Fair Value (Tables)

9 Months Ended

Sep. 25, 2020

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
	September 25, 2020
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	226	$	—	$	226

Investments segregated under federal regulations:
U.S. treasuries	$	8,697	$	—	$	—	$	8,697
Certificates of deposit		—		100		—		100
Total investments segregated under federal regulations	$	8,697	$	100	$	—	$	8,797

Securities owned:
Investment securities:
Government and agency obligations	$	578	$	—	$	—	$	578
Mutual funds⁽¹⁾		329		—		—		329
Equities		3		—		—		3
Certificates of deposit		—		1		—		1
Total investment securities	$	910	$	1	$	—	$	911

Inventory securities:
Mutual funds	$	29	$	—	$	—	$	29
State and municipal obligations		—		27		—		27
Equities		8		—		—		8
Corporate bonds and notes		—		2		—		2
Certificates of deposit		—		2		—		2
Total inventory securities	$	37	$	31	$	—	$	68

	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.