Fair Value

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value

NOTE 5 – FAIR VALUE

The following tables show the Partnership's financial instruments measured at fair value:

	Financial Assets at Fair Value as of
	December 31, 2018
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	298	$	—	$	298
Investments segregated under federal regulations:
U.S. treasuries	$	998	$	—	$	—	$	998
Securities owned:
Investment securities:
Mutual funds(1)	$	244	$	—	$	—	$	244
Government and agency obligations		3		—		—		3
Equities		2		—		—		2
Corporate bonds and notes		—		1		—		1
Total investment securities	$	249	$	1	$	—	$	250
Inventory securities:
Equities	$	16	$	—	$	—	$	16
State and municipal obligations		—		15		—		15
Mutual funds		6		—		—		6
Certificates of deposit		—		3		—		3
Corporate bonds and notes		—		3		—		3
Total inventory securities	$	22	$	21	$	—	$	43

⁽¹⁾ The mutual funds balance consists primarily of securities held to economically hedge future liabilities related to the non-qualified deferred compensation plan.

	Financial Assets at Fair Value as of
	December 31, 2017
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	275	$	—	$	275
Investments segregated under federal regulations:
U.S. treasuries	$	2,399	$	—	$	—	$	2,399
Securities owned:
Investment securities:
Mutual funds(1)	$	252	$	—	$	—	$	252
Government and agency obligations		3		—		—		3
Equities		2		—		—		2
Corporate bonds and notes		—		1		—		1
Total investment securities	$	257	$	1	$	—	$	258
Inventory securities:
State and municipal obligations	$	—	$	24	$	—	$	24
Equities		16		—		—		16
Mutual funds		4		—		—		4
Certificates of deposit		—		4		—		4
Corporate bonds and notes		—		2		—		2
Total inventory securities	$	20	$	30	$	—	$	50