Fair Value (Tables)

3 Months Ended

Mar. 29, 2024

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 as of:

	March 29, 2024
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	144	$	—	$	144
Money market funds		22		—		—		22
Total cash equivalents	$	22	$	144	$	—	$	166
Investments segregated under federal regulations:
U.S. treasuries	$	10,116	$	—	$	—	$	10,116
Certificates of deposit		—		1,400		—		1,400
Total investments segregated under federal regulations	$	10,116	$	1,400	$	—	$	11,516
Securities owned:
Investment securities:
Government and agency obligations	$	591	$	—	$	—	$	591
Mutual funds(1)		340		—		—		340
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		12		—		—		12
Total investment securities	$	943	$	112	$	—	$	1,055
Inventory securities:
Equities	$	67	$	—	$	—	$	67
Municipal obligations		—		36		—		36
Corporate bonds and notes		—		10		—		10
Certificates of deposit		—		3		—		3
Government and agency obligations		3		—		—		3
Mutual funds		2		—		—		2
Total inventory securities	$	72	$	49	$	—	$	121
Other assets:
Client fractional share ownership assets	$	891	$	—	$	—	$	891
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	891	$	—	$	—	$	891

	December 31, 2023
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	179	$	—	$	179
Money market funds		76		—		—		76
Total cash equivalents	$	76	$	179	$	—	$	255
Investments segregated under federal regulations:
U.S. treasuries	$	9,893	$	—	$	—	$	9,893
Certificates of deposit		—		1,500		—		1,500
Total investments segregated under federal regulations	$	9,893	$	1,500	$	—	$	11,393
Securities owned:
Investment securities:
Government and agency obligations	$	600	$	—	$	—	$	600
Mutual funds(1)		346		—		—		346
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		11		—		—		11
Total investment securities	$	957	$	112	$	—	$	1,069
Inventory securities:
Municipal obligations	$	—	$	29	$	—	$	29
Equities		21		—		—		21
Certificates of deposit		—		20		—		20
Mutual funds		9		—		—		9
Corporate bonds and notes		—		5		—		5
Government and agency obligations		4		—		—		4
Total inventory securities	$	34	$	54	$	—	$	88
Other assets:
Client fractional share ownership assets	$	824	$	—	$	—	$	824
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	824	$	—	$	—	$	824

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