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Note 21. Business Segment Reporting
 3 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Note 21. Business Segment Reporting

Our reportable business segments are organized in a manner that reflects how management views those business activities. Certain businesses have been grouped together for segment reporting based upon operations even though those business units are operated under separate management.

 

Our restaurant operations includes Steak n Shake and Western.  As a result of the acquisitions of Maxim and First Guard, the Company reports segment information for these businesses.  Other business activities not specifically identified with reportable business segments are presented in corporate and other. We report our earnings from investment partnerships separate from corporate and other.  

 

We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are not necessarily indicative of cash available to fund cash requirements, nor are they 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 select data from our consolidated statements of earnings for the transition periods and the three most recent fiscal years is presented in the tables that follow.

  

Revenue and earnings before income taxes for the 2014 and 2013 transition periods were as follows.

 

    Revenue
    Transition Period
    2014   2013
        (unaudited)
Operating Businesses:        
Restaurant Operations:        
Steak n Shake ..................................................................................................................    $          212,369    $          201,483
Western ...........................................................................................................................                    3,279                    2,959
Total Restaurant Operations .............................................................................................                215,648                204,442
First Guard .........................................................................................................................                    3,574                          -   
Maxim ................................................................................................................................                    5,228                          -   
     $          224,450    $          204,442
         
         
    Earnings Before Income Taxes
    Transition Period
    2014   2013
        (unaudited)
Operating Businesses:        
Restaurant Operations:        
Steak n Shake ..................................................................................................................    $            10,172    $              9,461
Western ...........................................................................................................................                       394                       329
Total Restaurant Operations .............................................................................................                  10,566                    9,790
First Guard .........................................................................................................................                       906                          -   
Maxim ................................................................................................................................                  (5,498)                          -   
Total Operating Businesses ..................................................................................................                    5,974                    9,790
Corporate and other:        
Corporate and other ...........................................................................................................                  (1,804)                  (3,243)
Investment gains (including contributions) ........................................................................                          -                             -   
Investment partnership gains .............................................................................................                144,702                  23,493
Total corporate and other .....................................................................................................                142,898                  20,250
Interest expense on notes payable and other borrowings.........................................................                  (3,272)                  (1,641)
     $          145,600    $            28,399

  

A disaggregation of our consolidated capital expenditure and depreciation, and amortization captions for the 2014 and 2013 transition periods is presented in the table that follows.

 

    Capital Expenditures   Depreciation and Amortization
    Transition Period   Transition Period
    2014   2013   2014   2013
        (unaudited)       (unaudited)
Reportable segments:                
Operating Businesses:                
Restaurant Operations:                
Steak n Shake ...............................................................    $           8,733    $           4,997    $           6,289    $           6,274
Western ........................................................................                       -                         11                    172                    160
Total Restaurant Operations ..........................................                 8,733                 5,008                 6,461                 6,434
First Guard .....................................................................                      10                       -                         30                       -   
Maxim .............................................................................                      57                       -                       151                       -   
Total Operating Businesses ...............................................                 8,800                 5,008                 6,642                 6,434
Corporate and other ...........................................................                      16                    275                    186                    132
Consolidated results .......................................................    $           8,816    $           5,283    $           6,828    $           6,566

  

Revenue and earnings before income taxes for the years ended September 24, 2014, September 25, 2013, and September 26, 2012 were as follows.

 

    Revenue
    2014   2013   2012
Operating Businesses:            
Restaurant Operations:            
Steak n Shake ...................................................................................    $          765,599    $          737,090    $          718,010
Western ............................................................................................                  12,556                  14,829                  15,895
Total Restaurant Operations ..............................................................                778,155                751,919                733,905
First Guard ..........................................................................................                    5,715                          -                             -   
Maxim .................................................................................................                    9,941                          -                             -   
Total Operating Businesses ...................................................................                793,811                751,919                733,905
Other ......................................................................................................                          -                       3,903                    6,302
     $          793,811    $          755,822    $          740,207
             
             
    Earnings before income taxes
    2014   2013   2012
Operating Businesses:            
Restaurant Operations:            
Steak n Shake ...................................................................................    $            26,494    $            28,376    $            45,622
Western ............................................................................................                    1,765                       511                    2,157
Total Restaurant Operations ..............................................................                  28,259                  28,887                  47,779
First Guard ..........................................................................................                    1,461                          -                             -   
Maxim .................................................................................................                (15,981)                          -                             -   
Total Operating Businesses ...................................................................                  13,739                  28,887                  47,779
Corporate and other:            
Corporate and other ............................................................................                  (8,003)                  (9,717)                (10,671)
Investment gains (including contributions) .........................................                  29,524                183,774                    4,200
Investment partnership gains ..............................................................                  14,055                  20,068                          -   
Total corporate and other ......................................................................                  35,576                194,125                  (6,471)
Interest expense on notes payable and other borrowings ...........................................                (10,299)                  (6,551)                (10,110)
     $            39,016    $          216,461    $            31,198

  

A disaggregation of our consolidated capital expenditure and depreciation, and amortization captions for fiscal years ended September 24, 2014, September 25, 2013, and September 26, 2012 is presented in the table that follows.

 

    Capital Expenditures   Depreciation and Amortization
    2014   2013   2012   2014   2013   2012
Reportable segments:                        
Operating Businesses:                        
Restaurant Operations:                        
Steak n Shake ......................................    $   25,398    $     6,337    $     7,513    $   23,402    $   24,230    $   25,432
Western ...............................................           1,113                64                58              662              693              729
Total Restaurant Operations .................         26,511           6,401           7,571         24,064         24,923         26,161
First Guard .............................................                 -                    -                    -                   38                 -                    -   
Maxim ....................................................              312                 -                    -                 211                 -                    -   
Total Operating Businesses ......................         26,823           6,401           7,571         24,313         24,923         26,161
Corporate and other ..................................           8,989           7,766           1,104              592              327              263
Consolidated results ..................................    $   35,812    $   14,167    $     8,675    $   24,905    $   25,250    $   26,424

 

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

 

     Identifiable Assets 
    December 31, 2014   September 24, 2014   September 25, 2013
Reportable segments:            
Restaurant Operations:            
Steak n Shake ..................................................................    $                 422,784    $                  416,051    $                 389,273
Western ..........................................................................                         19,241                          18,802                         18,324
Total Restaurant Operations .............................................                       442,025                        434,853                       407,597
First Guard ........................................................................                         36,847                          36,076                                 -   
Maxim ...............................................................................                         23,759                          23,913                                 -   
Corporate and other ..........................................................                       114,178                        122,652                       183,247
Investment partnerships ...................................................                       697,982                        557,238                       397,699
Total assets ......................................................................    $              1,314,791    $               1,174,732    $                 988,543