Segment Information

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segment Information

NOTE 6 – SEGMENT INFORMATION

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the Consolidated Financial Statements of the Partnership's Canada operations. 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 views the segments in order to assess performance.

The following table shows financial information for the Partnership’s reportable segments:

	Three Months Ended						Nine Months Ended
	Sept 30, 2016			Sept 25, 2015			Sept 30, 2016			Sept 25, 2015
Net revenue:
U.S.	$	1,638		$	1,599		$	4,775		$	4,816
Canada		45			46			129			145
Total net revenue	$	1,683		$	1,645		$	4,904		$	4,961
Pre-variable income (loss):
U.S.	$	358		$	413		$	1,115		$	1,270
Canada		1			2			(2	)		6
Total pre-variable income		359			415			1,113			1,276
Variable compensation:
U.S.		169			203			517			619
Canada		4			4			11			13
Total variable compensation		173			207			528			632
Income (loss) before allocations to partners:
U.S.		189			210			598			651
Canada		(3	)		(2	)		(13	)		(7	)
Total income before allocations to partners	$	186		$	208		$	585		$	644

The Partnership derived from one mutual fund company, and the funds it advised, 19% and 20% of its total revenue for the three and nine month periods ended September 30, 2016, respectively, and 20% for both the three and nine months ended September 25, 2015. The revenue generated from this company relates to business conducted with the Partnership’s U.S. segment. Significant reductions in revenue due to regulatory reform or other changes to the Partnership’s relationship with this mutual fund company could have a material impact on the Partnership’s results of operations.