Jones Financial Companies LLLP (JNFC) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 24, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 24, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	JONES FINANCIAL COMPANIES LLLP
Entity Central Index Key	0000815917
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Limited Partnership Interests Outstanding		1,227,239
Entity File Number	0-16633
Entity Tax Identification Number	43-1450818
Entity Address, Address Line One	12555 Manchester Road
Entity Address, City or Town	Des Peres
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63131
City Area Code	314
Local Phone Number	515-2000
Entity Incorporation, State or Country Code	MO
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Consolidated Statements of Fina

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Millions	Sep. 24, 2021	Dec. 31, 2020
ASSETS:
Cash and cash equivalents	$ 1,731	$ 1,125
Cash and investments segregated under federal regulations	17,691	17,918
Securities purchased under agreements to resell	1,500	1,714
Receivables from:
Clients	4,083	3,504
Mutual funds, insurance companies and other	817	818
Brokers, dealers and clearing organizations	258	223
Securities owned, at fair value:
Investment securities	734	1,302
Inventory securities	24	32
Lease right-of-use assets	924	915
Equipment, property and improvements, at cost, net of accumulated depreciation and amortization	656	620
Other assets	130	149
TOTAL ASSETS	28,548	28,320
Payables to:
Clients	21,283	21,241
Brokers, dealers and clearing organizations	82	96
Accrued compensation and employee benefits	2,259	2,104
Lease liabilities	948	938
Accounts payable, accrued expenses and other	283	352
Total liabilities before partnership capital	24,855	24,731
Contingencies (Note 7)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans	3,376	3,075
Reserve for anticipated withdrawals	317	514
Total partnership capital subject to mandatory redemption	3,693	3,589
TOTAL LIABILITIES	28,548	28,320
Limited Partnership Capital [Member]
Payables to:
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans	1,228	1,237
Subordinated Limited Partnership Capital [Member]
Payables to:
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans	581	538
General Partnership Capital [Member]
Payables to:
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans	$ 1,567	$ 1,300

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Revenue:
Revenue	$ 3,109	$ 2,487	$ 8,923	$ 7,230
Interest and dividends	42	40	120	164
Other revenue, net	13	24	55	28
Total revenue	3,164	2,551	9,098	7,422
Interest expense	24	24	71	79
Net revenue	3,140	2,527	9,027	7,343
Operating expenses:
Compensation and benefits	2,202	1,806	6,389	5,216
Occupancy and equipment	138	131	407	392
Communications and data processing	132	100	351	307
Fund sub-adviser fees	64	48	179	134
Professional and consulting fees	40	28	105	80
Other operating expenses	164	98	373	307
Total operating expenses	2,740	2,211	7,804	6,436
Income before allocations to partners	400	316	1,223	907
Allocations to partners:
Limited partners	52	45	159	137
Subordinated limited partners	47	37	145	106
General partners	301	234	919	664
Net Income (Loss) Attributable to Parent, Total	$ 0	$ 0	$ 0	$ 0
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding	$ 42.13	$ 36.36	$ 128.87	$ 104.36
Weighted average $1,000 equivalent limited partnership units outstanding	1,229,280	1,241,068	1,232,521	1,244,639
Asset-based Fee Revenue [Member]
Revenue:
Revenue	$ 2,535	$ 1,926	$ 7,129	$ 5,450
Account and Activity Fee Revenue [Member]
Revenue:
Revenue	172	163	513	494
Total Fee Revenue [Member]
Revenue:
Revenue	2,707	2,089	7,642	5,944
Trade Revenue [Member]
Revenue:
Revenue	$ 402	$ 398	$ 1,281	$ 1,286

Consolidated Statements of Chan

Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption - USD ($) $ in Millions	Total	Limited Partnership Capital [Member]	Subordinated Limited Partnership Capital [Member]	General Partnership Capital [Member]
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2019	$ 3,364	$ 1,359	$ 566	$ 1,439
Reserve for anticipated withdrawals at Dec. 31, 2019	(407)	(110)	(43)	(254)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2019	2,957	1,249	523	1,185
Partnership loans outstanding at beginning of year at Dec. 31, 2019	360		4	356
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2019	3,317	1,249	527	1,541
Issuance of partnership interests	213	1	49	163
Redemption of partnership interests	(81)	(3)	(35)	(43)
Income allocated to partners	303	50	35	218
Distributions	(5)			(5)
Total partnership capital, including capital financed with partnership loans at Mar. 27, 2020	3,747	1,297	576	1,874
Redemption of partnership interests	(6)	(3)	(1)	(2)
Income allocated to partners	288	42	34	212
Distributions	(349)	(14)	(58)	(277)
Total partnership capital, including capital financed with partnership loans at Jun. 26, 2020	3,680	1,322	551	1,807
Redemption of partnership interests	(13)	(4)	(1)	(8)
Income allocated to partners	316	45	37	234
Distributions	(208)		(35)	(173)
Total partnership capital, including capital financed with partnership loans at Sep. 25, 2020	3,775	1,363	552	1,860
Partnership loans outstanding, reduction to arrive at Partnership Capital at Sep. 25, 2020	363		1	362
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Sep. 25, 2020	3,412	1,363	551	1,498
Reserve for anticipated withdrawals at Sep. 25, 2020	(254)	(123)	(13)	(118)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Sep. 25, 2020	3,158	1,240	538	1,380
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Dec. 31, 2020	3,589	1,362	594	1,633
Reserve for anticipated withdrawals at Dec. 31, 2020	(514)	(125)	(56)	(333)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Dec. 31, 2020	3,075	1,237	538	1,300
Partnership loans outstanding at beginning of year at Dec. 31, 2020	341	0	1	340
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals at Dec. 31, 2020	3,416	1,237	539	1,640
Issuance of partnership interests	274	3	60	211
Redemption of partnership interests	(71)	(5)	(16)	(50)
Income allocated to partners	380	49	46	285
Distributions	(3)	0	0	(3)
Total partnership capital, including capital financed with partnership loans at Mar. 26, 2021	3,996	1,284	629	2,083
Issuance of partnership interests	11	2	0	9
Redemption of partnership interests	(13)	(5)	0	(8)
Income allocated to partners	443	58	52	333
Distributions	(489)	(10)	(82)	(397)
Total partnership capital, including capital financed with partnership loans at Jun. 25, 2021	3,948	1,329	599	2,020
Issuance of partnership interests	3		1	2
Redemption of partnership interests	(34)	(4)	(3)	(27)
Income allocated to partners	400	52	47	301
Distributions	(288)	(1)	(47)	(240)
Total partnership capital, including capital financed with partnership loans at Sep. 24, 2021	4,029	1,376	597	2,056
Partnership loans outstanding, reduction to arrive at Partnership Capital at Sep. 24, 2021	336	0	0	336
TOTAL PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION at Sep. 24, 2021	3,693	1,376	597	1,720
Reserve for anticipated withdrawals at Sep. 24, 2021	(317)	(148)	(16)	(153)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals at Sep. 24, 2021	$ 3,376	$ 1,228	$ 581	$ 1,567

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 0	$ 0
Adjustments to reconcile net income to net cash provided by operating activities:
Income before allocations to partners	1,223	907
Depreciation and amortization	94	93
Changes in assets and liabilities:
Investments segregated under federal regulations	(298)	5,403
Securities purchased under agreements to resell	(214)	41
Net payable to clients	(537)	4,949
Net receivable from brokers, dealers and clearing organizations	49	(4)
Receivable from mutual funds, insurance companies and other	(1)	68
Securities owned	(576)	597
Lease right-of-use assets	9	30
Other assets	(19)	(42)
Lease liabilities	10	31
Accrued compensation and employee benefits	155	54
Accounts payable, accrued expenses and other	(69)	(78)
Net cash provided by (used in) operating activities	1,926	(137)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment, property and improvements	(130)	(100)
Cash used in investing activities	(130)	(100)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of partnership loans	15
Issuance of partnership interests	66	50
Redemption of partnership interests	118	100
Distributions from partnership capital	(1,082)	(809)
Net cash used in financing activities	(1,119)	(859)
Net increase (decrease) in cash, cash equivalents and restricted cash	677	(1,096)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period	6,875	8,007
End of period	$ 7,552	$ 6,911

Introduction and Basis of Prese

Introduction and Basis of Presentation	9 Months Ended
	Sep. 24, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Introduction and Basis of Presentation	NOTE 1 – INTRODUCTION AND BASIS OF PRESENTATION 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” or "JFC"). The financial position of the Partnership’s subsidiaries in Canada as of August 31, 2021 and November 30, 2020 are included in the Partnership’s Consolidated Statements of Financial Condition and the results for the three- and nine-month periods ended August 31, 2021 and 2020 are included in the Partnership’s Consolidated Statements of Income, Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption, and Consolidated Statements of Cash Flows because of the timing of the Partnership’s financial reporting process. The Partnership’s wholly-owned principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), is a registered broker-dealer and investment adviser in the United States (“U.S.”), and one of Edward Jones’ wholly-owned subsidiaries is a registered broker-dealer in Canada. Through these entities, the Partnership primarily serves individual investors in the U.S. and Canada. Edward Jones is a retail brokerage business and primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients, the distribution of mutual fund shares, and commissions for the purchase or sale of securities and the purchase of insurance products. 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 three- and nine-month periods ended September 24, 2021 and September 25, 2020, see Note 8 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“Trust Co.”), a wholly-owned subsidiary of the Partnership. Olive Street Investment Advisers, LLC, a wholly-owned subsidiary of the Partnership, provides investment advisory services to the eight sub-advised mutual funds comprising the Bridge Builder® Trust. Passport Research, Ltd., a wholly-owned subsidiary of Edward Jones, provides investment advisory services to the sub-advised Edward Jones Money Market Fund (the "Money Market Fund"). The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles, 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. Given the ongoing uncertainty of the coronavirus pandemic and related events ("COVID-19") and its duration, the Partnership cannot reliably predict the ultimate impact of COVID-19 on financial markets or its financial results. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure. The interim financial information included herein is unaudited. However, in the opinion of management, such information includes all adjustments, consisting primarily of normal recurring accruals, which are necessary for a fair statement of the results of interim operations. There have been no material changes to the Partnership’s significant accounting policies or disclosures of recently issued accounting standards as described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report"). The results of operations for the three- and nine-month periods ended September 24, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. These unaudited Consolidated Financial Statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and notes thereto included in the Annual Report.

Leases

Leases	9 Months Ended
	Sep. 24, 2021
Leases [Abstract]
Leases	NOTE 2 – LEASES For the three- and nine-month periods ended September 24, 2021 and September 25, 2020, cash paid for amounts included in the measurement of operating lease liabilities was $ 79 and $ 239 and $ 77 and $ 228 , respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities were $ 85 and $ 240 and $ 85 and $ 246 , respectively. The weighted-average remaining lease term was four years as of both September 24, 2021 and December 31, 2020 , and the weighted-average discount rate was 2.2 % and 2.6 %, respectively. For the three- and nine-month periods ended September 24, 2021 and September 25, 2020, operating lease costs were $ 80 and $ 238 and $ 77 and $ 226 , respectively, and variable lease costs not included in the lease liability were $ 15 and $ 44 and $ 12 and $ 42 , respectively. Total lease cost for the three- and nine-month periods ended September 24, 2021 and September 25, 2020 was $ 95 and $ 282 and $ 89 and $ 268 , respectively. The Partnership's future undiscounted cash outflows for operating leases are summarized below as of: September 24, December 31, 2021 2020 2021 $ 83 $ 300 2022 291 247 2023 235 190 2024 169 125 2025 109 65 Thereafter 103 60 Total lease payments 990 987 Less: Interest 42 49 Total present value of lease liabilities $ 948 $ 938 While the rights and obligations for leases that have not yet commenced are not significant, the Partnership regularly enters into new branch office leases.

Receivables and Revenue

Receivables and Revenue	9 Months Ended
	Sep. 24, 2021
Revenue From Contract With Customer [Abstract]
Receivables and Revenue	NOTE 3 – RECEIVABLES AND REVENUE As of September 24, 2021 and December 31, 2020, collateral held for receivables from clients was $ 4,694 and $ 4,035 , respectively, and collateral held for securities purchased under agreements to rese ll was $ 1,525 and $ 1,743 , respectively. As the fair value of the collateral either exceeded or was at least 100 % of the amortized cost, the expected credit loss was zero for each period. Additionally, partnership loan values remained below the value of capital allocated to partners, resulting in an expected credit loss of zero as of September 24, 2021 and December 31, 2020. As of September 24, 2021, December 31, 2020 and December 31, 2019, $ 677 , $ 563 and $ 470 , respectively, of the receivable from clients balance and $ 325 , $ 285 and $ 291 , respectively, of the receivable from mutual funds, insurance companies and other balance related to revenue contracts with customers. The related fees are paid out of client accounts or third-party products consisting of cash and securities, and the collateral value of those accounts continues to exceed the amortized cost basis of these receivables, resulting in a remote risk of loss. The expected credit loss for receivables from contracts with customers was zero as of September 24, 2021 and December 31, 2020. The Partnership derived 13 % and 12 % of its total revenue for the three- and nine-month periods ended September 24, 2021, respectively, and 13 % of its total revenue for both of the three- and nine-month periods ended September 25, 2020, respectively, from one mutual fund company. The revenue generated from this company relates to business conducted with the Partnership's U.S. segment. The following table s hows the Partnership's disaggregated revenue information. See Note 8 for segment information. Three Months Ended September 24, 2021 Three Months Ended September 25, 2020 U.S. Canada Total U.S. Canada Total Fee revenue: Asset-based fee revenue: Advisory programs fees $ 1,904 $ 34 $ 1,938 $ 1,409 $ 22 $ 1,431 Service fees 403 29 432 330 23 353 Other asset-based fees 165 — 165 142 — 142 Total asset-based fee revenue 2,472 63 2,535 1,881 45 1,926 Account and activity fee revenue: Shareholder accounting services 109 — 109 106 — 106 Other account and activity fee 59 4 63 54 3 57 Total account and activity fee 168 4 172 160 3 163 Total fee revenue 2,640 67 2,707 2,041 48 2,089 Trade revenue: Commissions 381 11 392 376 10 386 Principal transactions 9 1 10 12 — 12 Total trade revenue 390 12 402 388 10 398 Total revenue from customers 3,030 79 3,109 2,429 58 2,487 Net interest and dividends and other 22 9 31 40 - 40 Net revenue $ 3,052 $ 88 $ 3,140 $ 2,469 $ 58 $ 2,527 Nine Months Ended September 24, 2021 Nine Months Ended September 25, 2020 U.S. Canada Total U.S. Canada Total Fee revenue: Asset-based fee revenue: Advisory programs fees $ 5,326 $ 92 $ 5,418 $ 3,928 $ 61 $ 3,989 Service fees 1,157 83 1,240 950 66 1,016 Other asset-based fees 471 — 471 445 — 445 Total asset-based fee revenue 6,954 175 7,129 5,323 127 5,450 Account and activity fee revenue: Shareholder accounting services 325 — 325 319 — 319 Other account and activity fee 177 11 188 166 9 175 Total account and activity fee 502 11 513 485 9 494 Total fee revenue 7,456 186 7,642 5,808 136 5,944 Trade revenue: Commissions 1,212 39 1,251 1,204 37 1,241 Principal transactions 28 2 30 43 2 45 Total trade revenue 1,240 41 1,281 1,247 39 1,286 Total revenue from customers 8,696 227 8,923 7,055 175 7,230 Net interest and dividends and other 89 15 104 98 15 113 Net revenue $ 8,785 $ 242 $ 9,027 $ 7,153 $ 190 $ 7,343

Fair Value

Fair Value	9 Months Ended
	Sep. 24, 2021
Fair Value Disclosures [Abstract]
Fair Value	NOTE 4 – FAIR VALUE The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2020 . The Partnership did no t have any assets or liabilities categorized as Level III during the nine- and twelve-month periods ended September 24, 2 0 21 and December 31, 2020, respectively. The following tables show the Partnership’s financial assets measured at fair value: Financial Assets at Fair Value as of September 24, 2021 Level I Level II Level III Total Cash equivalents: Certificates of deposit $ — $ 120 $ — $ 120 Money market funds 41 — — 41 Total cash equivalents $ 41 $ 120 $ — $ 161 Investments segregated under federal regulations: U.S. treasuries $ 11,843 $ — $ — $ 11,843 Securities owned: Investment securities: Mutual funds (1) $ 356 $ — $ — $ 356 Government and agency obligations 225 — — 225 Certificates of deposit — 150 — 150 Equities 3 — — 3 Total investment securities $ 584 $ 150 $ — $ 734 Inventory securities: State and municipal obligations $ — $ 12 $ — $ 12 Equities 7 — — 7 Mutual funds 2 — — 2 Corporate bonds and notes — 2 — 2 Certificates of deposit — 1 — 1 Total inventory securities $ 9 $ 15 $ — $ 24 Financial Assets at Fair Value as of December 31, 2020 Level I Level II Level III Total Cash equivalents: Certificates of deposit $ — $ 120 $ — $ 120 Money market funds 41 — — 41 Total cash equivalents $ 41 $ 120 $ — $ 161 Investments segregated under federal regulations: U.S. treasuries $ 12,051 $ — $ — $ 12,051 Certificates of deposit — 100 — 100 Total investments segregated under federal regulations $ 12,051 $ 100 $ — $ 12,151 Securities owned: Investment securities: Government and agency obligations $ 971 $ — $ — $ 971 Mutual funds (1) 327 — — 327 Equities 3 — — 3 Certificates of deposit — 1 — 1 Total investment securities $ 1,301 $ 1 $ — $ 1,302 Inventory securities: Equities $ 19 $ — $ — $ 19 State and municipal obligations — 10 — 10 Corporate bonds and notes — 2 — 2 Mutual funds 1 — — 1 Total inventory securities $ 20 $ 12 $ — $ 32 (1) The mutual funds balance consists primarily of securities held to economically hedge future liabilities related to the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.

Partnership Capital Subject to

Partnership Capital Subject to Mandatory Redemption	9 Months Ended
	Sep. 24, 2021
Partners Capital Notes [Abstract]
Partnership Capital Subject to Mandatory Redemption	NOTE 5 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION The Partnership makes loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Enterprise Leadership Team, as defined in the Partnership’s Twenty-First Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated September 1, 2021 (the “Partnership Agreement”)) , who require financing for some or all of their Partnership capital contributions. 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. It is anticipated that, of the future general and subordinated limited partnership capital contributions (in each case, other than for Enterprise Leadership Team members) requiring financing, the majority will be financed through Partnership loans. Loans made by the Partnership to such partners are generally for a period of one year but are expected to be renewed and bear interest at the greater of the Prime Rate for the last business day of the prior fiscal month or 3.25 %. The Partnership recognizes interest income for the interest earned related to these loans. The outstanding amount of Partnership loans is reflected as a reduction to total Partnership capital. As of September 24, 2021 and December 31, 2020, the outstanding amount of Partnership loans was $ 336 and $ 341 , respectively. Interest income earned from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $ 3 and $ 10 for the three- and nine-month periods ended September 24, 2021, respectively, and $ 3 and $ 11 for the three- and nine-month periods ended September 25, 2020, respectively. The following table shows the roll forward of outstanding Partnership loans for: Nine Months Ended September 24, September 25, 2021 2020 Partnership loans outstanding at beginning of period $ 341 $ 360 Partnership loans issued during the period 222 163 Repayment of Partnership loans during the period ( 227 ) ( 160 ) Total Partnership loans outstanding $ 336 $ 363 The minimum 7.5 % annual return on the face amount of limited partnership capital was $ 23 and $ 69 for the three- and nine-month periods ended September 24, 2021 , respectively, and $ 23 and $ 70 for the three- and nine-month periods ended September 25, 2020, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income. The Partnership filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission ("SEC") on January 12, 2018, to register $ 450 of Interests issuable pursuant to the Partnership's 2018 Employee Limited Partnership Interest Purchase Plan, as amended (the "2018 Plan"). In addition to issuances of Interests in prior periods, the Partnership issued approximately $ 1 and $ 5 of Interests under the 2018 Plan in 2020 and the first nine months of 2021, respectively. The remaining $ 64 of Interests may be issued under the 2018 Plan at the discretion of the Managing Partner in the future.

Net Capital Requirements

Net Capital Requirements	9 Months Ended
	Sep. 24, 2021
Brokers And Dealers [Abstract]
Net Capital Requirements	NOTE 6 – NET CAPITAL REQUIREMENTS As a result of its activities as a U.S. broker-dealer, Edward Jones is subject to the net capital provisions of Rule 15c3-1 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), 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 subsidiary is a registered broker-dealer regulated by the Investment Industry Regulatory Organization of Canada (“IIROC”). Under the regulations prescribed by IIROC, the Partnership’s Canada broker-dealer subsidiary is required to maintain minimum levels of risk-adjusted capital, which are dependent on the nature of the Partnership’s Canada broker-dealer subsidiary’s assets and operations. The following table shows the Partnership’s capital figures for its U.S. and Canada broker-dealer subsidiaries as of: September 24, December 31, 2021 2020 U.S.: Net capital $ 1,523 $ 1,306 Net capital in excess of the minimum required $ 1,456 $ 1,248 Net capital as a percentage of aggregate debit 45.4 % 45.0 % Net capital after anticipated capital withdrawals, 24.4 % 23.1 % Canada: Regulatory risk-adjusted capital $ 61 $ 56 Regulatory risk-adjusted capital in excess of the $ 48 $ 47 U.S. net capital, Canada regulatory risk-adjusted capital and the related capital percentages may fluctuate on a daily basis.

Contingencies

Contingencies	9 Months Ended
	Sep. 24, 2021
Commitments And Contingencies Disclosure [Abstract]
Contingencies	NOTE 7 – CONTINGENCIES In the normal course of its business, the Partnership is involved, from time to time, in various legal and regulatory matters, including arbitrations, class actions, other litigation, and examinations, investigations and proceedings by governmental authorities, self-regulatory organizations and other regulators, which may result in losses. These matters include: Wage-and-Hour Class Action. On March 13, 2018, JFC and Edward Jones were named as defendants in a purported collective and class action lawsuit ( Bland, et al. v. Edward D. Jones & Co., L.P, et al. ) filed in the U.S. District Court for the Northern District of Illinois by four former financial advisors. The lawsuit was brought under the Fair Labor Standards Act (FLSA) as well as Missouri and Illinois law and alleges that the defendants unlawfully attempted to recoup training costs from departing financial advisors and failed to pay all overtime owed to financial advisor trainees among other claims. The lawsuit seeks declaratory and injunctive relief, compensatory and liquidated damages. On March 19, 2019, the court entered an order granting the defendants' motion to dismiss all claims, but permitting the plaintiffs to amend and re-file certain of their claims. Plaintiffs filed an amended complaint on May 3, 2019. On March 30, 2020, the court partially granted the defendants' renewed motion to dismiss the amended complaint and dismissed seven of the ten causes of action it purported to state. The court's order eliminated from the case any claims that rely upon the firm's contractual right to recoup training costs as well as related claims for declaratory relief. It also dismissed various state law claims. JFC and Edward Jones deny the allegations in the remaining counts and intend to vigorously defend against the allegations in this lawsuit. Securities Class Action. On March 30, 2018, Edward Jones and its affiliated entities and individuals were named as defendants in a putative class action ( Anderson, et al. v. Edward D. Jones & Co., L.P., et al.) filed in the U.S. District Court for the Eastern District of California. The lawsuit was brought under the Securities Act of 1933, as amended (the "Securities Act"), and the Exchange Act, as well as Missouri and California law and alleges that the defendants inappropriately transitioned client assets from commission-based accounts to fee-based programs. The plaintiffs requested declaratory, equitable, and exemplary relief, and compensatory damages. On July 9, 2019, the district court entered an order dismissing the lawsuit in its entirety without prejudice. On July 29, 2019, the plaintiffs filed a second amended complaint, which eliminated certain affiliated entities and individuals as defendants, withdrew the claims under the Securities Act, added claims under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), and certain additional state law claims, and reasserted the remaining claims with modified allegations. The defendants filed a motion to dismiss, the plaintiffs subsequently withdrew their Investment Advisers Act claims, and on November 12, 2019, the district court granted defendants' motion to dismiss. The plaintiffs appealed the district court's dismissal of certain of their state law claims but did not appeal the dismissal of the remaining claims. On March 4, 2021, the U.S. Court of Appeals for the Ninth Circuit reversed the district court's decision, holding the district court has jurisdiction over the state law claims that were the subject of the plaintiffs' appeal, and remanded the case to the district court for further proceedings on those claims. On May 14, 2021, the Ninth Circuit panel denied defendants' April 19, 2021 petition for panel rehearing and rehearing en banc. On October 12, 2021, defendants filed a petition for certiorari with the U.S. Supreme Court. Pursuant to the Ninth Circuit's order dated May 21, 2021, further proceedings in the lower courts remain stayed until after the conclusion of all proceedings before the Supreme Court. Edward Jones and its affiliated entities and individuals deny the plaintiffs' allegations and intend to continue to vigorously defend this lawsuit. Discrimination Class Action . On May 24, 2018, Edward Jones and JFC were named as defendants in a putative class action lawsuit ( Bland v. Edward D. Jones & Co., L.P., et al. ) filed in the U.S. District Court for the Northern District of Illinois by a former financial advisor under 42 U.S.C. § 1981, alleging that the defendants discriminated against the former financial advisor and other financial advisors and financial advisor trainees on the basis of race. On July 27, 2018, two named plaintiffs filed an amended complaint adding allegations of discrimination and retaliation under 42 U.S.C. § 2000e, Title VII of the Civil Rights Act of 1964 and retaliation under 42 U.S.C. § 1981. Three named plaintiffs filed a second amended complaint on November 26, 2018 and a third amended complaint on December 30, 2020. The plaintiffs sought equitable and injunctive relief, as well as compensatory and punitive damages. On May 4, 2021, the district court granted a motion plaintiffs filed on March 19, 2021 seeking preliminary approval of a settlement agreement reached by the parties. On July 1, 2021, plaintiffs filed a motion seeking final approval of the settlement. The district court granted the motion at a hearing on July 12, 2021 and issued a final approval order on July 15, 2021. The settlement is in the process of being administered. Reimbursement Class Action. On April 25, 2019, Edward Jones and JFC were named as defendants in a putative class action ( Watson, et al. v. The Jones Financial Companies L.L.L.P., et al. ) filed by two former financial advisors in the Superior Court of the State of California, Sacramento County. Plaintiffs allege that defendants did not reimburse financial advisors and financial advisor trainees in California for certain categories of business expenses, which plaintiffs allege violates the California Labor Code and California Unfair Competition Law. The lawsuit seeks damages and restitution as well as attorneys' fees and costs and equitable and injunctive relief. On February 19, 2020, the plaintiffs filed a motion seeking the court's approval of a proposed class action settlement reached by the parties. On November 16, 2020, the court granted final approval of the settlement. Administration of the settlement has been completed. In addition to these matters, the Partnership provides for potential losses that may arise related to other contingencies. The Partnership assesses its liabilities and contingencies utilizing available information. The Partnership accrues for potential losses for those matters where it is probable that the Partnership will incur a potential loss to the extent that the amount of such potential loss can be reasonably estimated, in accordance with Financial Accounting Standards Board Accounting Standards Codification No. 450, Contingencies . This liability represents the Partnership’s estimate of the probable loss at September 24, 2021 , after considering, among other factors, the progress of each case, the Partnership's experience with other legal and regulatory matters and discussion with legal counsel, and is believed to be sufficient. The aggregate accrued liability is within the accounts payable, accrued expenses and other line of the Consolidated Statements of Financial Condition and 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 up to $ 12 as of September 24, 2021. 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 liabilities at September 24, 2021 are adequate, and the liabilities arising from such matters 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	9 Months Ended
	Sep. 24, 2021
Segment Reporting [Abstract]
Segment Information	NOTE 8 – SEGMENT INFORMATION The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Pre-variable income represents income before variable compensation expense and before allocations to partners. This is consistent with how management reviews the segments to assess performance. The following table shows financial information for the Partnership’s reportable segments: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Net revenue: U.S. $ 3,052 $ 2,469 $ 8,785 $ 7,153 Canada 88 58 242 190 Total net revenue $ 3,140 $ 2,527 $ 9,027 $ 7,343 Pre-variable income: U.S. $ 884 $ 689 $ 2,640 $ 1,894 Canada 22 3 43 17 Total pre-variable income $ 906 $ 692 $ 2,683 $ 1,911 Variable compensation: U.S. $ 496 $ 369 $ 1,429 $ 983 Canada 10 7 31 21 Total variable compensation $ 506 $ 376 $ 1,460 $ 1,004 Income (loss) before allocations to partners: U.S. $ 388 $ 320 $ 1,211 $ 911 Canada 12 ( 4 ) 12 ( 4 ) Total income before allocations to partners $ 400 $ 316 $ 1,223 $ 907

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	9 Months Ended
	Sep. 24, 2021
Offsetting [Abstract]
Offsetting Assets and Liabilities	NOTE 9 – 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: Gross Gross of Net amounts in the of Gross amounts not offset Statements of recognized Financial Financial Financial Securities (1) Net September 24, 2021 $ 1,500 — 1,500 — ( 1,500 ) $ — December 31, 2020 $ 1,714 — 1,714 — ( 1,714 ) $ — (1) Actual collateral was 102 % of the related assets in U.S. agreements and 100 % in Canada agreements as of all dates presented.

Cash Flow Information

Cash Flow Information	9 Months Ended
	Sep. 24, 2021
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	NOTE 10 – CASH FLOW INFORMATION The following table shows supplemental cash flow information for: Nine Months Ended September 24, September 25, Non-cash activities: Issuance of general partnership interests through $ 222 $ 163 Repayment of partnership loans through distributions from $ 212 $ 160 The following table reconciles certain line items on the Consolidated Statements of Financial Condition to the cash, cash equivalents and restricted cash balance on the Consolidated Statements of Cash Flows as of: September 24, September 25, Cash and cash equivalents $ 1,731 $ 1,026 Cash and investments segregated under federal regulations 17,691 14,682 Less: Investments segregated under federal regulations 11,870 8,797 Total cash, cash equivalents and restricted cash $ 7,552 $ 6,911 Restricted cash represents cash segregated in special reserve bank accounts for the benefit of U.S. clients pursuant to Rule 15c3-3 under the Exchange Act.

Introduction and Basis of Pre_2

Introduction and Basis of Presentation (Policies)	9 Months Ended
	Sep. 24, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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” or "JFC"). The financial position of the Partnership’s subsidiaries in Canada as of August 31, 2021 and November 30, 2020 are included in the Partnership’s Consolidated Statements of Financial Condition and the results for the three- and nine-month periods ended August 31, 2021 and 2020 are included in the Partnership’s Consolidated Statements of Income, Consolidated Statements of Changes in Partnership Capital Subject to Mandatory Redemption, and Consolidated Statements of Cash Flows because of the timing of the Partnership’s financial reporting process. The Partnership’s wholly-owned principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), is a registered broker-dealer and investment adviser in the United States (“U.S.”), and one of Edward Jones’ wholly-owned subsidiaries is a registered broker-dealer in Canada. Through these entities, the Partnership primarily serves individual investors in the U.S. and Canada. Edward Jones is a retail brokerage business and primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients, the distribution of mutual fund shares, and commissions for the purchase or sale of securities and the purchase of insurance products. 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 three- and nine-month periods ended September 24, 2021 and September 25, 2020, see Note 8 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“Trust Co.”), a wholly-owned subsidiary of the Partnership. Olive Street Investment Advisers, LLC, a wholly-owned subsidiary of the Partnership, provides investment advisory services to the eight sub-advised mutual funds comprising the Bridge Builder® Trust. Passport Research, Ltd., a wholly-owned subsidiary of Edward Jones, provides investment advisory services to the sub-advised Edward Jones Money Market Fund (the "Money Market Fund"). The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles, 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. Given the ongoing uncertainty of the coronavirus pandemic and related events ("COVID-19") and its duration, the Partnership cannot reliably predict the ultimate impact of COVID-19 on financial markets or its financial results. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure. The interim financial information included herein is unaudited. However, in the opinion of management, such information includes all adjustments, consisting primarily of normal recurring accruals, which are necessary for a fair statement of the results of interim operations. There have been no material changes to the Partnership’s significant accounting policies or disclosures of recently issued accounting standards as described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report"). The results of operations for the three- and nine-month periods ended September 24, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. These unaudited Consolidated Financial Statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and notes thereto included in the Annual Report.
Fair Value	The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2020 .
Contingencies (ASC No.450)	The Partnership accrues for potential losses for those matters where it is probable that the Partnership will incur a potential loss to the extent that the amount of such potential loss can be reasonably estimated, in accordance with Financial Accounting Standards Board Accounting Standards Codification No. 450, Contingencies . This liability represents the Partnership’s estimate of the probable loss at September 24, 2021 , after considering, among other factors, the progress of each case, the Partnership's experience with other legal and regulatory matters and discussion with legal counsel, and is believed to be sufficient. The aggregate accrued liability is within the accounts payable, accrued expenses and other line of the Consolidated Statements of Financial Condition and may be adjusted from time to time to reflect any relevant developments

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 24, 2021
Leases [Abstract]
Schedule of Future Undiscounted Cash Outflows for Operating Leases	The Partnership's future undiscounted cash outflows for operating leases are summarized below as of: September 24, December 31, 2021 2020 2021 $ 83 $ 300 2022 291 247 2023 235 190 2024 169 125 2025 109 65 Thereafter 103 60 Total lease payments 990 987 Less: Interest 42 49 Total present value of lease liabilities $ 948 $ 938

Receivables and Revenue (Tables

Receivables and Revenue (Tables)	9 Months Ended
	Sep. 24, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Partnership's Disaggregated Revenue	The following table s hows the Partnership's disaggregated revenue information. See Note 8 for segment information. Three Months Ended September 24, 2021 Three Months Ended September 25, 2020 U.S. Canada Total U.S. Canada Total Fee revenue: Asset-based fee revenue: Advisory programs fees $ 1,904 $ 34 $ 1,938 $ 1,409 $ 22 $ 1,431 Service fees 403 29 432 330 23 353 Other asset-based fees 165 — 165 142 — 142 Total asset-based fee revenue 2,472 63 2,535 1,881 45 1,926 Account and activity fee revenue: Shareholder accounting services 109 — 109 106 — 106 Other account and activity fee 59 4 63 54 3 57 Total account and activity fee 168 4 172 160 3 163 Total fee revenue 2,640 67 2,707 2,041 48 2,089 Trade revenue: Commissions 381 11 392 376 10 386 Principal transactions 9 1 10 12 — 12 Total trade revenue 390 12 402 388 10 398 Total revenue from customers 3,030 79 3,109 2,429 58 2,487 Net interest and dividends and other 22 9 31 40 - 40 Net revenue $ 3,052 $ 88 $ 3,140 $ 2,469 $ 58 $ 2,527 Nine Months Ended September 24, 2021 Nine Months Ended September 25, 2020 U.S. Canada Total U.S. Canada Total Fee revenue: Asset-based fee revenue: Advisory programs fees $ 5,326 $ 92 $ 5,418 $ 3,928 $ 61 $ 3,989 Service fees 1,157 83 1,240 950 66 1,016 Other asset-based fees 471 — 471 445 — 445 Total asset-based fee revenue 6,954 175 7,129 5,323 127 5,450 Account and activity fee revenue: Shareholder accounting services 325 — 325 319 — 319 Other account and activity fee 177 11 188 166 9 175 Total account and activity fee 502 11 513 485 9 494 Total fee revenue 7,456 186 7,642 5,808 136 5,944 Trade revenue: Commissions 1,212 39 1,251 1,204 37 1,241 Principal transactions 28 2 30 43 2 45 Total trade revenue 1,240 41 1,281 1,247 39 1,286 Total revenue from customers 8,696 227 8,923 7,055 175 7,230 Net interest and dividends and other 89 15 104 98 15 113 Net revenue $ 8,785 $ 242 $ 9,027 $ 7,153 $ 190 $ 7,343

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 24, 2021
Fair Value Disclosures [Abstract]
Partnership's Financial Assets at Fair Value	The following tables show the Partnership’s financial assets measured at fair value: Financial Assets at Fair Value as of September 24, 2021 Level I Level II Level III Total Cash equivalents: Certificates of deposit $ — $ 120 $ — $ 120 Money market funds 41 — — 41 Total cash equivalents $ 41 $ 120 $ — $ 161 Investments segregated under federal regulations: U.S. treasuries $ 11,843 $ — $ — $ 11,843 Securities owned: Investment securities: Mutual funds (1) $ 356 $ — $ — $ 356 Government and agency obligations 225 — — 225 Certificates of deposit — 150 — 150 Equities 3 — — 3 Total investment securities $ 584 $ 150 $ — $ 734 Inventory securities: State and municipal obligations $ — $ 12 $ — $ 12 Equities 7 — — 7 Mutual funds 2 — — 2 Corporate bonds and notes — 2 — 2 Certificates of deposit — 1 — 1 Total inventory securities $ 9 $ 15 $ — $ 24 Financial Assets at Fair Value as of December 31, 2020 Level I Level II Level III Total Cash equivalents: Certificates of deposit $ — $ 120 $ — $ 120 Money market funds 41 — — 41 Total cash equivalents $ 41 $ 120 $ — $ 161 Investments segregated under federal regulations: U.S. treasuries $ 12,051 $ — $ — $ 12,051 Certificates of deposit — 100 — 100 Total investments segregated under federal regulations $ 12,051 $ 100 $ — $ 12,151 Securities owned: Investment securities: Government and agency obligations $ 971 $ — $ — $ 971 Mutual funds (1) 327 — — 327 Equities 3 — — 3 Certificates of deposit — 1 — 1 Total investment securities $ 1,301 $ 1 $ — $ 1,302 Inventory securities: Equities $ 19 $ — $ — $ 19 State and municipal obligations — 10 — 10 Corporate bonds and notes — 2 — 2 Mutual funds 1 — — 1 Total inventory securities $ 20 $ 12 $ — $ 32 (1) The mutual funds balance consists primarily of securities held to economically hedge future liabilities related to the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.

Partnership Capital Subject t_2

Partnership Capital Subject to Mandatory Redemption (Tables)	9 Months Ended
	Sep. 24, 2021
Partners Capital Notes [Abstract]
Roll Forward of Outstanding Partnership Loans	The following table shows the roll forward of outstanding Partnership loans for: Nine Months Ended September 24, September 25, 2021 2020 Partnership loans outstanding at beginning of period $ 341 $ 360 Partnership loans issued during the period 222 163 Repayment of Partnership loans during the period ( 227 ) ( 160 ) Total Partnership loans outstanding $ 336 $ 363

Net Capital Requirements (Table

Net Capital Requirements (Tables)	9 Months Ended
	Sep. 24, 2021
Brokers And Dealers [Abstract]
Partnership's Capital Figures for U.S. and Canada Broker-Dealer Subsidiaries	The following table shows the Partnership’s capital figures for its U.S. and Canada broker-dealer subsidiaries as of: September 24, December 31, 2021 2020 U.S.: Net capital $ 1,523 $ 1,306 Net capital in excess of the minimum required $ 1,456 $ 1,248 Net capital as a percentage of aggregate debit 45.4 % 45.0 % Net capital after anticipated capital withdrawals, 24.4 % 23.1 % Canada: Regulatory risk-adjusted capital $ 61 $ 56 Regulatory risk-adjusted capital in excess of the $ 48 $ 47

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 24, 2021
Segment Reporting [Abstract]
Financial Information for Partnership's Reportable Segments	The following table shows financial information for the Partnership’s reportable segments: Three Months Ended Nine Months Ended September 24, September 25, September 24, September 25, Net revenue: U.S. $ 3,052 $ 2,469 $ 8,785 $ 7,153 Canada 88 58 242 190 Total net revenue $ 3,140 $ 2,527 $ 9,027 $ 7,343 Pre-variable income: U.S. $ 884 $ 689 $ 2,640 $ 1,894 Canada 22 3 43 17 Total pre-variable income $ 906 $ 692 $ 2,683 $ 1,911 Variable compensation: U.S. $ 496 $ 369 $ 1,429 $ 983 Canada 10 7 31 21 Total variable compensation $ 506 $ 376 $ 1,460 $ 1,004 Income (loss) before allocations to partners: U.S. $ 388 $ 320 $ 1,211 $ 911 Canada 12 ( 4 ) 12 ( 4 ) Total income before allocations to partners $ 400 $ 316 $ 1,223 $ 907

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	9 Months Ended
	Sep. 24, 2021
Offsetting [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: Gross Gross of Net amounts in the of Gross amounts not offset Statements of recognized Financial Financial Financial Securities (1) Net September 24, 2021 $ 1,500 — 1,500 — ( 1,500 ) $ — December 31, 2020 $ 1,714 — 1,714 — ( 1,714 ) $ — (1) Actual collateral was 102 % of the related assets in U.S. agreements and 100 % in Canada agreements as of all dates presented.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	9 Months Ended
	Sep. 24, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table shows supplemental cash flow information for: Nine Months Ended September 24, September 25, Non-cash activities: Issuance of general partnership interests through $ 222 $ 163 Repayment of partnership loans through distributions from $ 212 $ 160
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash Balance	The following table reconciles certain line items on the Consolidated Statements of Financial Condition to the cash, cash equivalents and restricted cash balance on the Consolidated Statements of Cash Flows as of: September 24, September 25, Cash and cash equivalents $ 1,731 $ 1,026 Cash and investments segregated under federal regulations 17,691 14,682 Less: Investments segregated under federal regulations 11,870 8,797 Total cash, cash equivalents and restricted cash $ 7,552 $ 6,911

Introduction and Basis of Pre_3

Introduction and Basis of Presentation - Additional Information (Detail) - Segment	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of operating segments	2	2	2	2

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020	Dec. 31, 2020
Lessee Disclosure [Abstract]
Cash paid for operating leases	$ 79	$ 77	$ 239	$ 228
Right-of-use assets obtained in exchange for operating lease liabilities	$ 85	85	$ 240	246
Weighted average remaining lease term in years	4 years		4 years		4 years
Weighted average discount rate	2.20%		2.20%		2.60%
Operating lease, cost	$ 80	77	$ 238	226
Variable lease costs not included in the lease liability	15	12	44	42
Total lease cost	$ 95	$ 89	$ 282	$ 268

Leases - Schedule of Future Und

Leases - Schedule of Future Undiscounted Cash Outflows for Operating Leases (Detail) - USD ($) $ in Millions	Sep. 24, 2021	Dec. 31, 2020
Lessee Disclosure [Abstract]
2021	$ 83	$ 300
2022	291	247
2023	235	190
2024	169	125
2025	109	65
Thereafter	103	60
Total lease payments	990	987
Less: Interest	42	49
Total present value of lease liabilities	$ 948	$ 938

Receivables and Revenue - Addit

Receivables and Revenue - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 24, 2021USD ($)Customer	Sep. 25, 2020Customer	Sep. 24, 2021USD ($)Customer	Sep. 25, 2020Customer	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Receivables And Revenue [Line Items]
Collateral held for receivables from clients	$ 4,694,000,000		$ 4,694,000,000		$ 4,035,000,000
Collateral held for securities purchased under agreements to resell	$ 1,525,000,000		$ 1,525,000,000		1,743,000,000
Fair value of collateral as percentage of amortized cost	100.00%		100.00%
Expected credit loss on collateral held for receivables from clients	$ 0		$ 0		0
Expected credit loss on partnership loans	0		0		0
Receivable from clients balance	677,000,000		677,000,000		563,000,000	$ 470,000,000
Receivable from mutual fund, insurance companies and other	817,000,000		817,000,000		818,000,000
Expected credit loss for receivables from contracts with customers	$ 0		$ 0		0
Concentration risk, number of customers | Customer	1	1	1	1
Customer Contracts [Member]
Receivables And Revenue [Line Items]
Receivable from mutual fund, insurance companies and other	$ 325,000,000		$ 325,000,000		$ 285,000,000	$ 291,000,000
Sales Revenue Net [Member] | Customer [Member] | Operating Segments [Member]
Receivables And Revenue [Line Items]
Concentration Risk, Percentage	13.00%	13.00%	12.00%	13.00%

Receivables and Revenue - Sched

Receivables and Revenue - Schedule of Partnership's Disaggregated Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Disaggregation Of Revenue [Line Items]
Net revenue	$ 3,109	$ 2,487	$ 8,923	$ 7,230
Net interest and dividends and other revenue	31	40	104	113
Net revenue	3,140	2,527	9,027	7,343
United States [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	3,030	2,429	8,696	7,055
Net interest and dividends and other revenue	22	40	89	98
Net revenue	3,052	2,469	8,785	7,153
Canada [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	79	58	227	175
Net interest and dividends and other revenue	9	0	15	15
Net revenue	88	58	242	190
Asset-based Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	2,535	1,926	7,129	5,450
Asset-based Fee Revenue [Member] | Advisory Programs Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,938	1,431	5,418	3,989
Asset-based Fee Revenue [Member] | Service Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	432	353	1,240	1,016
Asset-based Fee Revenue [Member] | Other Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	165	142	471	445
Asset-based Fee Revenue [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	2,472	1,881	6,954	5,323
Asset-based Fee Revenue [Member] | United States [Member] | Advisory Programs Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	1,904	1,409	5,326	3,928
Asset-based Fee Revenue [Member] | United States [Member] | Service Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	403	330	1,157	950
Asset-based Fee Revenue [Member] | United States [Member] | Other Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	165	142	471	445
Asset-based Fee Revenue [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	63	45	175	127
Asset-based Fee Revenue [Member] | Canada [Member] | Advisory Programs Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	34	22	92	61
Asset-based Fee Revenue [Member] | Canada [Member] | Service Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	29	23	83	66
Asset-based Fee Revenue [Member] | Canada [Member] | Other Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	0	0	0	0
Account and Activity Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	172	163	513	494
Account and Activity Fee Revenue [Member] | Shareholder Accounting Services Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	109	106	325	319
Account and Activity Fee Revenue [Member] | Other Account and Activity Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	63	57	188	175
Account and Activity Fee Revenue [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	168	160	502	485
Account and Activity Fee Revenue [Member] | United States [Member] | Shareholder Accounting Services Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	109	106	325	319
Account and Activity Fee Revenue [Member] | United States [Member] | Other Account and Activity Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	59	54	177	166
Account and Activity Fee Revenue [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	4	3	11	9
Account and Activity Fee Revenue [Member] | Canada [Member] | Shareholder Accounting Services Fees [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	0	0	0	0
Account and Activity Fee Revenue [Member] | Canada [Member] | Other Account and Activity Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	4	3	11	9
Total Fee Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	2,707	2,089	7,642	5,944
Total Fee Revenue [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	2,640	2,041	7,456	5,808
Total Fee Revenue [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	67	48	186	136
Trade Revenue [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	402	398	1,281	1,286
Trade Revenue [Member] | Commissions [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	392	386	1,251	1,241
Trade Revenue [Member] | Principal Transactions [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	10	12	30	45
Trade Revenue [Member] | United States [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	390	388	1,240	1,247
Trade Revenue [Member] | United States [Member] | Commissions [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	381	376	1,212	1,204
Trade Revenue [Member] | United States [Member] | Principal Transactions [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	9	12	28	43
Trade Revenue [Member] | Canada [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	12	10	41	39
Trade Revenue [Member] | Canada [Member] | Commissions [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	11	10	39	37
Trade Revenue [Member] | Canada [Member] | Principal Transactions [Member]
Disaggregation Of Revenue [Line Items]
Net revenue	$ 1	$ 0	$ 2	$ 2

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 24, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value of level III, assets	$ 0	$ 0
Fair value of level III, liabilities	$ 0	$ 0

Fair Value - Partnership's Fina

Fair Value - Partnership's Financial Assets at Fair Value (Detail) - USD ($) $ in Millions	Sep. 24, 2021	Dec. 31, 2020
Cash equivalents:
Total cash equivalents	$ 161	$ 161
Investments segregated under federal regulations:
Total investments segregated under federal regulations		12,151
Investment securities:
Total investment securities	734	1,302
Inventory securities:
Total inventory securities	24	32
Equities [Member]
Investment securities:
Total investment securities	3	3
Inventory securities:
Total inventory securities	7	19
Corporate Bonds and Notes [Member]
Inventory securities:
Total inventory securities	2	2
Government and Agency Obligations [Member]
Investment securities:
Total investment securities	225	971
U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations	11,843	12,051
Mutual Funds [Member]
Investment securities:
Total investment securities	356	327
Inventory securities:
Total inventory securities	2	1
State and Municipal Obligations [Member]
Inventory securities:
Total inventory securities	12	10
Certificates of Deposit [Member]
Cash equivalents:
Total cash equivalents	120	120
Investments segregated under federal regulations:
Total investments segregated under federal regulations		100
Investment securities:
Total investment securities	150	1
Inventory securities:
Total inventory securities	1
Money Market Fund [Member]
Cash equivalents:
Total cash equivalents	41	41
Level I [Member]
Cash equivalents:
Total cash equivalents	41	41
Investments segregated under federal regulations:
Total investments segregated under federal regulations		12,051
Investment securities:
Total investment securities	584	1,301
Inventory securities:
Total inventory securities	9	20
Level I [Member] | Equities [Member]
Investment securities:
Total investment securities	3	3
Inventory securities:
Total inventory securities	7	19
Level I [Member] | Corporate Bonds and Notes [Member]
Inventory securities:
Total inventory securities	0	0
Level I [Member] | Government and Agency Obligations [Member]
Investment securities:
Total investment securities	225	971
Level I [Member] | U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations	11,843	12,051
Level I [Member] | Mutual Funds [Member]
Investment securities:
Total investment securities	356	327
Inventory securities:
Total inventory securities	2	1
Level I [Member] | State and Municipal Obligations [Member]
Inventory securities:
Total inventory securities	0	0
Level I [Member] | Certificates of Deposit [Member]
Cash equivalents:
Total cash equivalents	0	0
Investments segregated under federal regulations:
Total investments segregated under federal regulations		0
Investment securities:
Total investment securities	0	0
Inventory securities:
Total inventory securities	0
Level I [Member] | Money Market Fund [Member]
Cash equivalents:
Total cash equivalents	41	41
Level II [Member]
Cash equivalents:
Total cash equivalents	120	120
Investments segregated under federal regulations:
Total investments segregated under federal regulations		100
Investment securities:
Total investment securities	150	1
Inventory securities:
Total inventory securities	15	12
Level II [Member] | Equities [Member]
Investment securities:
Total investment securities	0	0
Inventory securities:
Total inventory securities	0	0
Level II [Member] | Corporate Bonds and Notes [Member]
Inventory securities:
Total inventory securities	2	2
Level II [Member] | Government and Agency Obligations [Member]
Investment securities:
Total investment securities	0	0
Level II [Member] | U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations	0	0
Level II [Member] | Mutual Funds [Member]
Investment securities:
Total investment securities	0	0
Inventory securities:
Total inventory securities	0	0
Level II [Member] | State and Municipal Obligations [Member]
Inventory securities:
Total inventory securities	12	10
Level II [Member] | Certificates of Deposit [Member]
Cash equivalents:
Total cash equivalents	120	120
Investments segregated under federal regulations:
Total investments segregated under federal regulations		100
Investment securities:
Total investment securities	150	1
Inventory securities:
Total inventory securities	1
Level II [Member] | Money Market Fund [Member]
Cash equivalents:
Total cash equivalents	$ 0	$ 0

Partnership Capital Subject t_3

Partnership Capital Subject to Mandatory Redemption - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020	Dec. 31, 2020	Dec. 31, 2019	Jan. 12, 2018
Partners Capital Account [Line Items]
Period of loans made by Partnership to general partners			1 year		1 year
Percentage of interest made by partnership to general partners			3.25%		3.25%
Outstanding amount of partner loans financed through the Partnership	$ 336	$ 363	$ 336	$ 363	$ 341	$ 360
Interest income from outstanding amount of general partner loan	$ 3	$ 3	$ 10	$ 11
Limited partnership's minimum annual return rate	7.50%	7.50%	7.50%	7.50%
Limited partnership's minimum return, value	$ 23	$ 23	$ 69	$ 70
2018 Limited Partnership Offering [Member]
Partners Capital Account [Line Items]
Limited partnership amount registered							$ 450
Limited partnership interests issued	5		5		$ 1
Remaining limited partnership interests that may be issued	$ 64		$ 64

Partnership Capital Subject t_4

Partnership Capital Subject to Mandatory Redemption - Roll Forward of Outstanding Partnership Loans (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Partners Capital Notes [Abstract]
Partnership loans outstanding at beginning of year	$ 341	$ 360
Partnership loans issued during the period	222	163
Repayment of Partnership loans during the period	227	160
Partnership loans outstanding at end of period	$ 336	$ 363

Net Capital Requirements - Addi

Net Capital Requirements - Additional Information (Detail) - Edward D. Jones & Co., L. P [Member]	9 Months Ended
	Sep. 24, 2021USD ($)
Net Capital Requirements [Line Items]
Percentage of aggregate debit items arising from customer transactions to maintain minimum net capital requirements	2.00%
Minimum net capital requirements	$ 250,000

Net Capital Requirements - Part

Net Capital Requirements - Partnership's Capital Figures for U.S. and Canada Broker-Dealer Subsidiaries (Detail) - USD ($) $ in Millions	Sep. 24, 2021	Dec. 31, 2020
Edward D. Jones & Co., L. P [Member]
Regulatory Capital Requirements
Net capital	$ 1,523	$ 1,306
Net capital in excess of the minimum required	$ 1,456	$ 1,248
Net capital as a percentage of aggregate debit items	45.40%	45.00%
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items	24.40%	23.10%
Canada [Member]
Regulatory Capital Requirements
Regulatory risk-adjusted capital	$ 61	$ 56
Regulatory risk-adjusted capital in excess of the minimum required to be held by IIROC	$ 48	$ 47

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	Sep. 24, 2021USD ($)
Maximum [Member]
Loss Contingencies [Line Items]
Current estimated profit loss	$ 12

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Segment	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Segment Reporting [Abstract]
Number of operating segments	2	2	2	2
Number of reportable segments			2

Segment Information - Financial

Segment Information - Financial Information for Partnership's Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020	Sep. 24, 2021	Sep. 25, 2020
Net revenue:
Total net revenue	$ 3,140	$ 2,527	$ 9,027	$ 7,343
Pre-variable income:
Total pre-variable income	906	692	2,683	1,911
Variable compensation:
Total variable compensation	506	376	1,460	1,004
Income (loss) before allocations to partners:
Total income before allocations to partners	400	316	1,223	907
United States [Member]
Net revenue:
Total net revenue	3,052	2,469	8,785	7,153
Pre-variable income:
Total pre-variable income	884	689	2,640	1,894
Variable compensation:
Total variable compensation	496	369	1,429	983
Income (loss) before allocations to partners:
Total income before allocations to partners	388	320	1,211	911
Canada [Member]
Net revenue:
Total net revenue	88	58	242	190
Pre-variable income:
Total pre-variable income	22	3	43	17
Variable compensation:
Total variable compensation	10	7	31	21
Income (loss) before allocations to partners:
Total income before allocations to partners	$ 12	$ (4)	$ 12	$ (4)

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Detail) - USD ($) $ in Millions	Sep. 24, 2021	Dec. 31, 2020
Offsetting Securities Purchased Under Agreements To Resell [Abstract]
Securities purchased under agreements to resell, Gross amounts of recognized assets	$ 1,500	$ 1,714
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	1,500	1,714
Securities purchased under agreements to resell, Gross amounts not offset in the Consolidated Statements of Financial Condition, Financial instruments	0	0
Securities purchased under agreements to resell, Gross amounts not offset in the Consolidated Statements of Financial Condition, Securities collateral	(1,500)	(1,714)
Securities purchased under agreements to resell, Net amount	$ 0	$ 0

Offsetting Assets and Liabili_4

Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Parenthetical) (Detail)	Sep. 24, 2021	Dec. 31, 2020
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%

Cash Flow Information - Schedul

Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 24, 2021	Sep. 25, 2020
Non-cash activities:
Issuance of general partnership interests through partnership loans in current period	$ 222	$ 163
Repayment of partnership loans through distributions from partnership capital in current period	$ 212	$ 160

Cash Flow Information - Sched_2

Cash Flow Information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash Balance (Detail) - USD ($) $ in Millions	Sep. 24, 2021	Dec. 31, 2020	Sep. 25, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 1,731	$ 1,125	$ 1,026
Cash and investments segregated under federal regulations	17,691	$ 17,918	14,682
Less: Investments segregated under federal regulations	11,870		8,797
Total cash, cash equivalents and restricted cash	$ 7,552		$ 6,911