Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Partnership's Financial Assets and Liabilities at Fair Value

The following tables show the Partnership's financial assets and liabilities measured at fair value:

	Fair Value as of
	December 31, 2021
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	266	$	—	$	266
Money market funds		47		—		—		47
Total cash equivalents	$	47	$	266	$	—	$	313
Investments segregated under federal regulations:
U.S. treasuries	$	13,908	$	—	$	—	$	13,908
Certificates of deposit		—		400		—		400
Total investments segregated under federal regulations	$	13,908	$	400	$	—	$	14,308
Securities owned:
Investment securities:
Government and agency obligations	$	413	$	—	$	—	$	413
Mutual funds(1)		366		—		—		366
Equities		3		—		—		3
Certificates of deposit		—		70		—		70
Total investment securities	$	782	$	70	$	—	$	852
Inventory securities:
Equities	$	18	$	—	$	—	$	18
Municipal obligations		—		9		—		9
Certificates of deposit		—		6		—		6
Corporate bonds and notes		—		3		—		3
Mutual funds		2		—		—		2
Total inventory securities	$	20	$	18	$	—	$	38
Other assets:
Client fractional share ownership assets	$	710	$	—	$	—	$	710
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	710	$	—	$	—	$	710

	Fair Value as of
	December 31, 2020
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	120	$	—	$	120
Money market funds		41		—		—		41
Total cash equivalents	$	41	$	120	$	—	$	161
Investments segregated under federal regulations:
U.S. treasuries	$	12,068	$	—	$	—	$	12,068
Certificates of deposit		—		100		—		100
Total investments segregated under federal regulations	$	12,068	$	100	$	—	$	12,168
Securities owned:
Investment securities:
Government and agency obligations	$	971	$	—	$	—	$	971
Mutual funds(1)		327		—		—		327
Equities		3		—		—		3
Certificates of deposit		—		1		—		1
Total investment securities	$	1,301	$	1	$	—	$	1,302
Inventory securities:
Equities	$	19	$	—	$	—	$	19
Municipal obligations		—		10		—		10
Corporate bonds and notes		—		2		—		2
Mutual funds		1		—		—		1
Total inventory securities	$	20	$	12	$	—	$	32
Other assets:
Client fractional share ownership assets	$	534	$	—	$	—	$	534
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	534	$	—	$	—	$	534

(1)The mutual funds balance consists primarily of securities held to economically hedge future liabilities related to the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.