Fair Value

9 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Fair Value

NOTE 4 – FAIR VALUE

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2023.

The Partnership records fractional shares at fair value in other assets with associated liabilities in accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition. The liabilities are initially recorded at the dollar amount received from the clients, but the Partnership makes an election to record the liabilities at fair value. Changes in the fair value of the assets and liabilities offset in other revenue in the Consolidated Statements of Income, with no impact on income before allocations to partners.

The Partnership did not have any assets or liabilities categorized as Level III during the nine- and twelve-month periods ended September 27, 2024 and December 31, 2023, respectively.

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

	September 27, 2024
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	163	$	—	$	163
Money market funds		73		—		—		73
Total cash equivalents	$	73	$	163	$	—	$	236
Investments segregated under federal regulations:
U.S. treasuries	$	7,938	$	—	$	—	$	7,938
Certificates of deposit		—		1,100		—		1,100
Total investments segregated under federal regulations	$	7,938	$	1,100	$	—	$	9,038
Securities owned:
Investment securities:
Government and agency obligations	$	895	$	—	$	—	$	895
Mutual funds(1)		364		—		—		364
Certificates of deposit		—		100		—		100
Municipal obligations		—		12		—		12
Equities		8		—		—		8
Total investment securities	$	1,267	$	112	$	—	$	1,379
Inventory securities:
Mutual funds	$	103	$	—	$	—	$	103
Municipal obligations		—		50		—		50
Equities		19		—		—		19
Corporate bonds and notes		—		15		—		15
Government and agency obligations		15		—		—		15
Certificates of deposit		—		12		—		12
Total inventory securities	$	137	$	77	$	—	$	214
Other assets:
Client fractional share ownership assets	$	925	$	—	$	—	$	925
Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	925	$	—	$	—	$	925

	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.