Partnership Capital Subject to Mandatory Redemption

3 Months Ended

Mar. 28, 2025

PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION

NOTE 6 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION

The Partnership made loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Enterprise Leadership Team ("ELT"), who require financing for some or all of their Partnership capital contributions). Loans made by the Partnership to such partners were generally for a period of one year and bore interest either at the greater of the Prime Rate minus 1.25% for the last business day of the prior fiscal month or 3.25%. The Partnership recognizes interest income for the interest earned related to these loans. The outstanding amount of Partnership loans is reflected as a reduction to total partnership capital. Interest income earned from partnership loans, which is included in interest and dividends in the Consolidated Statements of Income, was $9 and $12 for the three-month periods ended March 28, 2025 and March 29, 2024, respectively.

The following table shows the roll forward of outstanding Partnership loans for the:


	Three Months Ended
	March 28, 2025			March 29, 2024
Partnership loans outstanding at beginning of period	$	473		$	439
Partnership loans issued during the period		302			266
Repayment of Partnership loans during the period		(150	)		(111	)
Total Partnership loans outstanding	$	625		$	594

The minimum 7.5% annual return on the face amount of limited partnership capital was $33 for both three-month periods ended March 28, 2025 and March 29, 2024. These amounts are included as a component of interest expense in the Consolidated Statements of Income.