Fair Value

9 Months Ended

Sep. 27, 2019

Fair Value Disclosures [Abstract]

Fair Value

NOTE 5 – FAIR VALUE

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report.  There have been no material changes to the Partnership's valuation methodologies since December 31, 2018.

The Partnership did not have any assets or liabilities categorized as Level III during the nine and twelve month periods ended September 27, 2019 and December 31, 2018, respectively.

The following tables show the Partnership’s financial assets measured at fair value:

	Financial Assets at Fair Value as of
	September 27, 2019
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	325	$	—	$	325
Investments segregated under federal regulations:
U.S. treasuries	$	2,497	$	—	$	—	$	2,497
Securities owned:
Investment securities:
Mutual funds(1)	$	300	$	—	$	—	$	300
Government and agency obligations		3		—		—		3
Equities		2		—		—		2
Total investment securities	$	305	$	—	$	—	$	305
Inventory securities:
Mutual funds	$	33	$	—	$	—	$	33
Equities		33		—		—		33
State and municipal obligations		—		18		—		18
Certificates of deposit		—		4		—		4
Corporate bonds and notes		—		3		—		3
Total inventory securities	$	66	$	25	$	—	$	91

	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. The balance also includes securities held in relation to profit sharing contributions on behalf of service partners and a security held for regulatory purposes at the Trust Co.