Fair Value

6 Months Ended

Jun. 25, 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 six- and twelve-month periods ended June 25, 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
	June 25, 2021
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	120	$	—	$	120
Money market funds	29			—		—		29
Total cash equivalents	$	29	$	120	$	—	$	149
Investments segregated under federal regulations:
U.S. treasuries	$	12,098	$	—	$	—	$	12,098
Securities owned:
Investment securities:
Mutual funds(1)	$	348	$	—	$	—	$	348
Government and agency obligations		315		—		—		315
Certificates of deposit		—		100		—		100
Equities		4		—		—		4
Total investment securities	$	667	$	100	$	—	$	767
Inventory securities:
State and municipal obligations	$	—	$	15	$	—	$	15
Equities		8		—		—		8
Mutual funds		5		—		—		5
Corporate bonds and notes		—		1		—		1
Certificates of deposit		—		1		—		1
Total inventory securities	$	13	$	17	$	—	$	30

	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.