Note 21. Business Segment Reporting

12 Months Ended

Sep. 24, 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 segment includes Steak n Shake and Western.  As a result of the acquisitions of Maxim and First Guard, the Company now reports segment information for these businesses.  As a result of the sale of Biglari Capital and related deconsolidation of the consolidated affiliated partnerships during July 2013, the Company no longer has an investment management segment. Revenue and earnings before income taxes from the consolidated affiliated partnerships is included in Corporate and other.  Beginning in fiscal 2014, we report our earnings from investment partnerships separate from Corporate and other.  Other business activities not specifically identified with reportable business segments are presented in Corporate and other.  The segment related financial information as of September 25, 2013 and for the years ended September 25, 2013 and September 26, 2012 has been restated to conform to the current year presentation.

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 three most recent years is presented in the tables that follow.

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
Total revenue..........................................................................................	$          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, not allocated to segments ...........................................	(10,299)	(6,551)	(10,110)
Earnings before income taxes .................................................................	$            39,016	$          216,461	$            31,198

A disaggregation of our consolidated capital expenditure and depreciation, and amortization captions for recent 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 as of September 24, 2014 and September 25, 2013 is presented in the table that follows:

	Identifiable Assets
	2014	2013
Reportable segments:
Restaurant Operations:
Steak n Shake ..........................................................................................................................	$            416,051	$           389,273
Western ..................................................................................................................................	18,802	18,324
Total Restaurant Operations .....................................................................................................	434,853	407,597
First Guard ................................................................................................................................	36,076	-
Maxim .......................................................................................................................................	23,913	-
Corporate and other ..................................................................................................................	122,652	183,247
Investment partnerships ...........................................................................................................	557,238	397,699
Total assets ...............................................................................................................................	$       1,174,732	$          988,543