Fair Value

3 Months Ended

Mar. 26, 2021

Fair Value Disclosures [Abstract]

Fair Value

NOTE 4 – 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, 2020.

The Partnership did not have any assets or liabilities categorized as Level III during the three and twelve month periods ended March 26, 2021 and December 31, 2020, respectively.

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

	Financial Assets at Fair Value as of
	March 26, 2021
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	120	$	—	$	120
Money market funds	12			—		—	12
Total cash equivalents	$	12	$	120	$	—	$	132
Investments segregated under federal regulations:
U.S. treasuries	$	12,904	$	—	$	—	$	12,904
Certificates of deposit		—		100		—		100
Total investments segregated under federal regulations	$	12,904	$	100	$	—	$	13,004
Securities owned:
Investment securities:
Mutual funds(1)	$	329	$	—	$	—	$	329
Government and agency obligations		115		—		—		115
Equities		3		—		—		3
Certificates of deposit		—		1		—		1
Total investment securities	$	447	$	1	$	—	$	448
Inventory securities:
State and municipal obligations	$	—	$	9	$	—	$	9
Equities		8		—		—		8
Corporate bonds and notes		—		4		—		4
Mutual funds		3		—		—		3
Certificates of deposit		—		3		—		3
Total inventory securities	$	11	$	16	$	—	$	27

	Financial Assets at Fair Value as of
	December 31, 2020
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	120	$	—	$	120
Money market funds	41			—		—	41
Total cash equivalents	$	41	$	120	$	—	$	161
Investments segregated under federal regulations:
U.S. treasuries	$	12,051	$	—	$	—	$	12,051
Certificates of deposit		—		100		—		100
Total investments segregated under federal regulations	$	12,051	$	100	$	—	$	12,151
Securities owned:
Investment securities:
Government and agency obligations	$	971	$	—	$	—	$	971
Mutual funds(1)		327		—		—		327
Equities		3		—		—		3
Certificates of deposit		—		1		—		1
Total investment securities	$	1,301	$	1	$	—	$	1,302
Inventory securities:
Equities	$	19	$	—	$	—	$	19
State and municipal obligations		—		10		—		10
Corporate bonds and notes		—		2		—		2
Mutual funds		1		—		—		1
Total inventory securities	$	20	$	12	$	—	$	32

⁽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 a security held for regulatory purposes at the Trust Co.