Segment Information

6 Months Ended

Jun. 30, 2017

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						Six Months Ended
	June 30, 2017			June 24, 2016			June 30, 2017			June 24, 2016
Net revenue:
U.S.	$	1,833		$	1,617		$	3,582		$	3,137
Canada		49			43			97			84
Total net revenue	$	1,882		$	1,660		$	3,679		$	3,221

Pre-variable income (loss):
U.S.	$	436		$	399		$	798		$	757
Canada		2			(3	)		1			(3	)
Total pre-variable income		438			396			799			754

Variable compensation:
U.S.		209			185			369			348
Canada		4			3			8			7
Total variable compensation		213			188			377			355

Income (loss) before allocations to partners:
U.S.		227			214			429			409
Canada		(2	)		(6	)		(7	)		(10	)
Total income before allocations to partners	$	225		$	208		$	422		$	399

The Partnership derived 17% of its total revenue for both the three and six month periods ended June 30, 2017 and 20% of its total revenue for both the three and six month periods ended June 24, 2016, 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.