Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 27, 2015 | Jun. 27, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | JNFC | ||
Entity Registrant Name | JONES FINANCIAL COMPANIES LLLP | ||
Entity Central Index Key | 815917 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Limited Partnership Interests Outstanding | 925,767 | ||
Entity Public Float | $0 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS: | ||
Cash and cash equivalents | $1,033 | $600 |
Cash and investments segregated under federal regulations | 8,848 | 8,435 |
Securities purchased under agreements to resell | 634 | 1,026 |
Receivable from: | ||
Clients | 2,789 | 2,300 |
Mutual funds, insurance companies and other | 437 | 405 |
Brokers, dealers and clearing organizations | 122 | 148 |
Securities owned, at fair value: | ||
Investment securities | 161 | 141 |
Inventory securities | 69 | 102 |
Equipment, property and improvements, at cost, net of accumulated depreciation and amortization | 549 | 543 |
Other assets | 128 | 95 |
TOTAL ASSETS | 14,770 | 13,795 |
Payable to: | ||
Clients | 11,320 | 10,596 |
Brokers, dealers and clearing organizations | 88 | 79 |
Accrued compensation and employee benefits | 980 | 843 |
Accounts payable, accrued expenses and other | 161 | 142 |
Long-term debt | 3 | 4 |
Total liabilities before liabilities subordinated to claims of general creditors | 12,552 | 11,664 |
Liabilities subordinated to claims of general creditors | 0 | 50 |
Commitments and contingencies (Notes 13 and 14) | ||
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals | 1,973 | 1,858 |
Reserve for anticipated withdrawals | 245 | 223 |
Total partnership capital subject to mandatory redemption | 2,218 | 2,081 |
TOTAL LIABILITIES | $14,770 | $13,795 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fee revenue | |||
Asset-based | $3,089 | $2,523 | $2,042 |
Account and activity | 617 | 568 | 574 |
Total fee revenue | 3,706 | 3,091 | 2,616 |
Trade revenue | |||
Commissions | 2,168 | 2,134 | 1,979 |
Principal transactions | 136 | 183 | 156 |
Investment banking | 156 | 122 | 112 |
Total trade revenue | 2,460 | 2,439 | 2,247 |
Interest and dividends | 135 | 134 | 133 |
Other revenue | 32 | 52 | 31 |
Total revenue | 6,333 | 5,716 | 5,027 |
Interest expense | 55 | 59 | 62 |
Net revenue | 6,278 | 5,657 | 4,965 |
Operating expenses: | |||
Compensation and benefits | 4,253 | 3,793 | 3,285 |
Occupancy and equipment | 367 | 356 | 353 |
Communications and data processing | 289 | 292 | 279 |
Payroll and other taxes | 229 | 207 | 186 |
Advertising | 70 | 58 | 56 |
Professional and consulting fees | 59 | 48 | 37 |
Postage and shipping | 51 | 51 | 48 |
Other operating expenses | 190 | 178 | 166 |
Total operating expenses | 5,508 | 4,983 | 4,410 |
Income before allocations to partners | 770 | 674 | 555 |
Allocations to partners: | |||
Limited partners | 82 | 78 | 72 |
Subordinated limited partners | 87 | 73 | 61 |
General partners | 601 | 523 | 422 |
Net income | $0 | $0 | $0 |
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding | $129.40 | $121.12 | $109.84 |
Weighted average $1,000 equivalent limited partnership units outstanding | 636,481 | 644,856 | 655,663 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | |||||||||||
Limited partnership interest value | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption (USD $) | Total | Limited Partnership Capital | Subordinated Limited Partnership Capital | General Partnership Capital |
In Millions | ||||
Partnership loans outstanding at Dec. 31, 2011 | $87 | $0 | $0 | $87 |
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2011 | 1,845 | 662 | 255 | 928 |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2011 | 1,758 | 662 | 255 | 841 |
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2011 | 1,906 | 706 | 271 | 929 |
Reserve for anticipated withdrawals at Dec. 31, 2011 | -148 | -44 | -16 | -88 |
Issuance of partnership interests | 139 | 0 | 36 | 103 |
Redemption of partnership interests | -99 | -11 | -8 | -80 |
Income allocated to partners | 555 | 72 | 61 | 422 |
Distributions | -287 | -27 | -42 | -218 |
Partnership loans outstanding, reduction to arrive at Partnership Capital | -170 | 0 | 0 | -170 |
Reserve for anticipated withdrawals at Dec. 31, 2012 | -171 | -45 | -19 | -107 |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2012 | 1,812 | 651 | 283 | 878 |
Total partnership capital, including capital financed with partnership loans at Dec. 31, 2012 | 2,153 | 696 | 302 | 1,155 |
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2012 | 1,983 | 696 | 302 | 985 |
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2012 | 1,982 | 651 | 283 | 1,048 |
Partnership loans outstanding at Dec. 31, 2012 | 170 | 0 | 0 | 170 |
Issuance of partnership interests | 135 | 0 | 32 | 103 |
Redemption of partnership interests | -115 | -10 | -10 | -95 |
Income allocated to partners | 674 | 78 | 73 | 523 |
Distributions | -380 | -31 | -49 | -300 |
Partnership loans outstanding, reduction to arrive at Partnership Capital | -215 | 0 | 0 | -215 |
Reserve for anticipated withdrawals at Dec. 31, 2013 | -223 | -48 | -24 | -151 |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2013 | 1,858 | 640 | 305 | 913 |
Total partnership capital, including capital financed with partnership loans at Dec. 31, 2013 | 2,296 | 688 | 329 | 1,279 |
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2013 | 2,081 | 688 | 329 | 1,064 |
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2013 | 2,073 | 640 | 305 | 1,128 |
Partnership loans outstanding at Dec. 31, 2013 | 215 | 0 | 0 | 215 |
Issuance of partnership interests | 141 | 0 | 47 | 94 |
Redemption of partnership interests | -125 | -8 | -16 | -101 |
Income allocated to partners | 770 | 82 | 87 | 601 |
Distributions | -443 | -30 | -60 | -353 |
Partnership loans outstanding, reduction to arrive at Partnership Capital | -198 | 0 | -1 | -197 |
Reserve for anticipated withdrawals at Dec. 31, 2014 | -245 | -52 | -27 | -166 |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2014 | 1,973 | 632 | 335 | 1,006 |
Total partnership capital, including capital financed with partnership loans at Dec. 31, 2014 | 2,416 | 684 | 363 | 1,369 |
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2014 | $2,218 | $684 | $362 | $1,172 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $0 | $0 | $0 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income before allocations to partners | 770 | 674 | 555 |
Depreciation and amortization | 82 | 82 | 80 |
Changes in assets and liabilities: | |||
Cash and investments segregated under federal regulations | -413 | -720 | -3,242 |
Securities purchased under agreements to resell | 392 | 67 | -416 |
Net payable to clients | 235 | 487 | 3,435 |
Net receivable from brokers, dealers and clearing organizations | 35 | 55 | -100 |
Receivable from mutual funds, insurance companies and other | -32 | -50 | -55 |
Securities owned | 13 | -57 | -8 |
Other assets | -33 | 4 | 0 |
Accrued compensation and employee benefits | 137 | 178 | 125 |
Accounts payable, accrued expenses and other | 21 | -9 | -27 |
Net cash provided by operating activities | 1,207 | 711 | 347 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of equipment, property and improvements, net | -90 | -84 | -37 |
Net cash used in investing activities | -90 | -84 | -37 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayment of long-term debt | -1 | -2 | -1 |
Repayment of subordinated liabilities | -50 | -50 | -50 |
Issuance of partnership interests (net of partnership loans) | 55 | 40 | 45 |
Redemption of partnership interests | -125 | -115 | -99 |
Distributions from partnership capital (net of partnership loans) | -563 | -490 | -424 |
Issuance of partnership loans | 0 | -11 | 0 |
Net cash used in financing activities | -684 | -628 | -529 |
Net (decrease) increase in cash and cash equivalents | 433 | -1 | -219 |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 600 | 601 | 820 |
End of year | 1,033 | 600 | 601 |
Cash paid for interest | 55 | 59 | 63 |
Cash paid for taxes (Note 11) | 10 | 7 | 4 |
NON-CASH ACTIVITIES: | |||
Issuance of general partnership interests through partnership loans in current period | 86 | 95 | 94 |
Repayment of partnership loans through distributions from partnership capital in current period | $103 | $61 | $11 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The Partnership’s Business and Basis of Accounting. The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the “Partnership”). All material intercompany balances and transactions have been eliminated in consolidation. Non-controlling minority interests are accounted for under the equity method. The results of the Partnership’s subsidiaries in Canada are included for the twelve month periods ended November 30, 2014, 2013 and 2012 in the Partnership’s Consolidated Financial Statements because of the timing of the Partnership’s financial reporting process. | |
The Partnership’s principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), is a registered broker-dealer in the United States (“U.S.”), and one of Edward Jones’ subsidiaries is a registered broker-dealer in Canada. Through these entities, the Partnership serves primarily individual investors in the U.S. and Canada. Edward Jones primarily derives its revenues from the retail brokerage business through the distribution of mutual fund shares, fees related to assets held by and account services provided to its clients, the sale of listed and unlisted securities and insurance products, investment banking, and principal transactions. The Partnership conducts business throughout the U.S. and Canada with its clients, various brokers, dealers, clearing organizations, depositories and banks. For financial information related to the Partnership’s two operating segments for the years ended December 31, 2014, 2013 and 2012, see Note 15 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“EJTC”), a wholly-owned subsidiary of the Partnership. | |
The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the U.S. (“GAAP”) which require the use of certain estimates by management in determining the Partnership’s assets, liabilities, revenues and expenses. Actual results could differ from these estimates. | |
Partnership Agreement. Under the terms of the Partnership’s Nineteenth Amended and Restated Partnership Agreement of Registered Limited Liability Limited Partnership, dated June 6, 2014, as amended (the “Partnership Agreement”), a partner’s capital is required to be redeemed by the Partnership in the event of the partner’s death or withdrawal from the Partnership, subject to compliance with ongoing regulatory capital requirements. In the event of a partner’s death, the Partnership generally redeems the partner’s capital within six months. The Partnership has restrictions in place which govern the withdrawal of capital. Under the terms of the Partnership Agreement, limited partners withdrawing from the Partnership are to be repaid their capital in three equal annual installments beginning no earlier than 90 days after their withdrawal notice is received by the Managing Partner. The capital of general partners withdrawing from the Partnership is converted to subordinated limited partnership capital or, at the discretion of the Managing Partner, redeemed by the Partnership. Subordinated limited partners are repaid their capital in six equal annual installments beginning no earlier than 90 days after their request for withdrawal of contributed capital is received by the Managing Partner. The Partnership’s Managing Partner has discretion to waive or modify these withdrawal restrictions and to accelerate the return of capital. All current and future partnership capital is subordinate to all current and future liabilities of the Partnership. The Partnership Agreement includes additional terms. | |
Revenue Recognition. Due to the timing of receipt of information, the Partnership must use estimates in recording the accruals related to certain asset-based fees. These accruals are based on historical trends and are adjusted to reflect market conditions for the period covered. The Partnership’s commissions, principal transactions and investment banking revenues are recorded on a trade date basis. Clients’ securities transactions are recorded on the date they settle. Other forms of revenue are recorded on an accrual basis. The Partnership classifies its revenue into the following categories: | |
Asset-based fee revenue is derived from fees determined by the underlying value of client assets and includes advisory programs, service fees and revenue sharing. Most asset-based fee revenue is generated from fees for investment advisory services within the Partnership’s advisory programs, including in the U.S., Edward Jones Advisory Solutions® (“Advisory Solutions”) and Edward Jones Managed Account Program® (“MAP”) and in Canada, MAP, Edward Jones Portfolio Program® and Edward Jones Guided Portfolios™. The Partnership also earns asset-based fee revenue through service fees received under agreements with mutual fund and insurance companies, including revenue related to the Partnership’s ownership interest in Passport Research, Ltd. (“Passport Research”), the investment adviser to the two money market funds made available to Edward Jones clients. In addition, the Partnership earns revenue sharing from certain mutual fund and insurance companies. In most cases, this is additional compensation paid by investment advisers, insurance companies or distributors based on a percentage of average assets held by the Partnership’s clients. | |
Account and activity fee revenue includes fees received from mutual fund companies for shareholder accounting services performed by the Partnership and retirement account fees primarily consisting of self-directed individual retirement account custodian account fees. This revenue category also includes other activity-based fee revenue from clients, mutual fund companies and insurance companies. | |
Commissions revenue consists of charges to clients for the purchase or sale of mutual fund shares, equity and debt securities, and insurance products. | |
Principal transactions revenue is the result of the Partnership’s participation in market-making activities in municipal obligations, over-the-counter corporate obligations, government obligations, unit investment trusts, mortgage-backed securities and certificates of deposit. | |
Investment banking revenue is derived from the Partnership’s distribution of unit investment trusts, corporate and municipal obligations, and government sponsored enterprise obligations. | |
Interest and dividends revenue is earned on client margin (loan) account balances, cash and cash equivalents, cash and investments segregated under federal regulations, securities purchased under agreements to resell and partnership loans. | |
For the years ended December 31, 2014, 2013 and 2012, the Partnership earned 20%, 19% and 19%, respectively, of its total revenue from one mutual fund company. The revenue generated from this company related to business conducted with the Partnership’s U.S. segment. Significant reductions in this revenue due to regulatory reform or other changes to the Partnership’s relationship with this mutual fund company could have a material impact on the Partnership’s results of operations. | |
Foreign Exchange. Assets and liabilities denominated in a foreign currency are translated at the exchange rate at the end of the period. Revenue and expenses denominated in a foreign currency are translated using the average exchange rate for each period. Foreign exchange gains and losses are included in other revenue on the Consolidated Statements of Income. | |
Fair Value. Substantially all of the Partnership’s financial assets and financial liabilities covered under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 820, Fair Value Measurement and Disclosure(“ASC 820”), are carried at fair value or contracted amounts which approximate fair value. | |
Fair value of a financial instrument is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, also known as the “exit price.” Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The Partnership’s financial assets and financial liabilities recorded at fair value in the Consolidated Statements of Financial Condition are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 with the related amount of subjectivity associated with the inputs to value these assets and liabilities at fair value for each level, are as follows: | |
Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |
The types of assets and liabilities categorized as Level I generally are U.S. treasuries, investments in publicly traded mutual funds with quoted market prices, equities listed in active markets, and government and agency obligations. | |
Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with related market data at the measurement date and for the duration of the instrument’s anticipated life. The Partnership uses the market approach valuation technique which incorporates third-party pricing services and other relevant observable information (such as market interest rates, yield curves, prepayment risk and credit risk generated by market transactions involving identical or comparable assets or liabilities) in valuing these types of investments. When third-party pricing services are used, the methods and assumptions used are reviewed by the Partnership. | |
The types of assets and liabilities categorized as Level II generally are certificates of deposit, state and municipal obligations and corporate bonds and notes. | |
Level III – Inputs are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the inputs to the model. | |
The Partnership did not have any assets or liabilities categorized as Level III during the periods ended December 31, 2014 and 2013. In addition, there were no transfers into or out of Levels I, II or III during these periods. | |
The Partnership estimates the fair value of long-term debt based on the present value of future principal and interest payments associated with the debt, using current interest rates for debt of a similar nature as that of the Partnership (Level II input). | |
Cash and Cash Equivalents. The Partnership considers all highly liquid investments with original maturities of three months or less to be cash equivalents. | |
Cash and Investments Segregated under Federal Regulations. Cash, investments and the related interest receivable are segregated in special reserve bank accounts for the benefit of U.S. clients under Rule 15c3-3 of the Securities and Exchange Commission (“SEC”). | |
Securities Purchased Under Agreements to Resell. The Partnership participates in short-term resale agreements collateralized by government and agency securities. These transactions are reported as collateralized financing. The fair value of the underlying collateral as determined daily, plus accrued interest, must equal or exceed 102% of the carrying amount of the transaction in U.S. agreements and must equal or exceed 100% in Canada agreements. It is the Partnership’s policy to have such underlying resale agreement collateral delivered to the Partnership or deposited in its accounts at its custodian banks. Resale agreements are carried at the amount at which the securities will be subsequently resold, as specified in the agreements. The Partnership considers these financing receivables to be of good credit quality and, as a result, has not recorded a related allowance for credit loss. In addition, the Partnership considers risk related to these securities to be minimal due to the fact that these securities are fully collateralized. The fair value of the collateral related to these agreements was $644 and $1,044 as of December 31, 2014 and 2013, respectively, and was not repledged or sold. | |
Collateral. The Partnership reports as assets collateral it has pledged in secured borrowings and other arrangements when the secured party cannot sell or repledge the assets or the Partnership can substitute collateral or otherwise redeem it on short notice. The Partnership does not report collateral it has received in secured lending and other arrangements as an asset when the debtor has the right to redeem or substitute the collateral on short notice. | |
Securities Owned and Sold, Not Yet Purchased. Securities owned and sold, not yet purchased, including inventory securities and investment securities, are recorded at fair value which is determined by using quoted market or dealer prices. The Partnership records the related unrealized gains and losses for inventory securities and certain investment securities in principal transactions revenue in the Consolidated Statements of Income. The unrealized gains and losses for investment securities related to the nonqualified deferred compensation plan are recorded in other revenue in the Consolidated Statements of Income (see below). | |
Equipment, Property and Improvements. Equipment, including furniture and fixtures, is recorded at cost and depreciated using straight-line and accelerated methods over estimated useful lives of three to seven years. Buildings are depreciated using the straight-line method over their useful lives, which are estimated at thirty years. Leasehold improvements are amortized based on the term of the lease or the economic useful life of the improvement, whichever is less. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the respective category and any related gain or loss is recorded as other revenue in the Consolidated Statements of Income. The cost of maintenance and repairs is charged against income as incurred, whereas significant enhancements are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be fully recoverable. If impairment is indicated, the asset value is written down to its fair value. | |
Nonqualified Deferred Compensation Plan. The Partnership has a nonqualified deferred compensation plan for certain financial advisors. The Partnership has recorded a liability for the future payments due to financial advisors participating in the plan. As the future amounts due to financial advisors change in accordance with plan requirements, the Partnership records the change in future amounts owed to financial advisors as an increase or decrease in accrued compensation in the Consolidated Statements of Financial Condition and compensation and benefits expense in the Consolidated Statements of Income. The Partnership has chosen to hedge this future liability by purchasing securities in an amount similar to the future liability expected to be due in accordance with the plan. These securities are included in investment securities in the Consolidated Statements of Financial Condition and the unrealized gains and losses are recorded in other revenue in the Consolidated Statements of Income. Each period, the net impact of the change in future amounts owed to financial advisors in the nonqualified deferred compensation plan and the change in investment securities are approximately the same, resulting in minimal net impact in the Consolidated Financial Statements. | |
Retirement Transition Plan. The Partnership, in certain circumstances, offers individually tailored retirement transition plans to retiring financial advisors. Each retirement transition plan compensates a retiring financial advisor for successfully providing client transition services in accordance with a retirement and transition employment agreement. Generally, the retirement and transition employment agreement is for five years. During the first two years the retiring financial advisor remains an employee and provides transition services, which include, but are not limited to, the successful transition of client accounts and assets to successor financial advisors, as well as mentoring and providing training and support to successor financial advisors. The financial advisor retires at the end of year two and is subject to a non-compete agreement for three years. Most retiring financial advisors are paid ratably over four years. Compensation expense is recognized ratably over the two-year transition period which aligns with the service period of the agreement. Successor financial advisors receive reduced commissions on transitioned assets. | |
Lease Accounting. The Partnership enters into lease agreements for certain home office facilities as well as branch office locations. The associated lease expense is recognized on a straight-line basis over the minimum lease terms. | |
Income Taxes. Generally, income taxes have not been provided for in the Consolidated Financial Statements due to the partnership tax structure where each partner is liable for his or her own tax payments. For the jurisdictions in which the Partnership is liable for payments, the income tax provisions are immaterial (see Note 11). | |
Reclassification. Certain prior year balances have been reclassified to conform to the current year presentation. | |
Partnership Capital Subject to Mandatory Redemption. FASB ASC No. 480, Distinguishing Liabilities from Equity (“ASC 480”), established standards for classifying and measuring certain financial instruments with characteristics of both liabilities and equity. Under the provisions of ASC 480, the obligation to redeem a partner’s capital in the event of a partner’s death is one of the criteria requiring capital to be classified as a liability. | |
Since the Partnership Agreement obligates the Partnership to redeem a partner’s capital after a partner’s death, ASC 480 requires all of the Partnership’s equity capital to be classified as a liability. In accordance with ASC 480, income allocable to limited, subordinated limited and general partners is classified as a reduction of income before allocations to partners, which results in a presentation of $0 net income for the years ended December 31, 2014, 2013 and 2012. The financial statement presentations required to comply with ASC 480 do not alter the Partnership’s treatment of income, income allocations or capital for any other purposes. | |
Net income, as defined in the Partnership Agreement, is equivalent to income before allocations to partners on the Consolidated Statements of Income. Such income, if any, for each calendar year is allocated to the Partnership’s three classes of capital in accordance with the formulas prescribed in the Partnership Agreement. Income allocations are based upon partner capital contributions including capital contributions financed with loans from the Partnership. First, limited partners are allocated net income (as defined in the Partnership Agreement) in accordance with the prescribed formula for their share of net income. Limited partners do not share in the net loss in any year in which there is a net loss and the Partnership is not dissolved or liquidated. Thereafter, subordinated limited partners and general partners are allocated any remaining net income or net loss based on formulas as defined in the Partnership Agreement. | |
The limited partnership capital subject to mandatory redemption is held by current and former associates and general partners of the Partnership. Limited partners participate in the Partnership’s profits and are paid a minimum 7.5% annual return on the face amount of their capital, in accordance with the Partnership Agreement. The minimum 7.5% annual return was $48, $48 and $49 for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income. | |
The subordinated limited partnership capital subject to mandatory redemption is held by current and former general partners of the Partnership. Subordinated limited partners receive a percentage of the Partnership’s net income determined in accordance with the Partnership Agreement. The subordinated limited partnership capital subject to mandatory redemption is subordinated to the limited partnership capital. | |
The general partnership capital subject to mandatory redemption is held by current general partners of the Partnership. General partners receive a percentage of the Partnership’s net income determined in accordance with the Partnership Agreement. The general partnership capital subject to mandatory redemption is subordinated to the limited partnership capital and the subordinated limited partnership capital. | |
Recently Issued Accounting Standards. In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance. The objective of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for the first quarter of 2017. An entity can elect to adopt ASU 2014-09 using one of two methods, either full retrospective adoption to each prior reporting period, or recognize the cumulative effect of adoption at the date of initial application. The Partnership is in the process of evaluating the new standard and does not know the effect, if any, ASU 2014-09 will have on the Consolidated Financial Statements or which adoption method will be used. | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis (“ASU 2015-02”), which will be effective for the first quarter of 2016. ASU 2015-02 provides updated guidance on consolidation of variable interest entities. The Partnership is in the process of evaluating the new standard and does not know what effect, if any, ASU 2015-02 will have on the Consolidated Financial Statements. |
Receivable_from_and_Payable_to
Receivable from and Payable to Clients | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Receivable from and Payable to Clients | NOTE 2 – RECEIVABLE FROM AND PAYABLE TO CLIENTS |
Receivable from clients is primarily composed of margin loan balances. The value of securities owned by clients and held as collateral for these receivables is not reflected in the Consolidated Financial Statements. Collateral held as of December 31, 2014 and 2013 was $3,595 and $2,941, respectively, and was not repledged or sold. The Partnership considers these financing receivables to be of good credit quality due to the fact that these receivables are primarily collateralized by the related client investments and, as a result, the Partnership considers risk related to these receivables to be minimal. Payable to clients is composed of cash amounts held by the Partnership due to clients. Substantially all amounts payable to clients are subject to withdrawal upon client request. The Partnership pays interest on the vast majority of credit balances in client accounts. |
Receivable_from_Mutual_Funds_I
Receivable from Mutual Funds, Insurance Companies, and Other | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Receivable from Mutual Funds, Insurance Companies, and Other | NOTE 3 – RECEIVABLE FROM MUTUAL FUNDS, INSURANCE COMPANIES, AND OTHER |
Receivable from mutual funds, insurance companies and other is composed of amounts due to the Partnership for asset-based fees from mutual fund and insurance companies of $200 and fees for shareholder accounting services from mutual fund companies of $48. The balance also consists of a $189 retirement account trustee receivable for deposits held with a trustee as required by Canadian regulations for the Partnership’s clients’ retirement account funds held in Canada. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value | NOTE 4 – FAIR VALUE | ||||||||||||||||
The following tables show the Partnership’s financial instruments measured at fair value: | |||||||||||||||||
Financial Assets at Fair Value as of | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Cash equivalents: | |||||||||||||||||
Certificate of deposit | $ | - | $ | 100 | $ | - | $ | 100 | |||||||||
Investments segregated under federal regulations: | |||||||||||||||||
U.S. treasuries | $ | 1,109 | $ | - | $ | - | $ | 1,109 | |||||||||
Certificates of deposit | - | 225 | - | 225 | |||||||||||||
Total investments segregated under federal regulations | $ | 1,109 | $ | 225 | $ | - | $ | 1,334 | |||||||||
Securities owned: | |||||||||||||||||
Investment securities: | |||||||||||||||||
Mutual funds | $ | 136 | $ | - | $ | - | $ | 136 | |||||||||
Government and agency obligations | 19 | - | - | 19 | |||||||||||||
Equities | 5 | - | - | 5 | |||||||||||||
Corporate bonds and notes | - | 1 | - | 1 | |||||||||||||
Total investment securities | $ | 160 | $ | 1 | $ | - | $ | 161 | |||||||||
Inventory securities: | |||||||||||||||||
State and municipal obligations | $ | - | $ | 40 | $ | - | $ | 40 | |||||||||
Equities | 17 | - | - | 17 | |||||||||||||
Mutual funds | 5 | - | - | 5 | |||||||||||||
Certificates of deposit | - | 3 | - | 3 | |||||||||||||
Corporate bonds and notes | - | 2 | - | 2 | |||||||||||||
Other | 1 | 1 | - | 2 | |||||||||||||
Total inventory securities | $ | 23 | $ | 46 | $ | - | $ | 69 | |||||||||
Financial Liabilities at Fair Value as of | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Securities sold, not yet purchased(1): | |||||||||||||||||
Equities | $ | 2 | $ | - | $ | - | $ | 2 | |||||||||
Corporate bonds and notes | - | 1 | - | 1 | |||||||||||||
Total securities sold, not yet purchased | $ | 2 | $ | 1 | $ | - | $ | 3 | |||||||||
(1) Securities sold, not yet purchased are included within accounts payable, accrued expenses and other on the Consolidated Statements of Financial Condition. | |||||||||||||||||
Financial Assets at Fair Value as of | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Investments segregated under federal regulations: | |||||||||||||||||
U.S. treasuries | $ | 1,154 | $ | - | $ | - | $ | 1,154 | |||||||||
Certificates of deposit | - | 225 | - | 225 | |||||||||||||
Total investments segregated under federal regulations | $ | 1,154 | $ | 225 | $ | - | $ | 1,379 | |||||||||
Securities owned: | |||||||||||||||||
Investment securities: | |||||||||||||||||
Mutual funds | $ | 116 | $ | - | $ | - | $ | 116 | |||||||||
Government and agency obligations | 19 | - | - | 19 | |||||||||||||
Equities | 5 | - | - | 5 | |||||||||||||
Other | - | 1 | - | 1 | |||||||||||||
Total investment securities | $ | 140 | $ | 1 | $ | - | $ | 141 | |||||||||
Inventory securities: | |||||||||||||||||
State and municipal obligations | $ | - | $ | 67 | $ | - | $ | 67 | |||||||||
Equities | 27 | - | - | 27 | |||||||||||||
Corporate bonds and notes | - | 3 | - | 3 | |||||||||||||
Certificates of deposit | - | 2 | - | 2 | |||||||||||||
Unit investment trusts | 2 | - | - | 2 | |||||||||||||
Other | - | 1 | - | 1 | |||||||||||||
Total inventory securities | $ | 29 | $ | 73 | $ | - | $ | 102 | |||||||||
Financial Liabilities at Fair Value as of | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Securities sold, not yet purchased: | |||||||||||||||||
Corporate bonds and notes | $ | - | $ | 2 | $ | - | $ | 2 | |||||||||
Equities | 1 | - | - | 1 | |||||||||||||
Other | - | 1 | - | 1 | |||||||||||||
Total securities sold, not yet purchased | $ | 1 | $ | 3 | $ | - | $ | 4 | |||||||||
The Partnership attempts to reduce its exposure to market price fluctuations of its inventory securities through the sale of U.S. Treasury securities futures contracts. The amount of open futures contracts fluctuates on a daily basis due to changes in inventory securities owned, interest rates and market conditions. Futures contracts are settled daily, and any gain or loss is recognized as a component of net inventory gains, which are included in principal transactions revenue. The notional amounts of futures contracts outstanding were $8 and $9 at December 31, 2014 and 2013, respectively. The average notional amounts of futures contracts outstanding throughout the years ended December 31, 2014 and 2013 were approximately $5 and $7, respectively. The underlying assets of these contracts are not reflected in the Partnership’s Consolidated Financial Statements. The related mark-to-market adjustment was recognized in the Consolidated Statements of Financial Condition and included as an unrealized loss of $0.018 in accounts payable, accrued expenses and other as of December 31, 2014, and an unrealized gain of $0.031 in receivables from mutual funds, insurance companies and other as of December 31, 2013. The total gain or loss related to these assets, recorded within the Consolidated Statements of Income, was a loss of $0.858, a gain of $0.419 and a loss of $0.410 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
The following table shows the estimated fair values of long-term debt and liabilities subordinated to claims of general creditors as of December 31, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Long-term debt | $ | 3 | $ | 5 | |||||||||||||
Liabilities subordinated to claims of general creditors | - | 50 | |||||||||||||||
Total | $ | 3 | $ | 55 | |||||||||||||
See Notes 7 and 8 for the carrying values of long-term debt and liabilities subordinated to claims of general creditors, respectively. |
Equipment_Property_and_Improve
Equipment, Property and Improvements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Equipment, Property and Improvements | NOTE 5 – EQUIPMENT, PROPERTY AND IMPROVEMENTS | ||||||||
The following table shows equipment, property and improvements as of December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Land | $ | 26 | $ | 19 | |||||
Buildings and improvements | 846 | 813 | |||||||
Equipment, furniture and fixtures | 613 | 611 | |||||||
Equipment, property and improvements, at cost | 1,485 | 1,443 | |||||||
Accumulated depreciation and amortization | (936) | (900) | |||||||
Equipment, property and improvements, net | $ | 549 | $ | 543 | |||||
Depreciation and amortization expense on equipment, property and improvements of $82, $82 and $80 is included in the Consolidated Statements of Income within the communications and data processing and occupancy and equipment categories for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
The Partnership has purchased Industrial Revenue Bonds issued by St. Louis County related to certain self-constructed and purchased real and personal property. This provides for potential property tax benefits over the life of the bonds (generally 10 years). The Partnership is therefore both the bondholder and the debtor/lessee for these properties. The Partnership has exercised its right to offset the amounts invested in and the obligations for these bonds and has therefore excluded any bond related balances in the Consolidated Statements of Financial Condition. The amount issued as of December 31, 2014 and 2013 was approximately $350 and $400, respectively. |
Lines_of_Credit
Lines of Credit | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Lines of Credit | |||||||||
NOTE 6 – LINES OF CREDIT | |||||||||
The following table shows the composition of the Partnership’s aggregate bank lines of credit in place as of December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
2013 Credit Facility | $ | 400 | $ | 400 | |||||
Uncommitted secured credit facilities | 365 | 415 | |||||||
Total lines of credit | $ | 765 | $ | 815 | |||||
In November 2013, the Partnership entered into an agreement with 12 banks for a five-year $400 committed unsecured revolving line of credit (“2013 Credit Facility”), with an expiration date of November 15, 2018 and replaced a similar credit facility. The 2013 Credit Facility is intended to provide short-term liquidity to the Partnership should the need arise. The 2013 Credit Facility has a tiered interest rate margin based on the Partnership’s leverage ratio (ratio of total debt to total capitalization). Borrowings made with a three-day advance notice will have a rate of LIBOR plus a margin ranging from 1.25% to 2.00%. Same day borrowings, which are subject to certain borrowing notification cutoff times, will have a rate consisting of a margin ranging from 0.25% to 1.00% plus the greater of the prime rate, the federal funds effective rate plus 1.00%, or the one-month LIBOR rate plus 1.00%. In accordance with the terms of the 2013 Credit Facility, the Partnership is required to maintain a leverage ratio of no more than 35% and minimum partnership capital, net of reserve for anticipated withdrawals, of at least $1,382 plus 50% of subsequent issuances of partnership capital. As of December 31, 2014, the Partnership was in compliance with all covenants related to the 2013 Credit Facility. | |||||||||
The Partnership’s uncommitted lines of credit are subject to change at the discretion of the banks and, therefore, due to credit market conditions and the uncommitted nature of these credit facilities, it is possible that these lines of credit could decrease or not be available in the future. In addition, to the extent these banks provide financing to partners for capital contributions, financing available to the Partnership may be reduced. Actual borrowing availability on the uncommitted lines of credit is based on client margin securities and firm-owned securities, which would serve as collateral in the event the Partnership borrowed against these lines. | |||||||||
There were no amounts outstanding on the 2013 Credit Facility and the uncommitted lines of credit as of December 31, 2014 and 2013. In addition, the Partnership did not have any draws against these lines of credit during the years ended December 31, 2014, 2013 and 2012, respectively, except for one nominal advance made on both the 2013 Credit Facility and the uncommitted facilities during 2014 for the purpose of testing draw procedures. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | NOTE 7 – LONG-TERM DEBT | ||||||||
The following table shows the Partnership’s long-term debt as of December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Note payable, collateralized by real estate, fixed rate of 7.28%, principal and interest due in fluctuating monthly installments, with a final installment on June 1, 2017 | $ | 3 | $ | 4 | |||||
$ | 3 | $ | 4 | ||||||
Scheduled annual principal payments as of December 31, 2014 are as follows: | |||||||||
2015 | 1 | ||||||||
2016 | 1 | ||||||||
2017 | 1 | ||||||||
Total | $ | 3 | |||||||
In 2002, the Partnership entered into a $13 fixed rate mortgage on a home office building located on its Tempe, Arizona campus location. The note payable is collateralized by the building, which has a cost of $16 and a carrying value of $9 as of December 31, 2014. |
Liabilities_Subordinated_to_Cl
Liabilities Subordinated to Claims of General Creditors | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Brokers and Dealers [Abstract] | |||||||||
Liabilities Subordinated to Claims of General Creditors | NOTE 8 – LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS | ||||||||
The following table shows the Partnership’s liabilities subordinated to claims of general creditors as of December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Capital notes 7.33%, due in annual installments of $50 commencing on June 12, 2010 with a final installment on June 12, 2014 | $ | - | $ | 50 | |||||
$ | - | $ | 50 | ||||||
The Partnership paid the annual scheduled installments of $50 in 2013 and 2012 and the final installment of $50 in 2014. |
Partnership_Capital_Subject_to
Partnership Capital Subject to Mandatory Redemption | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Partnership Capital Subject to Mandatory Redemption | NOTE 9 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION | ||||||||
The following table shows the Partnership’s capital subject to mandatory redemption as of December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Partnership capital outstanding: | |||||||||
Limited partnership capital | $ | 632 | $ | 640 | |||||
Subordinated limited partnership capital | 336 | 305 | |||||||
General partnership capital | 1,203 | 1,128 | |||||||
Total partnership capital outstanding | 2,171 | 2,073 | |||||||
Partnership loans outstanding: | |||||||||
Partnership loans outstanding at beginning of period | (215) | (170) | |||||||
Partnership loans issued during the period | (86) | (106) | |||||||
Repayment of partnership loans during the period | 103 | 61 | |||||||
Total partnership loans outstanding | (198) | (215) | |||||||
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals | 1,973 | 1,858 | |||||||
Reserve for anticipated withdrawals | 245 | 223 | |||||||
Partnership capital subject to mandatory redemption | $ | 2,218 | $ | 2,081 | |||||
The Partnership makes loans available to those general partners (other than members of the Executive Committee, which consists of the executive officers of the Partnership) who require financing for some or all of their partnership capital contributions. It is anticipated that a majority of future general and subordinated limited partnership capital contributions (other than for Executive Committee members) requiring financing will be financed through partnership loans. In limited circumstances a general partner may withdraw from the Partnership and become a subordinated limited partner while he or she still has an outstanding partnership loan. Loans made by the Partnership to partners are generally for a period of one year but are expected to be renewed and bear interest at the prime rate, as defined in the loan documents. The Partnership recognizes interest income for the interest earned related to these loans. The outstanding amount of partner loans financed through the Partnership is reflected as a reduction to total partnership capital in the Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption. As of December 31, 2014 and 2013, the outstanding amount of partner loans financed through the Partnership was $198 and $215, respectively. Interest income from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $7, $8 and $6 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
The Partnership filed a Registration Statement on Form S-8 with the SEC on January 17, 2014, to register $350 million of limited partnership interests (“Interests”) pursuant to the Partnership’s 2014 Employee Limited Partnership Interest Purchase Plan (“2014 LP Offering”). On January 2, 2015, the Partnership issued $292 million of Interests in connection with the 2014 LP Offering. The remaining $58 million of Interests may be issued at the discretion of the Partnership in the future. |
Net_Capital_Requirements
Net Capital Requirements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Brokers and Dealers [Abstract] | |||||||||
Net Capital Requirements | |||||||||
NOTE 10 – NET CAPITAL REQUIREMENTS | |||||||||
As a result of its activities as a broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, as amended, and capital compliance rules of the Financial Industry Regulatory Authority (“FINRA”) Rule 4110. Under the alternative method permitted by the rules, Edward Jones must maintain minimum net capital equal to the greater of $0.25 or 2% of aggregate debit items arising from client transactions. The net capital rules also provide that Edward Jones’ partnership capital may not be withdrawn if resulting net capital would be less than minimum requirements. Additionally, certain withdrawals require the approval of the SEC and FINRA to the extent they exceed defined levels, even though such withdrawals would not cause net capital to be less than minimum requirements. | |||||||||
The Partnership’s Canada broker-dealer is a registered securities dealer regulated by the Investment Industry Regulatory Organization of Canada (“IIROC”). Under the regulations prescribed by IIROC, the Partnership is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of the Partnership’s assets and operations. | |||||||||
The following table shows the Partnership’s net capital figures for its U.S. and Canada broker-dealers as of December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
U.S.: | |||||||||
Net capital | $ | 999 | $ | 873 | |||||
Net capital in excess of the minimum required | $ | 948 | $ | 830 | |||||
Net capital as a percentage of aggregate debit items | 38.9% | 41.4% | |||||||
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items | 31.1% | 24.8% | |||||||
Canada: | |||||||||
Regulatory risk adjusted capital | $ | 31 | $ | 34 | |||||
Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC | $ | 27 | $ | 27 | |||||
Net capital and the related capital percentages may fluctuate on a daily basis. In addition, EJTC was in compliance with its regulatory capital requirements. |
Income_Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 – INCOME TAXES |
The Partnership is a pass through entity for federal and state income tax purposes and generally does not incur income taxes. Instead, its earnings and losses are included in the income tax returns of the general and limited partners. However, the Partnership structure does include certain subsidiaries which are corporations that are subject to income tax. As of December 31, 2014 and 2013, the Partnership’s tax basis of assets and liabilities exceeds the book basis by $126 and $103, respectively. The primary difference between financial statement basis and tax basis is related to the deferral for tax purposes in deducting accrued expenses until they are paid. Since the Partnership is treated as a pass through entity for federal and state income tax purposes, the difference between the tax basis and the book basis of assets and liabilities will impact the future tax liabilities of the partners. The tax differences will not impact the net income of the Partnership. | |
ASC No. 740, Income Taxes, requires the Partnership to determine whether a tax position is greater than fifty percent likely of being realized upon settlement with the applicable taxing authority, which could result in the Partnership recording a tax liability that would reduce net partnership capital. The Partnership did not have any significant uncertain tax positions as of December 31, 2014 and 2013 and is not aware of any tax positions that will significantly change during the next twelve months. The Partnership and its subsidiaries are generally subject to examination by the Internal Revenue Service (“IRS”) and by various state and foreign taxing authorities in the jurisdictions in which the Partnership and its subsidiaries conduct business. Tax years prior to 2011 are generally no longer subject to examination by the IRS, state, local or foreign tax authorities. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | NOTE 12 – EMPLOYEE BENEFIT PLANS |
The Partnership maintains a Profit Sharing and Deferred Compensation plan covering all eligible U.S. employees and a Group Registered Retirement Savings Plan and a Deferred Profit Sharing Plan covering all eligible Canada employees. Contributions to the plans are at the discretion of the Partnership. Additionally, participants may contribute on a voluntary basis. The Partnership contributed approximately $158, $141 and $120 to the plans for the years ended December 31, 2014, 2013 and 2012, respectively. |
Commitments_Guarantees_and_Ris
Commitments, Guarantees and Risks | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments, Guarantees and Risks | NOTE 13 – COMMITMENTS, GUARANTEES AND RISKS | ||||
The Partnership leases home office and branch office space under numerous non-cancelable operating leases from non-affiliates and financial advisors. Branch offices are leased generally for terms of three to five years. Rent expense is recognized on a straight-line basis over the minimum lease term. Rent and other lease-related expenses were approximately $242, $234, and $229 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
The Partnership’s non-cancelable lease commitments greater than one year as of December 31, 2014, are summarized below: | |||||
2015 | $ | 137 | |||
2016 | 33 | ||||
2017 | 23 | ||||
2018 | 15 | ||||
2019 | 12 | ||||
Thereafter | 24 | ||||
Total | $ | 244 | |||
The Partnership’s annual rent expense is greater than its annual future lease commitments because the annual future lease commitments include only non-cancelable lease payments greater than one year. | |||||
In addition to the commitments discussed above, as of December 31, 2014, the Partnership would have incurred termination fees of approximately $162 in the event the Partnership terminated existing contractual commitments with certain vendors providing ongoing services primarily for information technology, operations and marketing. These termination fees will decrease over the related contract periods, which generally expire within the next three years. As of December 31, 2014, the Partnership also has a revolving unsecured line of credit available (see Note 6). | |||||
The Partnership provides margin loans to its clients in accordance with Regulation T and FINRA, which loans are collateralized by securities in the client’s account. The Partnership could be liable for the margin requirement of its client margin securities transactions. To mitigate this risk, the Partnership monitors required margin levels and requires clients to deposit additional collateral or reduce positions to meet minimum collateral requirements. | |||||
The Partnership’s securities activities involve execution, settlement and financing of various securities transactions for clients. The Partnership may be exposed to risk of loss in the event clients, other brokers and dealers, banks, depositories or clearing organizations are unable to fulfill contractual obligations. For client transactions, the Partnership has controls in place to ensure client activity is monitored and clients meet their obligation to the Partnership. Therefore, the potential to make payments under these client transactions is remote and accordingly, no liability has been recognized for these transactions. | |||||
Cash balances held at various major U.S. financial institutions, which typically exceed Federal Deposit Insurance Corporation insurance coverage limits, subject the Partnership to a concentration of credit risk. Additionally, the Partnership’s Canada broker-dealer may also have cash deposits in excess of the applicable insured amounts. The Partnership regularly monitors the credit ratings of these financial institutions in order to help mitigate the credit risk that exists with the deposits in excess of insured amounts. The Partnership has credit exposure to U.S. government and agency securities which are held as collateral for its resell agreements, investment securities and segregated investments. The Partnership’s primary exposure on resell agreements is with the counterparty and the Partnership would only have exposure to U.S. government and agency credit risk in the event of the counterparty’s default on the resell agreements. | |||||
The Partnership provides guarantees to securities clearing houses and exchanges under their standard membership agreements, which require a member to guarantee the performance of other members. Under these agreements, if a member becomes unable to satisfy its obligations to the clearing houses and exchanges, all other members would be required to meet any shortfall. The Partnership’s liability under these arrangements is not quantifiable and may exceed the cash and securities it has posted as collateral. However, the potential requirement for the Partnership to make payments under these agreements is remote. Accordingly, no liability has been recognized for these transactions. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 14 – CONTINGENCIES |
In the normal course of business, the Partnership is involved, from time to time, in various legal matters, including arbitrations, class actions, other litigation, and investigations and proceedings by governmental organizations and self-regulatory organizations, which may result in losses. In addition, the Partnership provides for potential losses that may arise related to other contingencies. | |
The Partnership assesses its liabilities and contingencies utilizing available information. For those matters where it is probable the Partnership will incur a potential loss and the amount of the loss is reasonably estimable, in accordance with FASB ASC No. 450, Contingencies, an accrued liability has been established. These reserves represent the Partnership’s aggregate estimate of the potential loss contingency at December 31, 2014 and are believed to be sufficient. Such liability may be adjusted from time to time to reflect any relevant developments. | |
For such matters where an accrued liability has not been established and the Partnership believes a loss is both reasonably possible and estimable, as well as for matters where an accrued liability has been recorded but for which an exposure to loss in excess of the amount accrued is both reasonably possible and estimable, the current estimated aggregated range of additional possible loss is $16 to $37. This range of reasonably possible loss does not necessarily represent the Partnership’s maximum loss exposure as the Partnership was not able to estimate a range of reasonably possible loss for all matters. | |
Further, the matters underlying any disclosed estimated range will change from time to time, and actual results may vary significantly. While the outcome of these matters is inherently uncertain, based on information currently available, the Partnership believes that its established reserves at December 31, 2014 are adequate and the liabilities arising from such proceedings will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Partnership. However, based on future developments and the potential unfavorable resolution of these matters, the outcome could be material to the Partnership’s future consolidated operating results for a particular period or periods. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | |||||||||||||
NOTE 15 – SEGMENT INFORMATION | |||||||||||||
An operating segment is defined as a component of an entity that has all of the following characteristics: it engages in business activities from which it may earn revenues and incur expenses; its operating results are regularly reviewed by the entity’s chief operating decision-maker (or decision-making group) for resource allocation and to assess performance; and it has discrete financial information available. Operating segments may be combined in certain circumstances into reportable segments for financial reporting. The Partnership has two operating and reportable segments based upon geographic location, the U.S. and Canada. | |||||||||||||
Each segment, in its geographic location, primarily derives revenue from the retail brokerage business through the distribution of mutual fund shares, fees related to assets held by and account services provided to its clients, the sale of listed and unlisted securities and insurance products, investment banking, and principal transactions. | |||||||||||||
The Partnership evaluates segment performance based upon income (loss) before allocations to partners, as well as income (loss) before variable compensation (“pre-variable income (loss)”). Variable compensation is determined at the Partnership level for profit sharing and home office associate and branch office administrator bonus amounts, and therefore is allocated to each geographic segment independent of that segment’s individual pre-variable income. Financial advisor bonuses are determined by the overall Partnership’s profitability, as well as the performance of the individual financial advisors. Both income (loss) before allocations to partners and pre-variable income (loss) are considered in evaluating segment performance. Long-lived assets are not disclosed because the balances are not used for evaluating segment performance and deciding how to allocate resources to segments. However, total assets for each segment are provided for informational purposes, as well as capital expenditures and depreciation and amortization. | |||||||||||||
The accounting policies of the segments are the same as those described in Note 1 – Summary of Significant Accounting Policies. For computation of segment information, the Partnership allocates costs incurred by the U.S. entity in support of Canada operations to the Canada segment. Canada segment information is based upon the Consolidated Financial Statements of the Partnership’s Canada operations without eliminating intercompany items, such as management fees paid to affiliated entities. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. This is consistent with how management reviews the segments in order to assess performance. | |||||||||||||
The following table shows financial information for the Partnership’s reportable segments for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net revenue: | |||||||||||||
U.S. | $ | 6,074 | $ | 5,457 | $ | 4,790 | |||||||
Canada | 204 | 200 | 175 | ||||||||||
Total net revenue | $ | 6,278 | $ | 5,657 | $ | 4,965 | |||||||
Net interest and dividends revenue: | |||||||||||||
U.S. | $ | 76 | $ | 70 | $ | 67 | |||||||
Canada | 4 | 5 | 4 | ||||||||||
Total net interest and dividends revenue | $ | 80 | $ | 75 | $ | 71 | |||||||
Pre-variable income (loss): | |||||||||||||
U.S. | $ | 1,559 | $ | 1,310 | $ | 1,056 | |||||||
Canada | 12 | 7 | (4) | ||||||||||
Total pre-variable income | $ | 1,571 | $ | 1,317 | $ | 1,052 | |||||||
Variable compensation: | |||||||||||||
U.S. | $ | 781 | $ | 626 | $ | 485 | |||||||
Canada | 20 | 17 | 12 | ||||||||||
Total variable compensation | $ | 801 | $ | 643 | $ | 497 | |||||||
Income (loss) before allocations to partners: | |||||||||||||
U.S. | $ | 778 | $ | 684 | $ | 571 | |||||||
Canada | (8) | (10) | (16) | ||||||||||
Total income before allocations to partners | $ | 770 | $ | 674 | $ | 555 | |||||||
Capital expenditures: | |||||||||||||
U.S. | $ | 88 | $ | 81 | $ | 36 | |||||||
Canada | 2 | 3 | 1 | ||||||||||
Total capital expenditures | $ | 90 | $ | 84 | $ | 37 | |||||||
Depreciation and amortization: | |||||||||||||
U.S. | $ | 80 | $ | 80 | $ | 78 | |||||||
Canada | 2 | 2 | 2 | ||||||||||
Total depreciation and amortization | $ | 82 | $ | 82 | $ | 80 | |||||||
Total assets: | |||||||||||||
U.S. | $ | 14,290 | $ | 13,341 | $ | 12,618 | |||||||
Canada | 480 | 454 | 424 | ||||||||||
Total assets | $ | 14,770 | $ | 13,795 | $ | 13,042 | |||||||
Financial advisors at year end: | |||||||||||||
U.S. | 13,287 | 12,483 | 11,822 | ||||||||||
Canada | 713 | 675 | 641 | ||||||||||
Total financial advisors | 14,000 | 13,158 | 12,463 | ||||||||||
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 16 – RELATED PARTIES |
Edward Jones owns a 49.5% limited partnership interest in Passport Research, the investment adviser to the two money market funds made available to Edward Jones clients. The Partnership does not have management responsibility with regard to the adviser. Approximately 0.03%, 0.1% and 0.2% of the Partnership’s total revenues were derived from this limited partnership interest in the adviser to the funds during 2014, 2013 and 2012, respectively. | |
As of December 31, 2014, Edward Jones leases approximately 10% of its branch office space from its financial advisors (see Note 13). Rent expense related to these leases approximated $25, $23 and $20 for the years ended December 31, 2014, 2013 and 2012, respectively. These leases are executed and maintained in a similar manner as those entered into with third parties. | |
The Partnership created the Bridge Builder Trust (the “Trust”) to launch the Bridge Builder Bond Fund (the “Fund”) for Advisory Solutions clients. The Fund is a sub-advised mutual fund in the Trust. Olive Street Investment Advisers, L.L.C. (“OLV”), a wholly-owned subsidiary of the Partnership, is the investment adviser to the Fund. OLV has waived any investment adviser fees above those amounts paid to the Fund sub-advisers. In addition, the Partnership has waived receiving shareholder servicing fees from the Fund. The revenue earned by OLV from the Fund, included within advisory program fees on the Consolidated Statements of Income, is offset by the expense paid to the Fund sub-advisers, included within professional and consulting fees. The total amounts recognized for the years ended December 31, 2014 and 2013 were $8 and $1, respectively. | |
In the normal course of business, partners and employees of the Partnership and its affiliates use the brokerage services and trust services of the Partnership for the same services as unrelated third parties, with certain discounts on commissions and fees for certain services. The Partnership has included balances arising from such transactions in the Consolidated Statements of Financial Condition on the same basis as other clients. | |
The Partnership recognizes interest income for the interest earned from partners who elect to finance a portion or all of their partnership capital contributions through loans made available from the Partnership (see Note 9). |
Quarterly_Information
Quarterly Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Information | |||||||||||||||||
NOTE 17 – QUARTERLY INFORMATION | |||||||||||||||||
(Unaudited) | |||||||||||||||||
2014 Quarters Ended | |||||||||||||||||
Mar 28 | Jun 27 | Sep 26 | Dec 31 | ||||||||||||||
Total revenue | $ | 1,504 | $ | 1,578 | $ | 1,596 | $ | 1,655 | |||||||||
Income before allocations to partners | $ | 186 | $ | 194 | $ | 195 | $ | 195 | |||||||||
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding | $ | 31.27 | $ | 32.67 | $ | 32.77 | $ | 32.69 | |||||||||
2013 Quarters Ended | |||||||||||||||||
Mar 29 | Jun 28 | Sep 27 | Dec 31 | ||||||||||||||
Total revenue | $ | 1,351 | $ | 1,431 | $ | 1,432 | $ | 1,502 | |||||||||
Income before allocations to partners | $ | 149 | $ | 172 | $ | 168 | $ | 185 | |||||||||
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding | $ | 26.72 | $ | 30.92 | $ | 30.13 | $ | 33.35 |
Offsetting_Assets_and_Liabilit
Offsetting Assets and Liabilities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Offsetting Assets and Liabilities | NOTE 18 – OFFSETTING ASSETS AND LIABILITIES | ||||||||||||||||||||||||
The Partnership does not offset financial instruments in the Consolidated Statements of Financial Condition. However, the Partnership enters into master netting arrangements with counterparties for securities purchased under agreements to resell that are subject to net settlement in the event of default. These agreements create a right of offset for the amounts due to and due from the same counterparty in the event of default or bankruptcy. | |||||||||||||||||||||||||
The following table shows the Partnership’s securities purchased under agreements to resell as of December 31, 2014 and 2013: | |||||||||||||||||||||||||
Gross | Gross | Net amounts | Gross amounts not offset in | ||||||||||||||||||||||
amounts of | amounts | presented in | the Consolidated | ||||||||||||||||||||||
recognized | offset in the | the | Statements of Financial | ||||||||||||||||||||||
assets | Consolidated | Consolidated | Condition | ||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | Financial | Securities | Net amount | |||||||||||||||||||||
instruments | collateral(1) | ||||||||||||||||||||||||
2014 | $ | 634 | - | 634 | - | (634) | $ | - | |||||||||||||||||
2013 | $ | 1,026 | - | 1,026 | - | (1,026) | $ | - | |||||||||||||||||
-1 | Actual collateral was greater than 102% of the related assets in U.S. agreements and greater than 100% in Canada agreements for all periods presented. |
Parent_Company_Only_Financial_
Parent Company Only Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Parent Company Only Financial Statements | Schedule I | ||||||||||||
THE JONES FINANCIAL COMPANIES, L.L.L.P. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
(Dollars in millions) | December 31, | December 31, | |||||||||||
2014 | 2013 | ||||||||||||
ASSETS: | |||||||||||||
Cash and cash equivalents | $ | 119 | $ | 252 | |||||||||
Investment securities | 9 | 9 | |||||||||||
Investment in subsidiaries | 2,076 | 1,809 | |||||||||||
Other assets | 15 | 12 | |||||||||||
TOTAL ASSETS | $ | 2,219 | $ | 2,082 | |||||||||
LIABILITIES: | |||||||||||||
Accounts payable and accrued expenses | $ | 1 | $ | 1 | |||||||||
Partnership capital subject to mandatory redemption | 2,218 | 2,081 | |||||||||||
TOTAL LIABILITIES | $ | 2,219 | $ | 2,082 | |||||||||
Schedule I | |||||||||||||
THE JONES FINANCIAL COMPANIES, L.L.L.P. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
For the Years Ended December 31, | |||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | ||||||||||
NET REVENUE | |||||||||||||
Subsidiary earnings | $ | 764 | $ | 667 | $ | 548 | |||||||
Management fee income | 78 | 76 | 78 | ||||||||||
Other | 7 | 9 | 9 | ||||||||||
Total revenue | 849 | 752 | 635 | ||||||||||
Interest expense | 48 | 48 | 49 | ||||||||||
Net revenue | 801 | 704 | 586 | ||||||||||
OPERATING EXPENSES | |||||||||||||
Compensation and benefits | 30 | 28 | 29 | ||||||||||
Other operating expenses | 1 | 2 | 2 | ||||||||||
Total operating expenses | 31 | 30 | 31 | ||||||||||
INCOME BEFORE ALLOCATIONS TO PARTNERS | $ | 770 | $ | 674 | $ | 555 | |||||||
Allocations to partners | (770 | ) | (674 | ) | (555 | ) | |||||||
NET INCOME | $ | — | $ | — | $ | — | |||||||
Schedule I | |||||||||||||
THE JONES FINANCIAL COMPANIES, L.L.L.P. | |||||||||||||
(Parent Company Only) | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
For the Years Ended December 31, | |||||||||||||
(Dollars in millions) | 2014 | 2013 | 2012 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | — | $ | — | $ | — | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Income before allocations to partners | 770 | 674 | 555 | ||||||||||
Changes in assets and liabilities: | |||||||||||||
Investment securities | — | 4 | 3 | ||||||||||
Investment in subsidiaries | (267 | ) | (136 | ) | 56 | ||||||||
Other assets | (3 | ) | — | (1 | ) | ||||||||
Accounts payable and accrued expenses | — | 1 | — | ||||||||||
Net cash provided by operating activities | 500 | 543 | 613 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Issuance of partnership interests (net of partnership loans) | 55 | 40 | 45 | ||||||||||
Redemption of partnership interests | (125 | ) | (115 | ) | (99 | ) | |||||||
Distributions from partnership capital (net of partnership loans) | (563 | ) | (490 | ) | (424 | ) | |||||||
Issuance of partnership loans | — | (11 | ) | — | |||||||||
Net cash used in financing activities | (633 | ) | (576 | ) | (478 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | (133 | ) | (33 | ) | 135 | ||||||||
CASH AND CASH EQUIVALENTS: | |||||||||||||
Beginning of year | 252 | 285 | 150 | ||||||||||
End of year | $ | 119 | $ | 252 | $ | 285 | |||||||
NON-CASH ACTIVITIES: | |||||||||||||
Issuance of general partnership interests through partnership loans in current period | $ | 86 | $ | 95 | $ | 94 | |||||||
Repayment of partnership loans through distributions from partnership capital in current period | $ | 103 | $ | 61 | $ | 11 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
The Partnership's Business and Basis of Accounting | The Partnership’s Business and Basis of Accounting. The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the “Partnership”). All material intercompany balances and transactions have been eliminated in consolidation. Non-controlling minority interests are accounted for under the equity method. The results of the Partnership’s subsidiaries in Canada are included for the twelve month periods ended November 30, 2014, 2013 and 2012 in the Partnership’s Consolidated Financial Statements because of the timing of the Partnership’s financial reporting process. |
The Partnership’s principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), is a registered broker-dealer in the United States (“U.S.”), and one of Edward Jones’ subsidiaries is a registered broker-dealer in Canada. Through these entities, the Partnership serves primarily individual investors in the U.S. and Canada. Edward Jones primarily derives its revenues from the retail brokerage business through the distribution of mutual fund shares, fees related to assets held by and account services provided to its clients, the sale of listed and unlisted securities and insurance products, investment banking, and principal transactions. The Partnership conducts business throughout the U.S. and Canada with its clients, various brokers, dealers, clearing organizations, depositories and banks. For financial information related to the Partnership’s two operating segments for the years ended December 31, 2014, 2013 and 2012, see Note 15 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“EJTC”), a wholly-owned subsidiary of the Partnership. | |
The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the U.S. (“GAAP”) which require the use of certain estimates by management in determining the Partnership’s assets, liabilities, revenues and expenses. Actual results could differ from these estimates. | |
Partnership Agreement | Partnership Agreement. Under the terms of the Partnership’s Nineteenth Amended and Restated Partnership Agreement of Registered Limited Liability Limited Partnership, dated June 6, 2014, as amended (the “Partnership Agreement”), a partner’s capital is required to be redeemed by the Partnership in the event of the partner’s death or withdrawal from the Partnership, subject to compliance with ongoing regulatory capital requirements. In the event of a partner’s death, the Partnership generally redeems the partner’s capital within six months. The Partnership has restrictions in place which govern the withdrawal of capital. Under the terms of the Partnership Agreement, limited partners withdrawing from the Partnership are to be repaid their capital in three equal annual installments beginning no earlier than 90 days after their withdrawal notice is received by the Managing Partner. The capital of general partners withdrawing from the Partnership is converted to subordinated limited partnership capital or, at the discretion of the Managing Partner, redeemed by the Partnership. Subordinated limited partners are repaid their capital in six equal annual installments beginning no earlier than 90 days after their request for withdrawal of contributed capital is received by the Managing Partner. The Partnership’s Managing Partner has discretion to waive or modify these withdrawal restrictions and to accelerate the return of capital. All current and future partnership capital is subordinate to all current and future liabilities of the Partnership. The Partnership Agreement includes additional terms. |
Revenue Recognition | Revenue Recognition. Due to the timing of receipt of information, the Partnership must use estimates in recording the accruals related to certain asset-based fees. These accruals are based on historical trends and are adjusted to reflect market conditions for the period covered. The Partnership’s commissions, principal transactions and investment banking revenues are recorded on a trade date basis. Clients’ securities transactions are recorded on the date they settle. Other forms of revenue are recorded on an accrual basis. The Partnership classifies its revenue into the following categories: |
Asset-based fee revenue is derived from fees determined by the underlying value of client assets and includes advisory programs, service fees and revenue sharing. Most asset-based fee revenue is generated from fees for investment advisory services within the Partnership’s advisory programs, including in the U.S., Edward Jones Advisory Solutions® (“Advisory Solutions”) and Edward Jones Managed Account Program® (“MAP”) and in Canada, MAP, Edward Jones Portfolio Program® and Edward Jones Guided Portfolios™. The Partnership also earns asset-based fee revenue through service fees received under agreements with mutual fund and insurance companies, including revenue related to the Partnership’s ownership interest in Passport Research, Ltd. (“Passport Research”), the investment adviser to the two money market funds made available to Edward Jones clients. In addition, the Partnership earns revenue sharing from certain mutual fund and insurance companies. In most cases, this is additional compensation paid by investment advisers, insurance companies or distributors based on a percentage of average assets held by the Partnership’s clients. | |
Account and activity fee revenue includes fees received from mutual fund companies for shareholder accounting services performed by the Partnership and retirement account fees primarily consisting of self-directed individual retirement account custodian account fees. This revenue category also includes other activity-based fee revenue from clients, mutual fund companies and insurance companies. | |
Commissions revenue consists of charges to clients for the purchase or sale of mutual fund shares, equity and debt securities, and insurance products. | |
Principal transactions revenue is the result of the Partnership’s participation in market-making activities in municipal obligations, over-the-counter corporate obligations, government obligations, unit investment trusts, mortgage-backed securities and certificates of deposit. | |
Investment banking revenue is derived from the Partnership’s distribution of unit investment trusts, corporate and municipal obligations, and government sponsored enterprise obligations. | |
Interest and dividends revenue is earned on client margin (loan) account balances, cash and cash equivalents, cash and investments segregated under federal regulations, securities purchased under agreements to resell and partnership loans. | |
For the years ended December 31, 2014, 2013 and 2012, the Partnership earned 20%, 19% and 19%, respectively, of its total revenue from one mutual fund company. The revenue generated from this company related to business conducted with the Partnership’s U.S. segment. Significant reductions in this revenue due to regulatory reform or other changes to the Partnership’s relationship with this mutual fund company could have a material impact on the Partnership’s results of operations. | |
Foreign Exchange | Foreign Exchange. Assets and liabilities denominated in a foreign currency are translated at the exchange rate at the end of the period. Revenue and expenses denominated in a foreign currency are translated using the average exchange rate for each period. Foreign exchange gains and losses are included in other revenue on the Consolidated Statements of Income. |
Fair Value | Fair Value. Substantially all of the Partnership’s financial assets and financial liabilities covered under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 820, Fair Value Measurement and Disclosure(“ASC 820”), are carried at fair value or contracted amounts which approximate fair value. |
Fair value of a financial instrument is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, also known as the “exit price.” Financial assets are marked to bid prices and financial liabilities are marked to offer prices. The Partnership’s financial assets and financial liabilities recorded at fair value in the Consolidated Statements of Financial Condition are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC 820 with the related amount of subjectivity associated with the inputs to value these assets and liabilities at fair value for each level, are as follows: | |
Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |
The types of assets and liabilities categorized as Level I generally are U.S. treasuries, investments in publicly traded mutual funds with quoted market prices, equities listed in active markets, and government and agency obligations. | |
Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with related market data at the measurement date and for the duration of the instrument’s anticipated life. The Partnership uses the market approach valuation technique which incorporates third-party pricing services and other relevant observable information (such as market interest rates, yield curves, prepayment risk and credit risk generated by market transactions involving identical or comparable assets or liabilities) in valuing these types of investments. When third-party pricing services are used, the methods and assumptions used are reviewed by the Partnership. | |
The types of assets and liabilities categorized as Level II generally are certificates of deposit, state and municipal obligations and corporate bonds and notes. | |
Level III – Inputs are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the inputs to the model. | |
The Partnership did not have any assets or liabilities categorized as Level III during the periods ended December 31, 2014 and 2013. In addition, there were no transfers into or out of Levels I, II or III during these periods. | |
The Partnership estimates the fair value of long-term debt based on the present value of future principal and interest payments associated with the debt, using current interest rates for debt of a similar nature as that of the Partnership (Level II input). | |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Partnership considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Cash and Investments Segregated under Federal Regulations | Cash and Investments Segregated under Federal Regulations. Cash, investments and the related interest receivable are segregated in special reserve bank accounts for the benefit of U.S. clients under Rule 15c3-3 of the Securities and Exchange Commission (“SEC”). |
Securities Purchased Under Agreements to Resell | Securities Purchased Under Agreements to Resell. The Partnership participates in short-term resale agreements collateralized by government and agency securities. These transactions are reported as collateralized financing. The fair value of the underlying collateral as determined daily, plus accrued interest, must equal or exceed 102% of the carrying amount of the transaction in U.S. agreements and must equal or exceed 100% in Canada agreements. It is the Partnership’s policy to have such underlying resale agreement collateral delivered to the Partnership or deposited in its accounts at its custodian banks. Resale agreements are carried at the amount at which the securities will be subsequently resold, as specified in the agreements. The Partnership considers these financing receivables to be of good credit quality and, as a result, has not recorded a related allowance for credit loss. In addition, the Partnership considers risk related to these securities to be minimal due to the fact that these securities are fully collateralized. The fair value of the collateral related to these agreements was $644 and $1,044 as of December 31, 2014 and 2013, respectively, and was not repledged or sold. |
Collateral | Collateral. The Partnership reports as assets collateral it has pledged in secured borrowings and other arrangements when the secured party cannot sell or repledge the assets or the Partnership can substitute collateral or otherwise redeem it on short notice. The Partnership does not report collateral it has received in secured lending and other arrangements as an asset when the debtor has the right to redeem or substitute the collateral on short notice. |
Securities Owned and Sold, Not Yet Purchased | Securities Owned and Sold, Not Yet Purchased. Securities owned and sold, not yet purchased, including inventory securities and investment securities, are recorded at fair value which is determined by using quoted market or dealer prices. The Partnership records the related unrealized gains and losses for inventory securities and certain investment securities in principal transactions revenue in the Consolidated Statements of Income. The unrealized gains and losses for investment securities related to the nonqualified deferred compensation plan are recorded in other revenue in the Consolidated Statements of Income (see below). |
Equipment, Property and Improvements | Equipment, Property and Improvements. Equipment, including furniture and fixtures, is recorded at cost and depreciated using straight-line and accelerated methods over estimated useful lives of three to seven years. Buildings are depreciated using the straight-line method over their useful lives, which are estimated at thirty years. Leasehold improvements are amortized based on the term of the lease or the economic useful life of the improvement, whichever is less. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the respective category and any related gain or loss is recorded as other revenue in the Consolidated Statements of Income. The cost of maintenance and repairs is charged against income as incurred, whereas significant enhancements are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be fully recoverable. If impairment is indicated, the asset value is written down to its fair value. |
Nonqualified Deferred Compensation Plan | Nonqualified Deferred Compensation Plan. The Partnership has a nonqualified deferred compensation plan for certain financial advisors. The Partnership has recorded a liability for the future payments due to financial advisors participating in the plan. As the future amounts due to financial advisors change in accordance with plan requirements, the Partnership records the change in future amounts owed to financial advisors as an increase or decrease in accrued compensation in the Consolidated Statements of Financial Condition and compensation and benefits expense in the Consolidated Statements of Income. The Partnership has chosen to hedge this future liability by purchasing securities in an amount similar to the future liability expected to be due in accordance with the plan. These securities are included in investment securities in the Consolidated Statements of Financial Condition and the unrealized gains and losses are recorded in other revenue in the Consolidated Statements of Income. Each period, the net impact of the change in future amounts owed to financial advisors in the nonqualified deferred compensation plan and the change in investment securities are approximately the same, resulting in minimal net impact in the Consolidated Financial Statements. |
Retirement Transition Plan | Retirement Transition Plan. The Partnership, in certain circumstances, offers individually tailored retirement transition plans to retiring financial advisors. Each retirement transition plan compensates a retiring financial advisor for successfully providing client transition services in accordance with a retirement and transition employment agreement. Generally, the retirement and transition employment agreement is for five years. During the first two years the retiring financial advisor remains an employee and provides transition services, which include, but are not limited to, the successful transition of client accounts and assets to successor financial advisors, as well as mentoring and providing training and support to successor financial advisors. The financial advisor retires at the end of year two and is subject to a non-compete agreement for three years. Most retiring financial advisors are paid ratably over four years. Compensation expense is recognized ratably over the two-year transition period which aligns with the service period of the agreement. Successor financial advisors receive reduced commissions on transitioned assets. |
Lease Accounting | Lease Accounting. The Partnership enters into lease agreements for certain home office facilities as well as branch office locations. The associated lease expense is recognized on a straight-line basis over the minimum lease terms. |
Income Taxes | Income Taxes. Generally, income taxes have not been provided for in the Consolidated Financial Statements due to the partnership tax structure where each partner is liable for his or her own tax payments. For the jurisdictions in which the Partnership is liable for payments, the income tax provisions are immaterial (see Note 11). |
Reclassification | Reclassification. Certain prior year balances have been reclassified to conform to the current year presentation. |
Partnership Capital Subject to Mandatory Redemption | Partnership Capital Subject to Mandatory Redemption. FASB ASC No. 480, Distinguishing Liabilities from Equity (“ASC 480”), established standards for classifying and measuring certain financial instruments with characteristics of both liabilities and equity. Under the provisions of ASC 480, the obligation to redeem a partner’s capital in the event of a partner’s death is one of the criteria requiring capital to be classified as a liability. |
Since the Partnership Agreement obligates the Partnership to redeem a partner’s capital after a partner’s death, ASC 480 requires all of the Partnership’s equity capital to be classified as a liability. In accordance with ASC 480, income allocable to limited, subordinated limited and general partners is classified as a reduction of income before allocations to partners, which results in a presentation of $0 net income for the years ended December 31, 2014, 2013 and 2012. The financial statement presentations required to comply with ASC 480 do not alter the Partnership’s treatment of income, income allocations or capital for any other purposes. | |
Net income, as defined in the Partnership Agreement, is equivalent to income before allocations to partners on the Consolidated Statements of Income. Such income, if any, for each calendar year is allocated to the Partnership’s three classes of capital in accordance with the formulas prescribed in the Partnership Agreement. Income allocations are based upon partner capital contributions including capital contributions financed with loans from the Partnership. First, limited partners are allocated net income (as defined in the Partnership Agreement) in accordance with the prescribed formula for their share of net income. Limited partners do not share in the net loss in any year in which there is a net loss and the Partnership is not dissolved or liquidated. Thereafter, subordinated limited partners and general partners are allocated any remaining net income or net loss based on formulas as defined in the Partnership Agreement. | |
The limited partnership capital subject to mandatory redemption is held by current and former associates and general partners of the Partnership. Limited partners participate in the Partnership’s profits and are paid a minimum 7.5% annual return on the face amount of their capital, in accordance with the Partnership Agreement. The minimum 7.5% annual return was $48, $48 and $49 for the years ended December 31, 2014, 2013 and 2012, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income. | |
The subordinated limited partnership capital subject to mandatory redemption is held by current and former general partners of the Partnership. Subordinated limited partners receive a percentage of the Partnership’s net income determined in accordance with the Partnership Agreement. The subordinated limited partnership capital subject to mandatory redemption is subordinated to the limited partnership capital. | |
The general partnership capital subject to mandatory redemption is held by current general partners of the Partnership. General partners receive a percentage of the Partnership’s net income determined in accordance with the Partnership Agreement. The general partnership capital subject to mandatory redemption is subordinated to the limited partnership capital and the subordinated limited partnership capital. | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards. In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance. The objective of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for the first quarter of 2017. An entity can elect to adopt ASU 2014-09 using one of two methods, either full retrospective adoption to each prior reporting period, or recognize the cumulative effect of adoption at the date of initial application. The Partnership is in the process of evaluating the new standard and does not know the effect, if any, ASU 2014-09 will have on the Consolidated Financial Statements or which adoption method will be used. |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis (“ASU 2015-02”), which will be effective for the first quarter of 2016. ASU 2015-02 provides updated guidance on consolidation of variable interest entities. The Partnership is in the process of evaluating the new standard and does not know what effect, if any, ASU 2015-02 will have on the Consolidated Financial Statements. | |
Contingencies (ASC No.450) | The Partnership assesses its liabilities and contingencies utilizing available information. For those matters where it is probable the Partnership will incur a potential loss and the amount of the loss is reasonably estimable, in accordance with FASB ASC No. 450, Contingencies, an accrued liability has been established. These reserves represent the Partnership’s aggregate estimate of the potential loss contingency at December 31, 2014 and are believed to be sufficient. Such liability may be adjusted from time to time to reflect any relevant developments. |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Partnership's Financial Assets at Fair Value | The following tables show the Partnership’s financial instruments measured at fair value: | ||||||||||||||||
Financial Assets at Fair Value as of | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Cash equivalents: | |||||||||||||||||
Certificate of deposit | $ | - | $ | 100 | $ | - | $ | 100 | |||||||||
Investments segregated under federal regulations: | |||||||||||||||||
U.S. treasuries | $ | 1,109 | $ | - | $ | - | $ | 1,109 | |||||||||
Certificates of deposit | - | 225 | - | 225 | |||||||||||||
Total investments segregated under federal regulations | $ | 1,109 | $ | 225 | $ | - | $ | 1,334 | |||||||||
Securities owned: | |||||||||||||||||
Investment securities: | |||||||||||||||||
Mutual funds | $ | 136 | $ | - | $ | - | $ | 136 | |||||||||
Government and agency obligations | 19 | - | - | 19 | |||||||||||||
Equities | 5 | - | - | 5 | |||||||||||||
Corporate bonds and notes | - | 1 | - | 1 | |||||||||||||
Total investment securities | $ | 160 | $ | 1 | $ | - | $ | 161 | |||||||||
Inventory securities: | |||||||||||||||||
State and municipal obligations | $ | - | $ | 40 | $ | - | $ | 40 | |||||||||
Equities | 17 | - | - | 17 | |||||||||||||
Mutual funds | 5 | - | - | 5 | |||||||||||||
Certificates of deposit | - | 3 | - | 3 | |||||||||||||
Corporate bonds and notes | - | 2 | - | 2 | |||||||||||||
Other | 1 | 1 | - | 2 | |||||||||||||
Total inventory securities | $ | 23 | $ | 46 | $ | - | $ | 69 | |||||||||
Financial Assets at Fair Value as of | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Investments segregated under federal regulations: | |||||||||||||||||
U.S. treasuries | $ | 1,154 | $ | - | $ | - | $ | 1,154 | |||||||||
Certificates of deposit | - | 225 | - | 225 | |||||||||||||
Total investments segregated under federal regulations | $ | 1,154 | $ | 225 | $ | - | $ | 1,379 | |||||||||
Securities owned: | |||||||||||||||||
Investment securities: | |||||||||||||||||
Mutual funds | $ | 116 | $ | - | $ | - | $ | 116 | |||||||||
Government and agency obligations | 19 | - | - | 19 | |||||||||||||
Equities | 5 | - | - | 5 | |||||||||||||
Other | - | 1 | - | 1 | |||||||||||||
Total investment securities | $ | 140 | $ | 1 | $ | - | $ | 141 | |||||||||
Inventory securities: | |||||||||||||||||
State and municipal obligations | $ | - | $ | 67 | $ | - | $ | 67 | |||||||||
Equities | 27 | - | - | 27 | |||||||||||||
Corporate bonds and notes | - | 3 | - | 3 | |||||||||||||
Certificates of deposit | - | 2 | - | 2 | |||||||||||||
Unit investment trusts | 2 | - | - | 2 | |||||||||||||
Other | - | 1 | - | 1 | |||||||||||||
Total inventory securities | $ | 29 | $ | 73 | $ | - | $ | 102 | |||||||||
Partnership's Financial Liabilities at Fair Value | Financial Liabilities at Fair Value as of | ||||||||||||||||
31-Dec-14 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Securities sold, not yet purchased(1): | |||||||||||||||||
Equities | $ | 2 | $ | - | $ | - | $ | 2 | |||||||||
Corporate bonds and notes | - | 1 | - | 1 | |||||||||||||
Total securities sold, not yet purchased | $ | 2 | $ | 1 | $ | - | $ | 3 | |||||||||
(1) Securities sold, not yet purchased are included within accounts payable, accrued expenses and other on the Consolidated Statements of Financial Condition. | |||||||||||||||||
Financial Liabilities at Fair Value as of | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Securities sold, not yet purchased: | |||||||||||||||||
Corporate bonds and notes | $ | - | $ | 2 | $ | - | $ | 2 | |||||||||
Equities | 1 | - | - | 1 | |||||||||||||
Other | - | 1 | - | 1 | |||||||||||||
Total securities sold, not yet purchased | $ | 1 | $ | 3 | $ | - | $ | 4 | |||||||||
Estimated Fair Values of Long Term Debt and Liabilities Subordinated to Claims of General Creditors | The following table shows the estimated fair values of long-term debt and liabilities subordinated to claims of general creditors as of December 31, 2014 and 2013: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Long-term debt | $ | 3 | $ | 5 | |||||||||||||
Liabilities subordinated to claims of general creditors | - | 50 | |||||||||||||||
Total | $ | 3 | $ | 55 | |||||||||||||
Equipment_Property_and_Improve1
Equipment, Property and Improvements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Composition of Partnership's Equipment, Property and Improvements | The following table shows equipment, property and improvements as of December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Land | $ | 26 | $ | 19 | |||||
Buildings and improvements | 846 | 813 | |||||||
Equipment, furniture and fixtures | 613 | 611 | |||||||
Equipment, property and improvements, at cost | 1,485 | 1,443 | |||||||
Accumulated depreciation and amortization | (936) | (900) | |||||||
Equipment, property and improvements, net | $ | 549 | $ | 543 | |||||
Lines_of_Credit_Tables
Lines of Credit (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Composition of Partnership's Aggregate Bank Lines of Credit | The following table shows the composition of the Partnership’s aggregate bank lines of credit in place as of December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
2013 Credit Facility | $ | 400 | $ | 400 | |||||
Uncommitted secured credit facilities | 365 | 415 | |||||||
Total lines of credit | $ | 765 | $ | 815 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Composition of Partnership's Long-Term Debt | The following table shows the Partnership’s long-term debt as of December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Note payable, collateralized by real estate, fixed rate of 7.28%, principal and interest due in fluctuating monthly installments, with a final installment on June 1, 2017 | $ | 3 | $ | 4 | |||||
$ | 3 | $ | 4 | ||||||
Schedule of Annual Principal Payments | Scheduled annual principal payments as of December 31, 2014 are as follows: | ||||||||
2015 | 1 | ||||||||
2016 | 1 | ||||||||
2017 | 1 | ||||||||
Total | $ | 3 | |||||||
Liabilities_Subordinated_to_Cl1
Liabilities Subordinated to Claims of General Creditors (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Brokers and Dealers [Abstract] | |||||||||
Liabilities Subordinated to Claims of General Creditors | The following table shows the Partnership’s liabilities subordinated to claims of general creditors as of December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Capital notes 7.33%, due in annual installments of $50 commencing on June 12, 2010 with a final installment on June 12, 2014 | $ | - | $ | 50 | |||||
$ | - | $ | 50 | ||||||
Partnership_Capital_Subject_to1
Partnership Capital Subject to Mandatory Redemption (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Composition of Partnership's Capital Subject to Mandatory Redemption | The following table shows the Partnership’s capital subject to mandatory redemption as of December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Partnership capital outstanding: | |||||||||
Limited partnership capital | $ | 632 | $ | 640 | |||||
Subordinated limited partnership capital | 336 | 305 | |||||||
General partnership capital | 1,203 | 1,128 | |||||||
Total partnership capital outstanding | 2,171 | 2,073 | |||||||
Partnership loans outstanding: | |||||||||
Partnership loans outstanding at beginning of period | (215) | (170) | |||||||
Partnership loans issued during the period | (86) | (106) | |||||||
Repayment of partnership loans during the period | 103 | 61 | |||||||
Total partnership loans outstanding | (198) | (215) | |||||||
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals | 1,973 | 1,858 | |||||||
Reserve for anticipated withdrawals | 245 | 223 | |||||||
Partnership capital subject to mandatory redemption | $ | 2,218 | $ | 2,081 | |||||
Net_Capital_Requirements_Table
Net Capital Requirements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Brokers and Dealers [Abstract] | |||||||||
Partnership's Net Capital Figures for U.S. and Canada Broker-Dealers | The following table shows the Partnership’s net capital figures for its U.S. and Canada broker-dealers as of December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
U.S.: | |||||||||
Net capital | $ | 999 | $ | 873 | |||||
Net capital in excess of the minimum required | $ | 948 | $ | 830 | |||||
Net capital as a percentage of aggregate debit items | 38.9% | 41.4% | |||||||
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items | 31.1% | 24.8% | |||||||
Canada: | |||||||||
Regulatory risk adjusted capital | $ | 31 | $ | 34 | |||||
Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC | $ | 27 | $ | 27 |
Commitments_Guarantees_and_Ris1
Commitments, Guarantees and Risks (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Partnership's Non-cancelable Lease Commitments Greater Than One Year | The Partnership’s non-cancelable lease commitments greater than one year as of December 31, 2014, are summarized below: | ||||
2015 | $ | 137 | |||
2016 | 33 | ||||
2017 | 23 | ||||
2018 | 15 | ||||
2019 | 12 | ||||
Thereafter | 24 | ||||
Total | $ | 244 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Financial Information for Partnership's Reportable Segments | The following table shows financial information for the Partnership’s reportable segments for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net revenue: | |||||||||||||
U.S. | $ | 6,074 | $ | 5,457 | $ | 4,790 | |||||||
Canada | 204 | 200 | 175 | ||||||||||
Total net revenue | $ | 6,278 | $ | 5,657 | $ | 4,965 | |||||||
Net interest and dividends revenue: | |||||||||||||
U.S. | $ | 76 | $ | 70 | $ | 67 | |||||||
Canada | 4 | 5 | 4 | ||||||||||
Total net interest and dividends revenue | $ | 80 | $ | 75 | $ | 71 | |||||||
Pre-variable income (loss): | |||||||||||||
U.S. | $ | 1,559 | $ | 1,310 | $ | 1,056 | |||||||
Canada | 12 | 7 | (4) | ||||||||||
Total pre-variable income | $ | 1,571 | $ | 1,317 | $ | 1,052 | |||||||
Variable compensation: | |||||||||||||
U.S. | $ | 781 | $ | 626 | $ | 485 | |||||||
Canada | 20 | 17 | 12 | ||||||||||
Total variable compensation | $ | 801 | $ | 643 | $ | 497 | |||||||
Income (loss) before allocations to partners: | |||||||||||||
U.S. | $ | 778 | $ | 684 | $ | 571 | |||||||
Canada | (8) | (10) | (16) | ||||||||||
Total income before allocations to partners | $ | 770 | $ | 674 | $ | 555 | |||||||
Capital expenditures: | |||||||||||||
U.S. | $ | 88 | $ | 81 | $ | 36 | |||||||
Canada | 2 | 3 | 1 | ||||||||||
Total capital expenditures | $ | 90 | $ | 84 | $ | 37 | |||||||
Depreciation and amortization: | |||||||||||||
U.S. | $ | 80 | $ | 80 | $ | 78 | |||||||
Canada | 2 | 2 | 2 | ||||||||||
Total depreciation and amortization | $ | 82 | $ | 82 | $ | 80 | |||||||
Total assets: | |||||||||||||
U.S. | $ | 14,290 | $ | 13,341 | $ | 12,618 | |||||||
Canada | 480 | 454 | 424 | ||||||||||
Total assets | $ | 14,770 | $ | 13,795 | $ | 13,042 | |||||||
Financial advisors at year end: | |||||||||||||
U.S. | 13,287 | 12,483 | 11,822 | ||||||||||
Canada | 713 | 675 | 641 | ||||||||||
Total financial advisors | 14,000 | 13,158 | 12,463 | ||||||||||
Quarterly_Information_Tables
Quarterly Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Information | |||||||||||||||||
2014 Quarters Ended | |||||||||||||||||
Mar 28 | Jun 27 | Sep 26 | Dec 31 | ||||||||||||||
Total revenue | $ | 1,504 | $ | 1,578 | $ | 1,596 | $ | 1,655 | |||||||||
Income before allocations to partners | $ | 186 | $ | 194 | $ | 195 | $ | 195 | |||||||||
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding | $ | 31.27 | $ | 32.67 | $ | 32.77 | $ | 32.69 | |||||||||
2013 Quarters Ended | |||||||||||||||||
Mar 29 | Jun 28 | Sep 27 | Dec 31 | ||||||||||||||
Total revenue | $ | 1,351 | $ | 1,431 | $ | 1,432 | $ | 1,502 | |||||||||
Income before allocations to partners | $ | 149 | $ | 172 | $ | 168 | $ | 185 | |||||||||
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding | $ | 26.72 | $ | 30.92 | $ | 30.13 | $ | 33.35 |
Offsetting_Assets_and_Liabilit1
Offsetting Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Partnership's Securities Purchased Under Agreement to Resell | The following table shows the Partnership’s securities purchased under agreements to resell as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
Gross | Gross | Net amounts | Gross amounts not offset in | ||||||||||||||||||||||
amounts of | amounts | presented in | the Consolidated | ||||||||||||||||||||||
recognized | offset in the | the | Statements of Financial | ||||||||||||||||||||||
assets | Consolidated | Consolidated | Condition | ||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | Financial | Securities | Net amount | |||||||||||||||||||||
instruments | collateral(1) | ||||||||||||||||||||||||
2014 | $ | 634 | - | 634 | - | (634) | $ | - | |||||||||||||||||
2013 | $ | 1,026 | - | 1,026 | - | (1,026) | $ | - | |||||||||||||||||
-1 | Actual collateral was greater than 102% of the related assets in U.S. agreements and greater than 100% in Canada agreements for all periods presented. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Capital_Repayment | Segment | Segment | |
CapitalClass | |||
Segment | |||
Basis Of Presentation [Line Items] | |||
Number of operating segments | 2 | 2 | 2 |
Period for partner's capital redemption in the event of death | 6 months | ||
Number of annual capital repayments for withdrawal of limited partners | 3 | ||
Period to begin repaying capital upon withdrawal for limited partners | 90 days | ||
Number of annual capital repayments for withdrawal of subordinated limited partners | 6 | ||
Period to begin repaying capital upon withdrawal for subordinated limited partners | 90 days | ||
Partnership's total revenue derived from one mutual fund company | 20.00% | 19.00% | 19.00% |
Fair value of level III, assets | $0 | $0 | |
Fair value of level III, liabilities | 0 | 0 | |
Transfers between levels I, II and III | 0 | 0 | |
Fair value of collateral related to resell agreements | 644,000,000 | 1,044,000,000 | |
Retirement and transition employment agreement term | 5 years | ||
Retirement transition plan employment term | 2 years | ||
Retirement transition plan non-compete term | 3 years | ||
Retirement transition plan compensation paid term | 4 years | ||
Retirement transition plan compensation expense term | 2 years | ||
Net income | 0 | 0 | 0 |
Number of classes of capital | 3 | ||
Limited Partnership's minimum annual return rate | 7.50% | ||
Limited Partnership's minimum return, value | $48,000,000 | $48,000,000 | $49,000,000 |
Building [Member] | |||
Basis Of Presentation [Line Items] | |||
Equipment, property and improvements estimated useful lives | 30 years | ||
Minimum [Member] | Equipment [Member] | |||
Basis Of Presentation [Line Items] | |||
Equipment, property and improvements estimated useful lives | 3 years | ||
Maximum [Member] | Equipment [Member] | |||
Basis Of Presentation [Line Items] | |||
Equipment, property and improvements estimated useful lives | 7 years | ||
Securities Purchase Agreement [Member] | United States [Member] | |||
Basis Of Presentation [Line Items] | |||
Fair value of underlying collateral as percentage of carrying value of transaction | 102.00% | ||
Securities Purchase Agreement [Member] | Canada [Member] | |||
Basis Of Presentation [Line Items] | |||
Fair value of underlying collateral as percentage of carrying value of transaction | 100.00% |
Recovered_Sheet1
Receivable From and Payable to Clients - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ||
Collateral held | $3,595 | $2,941 |
Receivable_from_Mutual_Funds_I1
Receivable from Mutual Funds, Insurance Companies, and Other - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Brokers and Dealers [Abstract] | |
Asset-based fees receivable | $200 |
Shareholder accounting fees receivable | 48 |
Retirement account trustee receivable | $189 |
Fair_Value_Partnerships_Financ
Fair Value - Partnership's Financial Assets at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Cash equivalents: | ||||
Cash and cash equivalents | $1,033 | $600 | $601 | $820 |
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 1,334 | 1,379 | ||
Investment securities: | ||||
Total inventory securities | 161 | 141 | ||
Inventory securities: | ||||
Total inventory securities | 69 | 102 | ||
Other [Member] | ||||
Investment securities: | ||||
Total inventory securities | 1 | |||
Inventory securities: | ||||
Total inventory securities | 2 | 1 | ||
Mutual Funds [Member] | ||||
Investment securities: | ||||
Total inventory securities | 136 | 116 | ||
Inventory securities: | ||||
Total inventory securities | 5 | |||
Government and Agency Obligations [Member] | ||||
Investment securities: | ||||
Total inventory securities | 19 | 19 | ||
Unit Investment Trusts [Member] | ||||
Inventory securities: | ||||
Total inventory securities | 2 | |||
U.S. Treasuries [Member] | ||||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 1,109 | 1,154 | ||
State and Municipal Obligations [Member] | ||||
Inventory securities: | ||||
Total inventory securities | 40 | 67 | ||
Equities [Member] | ||||
Investment securities: | ||||
Total inventory securities | 5 | 5 | ||
Inventory securities: | ||||
Total inventory securities | 17 | 27 | ||
Corporate Bonds and Notes [Member] | ||||
Investment securities: | ||||
Total inventory securities | 1 | |||
Inventory securities: | ||||
Total inventory securities | 2 | 3 | ||
Certificates of Deposit [Member] | ||||
Cash equivalents: | ||||
Cash and cash equivalents | 100 | |||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 225 | 225 | ||
Inventory securities: | ||||
Total inventory securities | 3 | 2 | ||
Level I [Member] | ||||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 1,109 | 1,154 | ||
Investment securities: | ||||
Total inventory securities | 160 | 140 | ||
Inventory securities: | ||||
Total inventory securities | 23 | 29 | ||
Level I [Member] | Other [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | |||
Inventory securities: | ||||
Total inventory securities | 1 | 0 | ||
Level I [Member] | Mutual Funds [Member] | ||||
Investment securities: | ||||
Total inventory securities | 136 | 116 | ||
Inventory securities: | ||||
Total inventory securities | 5 | |||
Level I [Member] | Government and Agency Obligations [Member] | ||||
Investment securities: | ||||
Total inventory securities | 19 | 19 | ||
Level I [Member] | Unit Investment Trusts [Member] | ||||
Inventory securities: | ||||
Total inventory securities | 2 | |||
Level I [Member] | U.S. Treasuries [Member] | ||||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 1,109 | 1,154 | ||
Level I [Member] | State and Municipal Obligations [Member] | ||||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level I [Member] | Equities [Member] | ||||
Investment securities: | ||||
Total inventory securities | 5 | 5 | ||
Inventory securities: | ||||
Total inventory securities | 17 | 27 | ||
Level I [Member] | Corporate Bonds and Notes [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | |||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level I [Member] | Certificates of Deposit [Member] | ||||
Cash equivalents: | ||||
Cash and cash equivalents | 0 | |||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 0 | 0 | ||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level II [Member] | ||||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 225 | 225 | ||
Investment securities: | ||||
Total inventory securities | 1 | 1 | ||
Inventory securities: | ||||
Total inventory securities | 46 | 73 | ||
Level II [Member] | Other [Member] | ||||
Investment securities: | ||||
Total inventory securities | 1 | |||
Inventory securities: | ||||
Total inventory securities | 1 | 1 | ||
Level II [Member] | Mutual Funds [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | 0 | ||
Inventory securities: | ||||
Total inventory securities | 0 | |||
Level II [Member] | Government and Agency Obligations [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | 0 | ||
Level II [Member] | Unit Investment Trusts [Member] | ||||
Inventory securities: | ||||
Total inventory securities | 0 | |||
Level II [Member] | U.S. Treasuries [Member] | ||||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 0 | 0 | ||
Level II [Member] | State and Municipal Obligations [Member] | ||||
Inventory securities: | ||||
Total inventory securities | 40 | 67 | ||
Level II [Member] | Equities [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | 0 | ||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level II [Member] | Corporate Bonds and Notes [Member] | ||||
Investment securities: | ||||
Total inventory securities | 1 | |||
Inventory securities: | ||||
Total inventory securities | 2 | 3 | ||
Level II [Member] | Certificates of Deposit [Member] | ||||
Cash equivalents: | ||||
Cash and cash equivalents | 100 | |||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 225 | 225 | ||
Inventory securities: | ||||
Total inventory securities | 3 | 2 | ||
Level III [Member] | ||||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 0 | 0 | ||
Investment securities: | ||||
Total inventory securities | 0 | 0 | ||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level III [Member] | Other [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | |||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level III [Member] | Mutual Funds [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | 0 | ||
Inventory securities: | ||||
Total inventory securities | 0 | |||
Level III [Member] | Government and Agency Obligations [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | 0 | ||
Level III [Member] | Unit Investment Trusts [Member] | ||||
Inventory securities: | ||||
Total inventory securities | 0 | |||
Level III [Member] | U.S. Treasuries [Member] | ||||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 0 | 0 | ||
Level III [Member] | State and Municipal Obligations [Member] | ||||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level III [Member] | Equities [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | 0 | ||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level III [Member] | Corporate Bonds and Notes [Member] | ||||
Investment securities: | ||||
Total inventory securities | 0 | |||
Inventory securities: | ||||
Total inventory securities | 0 | 0 | ||
Level III [Member] | Certificates of Deposit [Member] | ||||
Cash equivalents: | ||||
Cash and cash equivalents | 0 | |||
Investments segregated under federal regulations: | ||||
Total investments segregated under federal regulations | 0 | 0 | ||
Inventory securities: | ||||
Total inventory securities | $0 | $0 |
Fair_Value_Partnerships_Financ1
Fair Value - Partnership's Financial Liabilities at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | $3 | $4 |
Other [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 1 | |
Corporate Bonds and Notes [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 1 | 2 |
Equities [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 2 | 1 |
Level I [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 2 | 1 |
Level I [Member] | Other [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 0 | |
Level I [Member] | Corporate Bonds and Notes [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 0 | 0 |
Level I [Member] | Equities [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 2 | 1 |
Level II [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 1 | 3 |
Level II [Member] | Other [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 1 | |
Level II [Member] | Corporate Bonds and Notes [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 1 | 2 |
Level II [Member] | Equities [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 0 | 0 |
Level III [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 0 | 0 |
Level III [Member] | Other [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 0 | |
Level III [Member] | Corporate Bonds and Notes [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | 0 | 0 |
Level III [Member] | Equities [Member] | ||
Securities sold, not yet purchased: | ||
Total securities sold, not yet purchased | $0 | $0 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mark-to-market adjustment gain (loss) | ($18,000) | $31,000 | |
Gain related to futures contracts | 419,000 | ||
Loss related to futures contracts | 858,000 | 410,000 | |
Future [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notional amounts of futures contracts outstanding | 8,000,000 | 9,000,000 | |
Average notional amounts of futures contracts outstanding | $5,000,000 | $7,000,000 |
Fair_Value_Estimated_Fair_Valu
Fair Value - Estimated Fair Values of Long Term Debt and Liabilities Subordinated to Claims of General Creditors (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Long-term debt | $3 | $5 |
Liabilities subordinated to claims of general creditors | 0 | 50 |
Total | $3 | $55 |
Equipment_Property_and_Improve2
Equipment, Property and Improvements - Composition of Partnership's Equipment, Property and Improvements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, property and improvements, at cost | $1,485 | $1,443 |
Accumulated depreciation and amortization | -936 | -900 |
Equipment, property and improvements, net | 549 | 543 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, property and improvements, at cost | 26 | 19 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, property and improvements, at cost | 846 | 813 |
Equipment, Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment, property and improvements, at cost | $613 | $611 |
Equipment_Property_and_Improve3
Equipment, Property and Improvements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $82 | $82 | $80 |
Industrial revenue bonds maturity period | 10 years | ||
Amount issued related to industrial revenue bonds | $350 | $400 |
Lines_of_Credit_Composition_of
Lines of Credit - Composition of Partnership's Aggregate Bank Lines of Credit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility | $765 | $815 |
2013 Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility | 400 | 400 |
Uncommitted Secured Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility | $365 | $415 |
Lines_of_Credit_Additional_Inf
Lines of Credit - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Bank | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | $765 | $815 | |
2013 Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Expiration date of unsecured revolving line of credit | 15-Nov-18 | ||
Number of banks with which agreement made | 12 | ||
Number of years for unsecured revolving line of credit | 5 years | ||
Line of credit facility | 400 | 400 | |
Debt instrument basis spread on LIBOR minimum on a three day advance notice | 1.25% | ||
Debt instrument basis spread on LIBOR maximum on a three day advance notice | 2.00% | ||
Debt instrument basis spread on variable rate minimum on same day borrowing | 0.25% | ||
Debt instrument basis spread on variable rate maximum on same day borrowing | 1.00% | ||
Federal funds effective rate plus 1% | 1.00% | ||
LIBOR rate plus 1% | 1.00% | ||
Maximum leverage ratio required to be maintained by partnership | 35.00% | ||
Required minimum partnership capital, net of reserve for anticipated withdrawals | 1,382 | ||
Additional issuances of partnership capital | 50.00% | ||
Amount outstanding under credit facility | 0 | 0 | |
Partnership draws against lines of credit | 0 | 0 | 0 |
Uncommitted Secured Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | 365 | 415 | |
Amount outstanding under credit facility | 0 | 0 | |
Partnership draws against lines of credit | $0 | $0 | $0 |
Long_Term_Debt_Composition_of_
Long - Term Debt - Composition of Partnership's Long Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2002 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Long-term debt | $3 | $4 | |
7.28% Note Payable Collateralized by Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $3 | $4 | $13 |
Long_Term_Debt_Composition_of_1
Long - Term Debt - Composition of Partnership's Long Term Debt (Parenthetical) (Detail) (7.28% Note Payable Collateralized by Real Estate [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
7.28% Note Payable Collateralized by Real Estate [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.28% | 7.28% |
Long-Term debt maturity date | 1-Jun-17 |
LongTerm_Debt_Schedule_of_Annu
Long-Term Debt - Schedule of Annual Principal Payment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2002 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Total | $3 | $4 | |
7.28% Note Payable Collateralized by Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
2015 | 1 | ||
2016 | 1 | ||
2017 | 1 | ||
Total | $3 | $4 | $13 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2002 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgage | $3 | $4 | |
Cost of building | 1,485 | 1,443 | |
Carrying value of building | 549 | 543 | |
7.28% Note Payable Collateralized by Real Estate [Member] | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgage | 3 | 4 | 13 |
Cost of building | 16 | ||
Carrying value of building | $9 |
Liabilities_Subordinated_to_Cl2
Liabilities Subordinated to Claim of General Creditors - Liabilities Subordinated to Claims of General Creditors (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Partnership's liabilities subordinated to claims of general creditors | ||
Total subordinated debt | $0 | $50 |
7.33% Capital Notes [Member] | ||
Partnership's liabilities subordinated to claims of general creditors | ||
Total subordinated debt | $0 | $50 |
Liabilities_Subordinated_to_Cl3
Liabilities Subordinated to Claim of General Creditors - Liabilities Subordinated to Claims of General Creditors (Parenthetical) (Detail) (7.33% Capital Notes [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
7.33% Capital Notes [Member] | |
Partnership's liabilities subordinated to claims of general creditors | |
Interest rate | 7.33% |
Annual installment under 7.33% Capital Notes | $50 |
Long-Term debt maturity date | 12-Jun-14 |
Liabilities_Subordinated_to_Cl4
Liabilities Subordinated to Claims of General Creditors - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Partnership's liabilities subordinated to claims of general creditors | |||
Repayment of subordinated liabilities | $50 | $50 | $50 |
7.33% Capital Notes [Member] | |||
Partnership's liabilities subordinated to claims of general creditors | |||
Repayment of subordinated liabilities | $50 | $50 | $50 |
Partnership_Capital_Subject_to2
Partnership Capital Subject to Mandatory Redemption - Composition of Partnership's Capital Subject to Mandatory Redemption (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Partnership capital outstanding: | ||||
Limited partnership capital | $632 | $640 | ||
Subordinated limited partnership capital | 336 | 305 | ||
General partnership capital | 1,203 | 1,128 | ||
Total partnership capital outstanding | 2,171 | 2,073 | ||
Partnership loans outstanding: | ||||
Partnership loans outstanding at beginning of period | -215 | -170 | -87 | |
Partnership loans issued during the period | -86 | -106 | ||
Repayment of partnership loans during the period | 103 | 61 | ||
Total partnership loans outstanding | -198 | -215 | -87 | |
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals | 1,973 | 1,858 | 1,812 | 1,758 |
Reserve for anticipated withdrawals | 245 | 223 | 171 | 148 |
Partnership capital subject to mandatory redemption | $2,218 | $2,081 | $1,983 | $1,906 |
Partnership_Capital_Subject_to3
Partnership Capital Subject to Mandatory Redemption - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2015 | Jan. 17, 2014 |
Partners Capital Account [Line Items] | ||||||
Period of loans made by Partnership to general partners | 1 year | |||||
Outstanding amount of partner loans financed through the Partnership | $198 | $215 | $170 | $87 | ||
Interest income from outstanding amount of general partner loan | 7 | 8 | 6 | |||
Subsequent Event [Member] | 2014 Limited Partnership Offering [Member] | ||||||
Partners Capital Account [Line Items] | ||||||
Limited partnership amount registered | 350 | |||||
Limited partnership interests issued | 292 | |||||
Remaining limited partnership interests that may be issued | $58 |
Net_Capital_Requirements_Addit
Net Capital Requirements - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Net Capital Requirements [Abstract] | |
Percentage of aggregate debit items arising from customer transactions to maintain minimum net capital requirements | 2.00% |
Minimum net capital requirements | $0.25 |
Net_Capital_Requirements_Partn
Net Capital Requirements - Partnership's Net Capital Figures for U.S. and Canada Broker-Dealers (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
United States [Member] | ||
Regulatory Capital Requirements | ||
Net capital | $999 | $873 |
Net capital in excess of the minimum required | 948 | 830 |
Net capital as a percentage of aggregate debit items | 38.90% | 41.40% |
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items | 31.10% | 24.80% |
Canada [Member] | ||
Regulatory Capital Requirements | ||
Regulatory risk adjusted capital | 31 | 34 |
Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC | $27 | $27 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Partnership's tax basis of assets and liabilities exceeds book basis | $126 | $103 |
Income tax examination, Likelihood of unfavorable settlement | Greater than fifty percent | |
Uncertain tax positions | $0 | $0 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Abstract] | |||
Partnership's contribution to deferred compensation plans | $158 | $141 | $120 |
Commitments_Guarantees_and_Ris2
Commitments, Guarantees and Risks - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease expiration minimum period | 3 years | ||
Operating lease expiration maximum period | 5 years | ||
Operating lease rental expense based on straight-line basis | $242 | $234 | $229 |
Termination fees | $162 | ||
Expiration period of termination fee | 3 years |
Commitments_Guarantees_and_Ris3
Commitments, Guarantees and Risks - Partnership's Non-cancelable Lease Commitments Greater Than One Year (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $137 |
2016 | 33 |
2017 | 23 |
2018 | 15 |
2019 | 12 |
Thereafter | 24 |
Total partnerships non-cancelable lease commitments | $244 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Current estimated possible loss | $16 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Current estimated possible loss | $37 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | Segment | Segment | |
Segment Reporting [Abstract] | |||
Number of operating segments | 2 | 2 | 2 |
Number of reportable Segments | 2 |
Segment_Information_Financial_
Segment Information - Financial Information for Partnership's Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Advisors | Advisors | Advisors | Advisors | Advisors | |||||||
Net revenue: | |||||||||||
Total net revenue | $6,278 | $5,657 | $4,965 | ||||||||
Net interest and dividends revenue: | |||||||||||
Total net interest and dividends revenue | 80 | 75 | 71 | ||||||||
Pre-variable income (loss): | |||||||||||
Total pre-variable income | 1,571 | 1,317 | 1,052 | ||||||||
Variable compensation: | |||||||||||
Total variable compensation | 801 | 643 | 497 | ||||||||
Income (loss) before allocations to partners: | |||||||||||
Total income before allocations to partners | 195 | 195 | 194 | 186 | 185 | 168 | 172 | 149 | 770 | 674 | 555 |
Capital expenditures: | |||||||||||
Total capital expenditures | 90 | 84 | 37 | ||||||||
Depreciation and amortization: | |||||||||||
Total depreciation and amortization | 82 | 82 | 80 | ||||||||
Total assets: | |||||||||||
Total assets | 14,770 | 13,795 | 14,770 | 13,795 | 13,042 | ||||||
Financial advisors at year end: | |||||||||||
Total financial advisors | 14,000 | 13,158 | 14,000 | 13,158 | 12,463 | ||||||
United States [Member] | |||||||||||
Net revenue: | |||||||||||
Total net revenue | 6,074 | 5,457 | 4,790 | ||||||||
Net interest and dividends revenue: | |||||||||||
Total net interest and dividends revenue | 76 | 70 | 67 | ||||||||
Pre-variable income (loss): | |||||||||||
Total pre-variable income | 1,559 | 1,310 | 1,056 | ||||||||
Variable compensation: | |||||||||||
Total variable compensation | 781 | 626 | 485 | ||||||||
Income (loss) before allocations to partners: | |||||||||||
Total income before allocations to partners | 778 | 684 | 571 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 88 | 81 | 36 | ||||||||
Depreciation and amortization: | |||||||||||
Total depreciation and amortization | 80 | 80 | 78 | ||||||||
Total assets: | |||||||||||
Total assets | 14,290 | 13,341 | 14,290 | 13,341 | 12,618 | ||||||
Financial advisors at year end: | |||||||||||
Total financial advisors | 13,287 | 12,483 | 13,287 | 12,483 | 11,822 | ||||||
Canada [Member] | |||||||||||
Net revenue: | |||||||||||
Total net revenue | 204 | 200 | 175 | ||||||||
Net interest and dividends revenue: | |||||||||||
Total net interest and dividends revenue | 4 | 5 | 4 | ||||||||
Pre-variable income (loss): | |||||||||||
Total pre-variable income | 12 | 7 | -4 | ||||||||
Variable compensation: | |||||||||||
Total variable compensation | 20 | 17 | 12 | ||||||||
Income (loss) before allocations to partners: | |||||||||||
Total income before allocations to partners | -8 | -10 | -16 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 2 | 3 | 1 | ||||||||
Depreciation and amortization: | |||||||||||
Total depreciation and amortization | 2 | 2 | 2 | ||||||||
Total assets: | |||||||||||
Total assets | $480 | $454 | $480 | $454 | $424 | ||||||
Financial advisors at year end: | |||||||||||
Total financial advisors | 713 | 675 | 713 | 675 | 641 |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Limited partnership interest in passport research, Ltd | 49.50% | ||
Percentage of Partnership's total revenues derived from limited partnership interest in passport research, Ltd | 0.03% | 0.10% | 0.20% |
Percentage of branch office space leased from its financial advisors | 10.00% | ||
Rent expense related to leases | $242 | $234 | $229 |
Related party transaction amount recognized | 8 | 1 | |
Related Party A [Member] | |||
Related Party Transaction [Line Items] | |||
Rent expense related to leases | $25 | $23 | $20 |
Quarterly_Information_Summary_
Quarterly Information - Summary of Quarterly Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Total revenue | $1,655 | $1,596 | $1,578 | $1,504 | $1,502 | $1,432 | $1,431 | $1,351 | |||
Income before allocations to partners | $195 | $195 | $194 | $186 | $185 | $168 | $172 | $149 | $770 | $674 | $555 |
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding | $32.69 | $32.77 | $32.67 | $31.27 | $33.35 | $30.13 | $30.92 | $26.72 | $129.40 | $121.12 | $109.84 |
Quarterly_Information_Summary_1
Quarterly Information - Summary of Quarterly Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Limited partnership unit outstanding | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Offsetting_Assets_and_Liabilit2
Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Securities Purchased under Agreements to Resell [Abstract] | ||
Securities purchased under agreements to resell, Gross amounts of recognized assets | $634 | $1,026 |
Securities purchased under agreements to resell, Gross amounts offset in the Consolidated Statements of Financial Condition | 0 | 0 |
Securities purchased under agreements to resell, Net amounts presented in the Consolidated Statements of Financial Condition | 634 | 1,026 |
Securities purchased under agreements to resell, gross amounts not offset, financial instruments | 0 | 0 |
Securities purchased under agreements to resell, gross amounts not offset, securities collateral | -634 | -1,026 |
Securities purchased under agreements to resell, Net amount | $0 | $0 |
Offsetting_Assets_and_Liabilit3
Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Parenthetical) (Detail) (Minimum [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
United States [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Actual collateral of related assets | 102.00% | 102.00% |
Canada [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Actual collateral of related assets | 100.00% | 100.00% |
Schedule_I_Condensed_Statement
Schedule I - Condensed Statements of Financial Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
ASSETS: | ||||
Cash and cash equivalents | $1,033 | $600 | $601 | $820 |
Investment securities | 161 | 141 | ||
Other assets | 128 | 95 | ||
TOTAL ASSETS | 14,770 | 13,795 | 13,042 | |
LIABILITIES: | ||||
Accounts payable and accrued expenses | 161 | 142 | ||
Partnership capital subject to mandatory redemption | 2,218 | 2,081 | 1,983 | 1,906 |
TOTAL LIABILITIES | 14,770 | 13,795 | ||
Parent Company [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents | 119 | 252 | 285 | 150 |
Investment securities | 9 | 9 | ||
Investment in subsidiaries | 2,076 | 1,809 | ||
Other assets | 15 | 12 | ||
TOTAL ASSETS | 2,219 | 2,082 | ||
LIABILITIES: | ||||
Accounts payable and accrued expenses | 1 | 1 | ||
Partnership capital subject to mandatory redemption | 2,218 | 2,081 | ||
TOTAL LIABILITIES | $2,219 | $2,082 |
Schedule_I_Condensed_Statement1
Schedule I - Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
NET REVENUE | |||||||||||
Other | $32 | $52 | $31 | ||||||||
Total revenue | 6,333 | 5,716 | 5,027 | ||||||||
Interest expense | 55 | 59 | 62 | ||||||||
Net revenue | 6,278 | 5,657 | 4,965 | ||||||||
OPERATING EXPENSES | |||||||||||
Compensation and benefits | 4,253 | 3,793 | 3,285 | ||||||||
Other operating expenses | 190 | 178 | 166 | ||||||||
Total operating expenses | 5,508 | 4,983 | 4,410 | ||||||||
Income before allocations to partners | 195 | 195 | 194 | 186 | 185 | 168 | 172 | 149 | 770 | 674 | 555 |
Allocations to partners | -770 | -674 | -555 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Parent Company [Member] | |||||||||||
NET REVENUE | |||||||||||
Subsidiary earnings | 764 | 667 | 548 | ||||||||
Management fee income | 78 | 76 | 78 | ||||||||
Other | 7 | 9 | 9 | ||||||||
Total revenue | 849 | 752 | 635 | ||||||||
Interest expense | 48 | 48 | 49 | ||||||||
Net revenue | 801 | 704 | 586 | ||||||||
OPERATING EXPENSES | |||||||||||
Compensation and benefits | 30 | 28 | 29 | ||||||||
Other operating expenses | 1 | 2 | 2 | ||||||||
Total operating expenses | 31 | 30 | 31 | ||||||||
Income before allocations to partners | 770 | 674 | 555 | ||||||||
Allocations to partners | -770 | -674 | -555 | ||||||||
Net income | $0 | $0 | $0 |
Schedule_I_Condensed_Statement2
Schedule I - Condensed Statements of Cash Flow (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $0 | $0 | $0 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income before allocations to partners | 770 | 674 | 555 |
Changes in assets and liabilities: | |||
Other assets | -33 | 4 | 0 |
Net cash provided by operating activities | 1,207 | 711 | 347 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of partnership interests (net of partnership loans) | 55 | 40 | 45 |
Redemption of partnership interests | -125 | -115 | -99 |
Distributions from partnership capital (net of partnership loans) | -563 | -490 | -424 |
Issuance of partnership loans | 0 | -11 | 0 |
Net cash used in financing activities | -684 | -628 | -529 |
Net (decrease) increase in cash and cash equivalents | 433 | -1 | -219 |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 600 | 601 | 820 |
End of year | 1,033 | 600 | 601 |
NON-CASH ACTIVITIES: | |||
Issuance of general partnership interests through partnership loans in current period | 86 | 95 | 94 |
Repayment of partnership loans through distributions from partnership capital in current period | 103 | 61 | 11 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income before allocations to partners | 770 | 674 | 555 |
Changes in assets and liabilities: | |||
Investment securities | 0 | 4 | 3 |
Investment in subsidiaries | -267 | -136 | 56 |
Other assets | -3 | 0 | -1 |
Accounts payable and accrued expenses | 0 | 1 | 0 |
Net cash provided by operating activities | 500 | 543 | 613 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of partnership interests (net of partnership loans) | 55 | 40 | 45 |
Redemption of partnership interests | -125 | -115 | -99 |
Distributions from partnership capital (net of partnership loans) | -563 | -490 | -424 |
Issuance of partnership loans | 0 | -11 | 0 |
Net cash used in financing activities | -633 | -576 | -478 |
Net (decrease) increase in cash and cash equivalents | -133 | -33 | 135 |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 252 | 285 | 150 |
End of year | 119 | 252 | 285 |
NON-CASH ACTIVITIES: | |||
Issuance of general partnership interests through partnership loans in current period | 86 | 95 | 94 |
Repayment of partnership loans through distributions from partnership capital in current period | $103 | $61 | $11 |