Fair Value

6 Months Ended

Jun. 26, 2020

Fair Value Disclosures [Abstract]

Fair Value

NOTE 6 – 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, 2019.

The Partnership did not have any assets or liabilities categorized as Level III during the six and twelve month periods ended June 26, 2020 and December 31, 2019, respectively.

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

	Financial Assets at Fair Value as of
	June 26, 2020
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	201	$	—	$	201
U.S treasuries		200		—		—		200
Total cash equivalents	$	200	$	201	$	—	$	401
Investments segregated under federal regulations:
U.S. treasuries	$	7,996	$	—	$	—	$	7,996
Certificates of deposit		—		100		—		100
Total investments segregated under federal regulations	$	7,996	$	100	$	—	$	8,096
Securities owned:
Investment securities:
Mutual funds(1)	$	300	$	—	$	—	$	300
Government and agency obligations		90		—		—		90
Equities		3		—		—		3
Certificates of deposit		—		2		—		2
Total investment securities	$	393	$	2	$	—	$	395
Inventory securities:
Equities	$	26	$	—	$	—	$	26
State and municipal obligations		—		18		—		18
Mutual funds		9		—		—		9
Corporate bonds and notes		—		5		—		5
Certificates of deposit		—		1		—		1
Total inventory securities	$	35	$	24	$	—	$	59

	Financial Assets at Fair Value as of
	December 31, 2019
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	326	$	—	$	326
Investments segregated under federal regulations:
U.S. treasuries	$	3,394	$	—	$	—	$	3,394
Securities owned:
Investment securities:
Mutual funds(1)	$	328	$	—	$	—	$	328
Government and agency obligations		3		—		—		3
Equities		1		—		—		1
Total investment securities	$	332	$	—	$	—	$	332
Inventory securities:
Equities	$	18	$	—	$	—	$	18
State and municipal obligations		—		18		—		18
Certificates of deposit		—		9		—		9
Corporate bonds and notes		—		3		—		3
Mutual funds		2		—		—		2
Total inventory securities	$	20	$	30	$	—	$	50

⁽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.