Segment Information

3 Months Ended

Mar. 31, 2017

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, which primarily occur through a non-guaranteed subsidiary of the Partnership. 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
	March 31, 2017			March 25, 2016
Net revenue:
U.S.	$	1,749		$	1,520
Canada		48			41
Total net revenue	$	1,797		$	1,561
Pre-variable income (loss):
U.S.	$	362		$	358
Canada		(1	)		—
Total pre-variable income		361			358
Variable compensation:
U.S.		160			163
Canada		4			4
Total variable compensation		164			167
Income (loss) before allocations to partners:
U.S.		202			195
Canada		(5	)		(4	)
Total income before allocations to partners	$	197		$	191

The Partnership derived 18% and 20% of its total revenue for the three month periods ended March 31, 2017 and March 25, 2016, respectively, from one mutual fund company, which includes the funds that mutual fund company advised. The revenue generated from this company relates to business conducted with the Partnership’s U.S. segment. Significant reductions in this 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.