Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

NOTE 15 – SEGMENT INFORMATION

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. The accounting policies of the segments are the same as those described in Note 1 – Summary of Significant Accounting Policies. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. For computation of segment information, the Partnership allocates costs incurred by the U.S. entity in support of Canada operations to the Canada segment and does not eliminate intercompany items, such as management fees paid to affiliated entities. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Pre-variable income represents income before variable compensation expense and before allocations to partners. This is consistent with how management reviews the segments to assess performance.

The Partnership evaluates segment performance based upon income before allocations to partners, as well as income before variable compensation (“pre-variable income”). Variable compensation is determined at the Partnership level for profit sharing and home office associate and client support team professionals bonus amounts, and therefore is allocated to each geographic segment independent of that segment’s individual pre-variable income. Financial advisor bonuses are determined by the overall Partnership’s profitability, as well as the performance of the individual financial advisors. Both income before allocations to partners and pre-variable income are considered in evaluating segment performance. Long-lived assets are not disclosed because the balances are not used for evaluating segment performance and deciding how to allocate resources to segments. However, total assets for each segment are provided for informational purposes, as well as capital expenditures and depreciation and amortization.

The following table shows financial information for the Partnership’s reportable segments for the years ended December 31:

	2023		2022		2021
Net revenue:
U.S.	$	13,409	$	11,902	$	11,946
Canada		389		367		333
Total net revenue	$	13,798	$	12,269	$	12,279
Net interest and dividends revenue:
U.S.	$	841	$	354	$	69
Canada		44		18		4
Total net interest and dividends revenue	$	885	$	372	$	73
Pre-variable income:
U.S.	$	3,367	$	3,057	$	3,489
Canada		83		82		65
Total pre-variable income	$	3,450	$	3,139	$	3,554
Variable compensation:
U.S.	$	1,798	$	1,694	$	1,907
Canada		40		41		42
Total variable compensation	$	1,838	$	1,735	$	1,949
Income before allocations to partners:
U.S.	$	1,569	$	1,363	$	1,582
Canada		43		41		23
Total income before allocations to partners	$	1,612	$	1,404	$	1,605
Capital expenditures:
U.S.	$	450	$	298	$	229
Canada		6		4		5
Total capital expenditures	$	456	$	302	$	234
Depreciation and amortization:
U.S.	$	552	$	483	$	445
Canada		15		16		16
Total depreciation and amortization	$	567	$	499	$	461
Total assets at year end:
U.S.	$	26,926	$	28,761	$	31,034
Canada		1,077		1,131		1,174
Total assets	$	28,003	$	29,892	$	32,208
Financial advisors at year end:
U.S.		18,378		17,961		17,971
Canada		854		835		852
Total financial advisors		19,232		18,796		18,823