Fair Value (Tables)

6 Months Ended

Jun. 26, 2020

Fair Value Disclosures [Abstract]

Partnership's Financial Assets at Fair Value

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.