In addition, corporate governance documents such as Corporate Governance Guidelines, Code of Conduct, Compensation Committee Charter and Audit Committee Charter are posted on the Company’s website and are available without charge upon written request. The Company’s website and the information contained therein or connected thereto are not intended to be incorporated into this report on Form 10-K.

 

Item 1A.

Risk Factors

 

Biglari Holdings and its subsidiaries (referred to herein as “we,” “us,” “our,” or similar expressions) are subject to certain risks and uncertainties in its business operations which are described below. The risks and uncertainties described below are not the only risks we face. Additional risks and uncertainties not presently known or that are currently deemed immaterial may also impair our business operations.

 

Risks relating to Biglari Holdings

 

We are dependent on our Chairman and CEO.

Our success depends on the services of Sardar Biglari, Chairman and Chief Executive Officer. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. If for any reason the services of Mr. Biglari were to become unavailable, a material adverse effect on our business could occur.

 

Sardar Biglari, Chairman and CEO, beneficially owns over 50% of our outstanding shares of common stock, enabling Mr. Biglari to exert control over matters requiring shareholder approval.

Mr. Biglari has the ability to control the outcome of matters submitted to our shareholders for approval, including the election or removal of directors, the amendment of our certificate of incorporation or bylaws, along with other significant transactions. In addition, Mr. Biglari has the ability to control the management and affairs of the Company. This control position may conflict with the interests of some or all of the Company’s passive shareholders, and reduce the possibility of a merger proposal, tender offer or proxy contest for the removal of directors.

 

We are a “controlled company” within the meaning of the New York Stock Exchange rules and thus can rely on exemptions from certain corporate governance requirements.

Because Mr. Biglari beneficially owns more than 50% of the Company’s outstanding voting stock, we are considered a “controlled company” pursuant to New York Stock Exchange rules. As a result, we are not required to comply with certain director independence and board committee requirements. The Company does not have a governance and nominating committee.

 

Our historical growth rate is not indicative of our future growth.

When evaluating our historical growth and prospects for future growth, it is important to consider that while our business philosophy has remained constant our mix of business has changed and will continue to change. Our business model makes it difficult to assess our prospects for future growth.

 

3

 

Biglari Holdings’ access to capital is subject to restrictions that may adversely affect its ability to satisfy its cash requirements or implement its growth strategy.

We are a holding company and are largely dependent upon dividends and other sources of funds from our subsidiaries in order to meet our needs. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings. In addition, the ability of our insurance subsidiaries to pay dividends to Biglari Holdings is regulated by state insurance laws, which limit the amount of, and in certain circumstances may prohibit the payment of, cash dividends. Furthermore, as a result of our substantial investments in The Lion Fund, L.P. and The Lion Fund II, L.P., investment partnerships controlled by Mr. Biglari, our access to capital is restricted by the terms of their respective partnership agreements, as described more fully below. There is also a high likelihood that we will make additional investments in these investment partnerships. Taken together, these restrictions may result in our having insufficient funds to satisfy our cash requirements. As a result, we may need to look to other sources of capital which may be more expensive or may not be available.

 

Competition.

Each of our operating businesses faces intense competitive pressure within the markets in which they operate. Competition may arise domestically as well as internationally. Accordingly, future operating results will depend to some degree on whether our operating units are successful in protecting or enhancing their competitive advantages. If our operating businesses are unsuccessful in these efforts, our periodic operating results may decline from current levels in the future. We also highlight certain competitive risks in the sections below.

 

Unfavorable domestic and international economic, societal and political conditions could hurt our operating businesses.

To the extent that the economy worsens for a prolonged period of time, one or more of our significant operations could be materially harmed. In addition, our restaurant operations depend on having access to borrowed funds through the capital markets at reasonable rates. To the extent that access to credit is restricted or the cost of funding increases, our business could be adversely affected.

 

Our operating businesses face a variety of risks associated with doing business in foreign markets.

There is no assurance that our international operations will remain profitable. Our international operations are subject to all of the risks associated with our domestic operations, as well as a number of additional risks, varying substantially country by country. These include, inter alia, international economic and political conditions, corruption, terrorism, social and ethnic unrest, foreign currency fluctuations, differing cultures and consumer preferences.

 

In addition, we may become subject to foreign governmental regulations that impact the way we do business with our international franchisees and vendors. These include antitrust and tax requirements, anti-boycott regulations, international trade regulations, the USA Patriot Act, the Foreign Corrupt Practices Act, and applicable local law. Failure to comply with any such legal requirements could subject us to monetary liabilities and other sanctions, which could harm our business and our financial condition.

 

Potential changes in law or regulations may have a negative impact on our Class A common stock and Class B common stock.

In prior years, bills have been introduced in Congress that, if enacted, would have prohibited the listing of common stock on a national securities exchange if such common stock was part of a class of securities that has no voting rights or carries disproportionate voting rights. Although these bills have not been acted upon by Congress, there can be no assurance that such a bill (or a modified version thereof) will not be introduced in Congress in the future. Legislation or other regulatory developments could make the shares of Class A common stock and Class B common stock ineligible for trading on the NYSE or other national securities exchanges.

 

We may not be able to adequately protect our intellectual property, which could decrease the value of our brand and products.

The success of our business depends on the continued ability to use the existing trademarks, service marks, and other components of our brand to increase brand awareness and further develop branded products. While we take steps to protect our intellectual property, our rights to our trademarks could be challenged by third parties or our use of these trademarks may result in a liability for trademark infringement, trademark dilution, or unfair competition, adversely affecting our profitability. We may also become subject to these risks in the international markets in which we operate and in which we plan to expand. Any impairment of our intellectual property or brands, including due to changes in U.S. or foreign intellectual property laws or the absence of effective legal protections or enforcement measures, could adversely impact our business, financial condition and results of operations.

 

Litigation could have a material adverse effect on our financial position, cash flows and results of operations.

We are or may be from time to time a party to various legal actions, investigations and other proceedings brought by employees, consumers, policyholders, suppliers, shareholders, government agencies or other third parties in connection with matters pertaining to our business, including related to our investment activities. The outcome of such matters is often difficult to assess or quantify and the cost to defend future proceedings may be significant. Even if a claim is unsuccessful or is not fully pursued, the negative publicity surrounding any negative allegation regarding our Company, our business or our products could adversely affect our reputation. While we believe that the ultimate outcome of routine legal proceedings individually and in the aggregate will not have a material impact on our financial position, we cannot assure that an adverse outcome on, or reputational damage from, any of these matters would not, in fact, materially impact our business and results of operations for the period when these matters are completed or otherwise resolved.

 

4

 

Risks Relating to Our Restaurant Operations

 

Our restaurant operations face intense competition from a wide range of industry participants.

The restaurant business is one of the most competitive industries. As there are virtually no barriers to entry into the restaurant business, competitors may include national, regional and local establishments. There may be established competitors with financial and other resources that are greater than the Company’s restaurant operations capabilities. Restaurant businesses compete on the basis of price, menu, food quality, location, and customer service. The restaurant business is often affected by changes in consumer tastes and by national, regional, and local economic conditions. The performance of individual restaurants may be impacted by factors such as traffic patterns, demographic trends, weather conditions, and competing restaurants. Additional factors that may adversely affect the restaurant industry include, but are not limited to, food and wage inflation, safety, and food-borne illness.

 

Changes in economic conditions may have an adverse impact on our restaurant operations.

Our restaurant operations are subject to normal economic cycles affecting the economy in general or the restaurant industry in particular. The restaurant industry has been affected by economic factors, including the deterioration of global, national, regional and local economic conditions, declines in employment levels, and shifts in consumer spending patterns. Declines in consumer restaurant spending could be harmful to our financial position and results of operations. As a result, decreased cash flow generated from our business may adversely affect our financial position and our ability to fund our operations. In addition, macroeconomic disruptions could adversely impact the availability of financing for our franchisees’ expansions and operations.

 

Steak n Shake’s credit facility matures on March 19, 2021.

The term loan under Steak n Shake’s credit facility matures on March 19, 2021. As of December 31, 2019, $181,498 was outstanding. Biglari Holdings and other affiliates (other than Steak n Shake’s subsidiaries) do not guarantee any of the debt. Steak n Shake may need to seek additional financing, which may not be available on terms commensurate with its current financing arrangement. The inability to refinance the debt would negatively impact our operations and financial condition.

 

Our cash flows and financial position could be negatively impacted if we are unable to comply with the restrictions and covenants in Steak n Shake’s debt agreements.

Covenants in Steak n Shake’s credit facility include restrictions on, among other things, its ability to incur additional indebtedness and to make distributions to the Company. Steak n Shake’s ability to make payments on its credit facility and to fund operations depends on its ability to generate cash, which is subject to general economic, financial, competitive, regulatory and other factors that are beyond our control. Steak n Shake may not generate sufficient cash flow from operations to service this debt or to fund its other liquidity needs. Steak n Shake’s failure to service its debt could constitute an event of default that, if not cured or waived, could result, among other things, in the acceleration of their indebtedness, which would negatively impact our operations. However, neither the Company nor any of our affiliates (other than Steak n Shake’s subsidiaries) provide any guarantees of Steak n Shake’s indebtedness.

 

Steak n Shake’s re-opening of temporarily closed stores may not be successful in reversing its declining sales or profitability.   

Since 2017, Steak n Shake has experienced declining sales and profitability.  As of December 31, 2019, a total of 107 Steak n Shake restaurants were temporarily closed. Steak n Shake is actively working to re-open these stores as counter service units. There are no assurances that Steak n Shake will be able to restore profitability after re-opening closed stores. 

 

Fluctuations in commodity and energy prices and the availability of commodities, including beef and dairy, could affect our restaurant business.

The cost, availability and quality of ingredients restaurant operations use to prepare their food is subject to a range of factors, many of which are beyond their control. A significant component of our restaurant business’ costs is related to food commodities, including beef and dairy products, which can be subject to significant price fluctuations due to seasonal shifts, climate conditions, industry demand, changes in commodity markets, and other factors. If there is a substantial increase in prices for these food commodities, our results of operations may be negatively affected. In addition, our restaurants are dependent upon frequent deliveries of perishable food products that meet certain specifications. Shortages or interruptions in the supply of perishable food products caused by unanticipated demand, problems in production or distribution, disease or food-borne illnesses, inclement weather, or other conditions could adversely affect the availability, quality, and cost of ingredients, which would likely lower revenues, damage our reputation, or otherwise harm our business.

 

5

 

Adverse weather conditions or losses due to casualties could negatively impact our operating performance.

Property damage caused by casualties and natural disasters, instances of inclement weather, flooding, hurricanes, fire, and other acts of nature can adversely impact sales in several ways. Many of Steak n Shake’s and Western Sizzlin’s restaurants are located in the Midwest and Southeast portions of the United States. During the first and fourth quarters, restaurants in the Midwest may face harsh winter weather conditions. During the third and fourth quarters, restaurants in the Southeast may experience hurricanes or tropical storms. Our sales and operating results may be negatively affected by these harsh weather conditions, which could make it more difficult for guests to visit our restaurants, necessitate the closure of restaurants, cause physical damage, or lead to a shortage of employees.

 

We are subject to health, employment, environmental, and other government regulations, and failure to comply with existing or future government regulations could expose us to litigation or penalties, damage our reputation, and lower profits.

We are subject to various global, federal, state, and local laws and regulations affecting our restaurant operations. Changes in existing laws, rules and regulations applicable to us, or increased enforcement by governmental authorities, may require us to incur additional costs and expenses necessary for compliance. If we fail to comply with any of these laws, we may be subject to governmental action or litigation, and our reputation could be accordingly harmed. Injury to our reputation would, in turn, likely reduce revenues and profits.

 

The development and construction of restaurants is subject to compliance with applicable zoning, land use, and environmental regulations. Difficulties in obtaining, or failure to obtain, the required licenses or approvals could delay or prevent the development of a new restaurant in a particular area.

 

In recent years, there has been increased legislative, regulatory, and consumer focus on nutrition and advertising practices in the food industry. As a result, restaurant operations have become subject to regulatory initiatives in the area of nutrition disclosure or advertising, such as requirements to provide information about the nutritional content of our food products. The operation of the Steak n Shake and Western Sizzlin franchise system is also subject to franchise laws and regulations enacted by a number of states, and to rules promulgated by the U.S. Federal Trade Commission. Any future legislation regulating franchise relationships may negatively affect our operations, particularly our relationship with franchisees. Failure to comply with new or existing franchise laws and regulations in any jurisdiction or to obtain required government approvals could result in a ban or temporary suspension on future franchise sales. Further national, state and local government initiatives, such as mandatory health insurance coverage, or proposed increases in minimum wage rates could adversely affect our business.

 

Risks Relating to Our Investment Activities

 

Our investment activities are conducted primarily through outside investment partnerships, The Lion Fund, L.P. and The Lion Fund II, L.P., which are controlled by Mr. Biglari.

Our investment activities are conducted mainly through these outside investment partnerships. Under the terms of their partnership agreements, each contribution made by the Company to the investment partnerships is subject to a five-year lock-up period, and any distribution upon our withdrawal of funds will be paid out over a two-year period (and may be paid in-kind rather than in cash, thus increasing the difficulty of liquidating these investments). As a result of these provisions and our consequent inability to access this capital for a defined period, our capital invested in the investment partnerships may be subject to an increased risk of loss of all or a significant portion of value, and we may become unable to meet our capital requirements. There is a high likelihood that we will make additional investments in these investment partnerships in the future.

 

We also have a services agreement with Biglari Capital Corp., the general partner of the investment partnerships (“Biglari Capital”), and Biglari Enterprises LLC (collectively, the “Biglari Entities”), in which the Company pays a fixed fee to the Biglari Entities for business and administrative-related services. The Biglari Entities are owned by Mr. Biglari. There can be no assurance that the fees paid will be commensurate with the benefits received.

 

The incentive allocation to which Mr. Biglari, as Chairman and Chief Executive Officer of Biglari Capital, is entitled under the terms of the respective partnership agreements is equal to 25% of the net profits allocated to the limited partners in excess of a 6% hurdle rate over the previous high-water mark.

 

Our investments are unusually concentrated and fair values are subject to a loss in value.

Our investments are predominantly held through the investment partnerships, which generally invest in common stocks. These investments are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc. A significant decline in the major values of these investments may produce a large decrease in our consolidated shareholders’ equity and can have a material adverse effect on our consolidated book value per share and earnings.

 

6

 

We are subject to the risk of possibly becoming an investment company under the Investment Company Act of 1940.

We run the risk of inadvertently becoming an investment company, which would require us to register under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Registered investment companies are subject to extensive, restrictive and potentially adverse regulations relating to, among other things, operating methods, management, capital structure, dividends and transactions with affiliates. Registered investment companies are not permitted to operate their business in the manner in which we operate our business, nor are registered investment companies permitted to have many of the relationships that we have with our affiliated companies.

 

To avoid becoming and registering as an investment company under the Investment Company Act, we operate as an ongoing enterprise, with approximately 11,000 employees, along with an asset base from which to pursue acquisitions. Furthermore, Section 3(c)(3) of the Investment Company Act excludes insurance companies from the definition of “investment company”. Because we monitor the value of our investments and structure transactions accordingly, we may structure transactions in a less advantageous manner than if we did not have Investment Company Act concerns, or we may avoid otherwise economically desirable transactions due to those concerns. In addition, adverse developments with respect to our ownership of certain of our operating subsidiaries, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings, could result in our inadvertently becoming an investment company. If it were established that we were an investment company, there would be a risk, among other material adverse consequences, that we could become subject to monetary penalties or injunctive relief, or both, in an action brought by the SEC, that we would be unable to enforce contracts with third parties or that third parties could seek to obtain rescission of transactions with us undertaken during the period it was established that we were an unregistered investment company.

 

Risks Relating to Our Insurance Business

 

Our success depends on our ability to underwrite risks accurately and to charge adequate rates to policyholders.

Our results of operations depend on our ability to underwrite and set rates accurately for risks assumed. A primary role of the pricing function is to ensure that rates are adequate to generate sufficient premiums to pay losses, loss adjustment expenses, and underwriting expenses.

 

Our insurance business is vulnerable to significant catastrophic property loss, which could have an adverse effect on its financial condition and results of operations.

Our insurance business faces a significant risk of loss in the ordinary course of its business for property damage resulting from natural disasters, man-made catastrophes and other catastrophic events. These events typically increase the frequency and severity of commercial property claims. Because catastrophic loss events are by their nature unpredictable, historical results of operations may not be indicative of future results of operations, and the occurrence of claims from catastrophic events may result in significant volatility in our insurance business’ financial condition and results of operations from period to period. We attempt to manage our exposure to these events through reinsurance programs, although there is no assurance we will be successful in doing so.

 

Our insurance business is subject to extensive existing state, local and foreign governmental regulations that restrict its ability to do business and generate revenues.

Our insurance business is subject to regulation in the jurisdictions in which it operates. These regulations may relate to, among other things, the types of business that can be written, the rates that can be charged for coverage, the level of capital and reserves that must be maintained, and restrictions on the types and size of investments that can be placed. Regulations may also restrict the timing and amount of dividend payments. Accordingly, existing or new regulations related to these or other matters or regulatory actions imposing restrictions on our insurance business may adversely impact its results of operations.

 

Risks Relating to Our Media and Licensing Business

 

Our media business faces significant competition from other magazine publishers and other forms of media, including digital media, and as a result our media business may not be able to improve its operating results.

Our media business competes principally with other magazine publishers. The proliferation of choices available to consumers for information and entertainment has resulted in audience fragmentation and has negatively impacted overall consumer demand for print magazines and intensified competition with other magazine publishers for share of print magazine readership. Our media business also competes with digital publishers and other forms of media. This competition has intensified as a result of the proliferation of mobile devices and the shift in consumer preference from print media to digital media for the delivery and consumption of content.

 

Competition among print magazine and digital publishers for advertising is primarily based on the circulation and readership of magazines and the number of visitors to websites, respectively, and the demographics of customers, advertising rates, plus the effectiveness of advertising sales teams. The proliferation of new platforms available to advertisers, combined with continuing competition from print platforms, has impacted both the amount of advertising our media business is able to sell and the rates it can command.

 

7

 

Our pursuit of licensing opportunities for the Maxim brand may prove to be unsuccessful.

Maxim’s success depends to a significant degree upon its ability to develop new licensing agreements to expand its brand. However, these licensing efforts may be unsuccessful. We may be unable to secure favorable terms for future licensing arrangements, which could lead to, among other things, disputes with licensing partners that hinder our ability to grow the Maxim brand. Future licensing partners may also fail to honor their contractual obligations or take other actions that can diminish the value of the Maxim brand. Disputes could also arise that prevent or delay our ability to collect licensing revenues under these arrangements. If any of these developments occur or our licensing efforts are otherwise not successful, the value and recognition of the Maxim brand, as well as the prospects of our media business, could be materially, adversely affected.

 

Our media business is exposed to risks associated with weak economic conditions.

Because magazines are generally discretionary purchases for consumers, circulation revenues are sensitive to general economic conditions and economic cycles. Certain economic conditions such as general economic downturns, including periods of increased inflation, unemployment levels, interest rates, gasoline and other energy prices, or declining consumer confidence, may negatively impact consumer spending. Reduced consumer spending or a shift in consumer spending patterns away from discretionary items will likely result in reduced demand for our media business’ magazines and may result in decreased revenues.

 

Risks Relating to Our Oil and Gas Business

 

Our oil and gas business is exposed to the effects of volatile commodity prices.

The single largest variable that affects Southern Oil’s results of operations is the price of crude oil and natural gas. The price we receive for our oil and natural gas production heavily influences Southern Oil’s revenue and profitability. Extended periods of low prices for crude oil or natural gas can have a material adverse impact on our results of operations.

 

Our scope of business is concentrated in the shallow waters of the Gulf of Mexico.

Any disruption of its extractive business would adversely affect Southern Oil’s revenues and profitability. Southern Oil’s operations are therefore subject to disruption from natural or human causes beyond its control, including physical risks from hurricanes, severe storms, and other forms of system failures, any of which could result in suspension of operations or harm to people or the natural environment.

 

Our oil and gas business can be adversely affected by political or regulatory developments affecting our operations.

Southern Oil’s operations can be affected by changing economic, regulatory and political environments. Litigation or changes in national, state, or local environmental regulations or laws, including those designed to stop or impede the development or production of oil and natural gas, could adversely affect Southern Oil’s operations and profitability.

 

Item 1B. Unresolved Staff Comments

 

None.

 

8

 

Item 2.Properties

 

Restaurant Properties

As of December 31, 2019, restaurant operations included 662 company-operated and franchise locations. Restaurant operations own the land and building for 152 restaurants. The following table lists the locations of the restaurants, as of December 31, 2019.

 

   Steak n Shake   Western Sizzlin     
                         
  

Company

Operated

  

Franchise

Partner

  

Traditional

Franchise

  

Company

Operated

   Franchise   Total 
Domestic:                              
Alabama   2    —      7    —      6    15 
Arizona   1    —      1    —      —      2 
Arkansas   —      —      7    —      13    20 
California   1    —      7    —      1    9 
Colorado   1    —      2    —      —      3 
Delaware   —      —      1    —      —      1 
Florida   71    9    7    —      —      87 
Georgia   20    1    15    —      5    41 
Illinois   57    2    10    —      —      69 
Indiana   61    5    5    —      —      71 
Iowa   3    —      —      —      —      3 
Kansas   —      —      4    —      —      4 
Kentucky   12    2    12    —      —      26 
Louisiana   —      —      2    —      —      2 
Maryland   —      —      1    —      1    2 
Michigan   19    —      —      —      —      19 
Mississippi   —      —      6    —      1    7 
Missouri   31    2    23    —      —      56 
Nebraska   —      —      1    —      —      1 
Nevada   —      —      6    —      —      6 
North Carolina   5    1    9    —      6    21 
Ohio   55    2    3    —      1    61 
Oklahoma   —      —      3    —      5    8 
Pennsylvania   7    —      4    —      —      11 
South Carolina   1    —      3    —      2    6 
Tennessee   7    2    17    —      3    29 
Texas   11    3    19    —      1    34 
Virginia   —      —      2    3    3    8 
Washington   —      —      1    —      —      1 
Washington DC   —      —      1    —      —      1 
West Virginia   —      —      3    1    —      4 
International:                              
France   2    —      23    —      —      25 
Italy   —      —      1    —      —      1 
Portugal   —      —      4    —      —      4 
Qatar   —      —      1    —      —      1 
Saudi Arabia   —      —      1    —      —      1 
Spain   1    —      1    —      —      2 
Total   368    29    213    4    48    662 

 

As of December 31, 2019, 107 of the 368 Steak n Shake company-operated stores were temporarily closed. We anticipate re-opening the temporarily closed stores as counter service units.

 

Oil and Gas Properties

Southern Oil operates oil and natural gas wells in Texas and Louisiana. It’s operations are primarily offshore in the shallow waters of the Gulf of Mexico.

 

9

 

Item 3.

Legal Proceedings

 

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 shareholder withdrew their motion 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. On December 4, 2019, the Indiana Court of Appeals issued a unanimous decision affirming the trial court’s decision to dismiss the shareholder litigation. On January 20, 2020, the shareholders filed a petition to transfer with the Indiana Supreme Court seeking review of the decision of the Court of Appeals.  The Company opposed the petition.  The Indiana Supreme Court has not ruled upon the petition to transfer.

 

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 July 26, 2019, the Company agreed to settle both cases for $8,350 and the Court approved the terms of the settlement. The settlement is reflected in selling, general and administrative expenses in the consolidated statement of earnings.

 

Item 4.

Mine Safety Disclosures

 

Not applicable.

 

Part II

 

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

Market Information

Biglari Holdings’ Class A common stock and Class B common stock are listed for trading on the NYSE, trading symbol: BH.A and BH, respectively.

 

Shareholders

Biglari Holdings had 2,630 beneficial shareholders of its Class A common stock and 5,314 beneficial shareholders of its Class B common stock as of February 10, 2020.

 

Dividends

Biglari Holdings has never declared a dividend.

 

10

 

Issuer Purchases of Equity Securities

From November 5, 2019 through November 26, 2019, Sardar Biglari purchased 7,699 shares of Class A common stock at an average price paid per share of $557.33. Mr. Biglari may be deemed to be an “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended. The purchases were made through open market transactions.

 

Performance Graph

The graph below matches Biglari Holdings Inc.'s cumulative 5-year total shareholder return on its Class A common stock and Class B common stock with the cumulative total returns of the S&P 500 Index and the S&P Restaurants Index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2014 to December 31, 2019.

 

 

The preceding stock price performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filings under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except to the extent that we specifically incorporate it by reference into such filings.

 

Securities Authorized for Issuance Under Equity Compensation Plans

Biglari Holdings does not have any equity compensation plans.

 

11

 

Item 6.Selected Financial Data

 

(dollars in thousands except per share data)

 

   2019   2018   2017   2016   2015 
Revenue:                          
Total revenues  $668,838   $809,894   $839,804   $850,076   $861,452 
                          
Earnings:                         
Net earnings (loss)  $45,380   $19,392   $50,071   $99,451   $(15,843)
Net earnings (loss) per equivalent Class A share  $131.64   $55.71   $136.01   $271.22   $(33.94)
                          
Year-end data:                         
Total assets  $1,139,309   $1,029,493   $1,063,584   $1,096,967   $987,079 
Long-term notes payable and other borrowings  $263,182   $240,001   $256,994   $281,555   $296,062 
Biglari Holdings Inc. shareholders’ equity  $616,298   $570,455   $571,328   $531,940   $451,372 

 

Earnings per share of common stock is based on the weighted average number of shares outstanding during the period. The issuance of dual class common stock on April 30, 2018 is applied to years 2015 through 2017 on a retrospective basis for the calculation of earnings per share. The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification 260, “Earnings Per Share.”

 

For total assets, periods prior to 2016 were adjusted for the reclassifications of debt issuance costs and deferred taxes. For long-term notes payable and other borrowings, periods prior to 2016 were adjusted for the reclassification of debt issuance.

 

As of January 1, 2018, franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalties are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement. This represents a change in methodology under the January 1, 2018 adoption of Accounting Standards Codification 606 for we have historically recognized initial franchise fees upon the opening of a franchise restaurant. Comparative prior periods have not been adjusted.

 

12

 

Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

(dollars in thousands except per share data)

 

Biglari Holdings Inc. 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 Biglari Holdings. The Company’s long-term objective is to maximize per-share intrinsic value. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of December 31, 2019, Mr. Biglari’s beneficial ownership was approximately 64.4% 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 $51,505 in cash. Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the year.

 

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

 

   2019   2018   2017 
Operating businesses:               
Restaurant  $(10,734)  $(2,613)  $9,725 
Insurance   5,584    4,915    3,097 
Oil and gas   5,921    —      —   
Media   572    796    435 
Other   742    472    506 
Total operating businesses   2,085    3,570    13,763 
Corporate   (8,661)   (8,661)   32,072 
Investment partnership gains   60,773    33,240    11,080 
Interest expense on notes payable   (8,817)   (8,757)   (6,844)
   $45,380   $19,392   $50,071 

 

The following discussion should be read in conjunction with Item 1, Business and our Consolidated Financial Statements and the notes thereto included in this Form 10-K. The following discussion should also be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and the risks and uncertainties described in Item 1A, Risk Factors set forth above.

 

Our Management Discussion and Analysis generally discusses 2019 and 2018 items and year-to-year comparisons between 2019 and 2018. Discussions of 2017 items and year-to-year comparisons between 2018 and 2017 can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 25, 2019.

 

13

 

Management’s Discussion and Analysis (continued)

 

Restaurants

 

Our restaurant businesses, which include Steak n Shake and Western Sizzlin, comprise 662 company-operated and franchise restaurants as of December 31, 2019.

 

  Steak n Shake   Western Sizzlin     
  

Company-

operated

  

Franchise
Partner

  

Traditional
Franchise

   Company-
operated
   Franchise   Total 
Total stores as of December 31, 2016   417    —      173    3    64    657 
Net restaurants opened (closed)   (2)   —      27    1    (6)   20 
Total stores as of December 31, 2017   415    —      200    4    58    677 
Net restaurants opened (closed)   (2)   —      13    —      (3)   8 
Total stores as of December 31, 2018   413    —      213    4    55    685 
Corporate stores transitioned   (29)   29                   —   
Net restaurants opened (closed)   (16)   —      —      —      (7)   (23)
Total stores as of December 31, 2019   368    29    213    4    48    662 

 

As of December 31, 2019, 107 of the 368 Steak n Shake company-operated stores were temporarily closed. We anticipate re-opening the temporarily closed stores as franchise partner or company-operated counter service units. The term “same-store sales” refers to the sales of company-operated units that have been open at least 18 months at the beginning of the current period and have remained open through the end of the period. Same-store traffic measures the number of patrons who walk through the same units.

 

Restaurant operations for 2019, 2018 and 2017 are summarized below.

 

   2019     2018     2017    
Revenue                         
Net sales  $578,164      $740,922      $781,856     
Franchise royalties and fees   27,189       30,998       20,773     
Other revenue   4,867       3,770       4,524     
Total revenue   610,220       775,690       807,153     
                          
Restaurant cost of sales                         
Cost of food   176,346   30.5%  223,273   30.1%  238,143   30.5%
Restaurant operating costs   307,337   53.2%  393,348   53.1%  404,373   51.7%
Rent   17,266   3.0%  19,835   2.7%  18,514   2.4%
Total cost of sales   500,949       636,456       661,030     
                          
Selling, general and administrative                         
General and administrative   47,685   7.8%  57,684   7.4%  60,527   7.5%
Marketing   39,476   6.5%  55,063   7.1%  49,589   6.1%
Other expenses   1,753   0.3%  2,383   0.3%  2,222   0.3%
Total selling, general and administrative   88,914   14.6%  115,130   14.8%  112,338   13.9%
                          
Impairments   8,186   1.3%  5,677   0.7%  1,789   0.2%
                          
Depreciation and amortization   21,174   3.5%  18,831   2.4%  20,623   2.6%
                          
Interest on finance leases and obligations   7,816       8,207       9,082     
                          
Earnings (loss) before income taxes   (16,819)      (8,611)      2,291     
                          
Income tax expense (benefit)   (6,085)      (5,998)      (7,434)    
                          
Contributions to net earnings  $(10,734)     $(2,613)     $9,725     

 

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.

 

14

 

Management’s Discussion and Analysis (continued)

 

Net sales during 2019 were $578,164 representing a decrease of $162,758 when compared to 2018. The decreased performance of our restaurant operations in 2019 was driven by a decline in Steak n Shake’s same-store sales of $35,250 and the balance of the decrease was attributable to the closure of stores. Same-store sales decreased 6.9% whereas customer traffic decreased by 11.2%.

 

Franchise royalties and fees in 2019 were $27,189 compared to $30,998 in 2018. The decrease in franchise royalties and fees during 2019 compared to 2018 was attributable to decreases in marketing fees of $1,858 and forfeited development fees of $1,698. During 2019, Steak n Shake opened 29 franchise units and closed 29. Western Sizzlin did not open any new franchise units and closed seven.

 

The cost of food in 2019 was $176,346 or 30.5% of net sales, compared with $223,273 or 30.1% of net sales in 2018. Restaurant operating costs during 2019 were $307,337 or 53.2% of net sales, compared to $393,348 or 53.1% of net sales in 2018. The decrease in cost of food and restaurant operating costs during 2019 compared to 2018 was attributable to lower net sales resulting from store closures and decreased same-store sales.

 

Selling, general and administrative expenses during 2019 were $88,914 or 14.6% of total revenues compared to $115,130 or 14.8% of total revenues during 2018. General and administrative expenses decreased by $9,999 during 2019 compared to 2018, primarily because of decreased personnel costs of $17,918, offset by settlements of class action complaints of $8,350. Marketing expense decreased by $15,587 in 2019 compared to 2018 primarily driven by a reduction in television and print advertising.

 

Asset impairments increased $2,509 during 2019 compared to 2018 primarily due to store closures. Depreciation and amortization expense increased $2,343 during 2019 compared to 2018 primarily as a result of the depreciation of finance lease assets.

 

Interest on obligations under leases was $7,816 during 2019, versus $8,207 during 2018. The year-over-year decrease in interest expense is primarily attributable to the maturity and retirement of lease obligations. The total obligations under leases outstanding on December 31, 2019 were $78,749 compared to $64,200 on December 31, 2018.

 

Insurance

 

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

 

   2019    2018    2017  
Premiums written  $28,746   $26,465   $24,242 
Insurance losses   16,924    15,457    14,959 
Underwriting expenses   5,345    5,374    4,765 
Pre-tax underwriting gain   6,477    5,634    4,518 
Other income and expenses               
Investment income and commissions   1,337    1,163    701 
Other income (expense)   (711)   (582)   (449)
Total other income   626    581    252 
Earnings before income taxes   7,103    6,215    4,770 
Income tax expense   1,519    1,300    1,673 
Contribution to net earnings  $5,584   $4,915   $3,097 

  

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.

 

15

 

Management’s Discussion and Analysis (continued) 

 

In 2019, premiums earned increased $2,281 or 8.6% compared to 2018. Pre-tax underwriting gain during 2019 was $6,477, an increase of $843 or 15.0% compared to 2018.

  

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

 

Oil and Gas

 

Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico. Southern Oil was acquired on September 9, 2019. The financial results for Southern Oil from the acquisition date to the end of the year are summarized below.

 

   2019 
Oil and gas revenue  $24,436 
      
Oil and gas production costs   7,259 
      
Depreciation, depletion and accretion   8,218 
General and administrative expenses   927 
      
Earnings before income taxes   8,032 
      
Income tax expense   2,111 
      
Contribution to net earnings  $5,921 

 

 

Media and Licensing

 

Maxim’s business lies principally in media and licensing. Earnings of our media and licensing operations are summarized below.

 

   2019   2018   2017 
Media and licensing revenue  $4,099   $6,576   $7,708 
                
Media and licensing cost   3,181    4,152    6,527 
General and administrative expenses   176    1,329    1,570 
Depreciation and amortization   —      27    50 
Earnings (loss) before income taxes   742    1,068    (439)
Income tax expense (benefit)   170    272    (874)
Contribution to net earnings  $572   $796   $435 

 

We acquired Maxim with the idea of transforming its business model. The magazine developed the Maxim brand, a franchise we are utilizing to generate nonmagazine revenue, notably through licensing, a cash-generating business related to consumer products, services, and events.

 

Investment Partnership Gains

 

Earnings from our investments in partnerships are summarized below.

 

   2019   2018   2017 
Investment partnership gains  $78,133   $40,411   $6,965 
Tax expense (benefit)   17,360    7,171    (4,115)
Contribution to net earnings  $60,773   $33,240   $11,080 

 

Investment partnership gains include gains and losses from changes in the market values of underlying investments and dividends earned by the partnerships. Dividend income has a lower effective tax rate than income from changes in market values. Changes in the market values of investments can be highly volatile. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

 

16

 

Management’s Discussion and Analysis (continued)

 

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.

 

   2019   2018   2017 
Interest expense on notes payable and other borrowings  $(12,442)  $(11,677)  $(11,040)
Tax benefit   (3,625)   (2,920)   (4,196)
Interest expense net of tax  $(8,817)  $(8,757)  $(6,844)

 

Interest expense during 2019 increased by $765 compared to 2018 primarily due to higher average interest rates during 2019.

 

Income Taxes

 

Consolidated income tax expense was $9,761 in 2019 versus a benefit of $2,637 in 2018. Income tax expense increased by $12,398 during 2019 compared to 2018, primarily due to an increase in tax expense for investment partnership gains of $10,189.

 

Corporate

 

Corporate expenses exclude the activities in the restaurant, insurance, media and licensing, oil and gas, and other companies. Corporate net losses of $8,661 during 2019 remained flat compared to 2018.

 

Financial Condition

 

Our consolidated shareholders’ equity on December 31, 2019 was $616,298, an increase of $45,843 compared to the December 31, 2018 balance. The increase was primarily due to net income of $45,380.

 

Consolidated cash and investments are summarized below.

 

   December 31, 
   2019   2018 
Cash and cash equivalents  $67,772   $48,557 
Investments   44,856    33,860 
Investments reported in other current assets   —      4,463 
Fair value of interest in investment partnerships   666,123    715,102 
Total cash and investments   778,751    801,982 
Less: portion of Company stock held by investment partnerships   (160,581)   (157,622)
Carrying value of cash and investments on balance sheet  $618,170   $644,360 

 

Unrealized gains/losses of Biglari Holdings’ stock held by the investment partnerships are eliminated in the Company’s consolidated financial results.

 

Liquidity

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

 

   2019   2018   2017 
Net cash provided by operating activities  $93,683   $20,678   $25,780 
Net cash used in investing activities   (69,982)   (25,290)   (11,548)
Net cash used in financing activities   (8,010)   (7,530)   (23,000)
Effect of exchange rate changes on cash   (5)   (78)   165 
Increase (decrease) in cash, cash equivalents and restricted cash  $15,686   $(12,220)  $(8,603)

 

In 2019, cash from operating activities increased by $73,005 compared to 2018, primarily because of increased distributions from investment partnerships. Distributions from investment partnerships were $129,329 and $29,660 during 2019 and 2018, respectively. Distributions to partners were higher during 2019 primarily because of tax liabilities from capital gains in the partnerships. Changes in working capital accounts decreased by $2,131 and $12,043 during 2019 and 2018, respectively. The decrease of working capital accounts during 2018 was primarily tied to the payment of the 2017 CEO incentive fee of $7,353. No incentive fees were accrued during 2019 and 2018.

 

17

 

Management’s Discussion and Analysis (continued)

 

Net cash used in investing activities increased during 2019 by $44,692 compared to 2018. The purchase price of Southern Oil during 2019, net of cash acquired was $51,062. Capital expenditures during 2019 were $2,386 higher than capital expenditures during 2018. The increase during 2019 compared to 2018 was primarily because of $7,594 in capitalized development costs by Southern Oil, which was offset by decreased capital expenditures by our restaurant businesses of $5,020. Purchases of investments, net of redemptions of fixed maturity securities were $5,818 during 2019 compared to $10,084 during 2018. Distributions from investment partnerships of $40,000 during 2019 and $39,040 during 2018 were reinvested into the investment partnerships in each year.

 

During 2019 and 2018 we incurred debt payments of $8,010 and $7,579, 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. We continually review available financing alternatives.

 

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. As of December 31, 2019, $181,498 was outstanding. The Company is evaluating refinancing options although alternatives may not be available on terms commensurate with its current financing arrangement. Biglari Holdings is not a guarantor under the credit facility.

 

The term loan amortizes in equal quarterly installments at an annual rate of 1.0% 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.

 

Borrowings bear interest at a rate per annum equal to a base rate or a Eurodollar rate (minimum of 1%) plus an applicable margin. 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 5.55% and 6.28% as of December 31, 2019 and 2018, respectively.

 

The credit agreement includes customary affirmative and negative covenants and events of default. As of December 31, 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.

 

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.

 

Western Sizzlin Revolver

As of December 31, 2019 and 2018, Western Sizzlin had no debt outstanding under its revolver.

 

Critical Accounting Policies

Certain accounting policies require us to make estimates and judgments in determining the amounts reflected in the consolidated financial statements. Such estimates and judgments necessarily involve varying, and possibly significant, degrees of uncertainty. Accordingly, certain amounts currently recorded in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances. A discussion of our principal accounting policies that required the application of significant judgments as of December 31, 2019 follows.

 

Consolidation

The consolidated financial statements include the accounts of Biglari Holdings Inc. and the wholly owned subsidiaries of Biglari Holdings Inc. We consolidate limited partnership entities if we are the general partner of such entities and for which no substantive removal rights exist. The analysis as to whether to consolidate an entity is subject to a significant amount of judgment. All intercompany accounts and transactions are eliminated in consolidation.

 

18

 

Management’s Discussion and Analysis (continued)

 

Our interests in the investment partnerships are accounted for as equity method investments because of our retained limited partner interest in the investment partnerships. The Company records gains from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statement of earnings based on our proportional ownership interest in the investment partnerships.

 

Impairment of Restaurant Long-lived Assets

We review company-operated restaurants for impairment on a restaurant-by-restaurant basis when events or circumstances indicate a possible impairment. Assets included in the impairment assessment generally consist of property, equipment and leasehold improvements directly associated with an individual restaurant as well as any related finance or operating lease assets. We test for impairment by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total estimated future cash flows are less than the carrying amount of the asset, the carrying value is written down to the estimated fair value, and a loss is recognized in earnings. The future cash flows expected to be generated by an asset requires significant judgment regarding future performance of the asset, fair market value if the asset were to be sold, and other financial and economic assumptions.

 

Oil and Natural Gas Reserves

The estimation of proved reserves, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments and detailed analysis of well and reservoir information such as flow rates and reservoir pressures. Although we are reasonably confident that proved reserves will be produced, the timing and amount recovered can be affected by a number of factors including, reservoir performance, government policies, and significant changes in long-term oil and natural gas price levels. In addition, proved reserves could be affected by an extended period of low prices which could reduce the level of our partners’ capacity to fund their share of joint projects. Accordingly, reserve estimates are generally different from the quantities of natural gas and oil that are ultimately recovered. We cannot predict the amounts or timing of future reserve revisions.  

 

Income Taxes

We record deferred tax assets or liabilities based on differences between financial reporting and the tax basis of assets and liabilities using currently enacted rates and laws that will be in effect when the differences are expected to reverse. We record deferred tax assets to the extent we believe there will be sufficient future taxable income to utilize those assets prior to their expiration. To the extent deferred tax assets would be unable to be utilized; we would record a valuation allowance against the unrealizable amount and record that amount as a charge against earnings. Due to changing tax laws and state income tax rates, significant judgment is required to estimate the effective tax rate expected to apply to tax differences that are expected to reverse in the future. We must also make estimates about the sufficiency of taxable income in future periods to offset any deductions related to deferred tax assets currently recorded.

 

Goodwill and Other Intangible Assets

We evaluate 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.

 

Leases

We determine whether a contract is or contains a lease at contract inception based on the presence of identified assets and our right to obtain substantially all of the economic benefit from or to direct the use of such assets. When we determine a lease exists, we record a right-of-use asset and corresponding lease liability on our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets are recognized at commencement date at the value of the lease liability and are adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Lease liabilities are recognized at the lease commencement date based on the present value of remaining lease payments over the lease term. As the discount rate implicit in the lease is not readily determinable in most of our leases, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. We do not record lease contracts with a term of 12 months or less on our consolidated balance sheets. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term.

  

19

 

Management’s Discussion and Analysis (continued)

 

Contractual Obligations

Our significant contractual obligations and commitments as of December 31, 2019 are shown in the following table.

 

   Payments due by period
    
   Less than              More than     
Contractual Obligations  1 year    1 – 3 years    3 – 5 years    5 years    Total  
Long-term debt (1)  $11,859   $181,703   $   $   $193,562 
Finance obligations and finance lease liabilities (1)   13,266    23,338    17,674    16,254    70,532 
Operating leases (2)   15,584    27,381    19,473    18,577    81,015 
Purchase commitments (3)   12,399    6,553            18,952 
Other long-term liabilities (4)               2,174    2,174 
Total  $53,108   $238,975   $37,147   $37,005   $366,235 

 ________________

 

(1)Includes principal and interest and assumes payoff of indebtedness at maturity date.
(2)Excludes amounts to be paid for contingent rents. Includes amounts to be paid for subleased properties.
(3)Includes agreements to purchase goods or services that are enforceable and legally binding on us and that specify all significant terms. Excludes agreements that are cancelable without penalty.
(4)Includes liabilities for Non-Qualified Deferred Compensation Plan. Excludes our unrecognized tax benefits of $348 as of December 31, 2019 because we cannot make a reliable estimate of the timing of cash payments.

 

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

 

Recently Issued Accounting Pronouncements

For detailed information regarding recently issued accounting pronouncements and the expected impact on our consolidated financial statements, see Note 1, “Summary of Significant Accounting Policies” in the accompanying notes to consolidated financial statements included in Part II, Item 8 of this report on Form 10-K.

 

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 set forth above. We undertake no obligation to publicly update or revise them, except as may be required by law.

 

20

 

Item 7A.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 fair market value of our investments of $55,040, along with a corresponding change in shareholders’ equity of approximately 7%.

 

Borrowings on Steak n Shake’s credit facility bear interest at a rate per annum equal to a base rate or a Eurodollar rate (minimum of 1%) plus an applicable margin. 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%. A hypothetical 100 basis point increase in interest rates to the debt outstanding on December 31, 2019 would have an impact of approximately $1,400 on our net earnings.

 

We have had minimal exposure to foreign currency exchange rate fluctuations in 2019, 2018 and 2017.

 

Southern Oil’s business is fundamentally a commodity business. This means Southern Oil’s operations and earnings may be significantly affected by changes in oil and gas prices. Such commodity prices depend on local, regional and global events or conditions that affect supply and demand for oil and gas. Any material decline in crude oil or natural gas prices could have a material adverse effect on Southern Oil’s operations.

  

21

 

Item 8.

Financial Statements and Supplementary Data

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To Shareholders and the Board of Directors of Biglari Holdings Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of Biglari Holdings Inc. and subsidiaries (the "Company") as of December 31, 2019 and 2018, the related consolidated statements of earnings, comprehensive income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2019, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 22, 2020, expressed an unqualified opinion on the Company's internal control over financial reporting.

 

Change in Accounting Principle

 

As discussed in Note 1 and Note 12 to the financial statements, the Company adopted the provisions of Accounting Standards Codification Topic 842, Leases, effective January 1, 2019 using the Comparatives Under ASC 840 approach.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

  

Emphasis of a Matter

 

As discussed in Note 3 and Note 13 to the financial statements, the Company and its subsidiaries have invested in investment partnerships in the form of limited partnership interests. These investment partnerships represent related parties, and such investments are subject to a rolling five-year lock up period under the terms of the respective partnership agreements. The value of these investments reported in the Company’s consolidated balance sheets as of December 31, 2019 and 2018 totals $505,542,000 and $557,480,000, respectively. Our opinion is not modified with respect to this matter.

 

 

/s/ DELOITTE & TOUCHE LLP

Indianapolis, Indiana

February 22, 2020

 

We have served as the Company's auditor since 2003.

 

22

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and the Board of Directors of Biglari Holdings Inc.

 

Opinion on Internal Control over Financial Reporting

 

We have audited the internal control over financial reporting of Biglari Holdings Inc. and subsidiaries (the “Company”) as of December 31, 2019, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

 

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2019, of the Company, and our report dated February 22, 2020, expressed an unqualified opinion on those financial statements and included an explanatory paragraph relating to the Company’s adoption of the provisions of Accounting Standards Codification Topic 842, Leases, and an emphasis of a matter paragraph relating to the Company’s investment in related party investment partnerships.

 

As described in Management’s Report on Internal Control Over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Southern Oil Company and its related subsidiaries which was acquired on September 9, 2019, and whose financial statements constitute approximately 7.2% of total assets, 3.7% of revenues and 13.0% of net earnings of the consolidated financial statement amounts as of and for the year ended December 31, 2019. Accordingly, our audit did not include the internal control over financial reporting at Southern Oil.

 

Basis for Opinion

 

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 

Definition and Limitations of Internal Control over Financial Reporting

 

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

 

/s/ DELOITTE & TOUCHE LLP

Indianapolis, Indiana

February 22, 2020

 

23

 

BIGLARI HOLDINGS INC.

 

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

   December 31, 
   2019   2018 
Assets        
Current assets:          
Cash and cash equivalents  $67,772   $48,557 
Investments   44,856    33,860 
Receivables   21,640    15,743 
Inventories   4,674    7,537 
Other current assets   6,449    9,236 
Total current assets   145,391    114,933 
Property and equipment   350,627    274,716 
Operating lease assets   59,719    —   
Goodwill   40,040    40,052 
Other intangible assets   27,349    28,114 
Investment partnerships   505,542    557,480 
Other assets   10,641    14,198 
Total assets  $1,139,309   $1,029,493 
           
Liabilities and shareholders’ equity          
Liabilities          
Current liabilities:          
Accounts payable and accrued expenses  $121,079   $117,265 
Current portion of operating lease liabilities   11,635    —   
Current portion of notes payable and other borrowings   7,103    5,720 
Total current liabilities   139,817    122,985 
Long-term notes payable and other borrowings   263,182    240,001 
Operating lease liabilities   53,271    —   
Deferred taxes   54,230    86,871 
Asset retirement obligations   10,447    —   
Other liabilities   2,064    9,181 
Total liabilities   523,011    459,038 
           
Shareholders’ equity          
Common stock   1,138    1,138 
Additional paid-in capital   381,788    381,904 
Retained earnings   611,039    564,160 
Accumulated other comprehensive loss   (2,810)   (2,516)
Treasury stock, at cost   (374,857)   (374,231)
Biglari Holdings Inc. shareholders’ equity   616,298    570,455 
Total liabilities and shareholders’ equity  $1,139,309   $1,029,493 

 

See accompanying Notes to Consolidated Financial Statements.

 

24

 

BIGLARI HOLDINGS INC.

 

CONSOLIDATED STATEMENTS OF EARNINGS

(dollars in thousands except per-share amounts)

 

   Year Ended
December 31,
 
   2019   2018   2017 
             
Revenues               
Restaurant operations  $610,220   $775,690   $807,153 
Insurance premiums and other   30,083    27,628    24,943 
Oil and gas   24,436    —      —   
Media and licensing   4,099    6,576    7,708 
    668,838    809,894    839,804 
Cost and expenses               
Restaurant cost of sales   500,949    636,456    661,030 
Insurance losses and underwriting expenses   22,269    20,831    19,724 
Oil and gas production costs   7,259    —      —   
Media and licensing cost   3,181    4,152    6,527 
Selling, general and administrative   100,150    127,232    129,019 
Impairments   8,186    5,677    1,789 
Depreciation and amortization   29,578    19,318    21,448 
    671,572    813,666    839,537 
Other income (expenses)               
Interest expense   (12,442)   (11,677)   (11,040)
Interest on finance leases and obligations   (7,816)   (8,207)   (9,082)
Investment partnership gains   78,133    40,411    6,965 
Total other income (expenses)   57,875    20,527    (13,157)
Earnings (loss) before income taxes   55,141    16,755    (12,890)
Income tax expense (benefit)   9,761    (2,637)   (62,961)
Net earnings  $45,380   $19,392   $50,071 
Earnings per share               
Net earnings per equivalent Class A share *    $131.64   $55.71   $136.01 

 

* Net earnings per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $26.33 for 2019, $11.14 for 2018 and $27.20 for 2017.

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)

 

   Year Ended
December 31,
 
   2019   2018   2017 
             
Net earnings    $45,380   $19,392   $50,071 
Other comprehensive income:               
Reclassification to earnings   —      (73)   —   
Applicable income taxes   —      15    —   
Net change in unrealized gains on investments   —      —      284 
Applicable income taxes   —      —      (89)
Foreign currency translation   (294)   (1,054)   1,985 
Other comprehensive income (loss), net   (294)   (1,112)   2,180 
Total comprehensive income  $45,086   $18,280   $52,251 

 

See accompanying Notes to Consolidated Financial Statements.

 

25

 

BIGLARI HOLDINGS INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

 

   Year Ended
December 31,
 
   2019   2018   2017 
Operating activities               
Net earnings  $45,380   $19,392   $50,071 
Adjustments to reconcile net earnings to operating cash flows:               
Depreciation and amortization   29,578    19,318    21,448 
Provision for deferred income taxes   (38,545)   (2,153)   (64,321)
Asset impairments and other non-cash expenses   9,113    6,481    3,860 
(Gains) losses on disposal of assets   264    993    (777)
Investment (gains) losses   (1,172)   (559)   —   
Investment partnership gains   (78,133)   (40,411)   (6,965)
Distributions from investment partnerships   129,329    29,660    9,395 
Changes in receivables and inventories   3,669    (359)   (2,235)
Changes in other assets   10,450   536    268 
Changes in accounts payable and accrued expenses   (16,250)   (12,220)   15,036 
Net cash provided by operating activities   93,683    20,678    25,780 
Investing activities               
Capital expenditures   (17,679)   (15,293)   (8,034)
Purchases of perpetual lease rights   —      (2,503)   —   
Proceeds from property and equipment disposals   4,577    2,590    1,004 
Acquisition of business, net of cash acquired   (51,062)   —      —   
Distributions from investment partnerships   40,000    39,040    —   
Purchases of limited partner interests   (40,000)   (39,040)   (3,707)
Purchases of investments   (154,848)   (58,642)   (42,648)
Redemptions of fixed maturity securities   149,030    48,558    41,837 
Net cash used in investing activities   (69,982)   (25,290)   (11,548)
Financing activities               
Payments on revolving credit facility   —      (175)   (202)
Principal payments on long-term debt   (2,200)   (2,200)   (17,200)
Principal payments on direct financing lease obligations   (5,810)   (5,204)   (5,628)
Proceeds for exercise of stock options   —      49    30 
Net cash used in financing activities   (8,010)   (7,530)   (23,000)
Effect of exchange rate changes on cash   (5)   (78)   165 
Increase (decrease) in cash, cash equivalents and restricted cash   15,686    (12,220)   (8,603)
Cash, cash equivalents and restricted cash at beginning of period   55,010    67,230    75,833 
Cash, cash equivalents and restricted cash at end of period  $70,696   $55,010   $67,230 

 

See accompanying Notes to Consolidated Financial Statements.

 

26

 

BIGLARI HOLDINGS INC.

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(dollars in thousands)

 

   Common Stock   Additional Paid-In Capital   Retained Earnings   Accumulated Other Comprehensive Income (Loss)   Treasury Stock   Total 
Balance at December 31, 2016  $1,071   $381,906   $515,433   $(3,584)  $(362,886)  $531,940 
Net earnings             50,071              50,071 
Other comprehensive income, net                  2,180         2,180 
Adjustment to treasury stock for                              
holdings in investment partnerships        116              (13,009)   (12,893)
Exercise of stock options        (8)             38    30 
Balance at December 31, 2017  $1,071   $382,014   $565,504   $(1,404)  $(375,857)  $571,328 
Net earnings             19,392              19,392 
Adoption of accounting standards             90              90 
Other comprehensive income, net                  (1,112)        (1,112)
Conversion of common stock   67    (67)   (20,826)        20,826    —   
Adjustment to treasury stock for                              
holdings in investment partnerships                       (19,292)   (19,292)
Exercise of stock options        (43)             92    49 
Balance at December 31, 2018  $1,138   $381,904   $564,160   $(2,516)  $(374,231)  $570,455 
Net earnings             45,380              45,380 
Adoption of accounting standards             1,499              1,499 
Other comprehensive income, net                  (294)        (294)
Adjustment to treasury stock for                              
holdings in investment partnerships        (116)             (626)   (742)
Balance at December 31, 2019  $1,138   $381,788   $611,039   $(2,810)  $(374,857)  $616,298 

 

See accompanying Notes to Consolidated Financial Statements.

 

27

 

BIGLARI HOLDINGS INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

(Years Ended December 31, 2019, 2018 and 2017)

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

 

Note 1.Summary of Significant Accounting Policies

 

Description of Business

Biglari Holdings Inc. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of December 31, 2019, Mr. Biglari’s beneficial ownership was approximately 64.4% 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 $51,505 in cash. Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the year.

 

Acquired assets included oil and gas properties of $69,881 and accounts receivable of $6,735. Acquired liabilities included asset retirement obligations of $10,542, income taxes payable of $4,302, deferred tax liabilities of $5,671 and accounts payable of $3,949. Acquisition related expenses were recorded as general and administrative expenses.

 

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 and its agency, 1st Guard Corporation (collectively “First Guard”), and Southern Oil. Intercompany accounts and transactions have been eliminated in consolidation.

 

Cash, Cash Equivalents and Restricted Cash

Cash equivalents primarily consist of U.S. Government securities and money market accounts, all of which have original maturities of three months or less. Cash equivalents are carried at fair value. The statement of cash flows includes restricted cash with cash and cash equivalents.

 

Cash as reported on the statements of cash flows consists of the following.

 

   December 31, 
   2019   2018   2017 
Cash and cash equivalents  $67,772   $48,557   $58,577 
Restricted cash included in other long-term assets   2,924    6,453    8,653 
Cash, cash equivalents and restricted cash  $70,696   $55,010   $67,230 

 

Investments

Our investments are carried at fair value with net unrealized gains or losses reported in the statements of earnings. Realized gains and losses on disposals of investments are determined by the specific identification of cost of investments sold.

 

28

  

Note 1.Summary of Significant Accounting Policies (continued)

 

Investment Partnerships

The Company holds a limited interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively the “investment partnerships”). Biglari Capital Corp. (“Biglari Capital”), an entity solely owned by Mr. Biglari, is the general partner of the investment partnerships. Our interests in the investment partnerships are accounted as equity method investments because of our retained limited partner interests. The Company records investment partnership gains (inclusive of the investment partnerships’ unrealized gains and losses on their securities) as a component of other income based on our proportional ownership interest in the partnerships. The investment partnerships are, for purposes of generally accepted accounting principles (“GAAP”), investment companies under the AICPA Audit and Accounting Guide Investment Companies.

 

Concentration of Equity Price Risk

The majority of our investments are conducted through investment partnerships which generally hold common stocks. We also hold marketable securities directly. Through 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 have a materially adverse effect on our earnings and on consolidated shareholders’ equity.

 

Receivables

Our accounts receivable balance consists primarily of franchisee, customer, and other receivables. We carry our accounts receivable at cost less an allowance for doubtful accounts, which is based on a history of past write-offs and collections and current credit conditions. Allowance for doubtful accounts was $4,857 and $3,901 at December 31, 2019 and 2018, respectively.

 

Inventories

Inventories are valued at the lower of cost (first-in, first-out method) or market, and consist primarily of restaurant food items and supply inventory.

 

Property and Equipment

Restaurants

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the assets (10 to 30 years for buildings and land improvements, and 3 to 10 years for equipment). Leasehold improvements are amortized on the straight-line method over the shorter of the estimated useful lives of the improvements or the term of the related leases. Interest costs associated with the construction of new restaurants are capitalized. Major improvements are also capitalized while repairs and maintenance are expensed as incurred. We review our long-lived restaurant assets whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For purposes of this assessment, assets are evaluated at the lowest level for which there are identifiable cash flows which is generally at the individual restaurant level. Assets included in the impairment assessment generally consist of property, equipment and leasehold improvements directly associated with an individual restaurant as well as any related finance or operating lease assets.  If the future undiscounted cash flows of an asset are less than the recorded value, an impairment is recorded for the difference between the carrying value and the estimated fair value of the asset.

  

Oil and Gas Properties

The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. There were no capitalized costs for exploratory activities during 2019.

 

The Company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) sufficient progress has been made in assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the Company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense.

  

Asset retirement obligations

Asset retirement obligations relate to future costs associated with the plugging and abandonment of oil and gas wells, the removal of equipment and facilities from leased acreage, and the return of 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. If an asset retirement obligation is settled for an amount other than the recorded amount, a gain or loss is recognized.

  

29

 

Note 1.Summary of Significant Accounting Policies (continued)

  

Goodwill and Other Intangible Assets

Goodwill and indefinite life intangible assets are not amortized, but are tested for potential impairment on an annual basis, or more often if events or circumstances change that could cause goodwill or indefinite life intangible assets to become impaired. Other purchased intangible assets are amortized over their estimated useful lives, generally on a straight-line basis. We perform reviews for impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying value. When an impairment is identified, we reduce the carrying value of the asset to its estimated fair value. No impairments were recorded on goodwill or intangible assets during 2019, 2018 or 2017. Refer to Note 7 for information regarding our goodwill and other intangible assets.

 

Dual Class Common Stock

Beginning in 2018, the Company has two classes of common stock, designated Class A common stock and Class B common stock. 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.

 

The following table presents shares authorized, issued and outstanding.

 

   December 31, 2019   December 31, 2018     
   Class A   Class B   Class A   Class B   December 31, 2017 
Common stock authorized   500,000    10,000,000    500,000    10,000,000    2,500,000 
                          
Common stock issued   206,864    2,068,640    206,864    2,068,640    2,142,202 
Treasury stock held by the Company   —      —      —      —      (74,589)
Outstanding shares   206,864    2,068,640    206,864    2,068,640    2,067,613 

 

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of December 31, 2019 and 2018, and 620,284 shares outstanding as of December 31, 2017.

 

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 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 Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification (“ASC”) 260, “Earnings Per Share.” The equivalent Class A common stock applied for computing earnings per share excludes the proportional shares of Biglari Holdings’ stock held by the investment partnerships. The equivalent Class A common stock for the earnings per share calculation was 344,736, 348,108 and 368,150 for 2019, 2018 and 2017, respectively. There are no dilutive securities outstanding.

 

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, we adopted Accounting Standards Codification Topic 606 (“ASC 606”). In accordance with ASC 606, we changed certain characteristics of our revenue recognition accounting policy as described below. ASC 606 was applied using the modified retrospective method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at January 1, 2018. Comparative prior periods have not been adjusted.

  

30

 

Note 1.Summary of Significant Accounting Policies (continued)

  

The impact of ASC 606 on the Company’s balance sheet as of December 31, 2018 was not material. The cumulative change in retained earnings as of January 1, 2018 was $90. Upon adoption of ASC 606, the Company changed its restaurant operations accounting policies for the recognition of franchise fees, recording of advertising arrangements, and recognition of gift card revenue. The adoption of ASC 606 did not have any significant impact on our insurance or media/licensing businesses.

 

Restaurant operations

Restaurant operations revenues were disaggregated as follows.

 

   2019   2018   2017 
             
Net sales  $578,164   $740,922   $781,856 
Franchise royalties and fees   27,189    30,998    20,773 
Other   4,867    3,770    4,524 
   $610,220   $775,690   $807,153 

 

Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.

 

Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalties are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement.

 

During the years ended December 31, 2019 and 2018, restaurant operations recognized $1,725 and $3,096, respectively, in revenue related to initial franchise fees. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to franchise fees of $7,976 and $9,075, respectively. Restaurant operations expects to recognize approximately $928 in 2020 and the balance in the years 2021 through 2040. 

 

Our advertising arrangements with franchisees are reported in franchise royalties and fees.  During the years ended December 31, 2019 and 2018, restaurant operations recognized $7,815 and $9,675, respectively, in revenue related to franchisee advertising fees. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to franchisee advertising fees of $3,043 and $2,255, respectively. Restaurant operations expects to recognize approximately $1,522 of deferred revenue during 2020 and the balance in 2021.

 

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. 

 

For the years ended December 31, 2019 and 2018, restaurant operations recognized $22,869 and $27,081, respectively, of revenue from gift card redemptions. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to unredeemed gift cards of $20,730 and $22,685, respectively. The Company expects to recognize approximately $15,931 in 2020 and the balance in the years 2021 through 2023. 

  

Insurance premiums and commissions 

Insurance premiums are earned over the terms of the related policies. Expenses incurred in connection with acquiring new insurance business, including acquisition costs, are charged to operations as incurred. Premiums earned are stated net of amounts ceded to reinsurer.

 

Oil and gas

Revenues are derived from the sale of produced oil and natural gas. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is due within 30 days of delivery.

  

31

 

Note 1.Summary of Significant Accounting Policies (continued)

  

Media advertising and other

Magazine subscription and advertising revenues are recognized at the magazine cover date. The unearned portion of magazine subscriptions is deferred until the magazine’s cover date, at which time a proportionate share of the gross subscription price is recognized as revenues, net of any commissions paid to subscription agents. Also included in subscription revenues are revenues generated from single-copy sales of magazines through retail outlets such as newsstands, supermarkets, convenience stores and drugstores and on certain digital devices, which may or may not result in future subscription sales. Revenues from retail outlet sales are recognized based on gross sales less a provision for estimated returns. License revenue is recognized when earned. We derive value and revenues from intellectual property assets through a range of licensing and business activities, including licensing and syndication of our trademarks and copyrights in the United States and internationally.

 

Restaurant Cost of Sales

Cost of sales includes the cost of food, restaurant operating costs and restaurant rent expense. Cost of sales excludes depreciation and amortization, which is presented as a separate line item on the consolidated statement of earnings.

 

Insurance Losses and Underwriting Expenses

Liabilities for estimated unpaid losses and loss adjustment expenses with respect to claims occurring on or before the balance sheet date are established under insurance contracts issued by our insurance subsidiaries. Such estimates include provisions for reported claims or case estimates, provisions for incurred but not reported claims and legal and administrative costs to settle claims. The estimates of unpaid losses and amounts recoverable under reinsurance are established and continually reviewed by using a variety of actuarial, statistical and analytical techniques. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance contracts. Liabilities for insurance losses of $3,211 and $1,891 are included in accrued expenses in the consolidated balance sheet as of December 31, 2019 and 2018, respectively.

 

Oil and Gas Production Costs

Oil and gas production costs are composed of lease operating expenses and production taxes.

 

Marketing Expense

Advertising costs are charged to expense at the later of the date the expenditure is incurred or the date the promotional item is first communicated. Marketing expense is included in selling, general and administrative expenses in the consolidated statement of earnings.

 

Insurance Reserves

We self-insure a significant portion of expected losses under our workers’ compensation, general liability, auto, directors and officers liability, and medical liability insurance programs, and record a reserve for our estimated losses on all unresolved open claims and our estimated incurred but not reported claims at the anticipated cost to us. Insurance reserves are recorded in accrued expenses in the consolidated balance sheet.

 

Savings Plans

Several of our subsidiaries also sponsor deferred compensation and defined contribution retirement plans, such as 401(k) or profit sharing plans. Employee contributions to the plans are subject to regulatory limitations and the specific plan provisions. Some of the plans allow for discretionary contributions as determined by management. Employer contributions expensed with respect to these plans were not material.

 

Foreign Currency Translation

The Company has certain subsidiaries located in foreign jurisdictions.  For subsidiaries whose functional currency is other than the U.S. dollar, the translation of functional currency statements to U.S. dollar statements uses end-of-period exchange rates for assets and liabilities, weighted average exchange rates for revenue and expenses, and historical rates for equity. The resulting currency translation adjustment is recorded in accumulated other comprehensive income, as a component of equity.

 

Use of Estimates

Preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates.

 

New Accounting Standards

In June 2016, the FASB issued 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.

 

32

 

Note 1.Summary of Significant Accounting Policies (continued)

  

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.

 

Note 2.Investments

 

Investments were $44,856 and $33,860 as of December 31, 2019 and 2018, respectively. Investments in equity securities and a related derivative position of $4,463 are included in other current assets as of December 31, 2018. The investments are recorded at fair value.

 

Note 3.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 is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.

 

33

 

Note 3.Investment Partnerships (continued)

  

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

 

   Fair Value   Company Common Stock   Carrying
Value
 
Partnership interest at December 31, 2016  $972,707   $395,070   $577,637 
Investment partnership gains (losses)   (41,740)   (48,705)   6,965 
Distributions (net of contributions of $3,707)   (5,688)        (5,688)
Increase in proportionate share of Company stock held        12,893    (12,893)
Partnership interest at December 31, 2017  $925,279   $359,258   $566,021 
Investment partnership gains (losses)   (180,517)   (220,928)   40,411 
Distributions (net of reinvestments of $39,040)   (29,660)        (29,660)
Increase in proportionate share of Company stock held        19,292    (19,292)
Partnership interest at December 31, 2018  $715,102   $157,622   $557,480 
Investment partnership gains (losses)   80,350    2,217    78,133 
Distributions (net of reinvestments of $40,000)   (129,329)        (129,329)
Increase in proportionate share of Company stock held        742    (742)
Partnership interest at December 31, 2019  $666,123   $160,581   $505,542 

 

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

 

   December 31, 
   2019   2018 
Carrying value of investment partnerships  $505,542   $557,480 
Deferred tax liability related to investment partnerships   (56,518)   (92,703)
Carrying value of investment partnerships net of deferred taxes  $449,024   $464,777 

 

The Company’s proportionate share of Company stock held by investment partnerships at cost is $374,857 and $374,231 at December 31, 2019 and 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.

 

   2019   2018   2017 
Gains from investment partnerships  $78,133   $40,411   $6,965 
Tax expense (benefit)   17,360    7,171    (4,115)
Contribution to net earnings  $60,773   $33,240   $11,080 

 

On December 31 of each year, the general partner of the investment partnerships, Biglari Capital, will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements. Our investments in these partnerships are committed on a rolling 5-year basis.

 

There were no incentive reallocations from Biglari Holdings to Biglari Capital during 2019, 2018 and 2017.

 

34

 

Note 3.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 December 31, 2019  $117,135   $758,663 
Total liabilities as of December 31, 2019  $158   $114,639 
Revenue for the year ended December 31, 2019  $10,637   $85,831 
Earnings for the year ended December 31, 2019  $10,567   $78,604 
Biglari Holdings’ ownership interest   66.1%   92.9%
           
Total assets as of December 31, 2018  $107,207   $901,750 
Total liabilities as of December 31, 2018  $447   $202,770 
Revenue for the year ended December 31, 2018  $(92,093)  $(120,431)
Earnings for the year ended December 31, 2018  $(92,159)  $(130,193)
Biglari Holdings’ ownership interest   65.9%   92.2%
           
Total assets as of December 31, 2017  $203,560   $1,060,737 
Total liabilities as of December 31, 2017  $157   $199,974 
Revenue for the year ended December 31, 2017  $(13,322)  $(25,283)
Earnings for the year ended December 31, 2017  $(13,383)  $(35,740)
Biglari Holdings’ ownership interest   64.3%   92.3%

 

Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments.

 

Note 4.Other Current Assets

 

Other current assets include the following.

 

   December 31, 
   2019   2018 
Deferred commissions on gift cards sold by third parties  $3,379   $3,218 
Prepaid contractual obligations   3,070    1,555 
Investment in equity security and related derivative position   —      4,463 
Other current assets  $6,449   $9,236 

 

Note 5.Property and Equipment

 

Property and equipment is composed of the following.

 

   December 31, 
   2019   2018 
Land  $150,147   $146,015 
Buildings   144,243    142,658 
Land and leasehold improvements   157,141    158,938 
Equipment   196,264    201,738 
Oil and gas properties   77,475    —   
Construction in progress   3,789    1,703 
    729,059    651,052 
Less accumulated depreciation and amortization   (378,432)   (376,336)
Property and equipment, net  $350,627   $274,716 

 

Depreciation and amortization expense for property and equipment for 2019, 2018 and 2017 was $18,881, $18,646 and $20,706, respectively. Depletion expense related to oil and gas properties was $8,077 during 2019 and is included in depreciation and amortization within the consolidated statement of earnings.

 

The Company recorded an impairment to restaurant long-lived assets of $8,186, $5,677 and $1,789 during 2019, 2018 and 2017, respectively. The fair value of the long-lived assets was determined based on Level 3 inputs using a discounted cash flow model and quoted prices for the properties. The fair value of the assets impaired was not material for any of the applicable periods.

 

The property and equipment cost related to finance obligations as of December 31, 2019 is as follows: $59,104 of buildings, $49,891 of land, $26,924 of land and leasehold improvements, and $52,240 of accumulated depreciation.

  

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Note 6.Asset Retirement Obligations

 

A reconciliation of the ending aggregate carrying amount of asset retirement obligations is as follows.

 

   December 31, 
   2019 
Acquired balance  $10,542 
Liabilities settled   (88)
Accretion expense   177 
Asset retirement obligation  $10,631 

 

As of December 31, 2019, $184 is classified as current and is included in accounts payable and accrued expenses in the consolidated balance sheets.

 

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. No goodwill was recorded with the acquisition of Southern Oil.

 

A reconciliation of the change in the carrying value of goodwill is as follows.

 

   Restaurants   Other   Total 
Goodwill at December 31, 2016  $28,090   $11,913   $40,003 
Change in foreign exchange rates during 2017   78    —      78 
Goodwill at December 31, 2017  $28,168   $11,913   $40,081 
Change in foreign exchange rates during 2018   (29)   —      (29)
Goodwill at December 31, 2018  $28,139   $11,913   $40,052 
Change in foreign exchange rates during 2019   (12)   —      (12)
Goodwill at December 31, 2019  $28,127   $11,913   $40,040 

  

We evaluate 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 2019, 2018 or 2017.

 

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Note 7.Goodwill and Other Intangible Assets (continued)

  

Other Intangible Assets

Other intangible assets are composed of the following.

 

   December 31, 
   2019   2018 
   Gross carrying amount   Accumulated amortization   Total   Gross carrying amount   Accumulated amortization   Total 
Franchise agreement  $5,310   $(5,178)  $132   $5,310   $(4,647)  $663 
Other   810    (792)   18    810    (774)   36 
Total   6,120    (5,970)   150    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   11,323    —      11,323    11,539    —      11,539 
Total intangible assets  $33,319   $(5,970)  $27,349   $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 2019, 2018 and 2017 was $549, $562 and $567, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020.

 

During 2018, the Company purchased lease rights totaling $2,503.

 

Note 8.Accounts Payable and Accrued Expenses

 

Accounts payable and accrued expenses include the following.

 

   December 31, 
   2019   2018 
Accounts payable  $32,626   $41,967 
Gift card liability   20,745    22,685 
Salaries, wages, and vacation   10,667    13,107 
Deferred revenue   10,454    11,681 
Taxes payable   29,275    11,214 
Self-insurance accruals   11,070    8,394 
Other   6,242    8,217 
Accounts payable and accrued expenses  $121,079   $117,265 

 

Note 9.Other Liabilities

 

Other liabilities include the following.

 

   December 31, 
   2019   2018 
Non qualified deferred compensation  $1,716   $1,801 
Other   348    912 
Deferred rent expense   —      6,468 
Other liabilities  $2,064   $9,181 

 

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Note 10.Income Taxes

 

The components of the provision for income taxes consist of the following.

 

   2019   2018   2017 
Current:               
Federal  $41,005   $(1,688)  $544 
State   7,301    1,204    816 
Deferred   (38,545)   (2,153)   (64,321)
Inome tax expense (benefit)  $9,761   $(2,637)  $(62,961)
                
Reconciliation of effective income tax:               
Tax at U.S. statutory rates  $11,579   $3,519   $(4,512)
State income taxes, net of federal benefit   1,573    741    259 
Tax rate changes   —      (1,342)   (51,707)
Federal income tax credits   (3,004)   (4,587)   (3,158)
Dividends received deduction   (955)   (2,142)   (6,304)
Valuation allowance   441    658    742 
Foreign tax rate differences   116    349    1,598 
Other   11    167    121 
Inome tax expense (benefit)  $9,761   $(2,637)  $(62,961)

 

On December 22, 2017, new federal income tax legislation, the Tax Cuts and Jobs Act (“Act”), was signed into law. Effective January 1, 2018, the U.S. corporate federal statutory income tax rate was reduced from 35.0% to 21.0% and required re-measurement of deferred balances to the new statutory rates as of December 31, 2017.

 

The Act also imposed a mandatory one-time transition tax on undistributed international earnings. We do not expect to have any additional tax liability related to a transition tax. The Company did not have a net tax expense or benefit on income from international operations. Earnings (losses) before income taxes derived from domestic operations during 2019, 2018 and 2017 were $57,877, $21,700 and $(6,230), respectively. Losses before income taxes derived from international operations during 2019, 2018 and 2017 were $2,736, $4,945, and $6,660, respectively.

 

As of December 31, 2019, we had $348 of unrecognized tax benefits, including $62 of interest and penalties, which are included in other long-term liabilities in the consolidated balance sheet. As of December 31, 2018, we had $341 of unrecognized tax benefits, including $43 of interest and penalties, which are included in other long-term liabilities in the consolidated balance sheet. Our continuing practice is to recognize interest expense and penalties related to income tax matters in income tax expense. The unrecognized tax benefits of $348 would impact the effective income tax rate if recognized. Adjustments to the Company’s unrecognized tax benefit for gross increases for the current period tax position, gross decreases for prior period tax positions and the lapse of statute of limitations during 2019, 2018 and 2017 were not significant.

 

We file income tax returns which are periodically audited by various foreign, federal, state, and local jurisdictions. With few exceptions, we are no longer subject to federal, state, and local tax examinations for fiscal years prior to 2016. We believe we have certain state income tax exposures related to fiscal years 2015 through 2019. Because of the expiration of the various state statutes of limitations for these fiscal years, it is possible that the total amount of unrecognized tax benefits will decrease by approximately $157 within 12 months.

 

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse.

 

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Note 10.Income Taxes (continued)

 

Our deferred tax assets and liabilities consist of the following.

 

   December 31, 
   2019   2018 
Deferred tax assets:          
Insurance reserves  $1,304   $1,816 
Compensation accruals   438    677 
Gift card accruals   3,280    2,515 
Net operating loss credit carryforward   6,017    5,547 
Valuation allowance on net operating losses   (5,419)   (4,978)
Fixed assets and depletable assets basis difference   4,776    —   
Income tax credit carryforward   6,300    4,965 
Other   (36)   953 
Total deferred tax assets   16,660    11,495 
           
Deferred tax liabilities:          
Investments   56,519    92,743 
Fixed asset basis difference   —      934 
Goodwill and intangibles   14,371    4,689 
Total deferred tax liabilities   70,890    98,366 
Net deferred tax liability  $(54,230)  $(86,871)

 

Accrued expenses on the balance sheet include income taxes payable of $17,767 as of December 31, 2019. Receivables on the balance sheet include income taxes receivable of $2,022 as of December 31, 2018. Income taxes paid during 2019, 2018 and 2017 were $30,375, $810 and $3,211, respectively. Income tax refunds during 2019, 2018 and 2017 were $1,546, $8 and $0, respectively.

 

Note 11.Notes Payable and Other Borrowings

 

Notes payable and other borrowings include the following.

 

   December 31, 
   2019   2018 
Current portion of notes payable and other borrowings        
Notes payable  $2,200   $2,200 
Unamortized original issue discount   (348)   (334)
Unamortized debt issuance costs   (634)   (609)
Finance obligations   4,252    4,463 
Finance lease liabilities   1,633    —   
Total current portion of notes payable and other borrowings  $7,103   $5,720 
           
Long-term notes payable and other borrowings          
Notes payable  $179,298   $181,498 
Unamortized original issue discount   (89)   (438)
Unamortized debt issuance costs   (163)   (796)
Finance obligations   74,497    59,737 
Finance lease liabilities   9,639    —   
Total long-term notes payable and other borrowings  $263,182   $240,001 

 

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Note 11.Notes Payable and Other Borrowings (continued)

  

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. As of December 31, 2019, $181,498 was outstanding. The Company is evaluating refinancing options. Alternative financing may not be available on terms commensurate with its current financing arrangement. Biglari Holdings is not a guarantor under the credit facility.

 

The term loan amortizes in equal quarterly installments at an annual rate of 1.0% 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.

 

Borrowings bear interest at a rate per annum equal to a base rate or a Eurodollar rate (minimum of 1%) plus an applicable margin. 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 5.55% as of December 31, 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.

 

Expected principal payments for notes payable as of December 31, 2019, are as follows.

 

2020   2,200 
2021   179,298 
Total   $181,498 

 

The fair value of long-term debt, excluding capitalized lease obligations, was approximately $145,000 at December 31, 2019. The fair value of our debt was estimated based on quoted market prices. The fair value was determined to be a Level 3 fair value measurement.

 

Western Sizzlin Revolver

As of December 31, 2019 and 2018, Western Sizzlin had no debt outstanding under its revolver.

 

Interest

Interest paid on debt and obligations under leases are as follows.

 

   2019   2018   2017 
Interest paid on debt  $11,273   $10,655   $9,969 
Interest paid on obligations under leases  $7,816   $8,207   $9,132 

 

Note 12.Leased Assets and Lease Commitments

  

The Company adopted ASC 842 on January 1, 2019, as discussed in Note 1.  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.

 

40

  

Note 12.Leased Assets and Lease Commitments (continued)

 

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.

 

   2019 
Finance lease costs:     
Amortization of right-of-use assets  $1,952 
Interest on lease liabilities   828 
Operating lease costs *   16,483 
Total lease costs  $19,263 

 

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

 

Supplemental cash flow information related to leases is as follows.

 

   Year Ended
December 31, 2019
 
Cash paid for amounts included in the measurement of lease liabilities:     
Financing cash flows from finance leases  $1,610 
Operating cash flows from finance leases  $828 
Operating cash flows from operating leases  $16,863 
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.

 

   December 31, 2019 
Finance leases:     
Property and equipment, net  $10,783 
      
Current portion of notes payable and other borrowings  $1,633 
Long-term notes payable and other borrowings   9,639 
Total finance lease liablities  $11,272 

 

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

 

   2019 
Weighted-average remaining lease terms:     
Finance leases     8.4 years  
Operating leases    6.4 years  
      
Weighted-average discount rates:     
Finance leases   7.1%
Operating leases   6.9%

 

41

  

Note 12.Leased Assets and Lease Commitments (continued)

  

Maturities of lease liabilities as of December 31, 2019 are as follows.

 

Year  Operating Leases    Finance
Leases
 
2020  $15,584   $2,377 
2021   14,759    2,358 
2022   12,622    1,869 
2023   10,794    1,669 
2024   8,680    1,633 
After 2024   18,576    5,170 
Total lease payments   81,015    15,076 
Less interest   16,109    3,804 
Total lease liabilities  $64,906   $11,272 

  

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           

 

Rent expense is presented below.

 

   2019   2018   2017 
Minimum rent  $17,968   $20,158   $18,157 
Contingent rent   1,050    1,470    1,839 
Rent expense  $19,018   $21,628   $19,996 

 

Note 13.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 remained at $700 during 2019. The Company paid Biglari Enterprises $8,400 in service fees during 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.

 

Investments in The Lion Fund, L.P. and The Lion Fund II, L.P.
As of December 31, 2019, the Company’s investments in The Lion Fund, L.P. and The Lion Fund II, L.P. had a fair value of $666,123.

 

42

  

Note 13.Related Party Transactions (continued)

 

Contributions to and distributions from The Lion Fund, L.P. and The Lion Fund II, L.P. were as follows.

 

   2019   2018   2017 
             
Contributions of cash  $40,000   $39,040   $3,707 
Distributions of cash   (169,329)   (68,700)   (9,395)
   $(129,329)  $(29,660)  $(5,688)

 

As the general partner of the investment partnerships, Biglari Capital on December 31 of each year 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. In 2019, 2018 and 2017, no incentive reallocation was earned.

 

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 was effective in 2019.

 

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 shareholder withdrew their motion to enjoin the shareholder vote on April 26, 2018.

 

43

 

Note 14.Commitments and Contingencies (continued)

 

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. On December 4, 2019, the Indiana Court of Appeals issued a unanimous decision affirming the trial court’s decision to dismiss the shareholder litigation. On January 20, 2020, the shareholders filed a petition to transfer with the Indiana Supreme Court seeking review of the decision of the Court of Appeals.  The Company opposed the petition.  The Indiana Supreme Court has not ruled upon the petition to transfer.

 

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 July 26, 2019, the Company agreed to settle both cases for $8,350 and the Court approved the terms of the settlement. 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.

 

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 sheet:

 

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.

 

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Note 15.Fair Value of Financial Assets (continued)

 

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 Level 1 or 2 of the fair value hierarchy depending on the instrument.

 

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

 

   December 31, 
   2019   2018 
   Level 1   Level 2   Level 3   Total   Level 1   Level 2   Level 3   Total 
Assets                                
Cash equivalents  $43,095   $—     $—     $43,095   $21,448   $—     $—     $21,448 
Equity securities:                                        
 Consumer goods   —      6,397    —      6,397    1,708    4,100    —      5,808 
Insurance   25    —           25    —      —      —      —   
Bonds   38,911    —      —      38,911    32,404    —      —      32,404 
Options on equity securities   —      2,166    —      2,166    —      2,755    —      2,755 
Non-qualified deferred                                        
compensation plan investments   2,175    —      —      2,175    2,149    —      —      2,149 
Total assets at fair value  $84,206   $8,563   $—     $92,769   $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.Accumulated Other Comprehensive Income

 

Changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, were as follows.

 

    2019   2018
   

Foreign

Currency

Translation

Adjustments

 

Investment

Gain (Loss)

 

Accumulated

Other

Comprehensive

Loss

 

Foreign

Currency

Translation

Adjustments

 

Investment

Gain

(Loss)

 

Accumulated

Other

Comprehensive

Loss

Beginning Balance   $ (2,516 )   $ —      $ (2,516 )   $ (1,462 )   $ 58     $ (1,404 )
Reclassification to (earnings) loss                 —                   (58 )     (58 )
Foreign currency translation      (294 )         (294 )   (1,054 )             (1,054 )
Ending Balance   $ (2,810 )   $ —        $ (2,810 )   $ (2,516 )   $ —         $ (2,516 )

 

   2017 
    Foreign Currency Translation Adjustments    Investment
Gain (Loss)
    Accumulated
Other
Comprehensive
Loss
 
Beginning Balance  $(3,447)  $(137)  $(3,584)
Other comprehensive income (loss)               
before reclassifications        195    195 
Foreign currency translation   1,985         1,985 
Ending Balance  $(1,462)  $58   $(1,404)

 

There were no reclassifications from accumulated other comprehensive income to earnings during 2019 and 2017. Reclassifications made from accumulated other comprehensive income to the statement of earnings were $58 of income to earnings during 2018.

 

45

  

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, Southern Oil and Maxim. 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.

 

A disaggregation of our consolidated data for each of the three most recent years is presented in the tables which follow.

 

   Revenue 
   2019   2018   2017 
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $595,004   $760,565   $792,827 
Western   15,216    15,125    14,326 
Total Restaurant Operations   610,220    775,690    807,153 
First Guard   30,083    27,628    24,943 
Southern Oil   24,436    —      —   
Maxim   4,099    6,576    7,708 
   $668,838   $809,894   $839,804 

 

    Earnings (Loss) Before Income Taxes 
    2019    2018    2017 
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $(18,575)  $(10,657)  $431 
Western   1,756    2,046    1,860 
Total Restaurant Operations   (16,819)   (8,611)   2,291 
First Guard   7,103    6,215    4,770 
Southern Oil   8,032    —      —   
Maxim   742    1,068    (439)
Other   994    635    669 
Total Operating Businesses   52    (693)   7,291 
Corporate and investments:               
Corporate   (10,602)   (11,286)   (16,106)
Investment partnership gains   78,133    40,411    6,965 
Total corporate   67,531    29,125    (9,141)
Interest expense on notes               
payable and other borrowings   (12,442)   (11,677)   (11,040)
   $55,141   $16,755   $(12,890)

 

46

 

Note 17.Business Segment Reporting (continued)

 

    Capital Expenditures 
                
    2019    2018    2017 
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $9,951   $14,982   $7,565 
Western   72    61    410 
Total Restaurant Operations   10,023    15,043    7,975 
First Guard   43    236    43 
Southern Oil   7,594    —      —   
Maxim   —      —      —   
Other   19    14    16 
Total Operating Businesses   17,679    15,293    8,034 
Corporate   —      —      —   
Consolidated results  $17,679   $15,293   $8,034 

 

    Depreciation and Amortization 
                
    2019    2018    2017 
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $20,533   $18,180   $19,987 
Western   641    651    636 
Total Restaurant Operations   21,174    18,831    20,623 
First Guard   85    76    56 
Southern Oil (includes depletion expense of $8,077)   8,218    —      —   
Maxim   —      27    50 
Other   66    287    287 
Total Operating Businesses   29,543    19,221    21,016 
Corporate   35    97    432 
Consolidated results  $29,578   $19,318   $21,448 

 

47

 

Note 17.Business Segment Reporting (continued)

 

A disaggregation of our consolidated assets is presented in the table that follows.

 

   Identifiable Assets 
   December 31, 
   2019   2018 
Reportable segments:          
Restaurant Operations:          
Steak n Shake  $385,259   $330,100 
Western   18,322    16,444 
Total Restaurant Operations   403,581    346,544 
First Guard   58,808    51,565 
Southern Oil   82,257    —   
Maxim   16,549    18,143 
Other   20,732    19,774 
Corporate   51,840    35,987 
Investment partnerships   505,542    557,480 
Total assets  $1,139,309   $1,029,493 

 

Note 18.Quarterly Financial Data (Unaudited)

 

   1st Quarter   2nd Quarter   3rd Quarter   4th Quarter 
For the year ended December 31, 2019                    
Total revenues  $181,859   $168,343   $160,216   $158,420 
Gross profit   22,837    30,454    38,467    43,307 
Costs and expenses   199,384    169,518    157,272    145,398 
Earnings (loss) before income taxes   11,562    27,870    (631)   16,340 
Net earnings (loss)   9,818    21,974    (17)   13,605 
Net earnings (loss) per equivalent Class A share  $28.36   $63.50   $(0.05)  $39.64 
                     
                     
For the year ended December 31, 2018                    
Total revenues  $202,225   $208,739   $203,582   $195,348 
Gross profit   36,430    42,727    36,153    33,145 
Costs and expenses   203,391    203,778    204,518    201,979 
Earnings (loss) before income taxes   (2,611)   (8,429)   (24,902)   52,697 
Net earnings (loss)   (1,814)   (7,539)   (13,703)   42,448 
Net earnings (loss) per equivalent Class A share  $(5.15)  $(21.73)  $(39.50)  $122.53 

 

We define gross profit as net revenue less restaurant cost of sales, media cost of sales, oil and natural gas production costs and insurance losses and underwriting expenses, which excludes depreciation and amortization.

  

Note 19.Supplemental Disclosures of Cash Flow Information

 

Capital expenditures in accounts payable at December 31, 2019, 2018 and 2017 were $339, $1,776 and $1,036, respectively.

 

In 2019, we had new finance lease obligations of $5,026 and retirements of $940. In 2018, we had new capital lease obligations of $1,000 and lease retirements of $11,557. During 2017, we had new capital lease obligations of $1,952 and lease retirements of $5,030.

 

48

 

Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

Not applicable.

 

Item 9A.

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 December 31, 2019.

 

On September 9, 2019, we completed our acquisition of Southern Oil. We have excluded Southern Oil from management’s assessment of the effectiveness of disclosure controls and procedures as of December 31, 2019.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2019 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting. We excluded the evaluation of internal controls over financial reporting for Southern Oil during the quarter ended December 31, 2019.

 

Management’s Report on Internal Control Over Financial Reporting

 

Management of Biglari Holdings Inc. is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in the Securities Exchange Act of 1934 Rule 13a-15(f). Under the supervision of our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2019 as required by the Securities Exchange Act of 1934 Rule 13a-15(c). In making this assessment, we used the criteria set forth in the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control—Integrated Framework (2013), our management concluded that our internal control over financial reporting was effective as of December 31, 2019.

 

We are in the process of evaluating the existing controls and procedures of Southern Oil and integrating Southern Oil into our internal control over financial reporting. In accordance with Securities and Exchange Commission guidance, we have excluded Southern Oil from management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2019.

 

The effectiveness of our internal control over financial reporting as of December 31, 2019 has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which is included herein.

  

Biglari Holdings Inc.

 

February 22, 2020

 

Item 9B.

Other Information

 

None.

 

49

 

Part III

 

Item 10.Directors, Executive Officers and Corporate Governance

 

Item 11.Executive Compensation

 

Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

Item 13.Certain Relationships and Related Transactions, and Director Independence

 

Item 14.Principal Accountant Fees and Services

 

The information required by Part III Items 10, 11, 12, 13 and 14 will be contained in the Company’s definitive proxy statement for its 2020 Annual Meeting of Shareholders, to be filed on or before April 23, 2020, and such information is incorporated herein by reference.

 

 

 

50

 

Part IV

 

  Item 15. Exhibits and Financial Statement Schedules

 

(a) 1. Financial Statements

 

The following Consolidated Financial Statements, as well as the Reports of Independent Registered Public Accounting Firm, are included in Part II, Item 8 of this report:

 

  PAGE   
Reports of Independent Registered Public Accounting Firm 22-23
Consolidated Balance Sheets 24
Consolidated Statements of Earnings 25
Consolidated Statements of Comprehensive Income 25
Consolidated Statements of Cash Flows 26
Consolidated Statements of Changes in Shareholders’ Equity 27
Notes to Consolidated Financial Statements 28
Management’s Report on Internal Control over Financial Reporting 49

 

2. Financial Statement Schedule

 

Schedules have been omitted for the reason that they are not required, are not applicable, or the required information is set forth in the financial statements or notes thereto.

 

(b) Exhibits

 

Exhibit
Number
  Description
     
2.01   Amended and Restated Agreement and Plan of Merger, dated as of March  5, 2018, by and among OBH Inc (the “Predecessor”), BH Merger Company and the Company (incorporated by reference to Exhibit 2.01 to the Company’s Amendment No. 3 to Registration Statement on Form S-4 filed March 28, 2018).
3.01   First Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Annex II to the Company’s Amendment No. 2 to Registration Statement on Form S-4 filed March 6, 2018).
3.02   Articles of Amendment to the First Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.02 to the Company’s Form 8-K12B filed April 30, 2018).
3.03   By-Laws of the Company (incorporated by reference to Exhibit 3.03 to the Company’s Form 8-K12B filed April 30, 2018).
4.01   Specimen Class A Common Stock Certificate of the Company (incorporated by reference to Exhibit 4.01 to the Company’s Amendment No. 3 to Registration Statement on Form S-4 filed March 28, 2018).
4.02   Specimen Class B Common Stock Certificate of the Company (incorporated by reference to Exhibit 4.02 to the Company’s Amendment No. 3 to Registration Statement on Form S-4 filed March 28, 2018).
4.03   Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.
10.01*   The Steak n Shake Non-Qualified Savings Plan, amended and restated as of March 15, 2010 (incorporated by reference to Exhibit 4.3 to the Predecessor’s Registration Statement on Form S-8 dated April 22, 2010).
10.02   Amended and Restated Incentive Agreement, dated September 28, 2010, by and between the Predecessor and Sardar Biglari (incorporated by reference to Annex A to the Predecessor’s definitive Proxy Statement dated September 29, 2010).

 

51

 

10.03   Services Agreement, dated as of September 15, 2017, by and among Biglari Holdings Inc., Biglari Capital Corp. and Biglari Enterprises LLC (incorporated by reference to Exhibit 10.1 to the Predecessor’s Current Report on Form 8-K dated September 15, 2017).
10.04*   First Amendment, dated as of July 1, 2013, to the Amended and Restated Incentive Agreement, dated as of September 28, 2010, by and between Biglari Holdings Inc. and Sardar Biglari  (incorporated by reference to Exhibit 10.3 to the Predecessor’s Current Report on Form 8-K dated July 2, 2013).
10.05   Credit Agreement, dated as of March 19, 2014, among Steak n Shake Operations, Inc., as borrower, Steak n Shake Enterprises, Inc. and Steak n Shake, LLC, as subsidiary guarantors, the lenders party thereto, Jefferies Finance LLC, as joint lead arranger, syndication agent, documentation agent, book manager, administrative agent and collateral agent, and Fifth Third Bank, as joint lead arranger, swingline lender and issuing bank (incorporated by reference to Exhibit 10.1 to the Predecessor’s Current Report on Form 8-K dated March 21, 2014).
10.06   Security Agreement, dated as of March 19, 2014, by Steak n Shake Operations, Inc., Steak n Shake Enterprises, Inc. and Steak n Shake, LLC, as pledgors, assignors and debtors, in favor of Jefferies Finance LLC, in its capacity as collateral agent, pledgee, assignee and secured party (incorporated by reference to Exhibit 10.2 to the Predecessor’s Current Report on Form 8-K dated March 21, 2014).
10.07   Form of Indemnity Agreement for Directors, as adopted on June 3, 2015 (incorporated by reference to Exhibit 10.1 to the Predecessor’s Current Report on Form 8-K dated June 4, 2015).
10.08   Amended and Restated Partnership Agreement of The Lion Fund II, L.P. as amended on June 3, 2015 (incorporated by reference to Exhibit 10.1 to the Predecessor’s Current Report on Form 8-K dated June 4, 2015).
10.09*   Second Amendment to Amended and Restated Incentive Agreement dated March 26, 2019, by and between Biglari Holdings Inc. and Sardar Biglari (incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019).
10.10   Membership Interest Purchase Agreement dated as of September 9, 2019, by and among NDT Senior Loan Fund, L.P., Specialty Loan VG Fund, L.P., Lincoln Investment Solutions, Inc., Jade Real Assets Fund, L.P., American United Life Insurance Company, HPS SLF UE Aggregator, L.P. and Southern Oil Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated September 12, 2019).
21.01    Subsidiaries of the Company.
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.

 

Indicates management contract or compensatory plans or arrangements required to be filed as an exhibit to the Annual Report on Form 10-K.

 

**   Furnished herewith.

 

  Item 16. Form 10-K Summary

 

Not applicable. 

 

52

  

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) 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, on February 22, 2020.

 

    Biglari Holdings inc.
         
    By:   /s/ Bruce Lewis
        Bruce Lewis
Controller

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated, on February 22, 2020.

 

Signature   Title
     
/s/ Sardar Biglari   Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
Sardar Biglari    
     
/s/ Bruce Lewis   Controller (Principal Financial and Accounting Officer)
 Bruce Lewis    
     
/s/ Philip Cooley   Director
 Philip Cooley    
     
/s/ Ruth J. Person   Director
 Ruth J. Person    
     
/s/ Kenneth R. Cooper   Director
Kenneth R. Cooper    
     
/s/ James P. Mastrian   Director
James P. Mastrian    
     
/s/ John G. Cardwell   Director
John G. Cardwell    

 

53

EX-4.03 2 e619393_4-03.htm

 

Exhibit 4.03

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

Biglari Holdings Inc. (the “Company”) is incorporated in the State of Indiana. The rights of shareholders of the Company will generally be governed by Indiana law and the Company’s articles of incorporation and by-laws, as each may be amended from time to time.

 

The following summary does not purport to be a complete description of the terms of the Company’s capital stock, including certain provisions of the Company’s articles of incorporation and by-laws and certain provisions of Indiana law. It is subject to and qualified in its entirety by reference to the Company’s articles of incorporation and by-laws, which are filed as exhibits to this Annual Report on Form 10-K, and the relevant provisions of Indiana law.

 

General

 

The authorized capital of the Company is 11,500,000 shares, without par value, consisting of 500,000 shares of Class A common stock and 10,000,000 shares of Class B common stock, and 1,000,000 shares of preferred stock, without par value.

 

Class A and Class B Common Stock

 

Dividends and Distributions. Holders of Class A common stock will be entitled to such dividends or other distributions (including liquidating distributions) per share, whether in cash, in kind, in stock or by any other means, when and as may be declared by the Company’s board of directors out of assets or funds legally available therefor. Holders of Class B common stock will be entitled to dividends or other distributions (including liquidating distributions) per share, whether in cash, in kind, in stock or by any other means, equal to 1/5th of the amount per share declared for each share of Class A common stock, payable in the same form and at the same time as dividends or distributions with respect to the Class A common stock. However, in the event of a stock split or dividend, holders of Class A common stock will receive shares of Class A common stock and holders of Class B common stock will receive shares of Class B common stock, unless otherwise specifically designated by resolution of the Company’s board of directors.

 

Voting Rights. Each holder of Class A common stock will be entitled to one vote per share. Shares of Class B common stock will not be entitled to vote on any matter (except as otherwise required by Indiana law), but holders of the Class B common stock will receive the same proxy statements, annual reports, and other information and reports as the Company delivers to the holders of shares of Class A common stock. There are no cumulative voting rights in the election of directors or any other matter.

 

Conversion. Neither the Class A common stock nor Class B common stock are convertible.

 

Preemptive or Similar Rights. There are no preemptive, redemption or sinking fund rights applicable to Class A or Class B common stock.

 

Equal Treatment. Except as expressly provided with respect to voting rights, shares of Class B common stock will have the same rights and privileges and rank equally, share ratably and be identical in all respects to 1/5th of one share of Class A common stock. In the event of any merger, consolidation, or other business combination requiring the approval of the Company’s shareholders entitled to vote thereon (whether or not the Company is the surviving entity), the holders of shares of Class B common stock will receive the same form of consideration and 1/5th of the amount of consideration, on a per share basis, as the consideration, if any, received by holders of shares of Class A common stock in connection with such merger, consolidation or combination (and if holders of shares of Class A common stock are entitled to make an election as to the amount or form of consideration that such holders will receive in any such merger, consolidation or combination with respect to their shares of Class A common stock, then the holders of shares of Class B common stock will be entitled to make the same election as to their shares of Class B common stock). In the event of any (i) tender or exchange offer to acquire any shares of Class A common stock by any third party pursuant to an agreement to which the Company is a party, resulting in a change of control of the Company; or (ii) tender or exchange offer by the Company to acquire any shares of Class A common stock, the holders of shares of Class B common stock will be offered the same form of consideration and 1/5th of the amount of consideration, on a per share basis, as the consideration received by holders of shares of Class A common stock (and if holders of shares of Class A common stock are entitled to make an election as to the amount or form of consideration that such holders will receive in any such tender or exchange offer with respect to their shares of Class A common stock, then the holders of shares of Class B common stock will be entitled to make the same election as to their shares of Class B common stock).

 

 

 

 

Preferred Stock

 

The Company’s board of directors may, at its discretion and without further shareholder approval, issue up to 1,000,000 shares of preferred stock in one or more series and fix the number of shares in that series, the number of votes, if any, to which the shares in that series are entitled, the consideration for the shares in that series, and the designations, powers, preferences and other rights, qualifications, limitations or restrictions of the shares in that series. The powers, preferences and rights, and the qualifications, limitations or restrictions, if any, of each series of preferred stock may be different from those of any and all other series. Depending upon the rights prescribed for a series of preferred stock, the issuance of preferred stock could have an adverse effect on the voting power or economic rights of the holders of the Company’s common stock.

 

Transfer Agent

 

The transfer agent for the Class A and Class B common stock is Computershare Trust Company, N.A.

 

Certain Provisions of the Company’s Organizational Documents

 

Certain provisions of the Company’s articles of incorporation and by-laws may delay or make more difficult unsolicited acquisitions or changes of control of the Company. These provisions could have the effect of discouraging third parties from making proposals involving an unsolicited acquisition or change in control of the Company, although these proposals, if made, might be considered desirable by our unaffiliated shareholders. These provisions also may have the effect of making it more difficult for third parties to cause the replacement of the current management without the concurrence of the board of directors. These provisions include:

 

    the availability of authorized but unissued shares of stock, including shares of preferred stock, for issuance from time to time at the discretion of the board of directors;
       
    permitting only the Chairman, a majority of the board of directors or a shareholder holding at least 50 percent of the issued and outstanding capital stock entitled to vote to call a special meeting of shareholders and preventing shareholders from proposing business to be brought before a special meeting; and
       
    requirements for advance notice for raising business or making nominations at annual meetings.

 

The by-laws of the Company provide that unless the Company consents in writing to the selection of an alternative forum, the State of Indiana shall be the sole and exclusive forum for: (a) any derivative action or proceeding brought by or in the name of the corporation; (b) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee, agent or affiliate of the Company to the Company or to the Company’s shareholders; (c) any action arising pursuant to any provision of the Indiana Business Corporation Law (the “IBCL”) or the Company’s articles of incorporation or by-laws (as may be amended from time to time); or (d) any action asserting a claim against the Company governed by the internal affairs doctrine.

 

Certain Provisions of the Indiana Business Corporation Law

 

Under specified circumstances, the following provisions of the IBCL may delay, prevent or make more difficult unsolicited acquisitions or changes of control of the Company. These provisions also may have the effect of preventing changes in the management of the Company. It is possible that these provisions could make it more difficult to accomplish transactions that shareholders may otherwise deem to be in their best interests.

 

 

 

 

Control Share Acquisitions. Under Chapter 42 of the IBCL, an acquiring person or group who makes a “control share acquisition” in an “issuing public corporation” may not exercise voting rights on any “control shares” unless these voting rights are conferred by a majority vote of the disinterested shareholders of the issuing public corporation at a special meeting of those shareholders held upon the request and at the expense of the acquiring person. If control shares acquired in a control share acquisition are accorded full voting rights and the acquiring person has acquired control shares with a majority or more of all voting power, all shareholders of the issuing public corporation have dissenters’ rights to receive the fair value of their shares pursuant to Chapter 44 of the IBCL.

 

Under the IBCL, “control shares” are shares acquired by a person that, when added to all other shares of the issuing public corporation owned by that person or in respect to which that person may exercise or direct the exercise of voting power, would otherwise entitle that person to exercise voting power of the issuing public corporation in the election of directors within any of the following ranges:

 

    one-fifth or more but less than one-third;
       
    one-third or more but less than a majority; or
       
    a majority or more.

 

A “control share acquisition” means, subject to specified exceptions, the acquisition, directly or indirectly, by any person of ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding control shares. For the purposes of determining whether an acquisition constitutes a control share acquisition, shares acquired within 90 days or under a plan to make a control share acquisition are considered to have been acquired in the same acquisition.

 

An “issuing public corporation” means a corporation which has (i) 100 or more shareholders, (ii) its principal place of business or its principal office in Indiana, or that owns or controls assets within Indiana having a fair market value of greater than $1,000,000, and (iii) (A) more than 10% of its shareholders resident in Indiana, (B) more than 10% of its shares owned of record or owned beneficially by Indiana residents, or (C) 1,000 shareholders resident in Indiana.

 

The provisions described above do not apply if, before a control share acquisition is made, the corporation’s articles of incorporation or by-laws, including a by-law adopted by the corporation’s board of directors, provide that they do not apply. The Company’s by-laws do not exclude the Company from Chapter 42 of the IBCL.

 

Certain Business Combinations. Chapter 43 of the IBCL restricts the ability of a “resident domestic corporation” to engage in any combinations with an “interested shareholder” for five years after the date the interested shareholder became such, unless the combination or the purchase of shares by the interested shareholder on the interested shareholder’s date of acquiring shares is approved by the board of directors of the resident domestic corporation before that date. If the combination was not previously approved, then the interested shareholder may effect a combination after the five-year period only if that shareholder receives approval from a majority of the disinterested shareholders or the offer meets specified “fair price” criteria.

 

For purposes of the above provisions, “resident domestic corporation” means an Indiana corporation that has 100 or more shareholders. “Interested shareholder” means any person, other than the resident domestic corporation or its subsidiaries, who is (i) the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the resident domestic corporation or (ii) an affiliate or associate of the resident domestic corporation, which at any time within the five-year period immediately before the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding shares of the resident domestic corporation.

 

The definition of “beneficial owner” for purposes of Chapter 43 of the IBCL means a person who, directly or indirectly, owns the shares, has the right to acquire or vote the subject shares (excluding voting rights under revocable proxies made in accordance with federal law), has any agreement, arrangement or understanding for the purpose of acquiring, holding or voting or disposing of the subject shares, or holds any “derivative instrument” that includes the opportunity, directly or indirectly, to profit or share in any profit derived from any increase in the value of the subject shares.

 

 

 

 

The above provisions do not apply to corporations that elect not to be subject to Chapter 43 of the IBCL in an amendment to their articles of incorporation approved by a majority of the disinterested shareholders. That amendment, however, cannot become effective until 18 months after its passage and would apply only to share acquisitions occurring after its effective date. The Company’s articles of incorporation do not exclude the Company from Chapter 43 of the IBCL.

 

Directors’ Duties and Liability. Under Chapter 35 of the IBCL, directors are required to discharge their duties:

 

    in good faith;
       
    with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and
       
    in a manner the directors reasonably believe to be in the best interests of the corporation.

 

Under the IBCL, a director is not liable for any action taken as a director, or any failure to act, regardless of the nature of the alleged breach of duty (including breaches of the duty of care, the duty of loyalty, and the duty of good faith) unless the director has breached or failed to perform the duties of the director’s office and the action or failure to act constitutes willful misconduct or recklessness. This exculpation from liability under the IBCL does not affect the liability of directors for violations of the federal securities laws.

 

Consideration of Effects on Other Constituents. Chapter 35 of the IBCL also provides that a board of directors, in discharging its duties, may consider, in its discretion, both the long-term and short-term best interests of the corporation, taking into account, and weighing as the directors deem appropriate, the effects of an action on the corporation’s shareholders, employees, suppliers and customers and the communities in which offices or other facilities of the corporation are located and any other factors the directors consider pertinent. Directors are not required to consider the effects of a proposed corporate action on any particular corporate constituent group or interest as a dominant or controlling factor. If a determination is made with the approval of a majority of the disinterested directors of the board of directors, that determination is conclusively presumed to be valid unless it can be demonstrated that the determination was not made in good faith after reasonable investigation.

 

Chapter 35 of the IBCL specifically provides that specified judicial decisions in Delaware and other jurisdictions, which might be looked upon for guidance in interpreting Indiana law, including decisions that propose a higher or different degree of scrutiny in response to a proposed acquisition of the corporation, are inconsistent with the proper application of the business judgment rule under that section.

 

Mandatory Classified Board of Directors. Under Section 23-1-33-6(c) of the IBCL, a corporation with a class of voting shares registered with the U.S. Securities and Exchange Commission under Section 12 of the Securities Exchange Act, as amended (the “Exchange Act”) must have a classified board of directors unless the corporation adopts a by-law expressly electing not to be governed by this provision by the later of July 31, 2009 or 30 days after the corporation’s voting shares are registered under Section 12 of the Exchange Act. The Company’s by-laws include a provision electing not to be subject to this mandatory requirement; however, the IBCL permits this election to be rescinded by subsequent action of the Company’s board of directors.

 

Exculpation from Liability of Directors in Certain Circumstances

 

The Company’s articles of incorporation provide for indemnification of their respective directors where they have acted in good faith, which means that in the case of official action, they reasonably believed the conduct was in our best interests and in all other cases, the action taken was not against our best interests, and in the case of criminal proceedings, they had reasonable cause to believe the action was lawful or there was no reasonable cause to believe the action was unlawful. Under the IBCL, a director is not liable for any action taken as a director, or any failure to act, regardless of the nature of the alleged breach of duty (including breaches of the duty of care, the duty of loyalty, and the duty of good faith) unless the director has breached or failed to perform the duties of the director’s office and the action or failure to act constitutes willful misconduct or recklessness. The Company’s articles of incorporation do not absolve directors of liability for payment of any unlawful distributions by the Company in violation of Section 23-1-35-4 (or any successor provision) of the IBCL, provided that such action constitutes willful misconduct or recklessness.

 

We do not believe that exculpation from liability under the IBCL affects the liability of the Company’s directors for violations of the federal securities laws. The Company’s articles of incorporation and by-laws provide indemnification for the benefit of its respective directors and officers to the fullest extent permitted by the IBCL, including most circumstances under which indemnification otherwise would be discretionary.

 

 

EX-21.01 3 e619393_21-01.htm

 

Exhibit 21.01

 

BIGLARI HOLDINGS INC.

 

Subsidiaries Jurisdiction of Incorporation or Organization
First Guard Insurance Company Arizona
1st Guard Corporation Florida
Maxim Inc. Delaware
Steak n Shake Inc Indiana
Western Sizzlin Corporation Delaware
Southern Oil Company Delaware

 

 

EX-31.01 4 e619393_31-01.htm

  

Exhibit 31.01

 

CERTIFICATION PURSUANT TO RULE 13a-14(a)/l5d-l4(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 annual report on form 10-K of Biglari Holdings Inc.;

 

2.       Based on my knowledge this report does not contain am untrue statement of a material fact or omit to stale 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 I3a-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 (the registrant s fourth fiscal quarter in the case of an annual report) 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 or internal control over financial reporting, to the registrant’s auditors and the audit committee of 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: February 22, 2020    
     
 

/s/ Sardar Biglari

 
  Sardar Biglari
Chairman and Chief Executive Officer
 

 

 

EX-31.02 5 e619393_31-02.htm

  

Exhibit 31.02

 

CERTIFICATION PURSUANT TO RULE 13a-l4(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.       l have reviewed this annual report on form 10-K 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 lire 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 tit 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 (the registrant’s fourth fiscal quarter in the case of an annual report) 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 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 lo 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: February 22, 2020    
     
 

/s/ Bruce Lewis

 
  Bruce Lewis
Controller
 

 

 

 

EX-32.01 6 e619393_32-01.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 Annual Report of Biglari Holdings Inc (the “Company’ ) on Form 10-K for the year ended December 31. 20l9 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certifies, 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
 
February 22, 2020  

 

/s/ Bruce Lewis

 
Bruce Lewis
Controller
 
February 22, 2020  

 

 

 

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OthersMember OtherSegmentMember OtherMember SteaknShakeMember Corporate1Member Assets, Current Liabilities, Current Liabilities [Default Label] Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Costs and Expenses Interest Expense InterestOnFinanceLeasesAndObligations Nonoperating Income (Expense) Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax Increase (Decrease) in Deferred Income Taxes Gain (Loss) on Disposition of Assets Gain (Loss) on Investments InvestmentGainsIncludingContributions IncreaseDecreaseInReceivablesAndInventories Increase (Decrease) in Other Operating Assets Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Lease Receivables Payments to Acquire Businesses, Net of Cash Acquired ReturnOfCapitalFromInvestmentPartnership InvestmentsInInvestmentPartnerships Payments to Acquire Investments Net Cash Provided by (Used in) Investing Activities Repayments of Lines of Credit Repayments of Long-term Debt PrincipalPaymentsOnDirectFinancingLeaseObligations Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Investment, Policy [Policy Text Block] Equity Method Investments [Policy Text Block] Receivable [Policy Text Block] Inventory, Policy [Policy Text Block] Schedule of Stock by Class [Table Text Block] Treasury Stock, Shares Other Operating Income Equity Method Investments, Fair Value Disclosure CarryingValueOfInvestmentPartnershipsNetOfDeferredTaxes IncomeLossFromEquityMethodInvestmentsGross Land [Default Label] LandAndLeaseholdImprovements Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Asset Retirement Obligation Indefinite-lived Intangible Assets (Excluding Goodwill) IndefiniteLivedIntangibleAssetsAccumulatedAmortization Other Accrued Liabilities, Current Accrued Liabilities, Current Other Liabilities Effective Income Tax Rate Reconciliation, Tax Credit, Amount Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount Effective Income Tax Rate Reconciliation, Deduction, Other, Amount Deferred Tax Assets, Valuation Allowance, Current Deferred Tax Assets, Other Deferred Tax Liabilities, Investments Deferred Tax Liabilities, Net Notes Payable, Noncurrent Debt Instrument, Unamortized Discount Unamortized Debt Issuance Expense Long-term Debt and Lease Obligation Finance Lease, Liability, Noncurrent Right-of-Use Asset Obtained in Exchange for Finance Lease Liability Right-of-Use Asset Obtained in Exchange for Operating Lease Liability Finance Lease, Weighted Average Discount Rate, Percent Operating Lease, Weighted Average Discount Rate, Percent Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two Capital Leases, Future Minimum Payments Due in Two Years Capital Leases, Future Minimum Payments Due in Three Years Capital Leases, Future Minimum Payments Due in Four Years Capital Leases, Future Minimum Payments Due in Five Years Operating Leases, Future Minimum Payments Due, Next Twelve Months Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Operating Leases, Future Minimum Payments, Due in Four Years Operating Leases, Future Minimum Payments, Due in Five Years Operating Leases, Future Minimum Payments, Due Thereafter Operating Leases, Future Minimum Payments Due Distribution Made to Limited Partner, Cash Distributions Paid Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax EX-101.PRE 13 bh-20191231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 14 R53.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 5. Property and Equipment (Details Narrative) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Accumulated depreciation $ 52,240    
Building      
Property and equipment related costs 59,104    
Land      
Property and equipment related costs 49,891    
Land and leasehold improvements      
Property and equipment related costs 26,924    
Consolidated      
Depreciation and amortization expense 18,881 $ 18,646 $ 20,706
Depletion expense 8,077    
Impairment to long-lived assets $ 8,186 $ 5,677 $ 1,789
XML 15 R57.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 7. Goodwill and Other Intangible Assets (Details 1) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Consolidated    
Gross carrying amount $ 33,319 $ 33,535
Accumulated amortization (5,970) (5,421)
Total intangible assets 27,349 28,114
Franchise Agreement    
Gross carrying amount 5,310 5,310
Accumulated amortization (5,178) (4,647)
Total intangible assets 132 663
Other    
Gross carrying amount 810 810
Accumulated amortization (792) (774)
Total intangible assets 18 36
Finite Lived Intangible Assets    
Gross carrying amount 6,120 6,120
Accumulated amortization (5,970) (5,421)
Total intangible assets 150 699
Trade Names    
Gross carrying amount 15,876 15,876
Accumulated amortization 0 0
Total intangible assets 15,876 15,876
Other Assets With Indefinite Lives    
Gross carrying amount 11,323 11,539
Accumulated amortization 0 0
Total intangible assets $ 11,323 $ 11,539
XML 16 R78.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 17. Business Segment Reporting (Details 1) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Earnings (loss) before income taxes $ 16,340 $ (631) $ 27,870 $ 11,562 $ 52,697 $ (24,902) $ (8,429) $ (2,611)      
Consolidated                      
Earnings (loss) before income taxes                 $ 55,141 $ 16,755 $ (12,890)
Restaurant Operations - SteakNShake                      
Earnings (loss) before income taxes                 (18,575) (10,657) 431
Restaurant Operations - Western                      
Earnings (loss) before income taxes                 1,756 2,046 1,860
Interest Expense on Notes Payable and Other Borrowings                      
Earnings (loss) before income taxes                 (12,442) (11,677) (11,040)
Operating Businesses                      
Earnings (loss) before income taxes                 52 (693) 7,291
Operating Businesses | Restaurant                      
Earnings (loss) before income taxes                 (16,819) (8,611) 2,291
Operating Businesses | First Guard                      
Earnings (loss) before income taxes                 7,103 6,215 4,770
Operating Businesses | Southern Oil                      
Earnings (loss) before income taxes                 8,032 0 0
Operating Businesses | Maxim                      
Earnings (loss) before income taxes                 742 1,068 (439)
Operating Businesses | Other                      
Earnings (loss) before income taxes                 994 635 669
Corporate and Investments | Corporate                      
Earnings (loss) before income taxes                 (10,602) (11,286) (16,106)
Corporate and Investments | Investment partnerships gains                      
Earnings (loss) before income taxes                 78,133 40,411 6,965
Corporate and Investments | Total Corporate                      
Earnings (loss) before income taxes                 $ 67,531 $ 29,125 $ (9,141)
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 2. Investments
12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
Note 2. Investments

Investments were $44,856 and $33,860 as of December 31, 2019 and 2018, respectively. Investments in equity securities and a related derivative position of $4,463 are included in other current assets as of December 31, 2018. The investments are recorded at fair value.

 

XML 18 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net earnings $ 45,380 $ 19,392 $ 50,071
Other comprehensive income:      
Other comprehensive income (loss), net (294) (1,112) 2,180
Consolidated      
Net earnings 45,380 19,392 50,071
Other comprehensive income:      
Reclassification to earnings 0 (73) 0
Applicable income taxes 0 15 0
Net change in unrealized gains on investments 0 0 284
Applicable income taxes 0 0 (89)
Foreign currency translation (294) (1,054) 1,985
Other comprehensive income (loss), net (294) (1,112) 2,180
Total comprehensive income $ 45,086 $ 18,280 $ 52,251
XML 19 R74.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 13. Related Party Transactions (Details) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Contributions of cash $ 40,000 $ 39,040 $ 3,707
Distributions of cash (169,329) (68,700) (9,395)
Total contributions and distributions $ (129,329) $ (29,660) $ (5,688)
XML 20 R70.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 12. Leased Assets and Lease Commitments (Details 3) - Consolidated
Dec. 31, 2019
Weighted-average remaining lease terms:  
Finance leases 8 years 4 months 24 days
Operating leases 6 years 4 months 24 days
Weighted-average discount rates:  
Finance leases 7.10%
Operating leases 6.90%
XML 21 R80.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 17. Business Segment Reporting (Details 3) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Consolidated    
Identifiable assets $ 1,139,309 $ 1,029,493
Other    
Identifiable assets 20,732 19,774
Corporate    
Identifiable assets 51,840 35,987
Restaurant Operations - SteakNShake    
Identifiable assets 385,259 330,100
Western    
Identifiable assets 18,322 16,444
Restaurant    
Identifiable assets 403,581 346,544
First Guard    
Identifiable assets 58,808 51,565
Southern Oil    
Identifiable assets 82,257 0
Maxim    
Identifiable assets 16,549 18,143
Investment Partnerships    
Identifiable assets $ 505,542 $ 557,480
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 5. Property and Equipment
12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Note 5. Property and Equipment

Property and equipment is composed of the following. 

 

   December 31,
   2019  2018
Land  $150,147   $146,015 
Buildings   144,243    142,658 
Land and leasehold improvements   157,141    158,938 
Equipment   196,264    201,738 
Oil and gas properties   77,475    —   
Construction in progress   3,789    1,703 
    729,059    651,052 
Less accumulated depreciation and amortization   (378,432)   (376,336)
Property and equipment, net  $350,627   $274,716 

 

Depreciation and amortization expense for property and equipment for 2019, 2018 and 2017 was $18,881, $18,646 and $20,706, respectively. Depletion expense related to oil and gas properties was $8,077 during 2019 and is included in depreciation and amortization within the consolidated statement of earnings.

 

The Company recorded an impairment to restaurant long-lived assets of $8,186, $5,677 and $1,789 during 2019, 2018 and 2017, respectively. The fair value of the long-lived assets was determined based on Level 3 inputs using a discounted cash flow model and quoted prices for the properties. The fair value of the assets impaired was not material for any of the applicable periods.

 

The property and equipment cost related to finance obligations as of December 31, 2019 is as follows: $59,104 of buildings, $49,891 of land, $26,924 of land and leasehold improvements, and $52,240 of accumulated depreciation.

 

XML 23 R15.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 9. Other Liabilities
12 Months Ended
Dec. 31, 2019
Other Liabilities Disclosure [Abstract]  
Note 9. Other Liabilities

Other liabilities include the following. 

 

   December 31,
   2019  2018
Non qualified deferred compensation  $1,716   $1,801 
Other   348    912 
Deferred rent expense    —      6,468 
Other liabilities  $2,064   $9,181 

XML 24 R19.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 13. Related Party Transactions
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Note 13. 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 remained at $700 during 2019. The Company paid Biglari Enterprises $8,400 in service fees during 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.

 

Investments in The Lion Fund, L.P. and The Lion Fund II, L.P.
As of December 31, 2019, the Company’s investments in The Lion Fund, L.P. and The Lion Fund II, L.P. had a fair value of $666,123.

 

Contributions to and distributions from The Lion Fund, L.P. and The Lion Fund II, L.P. were as follows. 

 

   2019  2018  2017
          
 Contributions of cash   $40,000   $39,040   $3,707 
 Distributions of cash    (169,329)   (68,700)   (9,395)
     $(129,329)  $(29,660)  $(5,688)

 

As the general partner of the investment partnerships, Biglari Capital on December 31 of each year 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. In 2019, 2018 and 2017, no incentive reallocation was earned.

 

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 was effective in 2019.

 

XML 25 R36.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 11. Notes Payable and Other Borrowings (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of notes payable and other borrowings
   December 31,
   2019  2018
Current portion of notes payable and other borrowings      
Notes payable  $2,200   $2,200 
Unamortized original issue discount   (348)   (334)
Unamortized debt issuance costs   (634)   (609)
Finance obligations   4,252    4,463 
Finance lease liabilities   1,633    —   
Total current portion of notes payable and other borrowings  $7,103   $5,720 
           
Long-term notes payable and other borrowings          
Notes payable  $179,298   $181,498 
Unamortized original issue discount   (89)   (438)
Unamortized debt issuance costs   (163)   (796)
Finance obligations   74,497    59,737 
Finance lease liabilities   9,639    —   
Total long-term notes payable and other borrowings  $263,182   $240,001 
Expected principle payment
 2020    2,200 
 2021    179,298 
 Total    $181,498 
Interest on debt obligations
   2019  2018  2017
Interest paid on debt  $11,273   $10,655   $9,969 
Interest paid on obligations under leases  $7,816   $8,207   $9,132 
XML 26 R32.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 7. Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill
   Restaurants  Other  Total
Goodwill at December 31, 2016  $28,090   $11,913   $40,003 
Change in foreign exchange rates during 2017   78    —      78 
Goodwill at December 31, 2017  $28,168   $11,913   $40,081 
Change in foreign exchange rates during 2018   (29)   —      (29)
Goodwill at December 31, 2018  $28,139   $11,913   $40,052 
Change in foreign exchange rates during 2019   (12)   —      (12)
Goodwill at December 31, 2019  $28,127   $11,913   $40,040 
Schedule of definite and indefinite lived intangible assets
   December 31,
   2019  2018
   Gross carrying amount  Accumulated amortization  Total  Gross carrying amount  Accumulated amortization  Total
Franchise agreement  $5,310   $(5,178)  $132   $5,310   $(4,647)  $663 
Other   810    (792)   18    810    (774)   36 
Total   6,120    (5,970)   150    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   11,323    —      11,323    11,539    —      11,539 
Total intangible assets  $33,319   $(5,970)  $27,349   $33,535   $(5,421)  $28,114 
XML 27 R23.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 17. Business Segment Reporting
12 Months Ended
Dec. 31, 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, Southern Oil and Maxim. 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.

 

A disaggregation of our consolidated data for each of the three most recent years is presented in the tables which follow.

 

   Revenue
   2019  2018  2017
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $595,004   $760,565   $792,827 
Western   15,216    15,125    14,326 
Total Restaurant Operations   610,220    775,690    807,153 
First Guard   30,083    27,628    24,943 
Southern Oil   24,436    —      —   
Maxim   4,099    6,576    7,708 
   $668,838   $809,894   $839,804 

  

 

    Earnings (Loss) Before Income Taxes 
    2019    2018    2017 
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $(18,575)  $(10,657)  $431 
Western   1,756    2,046    1,860 
Total Restaurant Operations   (16,819)   (8,611)   2,291 
First Guard   7,103    6,215    4,770 
Southern Oil   8,032    —      —   
Maxim   742    1,068    (439)
Other   994    635    669 
Total Operating Businesses   52    (693)   7,291 
Corporate and investments:               
Corporate   (10,602)   (11,286)   (16,106)
Investment partnership gains   78,133    40,411    6,965 
Total corporate   67,531    29,125    (9,141)
Interest expense on notes               
payable and other borrowings   (12,442)   (11,677)   (11,040)
   $55,141   $16,755   $(12,890)

  

 

    Capital Expenditures 
    2019    2018    2017 
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $9,951   $14,982   $7,565 
Western   72    61    410 
Total Restaurant Operations   10,023    15,043    7,975 
First Guard   43    236    43 
Southern Oil   7,594    —      —   
Maxim   —      —      —   
Other   19    14    16 
Total Operating Businesses   17,679    15,293    8,034 
Corporate   —      —      —   
Consolidated results  $17,679   $15,293   $8,034 

  

 

    Depreciation and Amortization 
    2019    2018    2017 
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $20,533   $18,180   $19,987 
Western   641    651    636 
Total Restaurant Operations   21,174    18,831    20,623 
First Guard   85    76    56 
Southern Oil (includes depletion expenses of 8,077)   8,218    —      —   
Maxim   —      27    50 
Other   66    287    287 
Total Operating Businesses   29,543    19,221    21,016 
Corporate   35    97    432 
Consolidated results  $29,578   $19,318   $21,448 

 

A disaggregation of our consolidated assets is presented in the table that follows. 

 

   Identifiable Assets
   December 31,
   2019  2018
Reportable segments:          
Restaurant Operations:          
Steak n Shake  $385,259   $330,100 
Western   18,322    16,444 
Total Restaurant Operations   403,581    346,544 
First Guard   58,808    51,565 
Southern Oil   82,257    —   
Maxim   16,549    18,143 
Other   20,732    19,774 
Corporate   51,840    35,987 
Investment partnerships   505,542    557,480 
Total assets  $1,139,309   $1,029,493 

XML 28 R27.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 1. Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Cash, cash equivalents and restricted cash
   December 31,
   2019  2018  2017
Cash and cash equivalents  $67,772   $48,557   $58,577 
Restricted cash included in other long-term assets   2,924    6,453    8,653 
Cash, cash equivalents and restricted cash  $70,696   $55,010   $67,230 
Common stock
   December 31, 2019  December 31, 2018   
   Class A  Class B  Class A  Class B  December 31, 2017
Common stock authorized   500,000    10,000,000    500,000    10,000,000    2,500,000 
                          
Common stock issued   206,864    2,068,640    206,864    2,068,640    2,142,202 
Treasury stock held by the Company   —      —      —      —      (74,589)
Outstanding shares   206,864    2,068,640    206,864    2,068,640    2,067,613 
Summary of restaurant operations revenues
   2019  2018  2017
          
Net sales  $578,164   $740,922   $781,856 
Franchise royalties and fees   27,189    30,998    20,773 
Other   4,867    3,770    4,524 
   $610,220   $775,690   $807,153 
XML 29 R46.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 2. Investments (Details Narrative) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Available for sale investments $ 44,856 $ 33,860
Investments in equity securities and a related derivative position $ 4,463 $ 4,463
XML 30 R42.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 18. Quarterly Financial Data (Tables)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly financial information
   1st Quarter  2nd Quarter  3rd Quarter  4th Quarter
For the year ended December 31, 2019                    
Total revenues  $181,859   $168,343   $160,216   $158,420 
Gross profit   22,837    30,454    38,467    43,307 
Costs and expenses   199,384    169,518    157,272    145,398 
Earnings (loss) before income taxes   11,562    27,870    (631)   16,340 
Net earnings (loss)   9,818    21,974    (17)   13,605 
Net earnings (loss) per equivalent Class A share  $28.36   $63.50   $(0.05)  $39.64 
                     
                     
For the year ended December 31, 2018                    
Total revenues  $202,225   $208,739   $203,582   $195,348 
Gross profit   36,430    42,727    36,153    33,145 
Costs and expenses   203,391    203,778    204,518    201,979 
Earnings (loss) before income taxes   (2,611)   (8,429)   (24,902)   52,697 
Net earnings (loss)   (1,814)   (7,539)   (13,703)   42,448 
Net earnings (loss) per equivalent Class A share  $(5.15)  $(21.73)  $(39.50)  $122.53 
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Note 10. Income Taxes (Details) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current:      
Federal $ 41,005 $ (1,688) $ 544
State 7,301 1,204 816
Deferred (38,545) (2,153) (64,321)
Total income taxes 9,761 (2,637) (62,961)
Reconciliation of effective income tax:      
Tax at U.S. statutory rates 11,579 3,519 (4,512)
State income taxes, net of federal benefit 1,573 741 259
Tax rate changes 0 (1,342) (51,707)
Federal income tax credits (3,004) (4,587) (3,158)
Dividends received deduction (955) (2,142) (6,304)
Valuation allowance 441 658 742
Foreign tax rate differences 116 349 1,598
Other 11 167 121
Income tax expense (benefit) $ 9,761 $ (2,637) $ (62,961)
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Note 11. Notes Payable and Other Borrowings (Details 1)
$ in Thousands
Dec. 31, 2019
USD ($)
Debt Disclosure [Abstract]  
2020 $ 2,200
2021 179,298
Total $ 181,498
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Note 12. Leased Assets and Lease Commitments (Details 2) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Finance leases:    
Property and equipment, net $ 10,783  
Current portion of notes payable and other borrowings 1,633 $ 0
Long-term notes payable and other borrowings 9,639 $ 0
Total finance lease liablities $ 11,272  
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Note 16. Accumulated Other Comprehensive Income
12 Months Ended
Dec. 31, 2019
AOCI Attributable to Parent [Abstract]  
Note 16. Accumulated Other Comprehensive Income

Changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, were as follows. 

 

   2019  2018
    Foreign Currency Translation Adjustments    Investment
Gain (Loss)
    Accumulated
Other
Comprehensive
Loss
    Foreign Currency Translation Adjustments    Investment
Gain (Loss)
    Accumulated
Other
Comprehensive
Loss
 
Beginning Balance  $(2,516)  $—     $(2,516)  $(1,462)  $58   $(1,404)
Reclassification to (earnings) loss             —           (58)   (58)
Foreign currency translation   (294)        (294)   (1,054)        (1,054)
Ending Balance  $(2,810)  $—     $(2,810)  $(2,516)  $—     $(2,516)

 

   2017
    Foreign Currency Translation Adjustments    Investment
Gain (Loss)
    Accumulated
Other
Comprehensive
Loss
 
Beginning Balance  $(3,447)  $(137)  $(3,584)
Other comprehensive income (loss)               
before reclassifications        195    195 
Foreign currency translation   1,985         1,985 
Ending Balance  $(1,462)  $58   $(1,404)

 

There were no reclassifications from accumulated other comprehensive income to earnings during 2019 and 2017. Reclassifications made from accumulated other comprehensive income to the statement of earnings were $58 of income to earnings during 2018.

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Note 1. Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Description of Business

Biglari Holdings Inc. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of December 31, 2019, Mr. Biglari’s beneficial ownership was approximately 64.4% 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 $51,505 in cash. Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the year.

 

Acquired assets included oil and gas properties of $69,881 and accounts receivable of $6,735. Acquired liabilities included asset retirement obligations of $10,542, income taxes payable of $4,302, deferred tax liabilities of $5,671 and accounts payable of $3,949. Acquisition related expenses were recorded as general and administrative expenses.

 

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 and its agency, 1st Guard Corporation (collectively “First Guard”) and Southern Oil. Intercompany accounts and transactions have been eliminated in consolidation.

 

Cash, Cash Equivalents and Restricted Cash

Cash equivalents primarily consist of U.S. Government securities and money market accounts, all of which have original maturities of three months or less. Cash equivalents are carried at fair value. The statement of cash flows includes restricted cash with cash and cash equivalents.

 

Cash as reported on the statements of cash flows consists of the following. 

 

   December 31,
   2019  2018  2017
Cash and cash equivalents  $67,772   $48,557   $58,577 
Restricted cash included in other long-term assets   2,924    6,453    8,653 
Cash, cash equivalents and restricted cash  $70,696   $55,010   $67,230 

 

Investments

Our investments are carried at fair value with net unrealized gains or losses reported in the statements of earnings. Realized gains and losses on disposals of investments are determined by the specific identification of cost of investments sold.

 

Investment Partnerships

The Company holds a limited interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively the “investment partnerships”). Biglari Capital Corp. (“Biglari Capital”), an entity solely owned by Mr. Biglari, is the general partner of the investment partnerships. Our interests in the investment partnerships are accounted as equity method investments because of our retained limited partner interests. The Company records investment partnership gains (inclusive of the investment partnerships’ unrealized gains and losses on their securities) as a component of other income based on our proportional ownership interest in the partnerships. The investment partnerships are, for purposes of generally accepted accounting principles (“GAAP”), investment companies under the AICPA Audit and Accounting Guide Investment Companies.

 

Concentration of Equity Price Risk

The majority of our investments are conducted through investment partnerships which generally hold common stocks. We also hold marketable securities directly. Through 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 have a materially adverse effect on our earnings and on consolidated shareholders’ equity.

 

Receivables

Our accounts receivable balance consists primarily of franchisee, customer, and other receivables. We carry our accounts receivable at cost less an allowance for doubtful accounts, which is based on a history of past write-offs and collections and current credit conditions. Allowance for doubtful accounts was $4,857 and $3,901 at December 31, 2019 and 2018, respectively.

 

Inventories

Inventories are valued at the lower of cost (first-in, first-out method) or market, and consist primarily of restaurant food items and supply inventory.

 

Property and Equipment

Restaurants

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the assets (10 to 30 years for buildings and land improvements, and 3 to 10 years for equipment). Leasehold improvements are amortized on the straight-line method over the shorter of the estimated useful lives of the improvements or the term of the related leases. Interest costs associated with the construction of new restaurants are capitalized. Major improvements are also capitalized while repairs and maintenance are expensed as incurred. We review our long-lived restaurant assets whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For purposes of this assessment, assets are evaluated at the lowest level for which there are identifiable cash flows which is generally at the individual restaurant level. Assets included in the impairment assessment generally consist of property, equipment and leasehold improvements directly associated with an individual restaurant as well as any related finance or operating lease assets.  If the future undiscounted cash flows of an asset are less than the recorded value, an impairment is recorded for the difference between the carrying value and the estimated fair value of the asset.

 

Oil and Gas Properties

The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. There were no capitalized costs for exploratory activities during 2019.

 

The Company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) whether sufficient progress has been made in assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the Company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense.

 

Asset Retirement Obligations

Asset retirement obligations relate to future costs associated with the plugging and abandonment of oil and gas wells, the removal of equipment and facilities from leased acreage, and the return of 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. If an asset retirement obligation is settled for an amount other than the recorded amount, a gain or loss is recognized.

 

Goodwill and Other Intangible Assets

Goodwill and indefinite life intangible assets are not amortized, but are tested for potential impairment on an annual basis, or more often if events or circumstances change that could cause goodwill or indefinite life intangible assets to become impaired. Other purchased intangible assets are amortized over their estimated useful lives, generally on a straight-line basis. We perform reviews for impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying value. When an impairment is identified, we reduce the carrying value of the asset to its estimated fair value. No impairments were recorded on goodwill or intangible assets during 2019, 2018 or 2017. Refer to Note 7 for information regarding our goodwill and other intangible assets.

 

Dual Class Common Stock

Beginning in 2018, the Company has two classes of common stock, designated Class A common stock and Class B common stock. 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.

 

The following table presents shares authorized, issued and outstanding.

 

    December 31, 2019   December 31, 2018    
    Class A   Class B   Class A   Class B   December 31, 2017
Common stock authorized     500,000       10,000,000       500,000       10,000,000       2,500,000  
                                         
Common stock issued     206,864       2,068,640       206,864       2,068,640       2,142,202  
Treasury stock held by the Company     —         —         —         —         (74,589 )
Outstanding shares     206,864       2,068,640       206,864       2,068,640       2,067,613  

 

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of December 31, 2019 and 2018, and 620,284 shares outstanding as of December 31, 2017.

 

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 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 Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification (“ASC”) 260, “Earnings Per Share.” The equivalent Class A common stock applied for computing earnings per share excludes the proportional shares of Biglari Holdings’ stock held by the investment partnerships. The equivalent Class A common stock for the earnings per share calculation was 344,736, 348,108 and 368,150 for 2019, 2018 and 2017, respectively. There are no dilutive securities outstanding.

 

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (‘‘FASB’') issued Accounting Standards Update (‘‘ASU’') 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, we adopted Accounting Standards Codification Topic 606 (“ASC 606”). In accordance with ASC 606, we changed certain characteristics of our revenue recognition accounting policy as described below. ASC 606 was applied using the modified retrospective method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at January 1, 2018. Comparative prior periods have not been adjusted.

 

The impact of ASC 606 on the Company’s balance sheet as of December 31, 2018 was not material. The cumulative change in retained earnings as of January 1, 2018 was $90. Upon adoption of ASC 606, the Company changed its restaurant operations accounting policies for the recognition of franchise fees, recording of advertising arrangements, and recognition of gift card revenue. The adoption of ASC 606 did not have any significant impact on our insurance or media/licensing businesses.

 

Restaurant operations

Restaurant operations revenues were disaggregated as follows.

 

   2019  2018  2017
          
Net sales  $578,164   $740,922   $781,856 
Franchise royalties and fees   27,189    30,998    20,773 
Other   4,867    3,770    4,524 
   $610,220   $775,690   $807,153 

  

Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.

 

Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalties are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement.

 

During the years ended December 31, 2019 and 2018, restaurant operations recognized $1,725 and $3,096, respectively, in revenue related to initial franchise fees. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to franchise fees of $7,976 and $9,075, respectively. Restaurant operations expects to recognize approximately $928 in 2020 and the balance in the years 2021 through 2040. 

 

Our advertising arrangements with franchisees are reported in franchise royalties and fees.  During the years ended December 31, 2019 and 2018, restaurant operations recognized $7,815 and $9,675, respectively, in revenue related to franchisee advertising fees. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to franchisee advertising fees of $3,043 and $2,255, respectively. Restaurant operations expects to recognize approximately $1,522 of deferred revenue during 2020 and the balance in 2021.

 

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. 

 

For the years ended December 31, 2019 and 2018, restaurant operations recognized $22,869 and $27,081, respectively, of revenue from gift card redemptions. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to unredeemed gift cards of $20,730 and $22,685, respectively. The Company expects to recognize approximately $15,931 in 2020 and the balance in the years 2021 through 2023. 

 

Insurance premiums and commissions

Insurance premiums are earned over the terms of the related policies. Expenses incurred in connection with acquiring new insurance business, including acquisition costs, are charged to operations as incurred. Premiums earned are stated net of amounts ceded to reinsurer.

 

Oil and gas

Revenues are derived from the sale of produced oil and natural gas. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is due within 30 days of delivery.

 

Media advertising and other

Magazine subscription and advertising revenues are recognized at the magazine cover date. The unearned portion of magazine subscriptions is deferred until the magazine’s cover date, at which time a proportionate share of the gross subscription price is recognized as revenues, net of any commissions paid to subscription agents. Also included in subscription revenues are revenues generated from single-copy sales of magazines through retail outlets such as newsstands, supermarkets, convenience stores and drugstores and on certain digital devices, which may or may not result in future subscription sales. Revenues from retail outlet sales are recognized based on gross sales less a provision for estimated returns. License revenue is recognized when earned. We derive value and revenues from intellectual property assets through a range of licensing and business activities, including licensing and syndication of our trademarks and copyrights in the United States and internationally.

 

Restaurant Cost of Sales

Cost of sales includes the cost of food, restaurant operating costs and restaurant rent expense. Cost of sales excludes depreciation and amortization, which is presented as a separate line item on the consolidated statement of earnings.

 

Insurance Losses and Underwriting Expenses

Liabilities for estimated unpaid losses and loss adjustment expenses with respect to claims occurring on or before the balance sheet date are established under insurance contracts issued by our insurance subsidiaries. Such estimates include provisions for reported claims or case estimates, provisions for incurred but not reported claims and legal and administrative costs to settle claims. The estimates of unpaid losses and amounts recoverable under reinsurance are established and continually reviewed by using a variety of actuarial, statistical and analytical techniques. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance contracts. Liabilities for insurance losses of $3,211 and $1,891 are included in accrued expenses in the consolidated balance sheet as of December 31, 2019 and 2018, respectively.

 

Oil and Gas Production Costs

Oil and gas production costs are composed of lease operating expenses and production taxes.

 

Marketing Expense

Advertising costs are charged to expense at the later of the date the expenditure is incurred or the date the promotional item is first communicated. Marketing expense is included in selling, general and administrative expenses in the consolidated statement of earnings.

 

Insurance Reserves

We self-insure a significant portion of expected losses under our workers’ compensation, general liability, auto, directors and officers liability, and medical liability insurance programs, and record a reserve for our estimated losses on all unresolved open claims and our estimated incurred but not reported claims at the anticipated cost to us. Insurance reserves are recorded in accrued expenses in the consolidated balance sheet.

 

Savings Plans

Several of our subsidiaries also sponsor deferred compensation and defined contribution retirement plans, such as 401(k) or profit sharing plans. Employee contributions to the plans are subject to regulatory limitations and the specific plan provisions. Some of the plans allow for discretionary contributions as determined by management. Employer contributions expensed with respect to these plans were not material.

 

Foreign Currency Translation

The Company has certain subsidiaries located in foreign jurisdictions.  For subsidiaries whose functional currency is other than the U.S. dollar, the translation of functional currency statements to U.S. dollar statements uses end-of-period exchange rates for assets and liabilities, weighted average exchange rates for revenue and expenses, and historical rates for equity. The resulting currency translation adjustment is recorded in accumulated other comprehensive income, as a component of equity.

 

Use of Estimates

Preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates.

 

New Accounting Standards

In June 2016, the FASB issued 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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Note 3. Investment Partnerships (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Fair Value      
Fair value of partnership interest, beginning $ 715,102 $ 925,279 $ 972,707
Investment partnership gains (losses) 80,350 (180,517) (41,740)
Distributions, net of reinvestments (129,329) (29,660) (5,688)
Increase in proportionate share of Company stock held 0 0 0
Partnership interest, ending 666,123 715,102 925,279
Company Common Stock      
Fair value of partnership interest, beginning 157,622 359,258 395,070
Investment partnership gains (losses) 2,217 (220,928) (48,705)
Distributions, net of reinvestments 0 0 0
Increase in proportionate share of Company stock held 742 19,292 12,893
Partnership interest, ending 160,581 157,622 359,258
Carry Value      
Fair value of partnership interest, beginning 557,480 566,021 577,637
Investment partnership gains (losses) 78,133 40,411 6,965
Distributions, net of reinvestments (129,329) (29,660) (5,688)
Increase in proportionate share of Company stock held (742) (19,292) (12,893)
Partnership interest, ending $ 505,542 $ 557,480 $ 566,021
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Note 1. Summary of Significant Accounting Policies (Details) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash and cash equivalents $ 67,772 $ 48,557 $ 58,577  
Restricted cash included in other long-term assets 2,924 6,453 8,653  
Cash, cash equivalents and restricted cash $ 70,696 $ 55,010 $ 67,230 $ 75,833
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Note 12. Leased Assets and Lease Commitments (Details 1) - Consolidated
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Cash paid for amounts included in the measurement of lease liablities:  
Financing cash flows from finance leases $ 1,610
Operating cash flows from finance leases 828
Operating cash flows from operating leases 16,863
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. Other Liabilities (Details) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Non qualified deferred compensation $ 1,716 $ 1,801
Other 348 912
Deferred rent expense 0 6,468
Other liabilities $ 2,064 $ 9,181
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Note 11. Notes Payable and Other Borrowings (Details) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Notes payable $ 2,200 $ 2,200
Unamortized original issue discount (348) (334)
Unamortized debt issuance costs (634) (609)
Finance obligations 4,252 4,463
Finance lease liabilities 1,633 0
Total current portion of notes payable and other borrowings 7,103 5,720
Notes payable 179,298 181,498
Unamortized original issue discount (89) (438)
Unamortized debt issuance costs (163) (796)
Finance obligations 74,497 59,737
Finance lease liabilities 9,639 0
Total long-term notes payable and other borrowings $ 263,182 $ 240,001
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Note 5. Property and Equipment (Details) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Land $ 150,147 $ 146,015
Buildings 144,243 142,658
Land and leasehold improvements 157,141 158,938
Equipment 196,264 201,738
Oil and gas properties 77,475 0
Construction in progress 3,789 1,703
Property and equipment, gross 729,059 651,052
Less accumulated depreciation and amortization (378,432) (376,336)
Property and equipment, net $ 350,627 $ 274,716
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Note 7. Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Consolidated      
Balance at beginning of year $ 40,052 $ 40,081 $ 40,003
Change in foreign exchange rates (12) (29) 78
Balance at end of year 40,040 40,052 40,081
Restaurant      
Balance at beginning of year 28,139 28,168 28,090
Change in foreign exchange rates (12) (29) 78
Balance at end of year 28,127 28,139 28,168
Other      
Balance at beginning of year 11,913 11,913 11,913
Change in foreign exchange rates 0 0 0
Balance at end of year $ 11,913 $ 11,913 $ 11,913
XML 45 R5.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net earnings $ 45,380 $ 19,392 $ 50,071
Adjustments to reconcile net earnings to operating cash flows      
Depreciation and amortization 29,578 19,318 21,448
Provision for deferred income taxes (38,545) (2,153) (64,321)
Asset impairments and other non-cash expenses 9,113 6,481 3,860
(Gain) loss on disposal of assets 264 993 (777)
Investment (gains) losses (1,172) (559) 0
Investment partnership gains (78,133) (40,411) (6,965)
Distributions from investment partnerships 129,329 29,660 9,395
Changes in operating assets and liabilities      
Changes in receivables and inventories 3,669 (359) (2,235)
Changes in other assets 10,450 536 268
Changes in accounts payable and accrued expenses (16,250) (12,220) 15,036
Net cash provided by operating activities 93,683 20,678 25,780
Investing activities      
Capital expenditures (17,679) (15,293) (8,034)
Purchases of perpetual lease rights 0 (2,503) 0
Proceeds from property and equipment disposals 4,577 2,590 1,004
Acquisition of business, net of cash acquired (51,062) 0 0
Distributions from investment partnerships 40,000 39,040 0
Purchases of limited partner interests (40,000) (39,040) (3,707)
Purchases of investments (154,848) (58,642) (42,648)
Redemptions of fixed maturity securities 149,030 48,558 41,837
Net cash used in investing activities (69,982) (25,290) (11,548)
Financing activities      
Payments on revolving credit facility 0 (175) (202)
Principal payments on long-term debt (2,200) (2,200) (17,200)
Principal payments on direct financing lease obligations (5,810) (5,204) (5,628)
Proceeds from exercise of stock options 0 49 30
Net cash used in financing activities (8,010) (7,530) (23,000)
Effect of exchange rate changes on cash (5) (78) 165
Increase (decrease) in cash, cash equivalents and restricted cash 15,686 (12,220) (8,603)
Cash, cash equivalents and restricted cash at beginning of period 55,010 67,230 75,833
Cash, cash equivalents and restricted cash at the end of period $ 70,696 $ 55,010 $ 67,230
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Note 15. Fair Value of Financial Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Assets    
Cash equivalents $ 43,095 $ 21,448
Equity Securities    
Consumer goods 6,397 5,808
Insurance 25 0
Bonds 38,911 32,404
Options on equity securities 2,166 2,755
Non-qualified deferred compensation plan Investments 2,175 2,149
Total assets at fair value 92,769 64,564
Level 1    
Assets    
Cash equivalents 43,095 21,448
Equity Securities    
Consumer goods 0 1,708
Insurance 25 0
Bonds 38,911 32,404
Options on equity securities 0 0
Non-qualified deferred compensation plan Investments 2,175 2,149
Total assets at fair value 84,206 57,709
Level 2    
Assets    
Cash equivalents 0 0
Equity Securities    
Consumer goods 6,397 4,100
Insurance 0 0
Bonds 0 0
Options on equity securities 2,166 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
Insurance 0 0
Bonds 0 0
Options on equity securities 0 0
Non-qualified deferred compensation plan Investments 0 0
Total assets at fair value $ 0 $ 0
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Note 12. Leased Assets and Lease Commitments (Details 4)
$ in Thousands
Dec. 31, 2019
USD ($)
Operating Leases  
2020 $ 15,584
2021 14,759
2022 12,622
2023 10,794
2024 8,680
After 2024 18,576
Total lease payments 81,015
Less interest 16,109
Total lease liabilities 64,906
Finance Leases  
2020 2,377
2021 2,358
2022 1,869
2023 1,669
2024 1,633
After 2024 5,170
Total lease payments 15,076
Less interest 3,804
Total lease liabilities $ 11,272
XML 48 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Document and Entity Information - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Feb. 17, 2020
Jun. 30, 2019
Entity Registrant Name Biglari Holdings Inc.    
Entity Central Index Key 0001726173    
Document Type 10-K    
Document Period End Date Dec. 31, 2019    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Is Entity a Well-known Seasoned Issuer? No    
Is Entity a Voluntary Filer? No    
Is Entity's Reporting Status Current? Yes    
Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
Entity Shell Company false    
Entity Public Float     $ 137,552,014
Document Fiscal Period Focus FY    
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  
XML 49 R81.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 18. Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]                      
Total revenues $ 158,420 $ 160,216 $ 168,343 $ 181,859 $ 195,348 $ 203,582 $ 208,739 $ 202,225      
Gross profit 43,307 38,467 30,454 22,837 33,145 36,153 42,727 36,430      
Costs and expenses 145,398 157,272 169,518 199,384 201,979 204,518 203,778 203,391      
Earnings (loss) before income taxes 16,340 (631) 27,870 11,562 52,697 (24,902) (8,429) (2,611)      
Net earnings (loss) $ 13,605 $ (17) $ 21,974 $ 9,818 $ 42,448 $ (13,703) $ (7,539) $ (1,814) $ 45,380 $ 19,392 $ 50,071
Net earnings (loss) per equivalent Class A share $ 39.64 $ (0.05) $ 63.50 $ 28.36 $ 122.53 $ (39.50) $ (21.73) $ (5.15)      
XML 50 R79.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 17. Business Segment Reporting (Details 2) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Consolidated      
Capital expenditures $ 17,679 $ 15,293 $ 8,034
Depreciation and amortization 29,578 19,318 21,448
Restaurant Operations - SteakNShake      
Capital expenditures 9,951 14,982 7,565
Depreciation and amortization 20,533 18,180 19,987
Restaurant Operations - Western      
Capital expenditures 72 61 410
Depreciation and amortization 641 651 636
Operating Businesses      
Capital expenditures 17,679 15,293 8,034
Depreciation and amortization 29,543 19,221 21,016
Operating Businesses | Restaurant      
Capital expenditures 10,023 15,043 7,975
Depreciation and amortization 21,174 18,831 20,623
Operating Businesses | First Guard      
Capital expenditures 43 236 43
Depreciation and amortization 85 76 56
Operating Businesses | Southern Oil      
Capital expenditures 7,594 0 0
Depreciation and amortization 8,218 0 0
Operating Businesses | Maxim      
Capital expenditures 0 0 0
Depreciation and amortization 0 27 50
Operating Businesses | Other      
Capital expenditures 19 14 16
Depreciation and amortization 66 287 287
Corporate | Corporate      
Capital expenditures 0 0 0
Depreciation and amortization $ 35 $ 97 $ 432
XML 51 R9.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 3. Investment Partnerships
12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
Note 3. 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 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 carrying value of our partnership interest is presented below.

 

   Fair Value  Company Common Stock  Carrying
Value
Partnership interest at December 31, 2016  $972,707   $395,070   577,637 
Investment partnership gains (losses)   (41,740)   (48,705)   6,965 
Distributions (net of contributions of $3,707)   (5,688)        (5,688)
Increase in proportionate share of Company stock held        12,893    (12,893)
Partnership interest at December 31, 2017  $925,279   $359,258   $566,021 
Investment partnership gains (losses)   (180,517)   (220,928)   40,411 
Distributions (net of reinvestments of $39,040)   (29,660)        (29,660)
Increase in proportionate share of Company stock held        19,292    (19,292)
Partnership interest at December 31, 2018  $715,102   $157,622   $557,480 
Investment partnership gains (losses)   80,350    2,217    78,133 
Distributions (net of reinvestments of $40,000)   (129,329)        (129,329)
Increase in proportionate share of Company stock held        742    (742)
Partnership interest at December 31, 2019  $666,123   $160,581   $505,542 

 

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

 

   December 31,
   2019  2018
Carrying value of investment partnerships  $505,542   $557,480 
Deferred tax liability related to investment partnerships   (56,518)   (92,703)
Carrying value of investment partnerships net of deferred taxes  $449,024   $464,777 

 

The Company’s proportionate share of Company stock held by investment partnerships at cost is $374,857 and $374,231 at December 31, 2019 and 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.

 

   2019  2018  2017
Gains from investment partnerships  $78,133   $40,411   $6,965 
Tax expense (benefit)   17,360    7,171    (4,115)
Contribution to net earnings  $60,773   $33,240   $11,080 

 

On December 31 of each year, the general partner of the investment partnerships, Biglari Capital, will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements. Our investments in these partnerships are committed on a rolling 5-year basis.

 

There were no incentive reallocations from Biglari Holdings to Biglari Capital during 2019, 2018 and 2017.

 

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 December 31, 2019  $117,135   $758,663 
Total liabilities as of December 31, 2019  $158   $114,639 
Revenue for the year ended December 31, 2019  $10,637   $85,831 
Earnings for the year ended December 31, 2019  $10,567   $78,604 
Biglari Holdings’ ownership interest   66.1%   92.9%
           
Total assets as of December 31, 2018  $107,207   $901,750 
Total liabilities as of December 31, 2018  $447   $202,770 
Revenue for the year ended December 31, 2018  $(92,093)  $(120,431)
Earnings for the year ended December 31, 2018  $(92,159)  $(130,193)
Biglari Holdings’ ownership interest   65.9%   92.2%
           
Total assets as of December 31, 2017  $203,560   $1,060,737 
Total liabilities as of December 31, 2017  $157   $199,974 
Revenue for the year ended December 31, 2017  $(13,322)  $(25,283)
Earnings for the year ended December 31, 2017  $(13,383)  $(35,740)
Biglari Holdings’ ownership interest   64.3%   92.3%

 

Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments.

 

XML 52 R18.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 12. Leased Assets and Lease Commitments
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Note 12. Leased Assets and Lease Commitments

The Company adopted ASC 842 on January 1, 2019, as discussed in Note 1.  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.

 

   2019
Finance lease costs:     
  Amortization of right-of-use assets  $1,952 
  Interest on lease liabilities   828 
Operating lease costs *   16,483 
Total lease costs  $19,263 

 

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

 

Supplemental cash flow information related to leases is as follows. 

 

   Year Ended
December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:     
Financing cash flows from finance leases  $1,610 
Operating cash flows from finance leases  $828 
Operating cash flows from operating leases  $16,863 
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.

 

   December 31, 2019
Finance leases:     
Property and equipment, net  $10,783 
      
  Current portion of notes payable and other borrowings  $1,633 
  Long-term notes payable and other borrowings   9,639 
Total finance lease liabilities  $11,272 

 

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

 

   2019
Weighted-average remaining lease terms:     
  Finance leases   8.4 years  
  Operating leases   6.4 years  
      
Weighted-average discount rates:     
  Finance leases   7.1% 
  Operating leases   6.9% 

 

Maturities of lease liabilities as of December 31, 2019 are as follows. 

 

Year  Operating
Leases
  Finance
Leases
 2020   $15,584   $2,377 
 2021    14,759    2,358 
 2022    12,622    1,869 
 2023    10,794    1,669 
 2024    8,680    1,633 
 After 2024    18,576    5,170 
 Total lease payments    81,015    15,076 
   Less interest    16,109    3,804 
 Total lease liabilities   $64,906   $11,272 

 

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           

 

Rent expense is presented below. 

 

   2019  2018  2017
Minimum rent  $17,968   $20,158   $18,157 
Contingent rent   1,050    1,470    1,839 
Rent expense  $19,018   $21,628   $19,996 

XML 53 R10.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 4. Other Current Assets
12 Months Ended
Dec. 31, 2019
Other Assets [Abstract]  
Note 4. Other Current Assets

Other current assets include the following. 

 

   December 31,
   2019  2018
Deferred commissions on gift cards sold by third parties  $3,379   $3,218 
Prepaid contractual obligations   3,070    1,555 
Investment in equity security and related derivative position   —      4,463 
Other current assets  $6,449   $9,236 

XML 54 R14.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 8. Accounts Payable and Accrued Expenses
12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Note 8. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses include the following. 

 

   December 31,
   2019  2018
Accounts payable  $32,626   $41,967 
Gift card liability   20,745    22,685 
Salaries, wages, and vacation   10,667    13,107 
Deferred revenue   10,454    11,681 
Taxes payable   29,275    11,214 
Self-insurance accruals   11,070    8,394 
Other   6,242    8,217 
Accounts payable and accrued expenses  $121,079   $117,265 

XML 55 R37.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 12. Leased Assets and Lease Commitments (Tables)
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of lease cost
    2019
Finance lease costs:        
  Amortization of right-of-use assets   $ 1,952  
  Interest on lease liabilities     828  
Operating lease costs *     16,483  
Total lease costs   $ 19,263  

 

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

 

Schedule of supplemental cash flow information related to leases
   Year Ended
December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:     
Financing cash flows from finance leases  $1,610 
Operating cash flows from finance leases  $828 
Operating cash flows from operating leases  $16,863 
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
   December 31, 2019
Finance leases:     
Property and equipment, net  $10,783 
      
  Current portion of notes payable and other borrowings  $1,633 
  Long-term notes payable and other borrowings   9,639 
Total finance lease liabilities  $11,272 
Schedule of weighted-average lease terms and discount rates
   2019
Weighted-average remaining lease terms:     
  Finance leases   8.4 years  
  Operating leases   6.4 years  
      
Weighted-average discount rates:     
  Finance leases   7.1% 
  Operating leases   6.9% 
Schedule of maturities of lease liabilities
Year  Operating
Leases
  Finance
Leases
 2020   $15,584   $2,377 
 2021    14,759    2,358 
 2022    12,622    1,869 
 2023    10,794    1,669 
 2024    8,680    1,633 
 After 2024    18,576    5,170 
 Total lease payments    81,015    15,076 
   Less interest    16,109    3,804 
 Total lease liabilities   $64,906   $11,272 
Schedule of future minimum lease 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           
Schedule of rent expense
   2019  2018  2017
Minimum rent  $17,968   $20,158   $18,157 
Contingent rent   1,050    1,470    1,839 
Rent expense  $19,018   $21,628   $19,996 
XML 56 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 8. Accounts Payable And Accrued Expenses (Tables)
12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses
   December 31,
   2019  2018
Accounts payable  $32,626   $41,967 
Gift card liability   20,745    22,685 
Salaries, wages, and vacation   10,667    13,107 
Deferred revenue   10,454    11,681 
Taxes payable   29,275    11,214 
Self-insurance accruals   11,070    8,394 
Other   6,242    8,217 
Accounts payable and accrued expenses  $121,079   $117,265 
XML 57 R20.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 14. Commitments and Contingencies
12 Months Ended
Dec. 31, 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 shareholder withdrew their motion 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. On December 4, 2019, the Indiana Court of Appeals issued a unanimous decision affirming the trial court’s decision to dismiss the shareholder litigation. On January 20, 2020, the shareholders filed a petition to transfer with the Indiana Supreme Court seeking review of the decision of the Court of Appeals.  The Company opposed the petition.  The Indiana Supreme Court has not ruled upon the petition to transfer.

 

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 July 26, 2019, the Company agreed to settle both cases for $8,350 and the Court approved the terms of the settlement. The settlement is reflected in selling, general and administrative expenses in the consolidated statement of earnings.

 

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Note 18. Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Note 18. Quarterly Financial Data (Unaudited)
   1st Quarter  2nd Quarter  3rd Quarter  4th Quarter
For the year ended December 31, 2019                    
Total revenues  $181,859   $168,343   $160,216   $158,420 
Gross profit   22,837    30,454    38,467    43,307 
Costs and expenses   199,384    169,518    157,272    145,398 
Earnings (loss) before income taxes   11,562    27,870    (631)   16,340 
Net earnings (loss)   9,818    21,974    (17)   13,605 
Net earnings (loss) per equivalent Class A share  $28.36   $63.50   $(0.05)  $39.64 
                     
                     
For the year ended December 31, 2018                    
Total revenues  $202,225   $208,739   $203,582   $195,348 
Gross profit   36,430    42,727    36,153    33,145 
Costs and expenses   203,391    203,778    204,518    201,979 
Earnings (loss) before income taxes   (2,611)   (8,429)   (24,902)   52,697 
Net earnings (loss)   (1,814)   (7,539)   (13,703)   42,448 
Net earnings (loss) per equivalent Class A share  $(5.15)  $(21.73)  $(39.50)  $122.53 

 

We define gross profit as net revenue less restaurant cost of sales, media cost of sales, oil and natural gas production costs and insurance losses and underwriting expenses, which excludes depreciation and amortization.

XML 60 R28.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 3. Investment Partnerships (Tables)
12 Months Ended
Dec. 31, 2019
Investments [Abstract]  
Fair value and carrying value of our partnership interest
   Fair Value  Company Common Stock  Carrying
Value
Partnership interest at December 31, 2016  $972,707   $395,070   577,637 
Investment partnership gains (losses)   (41,740)   (48,705)   6,965 
Distributions (net of contributions of $3,707)   (5,688)        (5,688)
Increase in proportionate share of Company stock held        12,893    (12,893)
Partnership interest at December 31, 2017  $925,279   $359,258   $566,021 
Investment partnership gains (losses)   (180,517)   (220,928)   40,411 
Distributions (net of reinvestments of $39,040)   (29,660)        (29,660)
Increase in proportionate share of Company stock held        19,292    (19,292)
Partnership interest at December 31, 2018  $715,102   $157,622   $557,480 
Investment partnership gains (losses)   80,350    2,217    78,133 
Distributions (net of reinvestments of $40,000)   (129,329)        (129,329)
Increase in proportionate share of Company stock held        742    (742)
Partnership interest at December 31, 2019  $666,123   $160,581   $505,542 
Carrying value of investment partnerships net of deferred taxes
   December 31,
   2019  2018
Carrying value of investment partnerships  $505,542   $557,480 
Deferred tax liability related to investment partnerships   (56,518)   (92,703)
Carrying value of investment partnerships net of deferred taxes  $449,024   $464,777 
Gains from investment partnerships
   2019  2018  2017
Gains from investment partnerships  $78,133   $40,411   $6,965 
Tax expense (benefit)   17,360    7,171    (4,115)
Contribution to net earnings  $60,773   $33,240   $11,080 
Summarized financial information for equity in investment partnerships
    Equity in Investment Partnerships 
    Lion Fund    Lion Fund II 
Total assets as of December 31, 2019  $117,135   $758,663 
Total liabilities as of December 31, 2019  $158   $114,639 
Revenue for the year ended December 31, 2019  $10,637   $85,831 
Earnings for the year ended December 31, 2019  $10,567   $78,604 
Biglari Holdings’ ownership interest   66.1%   92.9%
           
Total assets as of December 31, 2018  $107,207   $901,750 
Total liabilities as of December 31, 2018  $447   $202,770 
Revenue for the year ended December 31, 2018  $(92,093)  $(120,431)
Earnings for the year ended December 31, 2018  $(92,159)  $(130,193)
Biglari Holdings’ ownership interest   65.9%   92.2%
           
Total assets as of December 31, 2017  $203,560   $1,060,737 
Total liabilities as of December 31, 2017  $157   $199,974 
Revenue for the year ended December 31, 2017  $(13,322)  $(25,283)
Earnings for the year ended December 31, 2017  $(13,383)  $(35,740)
Biglari Holdings’ ownership interest   64.3%   92.3%
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Note 10. Income Taxes (Details 1) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Deferred tax assets:    
Insurance reserves $ 1,304 $ 1,816
Compensation accruals 438 677
Gift card accruals 3,280 2,515
Net operating loss credit carryforward 6,017 5,547
Valuation allowance on net operating losses (5,419) (4,978)
Fixed assets and depletable assets basis difference 4,776 0
Income tax credit carryforward 6,300 4,965
Other (36) 953
Total deferred tax assets 16,660 11,495
Deferred tax liabilities:    
Investments 56,519 92,743
Fixed asset basis difference 0 934
Goodwill and intangibles 14,371 4,689
Total deferred tax liabilities 70,890 98,366
Net deferred tax liability $ (54,230) $ (86,871)
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Note 11. Notes Payable and Other Borrowings (Details 2) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest paid on debt $ 11,273 $ 10,655 $ 9,969
Interest paid on obligations under leases $ 7,816 $ 8,207 $ 9,132
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Note 3. Investment Partnerships (Details 2) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Gains from investment partnerships $ 78,133 $ 40,411 $ 6,965
Tax expense (benefit) 17,360 7,171 (4,115)
Contribution to net earnings $ 60,773 $ 33,240 $ 11,080
XML 66 R45.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 1. Summary of Significant Accounting Policies (Details 2) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net sales $ 578,164 $ 740,922 $ 781,856
Franchise royalties and fees 27,189 30,998 20,773
Other 4,867 3,770 4,524
Total revenue from restaurant operations $ 610,220 $ 775,690 $ 807,153
XML 67 R41.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 17. Business Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Schedule of revenue by segment
   Revenue
   2019  2018  2017
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $595,004   $760,565   $792,827 
Western   15,216    15,125    14,326 
Total Restaurant Operations   610,220    775,690    807,153 
First Guard   30,083    27,628    24,943 
Southern Oil   24,436    —      —   
Maxim   4,099    6,576    7,708 
   $668,838   $809,894   $839,804 
Schedule of earnings (loss) by segment
    Earnings (Loss) Before Income Taxes 
    2019    2018    2017 
Operating Businesses:               
Restaurant Operations:               
Steak n Shake  $(18,575)  $(10,657)  $431 
Western   1,756    2,046    1,860 
Total Restaurant Operations   (16,819)   (8,611)   2,291 
First Guard   7,103    6,215    4,770 
Southern Oil   8,032    —      —   
Maxim   742    1,068    (439)
Other   994    635    669 
Total Operating Businesses   52    (693)   7,291 
Corporate and investments:               
Corporate   (10,602)   (11,286)   (16,106)
Investment partnership gains   78,133    40,411    6,965 
Total corporate   67,531    29,125    (9,141)
Interest expense on notes               
payable and other borrowings   (12,442)   (11,677)   (11,040)
   $55,141   $16,755   $(12,890)
Schedule of consolidated capital expenditure, depreciation and amortization captions

A disaggregation of our consolidated capital expenditures for 2019, 2018 and 2017 is presented in the table that follows. 

 

      Capital Expenditures  
      2019       2018       2017  
Operating Businesses:                        
Restaurant Operations:                        
Steak n Shake   $ 9,951     $ 14,982     $ 7,565  
Western     72       61       410  
Total Restaurant Operations     10,023       15,043       7,975  
First Guard     43       236       43  
Southern Oil     7,594       —         —    
Maxim     —         —         —    
Other     19       14       16  
Total Operating Businesses     17,679       15,293       8,034  
Corporate     —         —         —    
Consolidated results   $ 17,679     $ 15,293     $ 8,034  

  

A disaggregation of our consolidated depreciation and amortization captions for 2019, 2018 and 2017 is presented in the table that follows. 

 

      Depreciation and Amortization  
      2019       2018       2017  
Operating Businesses:                        
Restaurant Operations:                        
Steak n Shake   $ 20,533     $ 18,180     $ 19,987  
Western     641       651       636  
Total Restaurant Operations     21,174       18,831       20,623  
First Guard     85       76       56  
Southern Oil     8,218       —         —    
Maxim     —         27       50  
Other     66       287       287  
Total Operating Businesses     29,543       19,221       21,016  
Corporate     35       97       432  
Consolidated results   $ 29,578     $ 19,318     $ 21,448  

 

Schedule of consolidated asset captions
   Identifiable Assets
   December 31,
   2019  2018
Reportable segments:          
Restaurant Operations:          
Steak n Shake  $385,259   $330,100 
Western   18,322    16,444 
Total Restaurant Operations   403,581    346,544 
First Guard   58,808    51,565 
Southern Oil   82,257    —   
Maxim   16,549    18,143 
Other   20,732    19,774 
Corporate   51,840    35,987 
Investment partnerships   505,542    557,480 
Total assets  $1,139,309   $1,029,493 
XML 68 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 1. Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Note 1. Summary of Significant Accounting Policies

Description of Business

Biglari Holdings Inc. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of December 31, 2019, Mr. Biglari’s beneficial ownership was approximately 64.4% 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 $51,505 in cash. Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico. The Company’s financial results include the results of Southern Oil from the acquisition date to the end of the year.

 

Acquired assets included oil and gas properties of $69,881 and accounts receivable of $6,735. Acquired liabilities included asset retirement obligations of $10,542, income taxes payable of $4,302, deferred tax liabilities of $5,671 and accounts payable of $3,949. Acquisition related expenses were recorded as general and administrative expenses.

 

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 and its agency, 1st Guard Corporation (collectively “First Guard”) and Southern Oil. Intercompany accounts and transactions have been eliminated in consolidation.

 

Cash, Cash Equivalents and Restricted Cash

Cash equivalents primarily consist of U.S. Government securities and money market accounts, all of which have original maturities of three months or less. Cash equivalents are carried at fair value. The statement of cash flows includes restricted cash with cash and cash equivalents.

 

Cash as reported on the statements of cash flows consists of the following. 

 

   December 31,
   2019  2018  2017
Cash and cash equivalents  $67,772   $48,557   $58,577 
Restricted cash included in other long-term assets   2,924    6,453    8,653 
Cash, cash equivalents and restricted cash  $70,696   $55,010   $67,230 

 

Investments

Our investments are carried at fair value with net unrealized gains or losses reported in the statements of earnings. Realized gains and losses on disposals of investments are determined by the specific identification of cost of investments sold.

 

Investment Partnerships

The Company holds a limited interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively the “investment partnerships”). Biglari Capital Corp. (“Biglari Capital”), an entity solely owned by Mr. Biglari, is the general partner of the investment partnerships. Our interests in the investment partnerships are accounted as equity method investments because of our retained limited partner interests. The Company records investment partnership gains (inclusive of the investment partnerships’ unrealized gains and losses on their securities) as a component of other income based on our proportional ownership interest in the partnerships. The investment partnerships are, for purposes of generally accepted accounting principles (“GAAP”), investment companies under the AICPA Audit and Accounting Guide Investment Companies.

 

Concentration of Equity Price Risk

The majority of our investments are conducted through investment partnerships which generally hold common stocks. We also hold marketable securities directly. Through 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 have a materially adverse effect on our earnings and on consolidated shareholders’ equity.

 

Receivables

Our accounts receivable balance consists primarily of franchisee, customer, and other receivables. We carry our accounts receivable at cost less an allowance for doubtful accounts, which is based on a history of past write-offs and collections and current credit conditions. Allowance for doubtful accounts was $4,857 and $3,901 at December 31, 2019 and 2018, respectively.

 

Inventories

Inventories are valued at the lower of cost (first-in, first-out method) or market, and consist primarily of restaurant food items and supply inventory.

 

Property and Equipment

Restaurants

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the assets (10 to 30 years for buildings and land improvements, and 3 to 10 years for equipment). Leasehold improvements are amortized on the straight-line method over the shorter of the estimated useful lives of the improvements or the term of the related leases. Interest costs associated with the construction of new restaurants are capitalized. Major improvements are also capitalized while repairs and maintenance are expensed as incurred. We review our long-lived restaurant assets whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For purposes of this assessment, assets are evaluated at the lowest level for which there are identifiable cash flows which is generally at the individual restaurant level. Assets included in the impairment assessment generally consist of property, equipment and leasehold improvements directly associated with an individual restaurant as well as any related finance or operating lease assets.  If the future undiscounted cash flows of an asset are less than the recorded value, an impairment is recorded for the difference between the carrying value and the estimated fair value of the asset.

 

Oil and Gas Properties

The successful efforts method is used for crude oil and natural gas exploration and production activities. All costs for development wells, related plant and equipment, proved mineral interests in crude oil and natural gas properties, and related asset retirement obligation assets are capitalized. Costs of exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. All other exploratory wells and costs are expensed. There were no capitalized costs for exploratory activities during 2019.

 

The Company continues to capitalize exploratory well costs after the completion of drilling when (a) the well has found a sufficient quantity of reserves to justify completion as a producing well, and (b) whether sufficient progress has been made in assessing the reserves and the economic and operating viability of the project. If either condition is not met or if the Company obtains information that raises substantial doubt about the economic or operational viability of the project, the exploratory well would be assumed to be impaired, and its costs, net of any salvage value, would be charged to expense.

 

Asset retirement obligations

Asset retirement obligations relate to future costs associated with the plugging and abandonment of oil and gas wells, the removal of equipment and facilities from leased acreage, and the return of 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. If an asset retirement obligation is settled for an amount other than the recorded amount, a gain or loss is recognized.

  

Goodwill and Other Intangible Assets

Goodwill and indefinite life intangible assets are not amortized, but are tested for potential impairment on an annual basis, or more often if events or circumstances change that could cause goodwill or indefinite life intangible assets to become impaired. Other purchased intangible assets are amortized over their estimated useful lives, generally on a straight-line basis. We perform reviews for impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss is recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying value. When an impairment is identified, we reduce the carrying value of the asset to its estimated fair value. No impairments were recorded on goodwill or intangible assets during 2019, 2018 or 2017. Refer to Note 7 for information regarding our goodwill and other intangible assets.

 

Dual Class Common Stock

Beginning in 2018, the Company has two classes of common stock, designated Class A common stock and Class B common stock. 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.

 

The following table presents shares authorized, issued and outstanding.

 

   December 31, 2019  December 31, 2018   
   Class A  Class B  Class A  Class B  December 31, 2017
Common stock authorized   500,000    10,000,000    500,000    10,000,000    2,500,000 
                          
Common stock issued   206,864    2,068,640    206,864    2,068,640    2,142,202 
Treasury stock held by the Company   —      —      —      —      (74,589)
Outstanding shares   206,864    2,068,640    206,864    2,068,640    2,067,613 

 

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of December 31, 2019 and 2018, and 620,284 shares outstanding as of December 31, 2017.

 

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 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 Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification (“ASC”) 260, “Earnings Per Share.” The equivalent Class A common stock applied for computing earnings per share excludes the proportional shares of Biglari Holdings’ stock held by the investment partnerships. The equivalent Class A common stock for the earnings per share calculation was 344,736, 348,108 and 368,150 for 2019, 2018 and 2017, respectively. There are no dilutive securities outstanding. 

 

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (‘‘FASB’') issued Accounting Standards Update (“ASU’') 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, we adopted Accounting Standards Codification Topic 606 (“ASC 606”). In accordance with ASC 606, we changed certain characteristics of our revenue recognition accounting policy as described below. ASC 606 was applied using the modified retrospective method, where the cumulative effect of the initial application is recognized as an adjustment to opening retained earnings at January 1, 2018. Comparative prior periods have not been adjusted.

 

The impact of ASC 606 on the Company’s balance sheet as of December 31, 2018 was not material. The cumulative change in retained earnings as of January 1, 2018 was $90. Upon adoption of ASC 606, the Company changed its restaurant operations accounting policies for the recognition of franchise fees, recording of advertising arrangements, and recognition of gift card revenue. The adoption of ASC 606 did not have any significant impact on our insurance or media/licensing businesses.

 

Restaurant operations

Restaurant operations revenues were disaggregated as follows.

 

   2019  2018  2017
          
Net sales  $578,164   $740,922   $781,856 
Franchise royalties and fees   27,189    30,998    20,773 
Other   4,867    3,770    4,524 
   $610,220   $775,690   $807,153 

  

Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.

 

Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalties are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement.

 

During the years ended December 31, 2019 and 2018, restaurant operations recognized $1,725 and $3,096, respectively, in revenue related to initial franchise fees. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to franchise fees of $7,976 and $9,075, respectively. Restaurant operations expects to recognize approximately $928 in 2020 and the balance in the years 2021 through 2040. 

 

Our advertising arrangements with franchisees are reported in franchise royalties and fees.  During the years ended December 31, 2019 and 2018, restaurant operations recognized $7,815 and $9,675, respectively, in revenue related to franchisee advertising fees. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to franchisee advertising fees of $3,043 and $2,255, respectively. Restaurant operations expects to recognize approximately $1,522 of deferred revenue during 2020 and the balance in 2021.

 

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. 

 

For the years ended December 31, 2019 and 2018, restaurant operations recognized $22,869 and $27,081, respectively, of revenue from gift card redemptions. As of December 31, 2019 and 2018, restaurant operations had deferred revenue recorded in accrued expenses related to unredeemed gift cards of $20,730 and $22,685, respectively. The Company expects to recognize approximately $15,931 in 2020 and the balance in the years 2021 through 2023. 

 

Insurance premiums and commissions

Insurance premiums are earned over the terms of the related policies. Expenses incurred in connection with acquiring new insurance business, including acquisition costs, are charged to operations as incurred. Premiums earned are stated net of amounts ceded to reinsurer.

 

Oil and gas

Revenues are derived from the sale of produced oil and natural gas. Revenue is recognized when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfers to the customer. Payment is due within 30 days of delivery.

 

Media advertising and other

Magazine subscription and advertising revenues are recognized at the magazine cover date. The unearned portion of magazine subscriptions is deferred until the magazine’s cover date, at which time a proportionate share of the gross subscription price is recognized as revenues, net of any commissions paid to subscription agents. Also included in subscription revenues are revenues generated from single-copy sales of magazines through retail outlets such as newsstands, supermarkets, convenience stores and drugstores and on certain digital devices, which may or may not result in future subscription sales. Revenues from retail outlet sales are recognized based on gross sales less a provision for estimated returns. License revenue is recognized when earned. We derive value and revenues from intellectual property assets through a range of licensing and business activities, including licensing and syndication of our trademarks and copyrights in the United States and internationally.

 

Restaurant Cost of Sales

Cost of sales includes the cost of food, restaurant operating costs and restaurant rent expense. Cost of sales excludes depreciation and amortization, which is presented as a separate line item on the consolidated statement of earnings.

 

Insurance Losses and Underwriting Expenses

Liabilities for estimated unpaid losses and loss adjustment expenses with respect to claims occurring on or before the balance sheet date are established under insurance contracts issued by our insurance subsidiaries. Such estimates include provisions for reported claims or case estimates, provisions for incurred but not reported claims and legal and administrative costs to settle claims. The estimates of unpaid losses and amounts recoverable under reinsurance are established and continually reviewed by using a variety of actuarial, statistical and analytical techniques. Reinsurance contracts do not relieve the ceding company of its obligations to indemnify policyholders with respect to the underlying insurance contracts. Liabilities for insurance losses of $3,211 and $1,891 are included in accrued expenses in the consolidated balance sheet as of December 31, 2019 and 2018, respectively.

 

Oil and Gas Production Costs

Oil and gas production costs are composed of lease operating expenses and production taxes.

 

Marketing Expense

Advertising costs are charged to expense at the later of the date the expenditure is incurred or the date the promotional item is first communicated. Marketing expense is included in selling, general and administrative expenses in the consolidated statement of earnings.

 

Insurance Reserves

We self-insure a significant portion of expected losses under our workers’ compensation, general liability, auto, directors and officers liability, and medical liability insurance programs, and record a reserve for our estimated losses on all unresolved open claims and our estimated incurred but not reported claims at the anticipated cost to us. Insurance reserves are recorded in accrued expenses in the consolidated balance sheet.

  

Savings Plans

Several of our subsidiaries also sponsor deferred compensation and defined contribution retirement plans, such as 401(k) or profit sharing plans. Employee contributions to the plans are subject to regulatory limitations and the specific plan provisions. Some of the plans allow for discretionary contributions as determined by management. Employer contributions expensed with respect to these plans were not material.

 

Foreign Currency Translation

The Company has certain subsidiaries located in foreign jurisdictions.  For subsidiaries whose functional currency is other than the U.S. dollar, the translation of functional currency statements to U.S. dollar statements uses end-of-period exchange rates for assets and liabilities, weighted average exchange rates for revenue and expenses, and historical rates for equity. The resulting currency translation adjustment is recorded in accumulated other comprehensive income, as a component of equity.

 

Use of Estimates

Preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates.

 

New Accounting Standards

In June 2016, the FASB issued 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.

XML 69 R77.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 17. Business Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net revenue $ 158,420 $ 160,216 $ 168,343 $ 181,859 $ 195,348 $ 203,582 $ 208,739 $ 202,225      
Consolidated                      
Net revenue                 $ 668,838 $ 809,894 $ 839,804
Operating Businesses | Steak n Shake                      
Net revenue                 595,004    
Operating Businesses | Steak n Shake                      
Net revenue                   760,565 792,827
Operating Businesses | Western                      
Net revenue                 15,216 15,125 14,326
Operating Businesses | Restaurant                      
Net revenue                 610,220 775,690 807,153
Operating Businesses | First Guard                      
Net revenue                 30,083 27,628 24,943
Operating Businesses | Southern Oil                      
Net revenue                 24,436 0 0
Operating Businesses | Maxim                      
Net revenue                 $ 4,099 $ 6,576 $ 7,708
XML 70 R73.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 12. Leased Assets and Lease Commitments (Details 6) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Minimum rent $ 17,968 $ 20,158 $ 18,157
Contingent rent 1,050 1,470 1,839
Rent expense $ 19,018 $ 21,628 $ 19,996
XML 71 R3.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Consolidated      
Revenues:      
Restaurant operations $ 610,220 $ 775,690 $ 807,153
Insurance premiums and other 30,083 27,628 24,943
Oil and gas 24,436 0 0
Media and licensing 4,099 6,576 7,708
Total revenues 668,838 809,894 839,804
Costs and expenses      
Restaurant cost of sales 500,949 636,456 661,030
Insurance losses and underwriting expenses 22,269 20,831 19,724
Oil and gas production costs 7,259 0 0
Media and licensing costs 3,181 4,152 6,527
Selling, general and administrative 100,150 127,232 129,019
Impairments 8,186 5,677 1,789
Depreciation and amortization 29,578 19,318 21,448
Total cost and expenses 671,572 813,666 839,537
Other income (expenses)      
Interest expense (12,442) (11,677) (11,040)
Interest on finance leases and obligations (7,816) (8,207) (9,082)
Investment partnership gains 78,133 40,411 6,965
Total other income (expenses) 57,875 20,527 (13,157)
Earnings (loss) before income taxes 55,141 16,755 (12,890)
Income tax expense (benefit) 9,761 (2,637) (62,961)
Net earnings $ 45,380 $ 19,392 $ 50,071
Earnings per share      
Net earnings per equivalent Class A share [1] $ 131.64 $ 55.71 $ 136.01
[1] Net earnings per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $26.33 for 2019, $11.14 for 2018 and $27.20 for 2017.
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Note 3. Investment Partnerships (Details 3) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Lion Fund, L.P.      
Total assets $ 117,135 $ 107,207 $ 203,560
Total liabilities 158 447 157
Revenue for the period 10,637 (92,093) (13,322)
Earnings for the period $ 10,567 $ (92,159) $ (13,383)
Biglari Holding's ownership interest 66.10% 65.90% 64.30%
Lion Fund II, L.P.      
Total assets $ 758,663 $ 901,750 $ 1,060,737
Total liabilities 114,639 202,770 199,974
Revenue for the period 85,831 (120,431) (25,283)
Earnings for the period $ 78,604 $ (130,193) $ (35,740)
Biglari Holding's ownership interest 92.90% 92.20% 92.30%

XML 74 R54.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 6. Asset Retirement Obligations (Details) - Consolidated
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Acquired balance $ 10,542
Liabilities settled (88)
Accretion expense 177
Asset retirement obligation $ 10,631
XML 75 R58.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 7. Goodwill and Other Intangible Assets (Details Narrative) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Amortization expense $ 549 $ 562 $ 567
Purchases of perpetual lease rights $ 0 $ (2,503) $ 0
XML 76 R39.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 15. Fair Value of Financial Assets (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of fair value assets
   December 31,
   2019  2018
   Level 1  Level 2  Level 3  Total  Level 1  Level 2  Level 3  Total
Assets                        
Cash equivalents  $43,095   $—     $—     $43,095   $21,448   $—     $—     $21,448 
Equity securities:                                        
   Consumer goods   —     6,397    —      6,397    1,708    4,100    —      5,808 
Insurance   25    —           25    —      —      —      —   
Bonds   38,911    —      —      38,911    32,404    —      —      32,404 
Options on equity securities   —      2,166    —      2,166    —      2,755    —      2,755 
Non-qualified deferred                                        
compensation plan investments   2,175    —      —      2,175    2,149    —      —      2,149 
Total assets at fair value  $84,206   $8,563   $—     $92,769   $57,709   $6,855   $—     $64,564 
XML 77 R35.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 10. Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense
   2019  2018  2017
Current:               
Federal  $41,005   $(1,688)  $544 
State   7,301    1,204    816 
Deferred   (38,545)   (2,153)   (64,321)
Total income taxes  $9,761   $(2,637)  $(62,961)
                
Reconciliation of effective income tax:               
Tax at U.S. statutory rates  $11,579   $3,519   $(4,512)
State income taxes, net of federal benefit   1,573    741    259 
Tax rate changes   —      (1,342)   (51,707)
Federal income tax credits   (3,004)   (4,587)   (3,158)
Dividends received deduction   (955)   (2,142)   (6,304)
Valuation allowance   441    658    742 
Foreign tax rate differences   116    349    1,598 
Other   11    167    121 
Total income taxes  $9,761   $(2,637)  $(62,961)
Schedule of deferred tax assets and liabilities
   December 31,
   2019  2018
Deferred tax assets:          
Insurance reserves  $1,304   $1,816 
Compensation accruals   438    677 
Gift card accruals   3,280    2,515 
Net operating loss credit carryforward   6,017    5,547 
Valuation allowance on net operating losses   (5,419)   (4,978)
Fixed assets and depletable assets basis difference   4,776    —   
Income tax credit carryforward   6,300    4,965 
Other   (36)   953 
Total deferred tax assets   16,660    11,495 
           
Deferred tax liabilities:          
Investments   56,519    92,743 
Fixed asset basis difference   —      934 
Goodwill and intangibles   14,371    4,689 
Total deferred tax liabilities   70,890    98,366 
Net deferred tax liability  $(54,230)  $(86,871)
XML 78 R31.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 6. Asset Retirement Obligations (Tables)
12 Months Ended
Dec. 31, 2019
Asset Retirement Obligation [Abstract]  
Schedule of asset retirement obligations
   December 31,
   2019
Acquired balance  $10,542 
Liabilities settled   (88)
Accretion expense   177 
Asset retirement obligation  10,631 
XML 79 R12.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 6. Asset Retirement Obligations
12 Months Ended
Dec. 31, 2019
Asset Retirement Obligation [Abstract]  
Note 6. Asset Retirement Obligations

A reconciliation of the ending aggregate carrying amount of asset retirement obligations is as follows. 

 

   December 31,
   2019
Acquired balance  $10,542 
Liabilities settled   (88)
Accretion expense   177 
Asset retirement obligation  10,631 

 

As of December 31, 2019, $184 is classified as current and is included in accounts payable and accrued expenses in the consolidated balance sheets.

XML 80 R16.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 10. Income Taxes
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Note 10. Income Taxes

The components of the provision for income taxes consist of the following. 

 

   2019  2018  2017
Current:               
Federal  $41,005   $(1,688)  $544 
State   7,301    1,204    816 
Deferred   (38,545)   (2,153)   (64,321)
Total income taxes  $9,761   $(2,637)  $(62,961)
                
Reconciliation of effective income tax:               
Tax at U.S. statutory rates  $11,579   $3,519   $(4,512)
State income taxes, net of federal benefit   1,573    741    259 
Tax rate changes   —      (1,342)   (51,707)
Federal income tax credits   (3,004)   (4,587)   (3,158)
Dividends received deduction   (955)   (2,142)   (6,304)
Valuation allowance   441    658    742 
Foreign tax rate differences   116    349    1,598 
Other   11    167    121 
Total income taxes  $9,761   $(2,637)  $(62,961)

 

On December 22, 2017, new federal income tax legislation, the Tax Cuts and Jobs Act (“Act”), was signed into law. Effective January 1, 2018, the U.S. corporate federal statutory income tax rate was reduced from 35.0% to 21.0% and required re-measurement of deferred balances to the new statutory rates as of December 31, 2017.

 

The Act also imposed a mandatory one-time transition tax on undistributed international earnings. We do not expect to have any additional tax liability related to a transition tax. The Company did not have a net tax expense or benefit on income from international operations. Earnings (losses) before income taxes derived from domestic operations during 2019, 2018 and 2017 were $57,877, $21,700 and $(6,230), respectively. Losses before income taxes derived from international operations during 2019, 2018 and 2017 were $2,736, $4,945, and $6,660, respectively.

 

As of December 31, 2019, we had $348 of unrecognized tax benefits, including $62 of interest and penalties, which are included in other long-term liabilities in the consolidated balance sheet. As of December 31, 2018, we had $341 of unrecognized tax benefits, including $43 of interest and penalties, which are included in other long-term liabilities in the consolidated balance sheet. Our continuing practice is to recognize interest expense and penalties related to income tax matters in income tax expense. The unrecognized tax benefits of $348 would impact the effective income tax rate if recognized. Adjustments to the Company’s unrecognized tax benefit for gross increases for the current period tax position, gross decreases for prior period tax positions and the lapse of statute of limitations during 2019, 2018 and 2017 were not significant.

 

We file income tax returns which are periodically audited by various foreign, federal, state, and local jurisdictions. With few exceptions, we are no longer subject to federal, state, and local tax examinations for fiscal years prior to 2016. We believe we have certain state income tax exposures related to fiscal years 2015 through 2019. Because of the expiration of the various state statutes of limitations for these fiscal years, it is possible that the total amount of unrecognized tax benefits will decrease by approximately $157 within 12 months.

 

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse.

 

Our deferred tax assets and liabilities consist of the following.

 

   December 31,
   2019  2018
Deferred tax assets:          
Insurance reserves  $1,304   $1,816 
Compensation accruals   438    677 
Gift card accruals   3,280    2,515 
Net operating loss credit carryforward   6,017    5,547 
Valuation allowance on net operating losses   (5,419)   (4,978)
Fixed assets and depletable assets basis difference   4,776    —   
Income tax credit carryforward   6,300    4,965 
Other   (36)   953 
Total deferred tax assets   16,660    11,495 
           
Deferred tax liabilities:          
Investments   56,519    92,743 
Fixed asset basis difference   —      934 
Goodwill and intangibles   14,371    4,689 
Total deferred tax liabilities   70,890    98,366 
Net deferred tax liability  $(54,230)  $(86,871)

 

Accrued expenses on the balance sheet include income taxes payable of $17,767 as of December 31, 2019. Receivables on the balance sheet include income taxes receivable of $2,022 as of December 31, 2018. Income taxes paid during 2019, 2018 and 2017 were $30,375, $810 and $3,211, respectively. Income tax refunds during 2019, 2018 and 2017 were $1,546, $8 and $0, respectively.

 

XML 81 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Total
Beginning Balance at Dec. 31, 2016 $ 1,071 $ 381,906 $ 515,433 $ (3,584) $ (362,886) $ 531,940
Net earnings 50,071 50,071
Other comprehensive income, net       2,180   2,180
Adjustment to treasury stock for holdings in investment partnerships   116     (13,009) (12,893)
Exercise of stock options   (8)     38 30
Ending Balance at Dec. 31, 2017 1,071 382,014 565,504 (1,404) (375,857) 571,328
Net earnings 19,392 19,392
Adoption of accounting standards     90     90
Other comprehensive income, net       (1,112)   (1,112)
Conversion of common stock 67 (67) (20,826)   20,826 0
Adjustment to treasury stock for holdings in investment partnerships         (19,292) (19,292)
Exercise of stock options   (43)     92 49
Ending Balance at Dec. 31, 2018 1,138 381,904 564,160 (2,516) (374,231) 570,455
Net earnings 45,380 45,380
Adoption of accounting standards     1,499     1,499
Other comprehensive income, net       (294)   (294)
Adjustment to treasury stock for holdings in investment partnerships   (116)     (626) (742)
Ending Balance at Dec. 31, 2019 $ 1,138 $ 381,788 $ 611,039 $ (2,810) $ (374,857) $ 616,298
XML 82 R76.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 16. Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Foreign Currency Translation Adjustments      
Beginning Balance $ (2,516) $ (1,462) $ (3,447)
Other comprehensive income (loss) before reclassifications 0 0 0
Reclassification to (earnings) loss 0 0  
Foreign currency translation (294) (1,054) 1,985
Ending Balance (2,810) (2,516) (1,462)
Investment Gain      
Beginning Balance 0 58 (137)
Other comprehensive income (loss) before reclassifications 0 0 195
Reclassification to (earnings) loss 0 (58) 0
Foreign currency translation 0 0  
Ending Balance 0 0 58
Accumulated Other Comprehensive Income (Loss)      
Beginning Balance (2,516) (1,404) (3,584)
Other comprehensive income (loss) before reclassifications 0 0 195
Reclassification to (earnings) loss 0 (58)  
Foreign currency translation (294) (1,054) 1,985
Ending Balance $ (2,810) $ (2,516) $ (1,404)
XML 83 R72.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 12. Leased Assets and Lease Commitments (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
XML 84 R2.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Shareholders' equity    
Biglari Holdings Inc. shareholders' equity $ 616,298 $ 570,455
Consolidated    
Current assets:    
Cash and cash equivalents 67,772 48,557
Investments 44,856 33,860
Receivables 21,640 15,743
Inventories 4,674 7,537
Other current assets 6,449 9,236
Total current assets 145,391 114,933
Property and equipment 350,627 274,716
Operating lease assets 59,719 0
Goodwill 40,040 40,052
Other intangible assets 27,349 28,114
Investment partnerships 505,542 557,480
Other assets 10,641 14,198
Total assets 1,139,309 1,029,493
Current liabilities:    
Accounts payable and accrued expenses 121,079 117,265
Current portion of operating lease liabilities 11,635 0
Current portion of notes payable and other borrowings 7,103 5,720
Total current liabilities 139,817 122,985
Long-term notes payable and other borrowings 263,182 240,001
Operating lease liabilities 53,271 0
Deferred taxes 54,230 86,871
Asset retirement obligations 10,447 0
Other liabilities 2,064 9,181
Total liabilities 523,011 459,038
Shareholders' equity    
Common stock 1,138 1,138
Additional paid-in capital 381,788 381,904
Retained earnings 611,039 564,160
Accumulated other comprehensive loss (2,810) (2,516)
Treasury stock, at cost (374,857) (374,231)
Biglari Holdings Inc. shareholders' equity 616,298 570,455
Total liabilities and shareholders' equity $ 1,139,309 $ 1,029,493
XML 85 R82.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 19. Supplemental Disclosures of Cash Flow Information (Details Narrative) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Capital expenditures in accounts payable $ 339 $ 1,776 $ 1,036
Finance lease obligations 5,026 1,000 1,952
Finance lease retirements $ 940 $ 11,557 $ 5,030
XML 86 R59.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 8. Accounts Payable and Accrued Expenses (Details) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Accounts payable $ 32,626 $ 41,967
Gift card liability 20,745 22,685
Salaries, wages, and vacation 10,667 13,107
Deferred revenue 10,454 11,681
Taxes payable 29,275 11,214
Self insurance accruals 11,070 8,394
Other 6,242 8,217
Accounts payable and accrued expenses $ 121,079 $ 117,265
XML 87 R51.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 4. Other Current Assets (Details) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Deferred commissions on gift cards sold by third parties $ 3,379 $ 3,218
Prepaid contractual obligations 3,070 1,555
Investment in equity security and related derivative position 0 4,463
Other current assets $ 6,449 $ 9,236
XML 88 R55.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 6. Asset Retirement Obligations (Details Narrative)
$ in Thousands
Dec. 31, 2019
USD ($)
Consolidated  
Asset retirement obligations, current $ 184
XML 89 R34.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 9. Other Liabilities (Tables)
12 Months Ended
Dec. 31, 2019
Other Liabilities Disclosure [Abstract]  
Schedule of other liabilities
   December 31,
   2019  2018
Non qualified deferred compensation  $1,716   $1,801 
Other   348    912 
Deferred rent expense    —      6,468 
Other liabilities  $2,064   $9,181 
XML 90 R30.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 5. Property and Equipment (Tables)
12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Schedule of property, plant and equipment
   December 31,
   2019  2018
Land  $150,147   $146,015 
Buildings   144,243    142,658 
Land and leasehold improvements   157,141    158,938 
Equipment   196,264    201,738 
Oil and gas properties   77,475    —   
Construction in progress   3,789    1,703 
    729,059    651,052 
Less accumulated depreciation and amortization   (378,432)   (376,336)
Property and equipment, net  $350,627   $274,716 
XML 91 R38.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 13. Related Party Transactions (Tables)
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Contributions to and distributions from the investment partnerships
   2019  2018  2017
          
 Contributions of cash   $40,000   $39,040   $3,707 
 Distributions of cash    (169,329)   (68,700)   (9,395)
     $(129,329)  $(29,660)  $(5,688)
XML 92 R13.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 7. Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 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. No goodwill was recorded with the acquisition of Southern Oil.

 

A reconciliation of the change in the carrying value of goodwill is as follows. 

 

   Restaurants  Other  Total
Goodwill at December 31, 2016  $28,090   $11,913   $40,003 
Change in foreign exchange rates during 2017   78    —      78 
Goodwill at December 31, 2017  $28,168   $11,913   $40,081 
Change in foreign exchange rates during 2018   (29)   —      (29)
Goodwill at December 31, 2018  $28,139   $11,913   $40,052 
Change in foreign exchange rates during 2019   (12)   —      (12)
Goodwill at December 31, 2019  $28,127   $11,913   $40,040 

 

We evaluate 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 2019, 2018 or 2017.

 

Other Intangible Assets

Other intangible assets are composed of the following.

 

   December 31,
   2019  2018
   Gross carrying amount  Accumulated amortization  Total  Gross carrying amount  Accumulated amortization  Total
Franchise agreement  $5,310   $(5,178)  $132   $5,310   $(4,647)  $663 
Other   810    (792)   18    810    (774)   36 
Total   6,120    (5,970)   150    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   11,323    —      11,323    11,539    —      11,539 
Total intangible assets  $33,319   $(5,970)  $27,349   $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 2019, 2018 and 2017 was $549, $562 and $567, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020.

 

During 2018, the Company purchased lease rights totaling $2,503.

XML 93 R17.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 11. Notes Payable and Other Borrowings
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Note 11. Notes Payable and Other Borrowings

Notes payable and other borrowings include the following. 

 

   December 31,
   2019  2018
Current portion of notes payable and other borrowings      
Notes payable  $2,200   $2,200 
Unamortized original issue discount   (348)   (334)
Unamortized debt issuance costs   (634)   (609)
Finance obligations   4,252    4,463 
Finance lease liabilities   1,633    —   
Total current portion of notes payable and other borrowings  $7,103   $5,720 
           
Long-term notes payable and other borrowings          
Notes payable  $179,298   $181,498 
Unamortized original issue discount   (89)   (438)
Unamortized debt issuance costs   (163)   (796)
Finance obligations   74,497    59,737 
Finance lease liabilities   9,639    —   
Total long-term notes payable and other borrowings  $263,182   $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. As of December 31, 2019, $181,498 was outstanding. The Company is evaluating refinancing options. Alternative financing may not be available on terms commensurate with its current financing arrangement. Biglari Holdings is not a guarantor under the credit facility.

 

The term loan amortizes in equal quarterly installments at an annual rate of 1.0% 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.

 

Borrowings bear interest at a rate per annum equal to a base rate or a Eurodollar rate (minimum of 1%) plus an applicable margin. 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 5.55% as of December 31, 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.

 

Expected principal payments for notes payable as of December 31, 2019, are as follows.

 

 2020    2,200 
 2021    179,298 
 Total    $181,498 

 

The fair value of long-term debt, excluding capitalized lease obligations, was approximately $145,000 at December 31, 2019. The fair value of our debt was estimated based on quoted market prices. The fair value was determined to be a Level 3 fair value measurement.

 

Western Sizzlin Revolver

As of December 31, 2019 and 2018, Western Sizzlin had no debt outstanding under its revolver.

 

Interest

Interest paid on debt and obligations under leases are as follows.

 

   2019  2018  2017
Interest paid on debt  $11,273   $10,655   $9,969 
Interest paid on obligations under leases  $7,816   $8,207   $9,132 

XML 94 R29.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 4. Other Current Assets (Tables)
12 Months Ended
Dec. 31, 2019
Other Assets [Abstract]  
Schedule of other current assets
   December 31,
   2019  2018
Deferred commissions on gift cards sold by third parties  $3,379   $3,218 
Prepaid contractual obligations   3,070    1,555 
Investment in equity security and related derivative position   —      4,463 
Other current assets  $6,449   $9,236 
XML 95 R21.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 15. Fair Value of Financial Assets
12 Months Ended
Dec. 31, 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.

 

The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.

 

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

 

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

 

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

 

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

 

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 Level 1 or 2 of the fair value hierarchy depending on the instrument. 

 

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

 

   December 31,
   2019  2018
   Level 1  Level 2  Level 3  Total  Level 1  Level 2  Level 3  Total
Assets                        
Cash equivalents  $43,095   $—     $—     $43,095   $21,448   $—     $—     $21,448 
Equity securities:                                        
   Consumer goods   —     6,397    —      6,397    1,708    4,100    —      5,808 
Insurance   25    —           25    —      —      —      —   
Bonds   38,911    —      —      38,911    32,404    —      —      32,404 
Options on equity securities   —      2,166    —      2,166    —      2,755    —      2,755 
Non-qualified deferred                                        
compensation plan investments   2,175    —      —      2,175    2,149    —      —      2,149 
Total assets at fair value  $84,206   $8,563   $—     $92,769   $57,709   $6,855   $—     $64,564 

 

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

 

 

XML 96 R25.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 19. Supplemental Disclosures of Cash Flow Information
12 Months Ended
Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]  
Note 19. Supplemental Disclosures of Cash Flow Information

Capital expenditures in accounts payable at December 31, 2019, 2018 and 2017 were $339, $1,776 and $1,036, respectively.

 

In 2019, we had new finance lease obligations of $5,026 and lease retirements of $940. In 2018, we had new capital lease obligations of $1,000 and lease retirements of $11,557. During 2017, we had new capital lease obligations of $1,952 and lease retirements of $5,030.

XML 97 R63.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 10. Income Taxes (Details Narrative) - Consolidated - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Earnings (losses) before income taxes, domestic $ 57,877 $ 21,700 $ (6,230)
Earnings (losses) before income taxes, foreign 2,736 4,945 6,660
Unrecognized tax benefits 348 341  
Interest and penalties 62 43  
Income taxes payable 17,767    
Income taxes receivable   2,022  
Income taxes paid 30,375 810 3,211
Income tax refunds $ 1,546 $ 8 $ 0
XML 98 R67.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 12. Leased Assets and Lease Commitments (Details) - Consolidated
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Finance lease costs:  
Amortization of right-of-use assets $ 1,952
Interest on lease liabilities 828
Operating lease costs 16,483 [1]
Total lease costs $ 19,263
[1] Includes short-term leases, variable lease costs and sublease income, which are immaterial.
XML 99 R44.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 1. Summary of Significant Accounting Policies (Details 1) - shares
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Consolidated      
Common stock authorized     2,500,000
Common stock issued     2,142,202
Treasury stock held by the Company     (74,589)
Outstanding shares     2,067,613
Class A Common Stock      
Common stock authorized 500,000 500,000  
Common stock issued 206,864 206,864  
Treasury stock held by the Company 0 0  
Outstanding shares 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  
Treasury stock held by the Company 0 0  
Outstanding shares 2,068,640 2,068,640  
XML 100 R40.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 16. Accumulated Other Comprehensive Income (Tables)
12 Months Ended
Dec. 31, 2019
AOCI Attributable to Parent [Abstract]  
Component of accumulated other comprehensive income

 

   2019  2018
    Foreign Currency Translation Adjustments    Investment
Gain (Loss)
    Accumulated
Other
Comprehensive
Loss
    Foreign Currency Translation Adjustments    Investment
Gain (Loss)
    Accumulated
Other
Comprehensive
Loss
 
Beginning Balance  $(2,516)  $—     $(2,516)  $(1,462)  $58   $(1,404)
Reclassification to (earnings) loss             —           (58)   (58)
Foreign currency translation   (294)        (294)   (1,054)        (1,054)
Ending Balance  $(2,810)  $—     $(2,810)  $(2,516)  $—     $(2,516)

 

   2017
    Foreign Currency Translation Adjustments    Investment
Gain (Loss)
    Accumulated
Other
Comprehensive
Loss
 
Beginning Balance  $(3,447)  $(137)  $(3,584)
Other comprehensive income (loss)               
before reclassifications        195    195 
Foreign currency translation   1,985         1,985 
Ending Balance  $(1,462)  $58   $(1,404)

 

XML 101 R48.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 3. Investment Partnerships (Details 1) - Consolidated - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Carrying value of investment partnerships $ 505,542 $ 557,480
Deferred tax liability related to investment partnerships (56,518) (92,703)
Carrying value of investment partnerships net of deferred taxes $ 449,024 $ 464,777

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