Note 17. Business Segment Reporting

12 Months Ended

Dec. 31, 2016

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

We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations.

The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements.

Revenue for 2016, 2015, transition periods 2014 and 2013, and fiscal year 2014 were as follows.

	Revenue
			Transition Period		Fiscal Year
	2016	2015	2014	2013	2014
				(unaudited)
Operating Businesses:
Restaurant Operations:
Steak n Shake	$      804,423	$     805,771	$      212,369	$      201,483	$      765,600
Western	13,491	13,967	3,279	2,959	12,555
Total Restaurant Operations	817,914	819,738	215,648	204,442	778,155
First Guard	22,997	17,232	3,574	-	5,715
Maxim	9,165	24,482	5,228	-	9,941
	$      850,076	$     861,452	$      224,450	$      204,442	$      793,811

Earnings (loss) before income taxes for 2016, 2015, transition periods 2014 and 2013, and fiscal year 2014 were as follows.

	Earnings (Loss) Before Income Taxes
			Transition Period		Fiscal Year
	2016	2015	2014	2013	2014
				(unaudited)
Operating Businesses:
Restaurant Operations:
Steak n Shake	$        34,717	$       39,749	$        10,172	$          9,461	$        26,494
Western	2,506	1,849	394	329	1,765
Total Restaurant Operations	37,223	41,598	10,566	9,790	28,259
First Guard	5,135	3,529	906	-	1,461
Maxim	(10,078)	(18,105)	(5,498)	-	(15,981)
Other	94	564	3	21	500
Total Operating Businesses	32,374	27,586	5,977	9,811	14,239
Corporate and investments:
Corporate	(10,241)	(13,731)	(1,807)	(3,264)	(8,503)
Gains (losses) on contibutions to partnerships	(306)	-	-	-	29,524
Investment partnership gains (loss)	135,886	(39,356)	144,702	23,493	14,055
Total corporate	125,339	(53,087)	142,895	20,229	35,076
Interest expense on notes
payable and other borrowings	(11,450)	(11,930)	(3,272)	(1,641)	(10,299)
	$      146,263	$      (37,431)	$      145,600	$        28,399	$        39,016

A disaggregation of our consolidated capital expenditure captions for 2016, 2015, transition periods 2014 and 2013, and fiscal year 2014 is presented in the tables that follow.

	Capital Expenditures
			Transition Period		Fiscal Year
	2016	2015	2014	2013	2014
				(unaudited)
Operating Businesses:
Restaurant Operations:
Steak n Shake	$        11,624	$          8,434	$          8,733	$          4,997	$        25,398
Western	306	43	-	11	1,113
Total Restaurant Operations	11,930	8,477	8,733	5,008	26,511
First Guard	7	102	10	-	-
Maxim	42	16	57	-	312
Other	51	2,486	7	275	6,840
Total Operating Businesses	12,030	11,081	8,807	5,283	33,663
Corporate	-	2	9	-	2,149
Consolidated results	$        12,030	$        11,083	$          8,816	$          5,283	$        35,812

A disaggregation of our depreciation and amortization captions for 2016, 2015, transition periods 2014 and 2013, and fiscal year 2014 is presented in the tables that follow.

	Depreciation and Amortization
			Transition Period		Fiscal Year
	2016	2015	2014	2013	2014
				(unaudited)
Operating Businesses:
Restaurant Operations:
Steak n Shake	$        20,968	$        23,045	$          6,289	$          6,274	$        23,402
Western	605	691	172	160	662
Total Restaurant Operations	21,573	23,736	6,461	6,434	24,064
First Guard	64	36	30	-	38
Maxim	409	296	151	-	211
Other	431	412	116	34	279
Total Operating Businesses	22,477	24,480	6,758	6,468	24,592
Corporate	448	300	70	98	313
Consolidated results	$        22,925	$        24,780	$          6,828	$          6,566	$        24,905

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

	Identifiable Assets
	December 31,
	2016	2015
Reportable segments:
Restaurant Operations:
Steak n Shake	$           395,809	$           393,853
Western	17,040	17,412
Total Restaurant Operations	412,849	411,265
First Guard	42,746	41,159
Maxim	19,100	23,545
Other	21,116	23,587
Corporate	23,519	15,834
Investment partnerships	577,637	471,689
Total assets	$        1,096,967	$           987,079