Jones Financial Companies LLLP (JNFC) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 26, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 26, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	JNFC
Entity Registrant Name	JONES FINANCIAL COMPANIES LLLP
Entity Central Index Key	815,917
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		921,547

Consolidated Statements of Fina

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Millions	Jun. 26, 2015	Dec. 31, 2014
ASSETS:
Cash and cash equivalents	$ 1,040	$ 1,033
Cash and investments segregated under federal regulations	8,711	8,848
Securities purchased under agreements to resell	500	634
Receivable from:
Clients	2,960	2,789
Mutual funds, insurance companies and other	489	437
Brokers, dealers and clearing organizations	117	122
Securities owned, at fair value:
Investment securities	211	161
Inventory securities	98	69
Equipment, property and improvements, at cost, net of accumulated depreciation and amortization	552	549
Other assets	123	128
TOTAL ASSETS	14,801	14,770
Payable to:
Clients	11,197	11,320
Brokers, dealers and clearing organizations	125	88
Accrued compensation and employee benefits	777	980
Accounts payable, accrued expenses and other	256	161
Long-term debt	2	3
Total liabilities before partnership capital	$ 12,357	$ 12,552
Contingencies (Note 6)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals	$ 2,312	$ 1,973
Reserve for anticipated withdrawals	132	245
Total partnership capital subject to mandatory redemption	2,444	2,218
TOTAL LIABILITIES	14,801	14,770
Limited Partnership Capital [Member]
Payable to:
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals	923	632
Subordinated Limited Partnership Capital [Member]
Payable to:
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals	370	335
General Partnership Capital [Member]
Payable to:
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals	$ 1,019	$ 1,006

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2015	Jun. 27, 2014	Jun. 26, 2015	Jun. 27, 2014
Fee revenue
Asset-based	$ 864	$ 765	$ 1,684	$ 1,480
Account and activity	168	147	332	291
Total fee revenue	1,032	912	2,016	1,771
Trade revenue	614	616	1,240	1,226
Interest and dividends	38	32	74	63
Other revenue	15	18	23	22
Total revenue	1,699	1,578	3,353	3,082
Interest expense	18	14	37	28
Net revenue	1,681	1,564	3,316	3,054
Operating expenses:
Compensation and benefits	1,184	1,094	2,330	2,139
Occupancy and equipment	94	91	189	183
Communications and data processing	73	72	142	143
Advertising	15	18	34	37
Professional and consulting fees	19	15	34	28
Postage and shipping	13	12	26	25
Other operating expenses	61	68	125	119
Total operating expenses	1,459	1,370	2,880	2,674
Income before allocations to partners	222	194	436	380
Allocations to partners:
Limited partners	32	21	63	41
Subordinated limited partners	25	22	49	43
General partners	165	151	324	296
Net Income	$ 0	$ 0	$ 0	$ 0
Income allocated to limited partners per weighted average $1,000 equivalent limited partnership unit outstanding	$ 34.83	$ 32.67	$ 68.37	$ 63.94
Weighted average $1,000 equivalent limited partnership units outstanding	923,026	637,894	924,484	638,552

Consolidated Statements of Inc4

Consolidated Statements of Income (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 26, 2015	Jun. 27, 2014	Jun. 26, 2015	Jun. 27, 2014
Income Statement [Abstract]
Limited partnership interest value	$ 1,000	$ 1,000	$ 1,000	$ 1,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
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	436	380
Depreciation and amortization	40	40
Changes in assets and liabilities:
Cash and investments segregated under federal regulations	137	377
Securities purchased under agreements to resell	134	443
Net payable to clients	(294)	(724)
Net receivable from brokers, dealers and clearing organizations	42	62
Receivable from mutual funds, insurance companies and other	(52)	(58)
Securities owned	(79)	(24)
Other assets	5	10
Accrued compensation and employee benefits	(203)	(147)
Accounts payable, accrued expenses and other	94	97
Net cash provided by operating activities	260	456
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment, property and improvements, net	(42)	(48)
Net cash used in investing activities	(42)	(48)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt	(1)
Repayment of subordinated liabilities		(50)
Issuance of partnership interests (net of partnership loans)	351	54
Redemption of partnership interests	(140)	(107)
Distributions from partnership capital (net of partnership loans)	(421)	(369)
Net cash used in financing activities	(211)	(472)
Net increase (decrease) in cash and cash equivalents	7	(64)
CASH AND CASH EQUIVALENTS:
Beginning of period	1,033	600
End of period	1,040	536
Cash paid for interest	37	28
Cash paid for taxes	9	6
NON-CASH ACTIVITIES:
Issuance of general partnership interests through partnership loans in current period	119	84
Repayment of partnership loans through distributions from partnership capital in current period	$ 83	$ 83

Introduction and Basis of Prese

Introduction and Basis of Presentation	6 Months Ended
	Jun. 26, 2015
Accounting Policies [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”). 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 three and six month periods ended May 31, 2015 and 2014 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 securities 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, including investment advisory services, the sale of 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. 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. 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 presentation of the results of interim operations. Certain prior period amounts have been reclassified to conform to the current period presentation. There have been no material changes to the Partnership’s significant accounting policies as described in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014 (“Annual Report”). The results of operations for the three and six month periods ended June 26, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. These Consolidated Financial Statements should be read in conjunction with the Annual Report.

Fair Value

Fair Value	6 Months Ended
	Jun. 26, 2015
Fair Value Disclosures [Abstract]
Fair Value	NOTE 2 – 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 , 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 June 26, 2015 and December 31, 2014. In addition, there were no transfers into or out of Levels I, II or III during these periods. The following tables show the Partnership’s financial assets and liabilities measured at fair value: Financial Assets at Fair Value as of June 26, 2015 Level I Level II Level III Total Cash equivalents: Certificates of deposit $ — $ 150 $ — $ 150 Investments segregated under federal regulations: U.S. treasuries $ 2,207 $ — $ — $ 2,207 Certificates of deposit — 250 — 250 Total investments segregated under federal regulations $ 2,207 $ 250 $ — $ 2,457 Securities owned: Investment securities: Mutual funds $ 187 $ — $ — $ 187 Government and agency obligations 19 — — 19 Equities 4 — — 4 Corporate bonds and notes — 1 — 1 Total investment securities $ 210 $ 1 $ — $ 211 Inventory securities: State and municipal obligations $ — $ 59 $ — $ 59 Equities 28 — — 28 Mutual funds 6 — — 6 Corporate bonds and notes — 3 — 3 Certificates of deposit — 2 — 2 Total inventory securities $ 34 $ 64 $ — $ 98 Financial Liabilities at Fair Value as of June 26, 2015 Level I Level II Level III Total Securities sold, not yet purchased (1) Mutual funds $ 6 $ — $ — $ 6 Corporate bonds and notes — 1 — 1 Other — 1 — 1 Total securities sold, not yet purchased $ 6 $ 2 $ — $ 8 (1) Securities sold, not yet repurchased 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, 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 December 31, 2014 Level I Level II Level III Total Securities sold, not yet purchased: Equities $ 2 $ — $ — $ 2 Corporate bonds and notes — 1 — 1 Total securities sold, not yet purchased $ 2 $ 1 $ — $ 3 The Partnership attempts to reduce its exposure to market price fluctuations of its inventory securities through the use 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 $7 and $8 at June 26, 2015 and December 31, 2014, 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 gain of $0.052 in receivables from mutual funds, insurance companies and other as of June 26, 2015, and an unrealized loss of $0.018 in accounts payable, accrued expenses and other as of December 31, 2014. The total gains or losses related to these futures contracts, recorded within the Consolidated Statements of Income, were gains of $0.435 and $0.162 for the three and six month periods ended June 26, 2015, respectively, and losses of $0.180 and $0.503 for the three and six month periods ended June 27, 2014, respectively.

Lines of Credit

Lines of Credit	6 Months Ended
	Jun. 26, 2015
Text Block [Abstract]
Lines of Credit	NOTE 3 – LINES OF CREDIT The following table shows the composition of the Partnership’s aggregate bank lines of credit in place as of: June 26, December 31, 2013 Credit Facility $ 400 $ 400 Uncommitted secured credit facilities 365 365 Total lines of credit $ 765 $ 765 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. 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 one-month 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 June 26, 2015, 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 these lines of credit could decrease or not be available in the future. In addition, to the extent any of the banks included in the uncommitted lines of credit provide financing to partners for Partnership capital contributions, financing available to the Partnership itself 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 or the uncommitted lines of credit as of June 26, 2015 and December 31, 2014. In addition, the Partnership did not have any draws against these lines of credit during the six and twelve month periods ended June 26, 2015 and December 31, 2014, respectively.

Partnership Capital

Partnership Capital	6 Months Ended
	Jun. 26, 2015
Other Liabilities Disclosure [Abstract]
Partnership Capital	NOTE 4 – PARTNERSHIP CAPITAL The Partnership makes loans available to those general partners who require financing for some or all of their Partnership capital contributions except for members of the Executive Committee (as defined in the Partnership’s Nineteenth Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated June 6, 2014 (the “Partnership Agreement”)). 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 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. 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 Partnership loans financed through the Partnership is reflected as a reduction to total Partnership capital. As of June 26, 2015 and December 31, 2014, the outstanding amount of Partnership loans financed through the Partnership was $234 and $198, respectively. Interest income earned from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $2 and $4 for the three and six month periods ended June 26, 2015, respectively, and $2 and $4 for the three and six month periods ended June 27, 2014, respectively. The following table shows the roll forward of outstanding Partnership loans for: Six Months Ended June 26, June 27, Partnership loans outstanding at beginning of period $ 198 $ 215 Partnership loans issued during the period 119 84 Repayment of Partnership loans during the period (83 ) (83 ) Total Partnership loans outstanding $ 234 $ 216 The minimum 7.5% annual return on the face amount of limited partnership capital was $18 and $35 for the three and six month periods ended June 26, 2015, respectively, and $12 and $24 for the three and six month periods ended June 27, 2014, 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 17, 2014, to register $350 in Interests to be issued pursuant to the Partnership’s 2014 Employee Limited Partnership Interest Purchase Plan (the “Plan”). On January 2, 2015, the Partnership issued $292 of Interests in connection with the Plan. The remaining $58 of Interests may be issued in connection with the Plan at the discretion of the Partnership in the future.

Net Capital Requirements

Net Capital Requirements	6 Months Ended
	Jun. 26, 2015
Brokers and Dealers [Abstract]
Net Capital Requirements	NOTE 5 – 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 (“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 is a registered securities dealer regulated by the Investment Industry Regulatory Organization of Canada (“IIROC”). Under the regulations prescribed by IIROC, the Partnership’s Canada broker-dealer 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: June 26, December 31, U.S.: Net capital $ 1,158 $ 999 Net capital in excess of the minimum required $ 1,103 $ 948 Net capital as a percentage of aggregate debit items 42.2 % 38.9 % Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items 27.8 % 31.1 % Canada: Regulatory risk adjusted capital $ 22 $ 31 Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC $ 17 $ 27 Net capital and the related capital percentages may fluctuate on a daily basis. EJTC was in compliance with its regulatory capital requirements as of June 26, 2015 and December 31, 2014.

Contingencies

Contingencies	6 Months Ended
	Jun. 26, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies	NOTE 6 – 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 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 $2 to $17. 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 June 26, 2015 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	6 Months Ended
	Jun. 26, 2015
Segment Reporting [Abstract]
Segment Information	NOTE 7 – 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. 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. This is consistent with how management views the segments in order to assess performance. The following table shows financial information for the Partnership’s reportable segments: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, Net revenue: U.S. $ 1,634 $ 1,513 $ 3,217 $ 2,951 Canada 47 51 99 103 Total net revenue $ 1,681 $ 1,564 $ 3,316 $ 3,054 Pre-variable income: U.S. $ 442 $ 387 $ 857 $ 746 Canada — 2 4 7 Total pre-variable income 442 389 861 753 Variable compensation: U.S. 215 189 416 362 Canada 5 6 9 11 Total variable compensation 220 195 425 373 Income (loss) before allocations to partners: U.S. 227 198 441 384 Canada (5 ) (4 ) (5 ) (4 ) Total income before allocations to partners $ 222 $ 194 $ 436 $ 380 The Partnership derived from one mutual fund company 20% of its total revenue for both the three month and six month periods ended June 26, 2015 and June 27, 2014, respectively. The revenue generated from this company relates to business conducted with the Partnership’s U.S. segment. Significant reductions in 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.

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	6 Months Ended
	Jun. 26, 2015
Text Block [Abstract]
Offsetting Assets and Liabilities	NOTE 8 – 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 Net amounts Gross amounts not offset in the Financial Securities (1) Net amount Jun 26, 2015 $ 500 — 500 — (500 ) $ — Dec 31, 2014 $ 634 — 634 — (634 ) $ — (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.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 26, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standards	NOTE 9 – 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 In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis

Introduction and Basis of Pre15

Introduction and Basis of Presentation (Policies)	6 Months Ended
	Jun. 26, 2015
Accounting Policies [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”). 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 three and six month periods ended May 31, 2015 and 2014 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 securities 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, including investment advisory services, the sale of 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. 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. 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 presentation of the results of interim operations. Certain prior period amounts have been reclassified to conform to the current period presentation. There have been no material changes to the Partnership’s significant accounting policies as described in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014 (“Annual Report”). The results of operations for the three and six month periods ended June 26, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. These Consolidated Financial Statements should be read in conjunction with the Annual Report.
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 , 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 June 26, 2015 and December 31, 2014. In addition, there were no transfers into or out of Levels I, II or III during these periods.
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

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 26, 2015
Fair Value Disclosures [Abstract]
Partnership's Financial Assets at Fair Value	The following tables show the Partnership’s financial assets and liabilities measured at fair value: Financial Assets at Fair Value as of June 26, 2015 Level I Level II Level III Total Cash equivalents: Certificates of deposit $ — $ 150 $ — $ 150 Investments segregated under federal regulations: U.S. treasuries $ 2,207 $ — $ — $ 2,207 Certificates of deposit — 250 — 250 Total investments segregated under federal regulations $ 2,207 $ 250 $ — $ 2,457 Securities owned: Investment securities: Mutual funds $ 187 $ — $ — $ 187 Government and agency obligations 19 — — 19 Equities 4 — — 4 Corporate bonds and notes — 1 — 1 Total investment securities $ 210 $ 1 $ — $ 211 Inventory securities: State and municipal obligations $ — $ 59 $ — $ 59 Equities 28 — — 28 Mutual funds 6 — — 6 Corporate bonds and notes — 3 — 3 Certificates of deposit — 2 — 2 Total inventory securities $ 34 $ 64 $ — $ 98 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
Partnership's Financial Liabilities at Fair Value	Financial Liabilities at Fair Value as of June 26, 2015 Level I Level II Level III Total Securities sold, not yet purchased (1) Mutual funds $ 6 $ — $ — $ 6 Corporate bonds and notes — 1 — 1 Other — 1 — 1 Total securities sold, not yet purchased $ 6 $ 2 $ — $ 8 (1) Securities sold, not yet repurchased 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, 2014 Level I Level II Level III Total Securities sold, not yet purchased: Equities $ 2 $ — $ — $ 2 Corporate bonds and notes — 1 — 1 Total securities sold, not yet purchased $ 2 $ 1 $ — $ 3

Lines of Credit (Tables)

Lines of Credit (Tables)	6 Months Ended
	Jun. 26, 2015
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: June 26, December 31, 2013 Credit Facility $ 400 $ 400 Uncommitted secured credit facilities 365 365 Total lines of credit $ 765 $ 765

Partnership Capital (Tables)

Partnership Capital (Tables)	6 Months Ended
	Jun. 26, 2015
Other Liabilities Disclosure [Abstract]
Roll Forward of Outstanding Partnership Loans	The following table shows the roll forward of outstanding Partnership loans for: Six Months Ended June 26, June 27, Partnership loans outstanding at beginning of period $ 198 $ 215 Partnership loans issued during the period 119 84 Repayment of Partnership loans during the period (83 ) (83 ) Total Partnership loans outstanding $ 234 $ 216

Net Capital Requirements (Table

Net Capital Requirements (Tables)	6 Months Ended
	Jun. 26, 2015
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: June 26, December 31, U.S.: Net capital $ 1,158 $ 999 Net capital in excess of the minimum required $ 1,103 $ 948 Net capital as a percentage of aggregate debit items 42.2 % 38.9 % Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items 27.8 % 31.1 % Canada: Regulatory risk adjusted capital $ 22 $ 31 Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC $ 17 $ 27

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 26, 2015
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 Six Months Ended June 26, June 27, June 26, June 27, Net revenue: U.S. $ 1,634 $ 1,513 $ 3,217 $ 2,951 Canada 47 51 99 103 Total net revenue $ 1,681 $ 1,564 $ 3,316 $ 3,054 Pre-variable income: U.S. $ 442 $ 387 $ 857 $ 746 Canada — 2 4 7 Total pre-variable income 442 389 861 753 Variable compensation: U.S. 215 189 416 362 Canada 5 6 9 11 Total variable compensation 220 195 425 373 Income (loss) before allocations to partners: U.S. 227 198 441 384 Canada (5 ) (4 ) (5 ) (4 ) Total income before allocations to partners $ 222 $ 194 $ 436 $ 380

Offsetting Assets and Liabili21

Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 26, 2015
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: Gross Gross Net amounts Gross amounts not offset in the Financial Securities (1) Net amount Jun 26, 2015 $ 500 — 500 — (500 ) $ — Dec 31, 2014 $ 634 — 634 — (634 ) $ — (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.

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 26, 2015	Jun. 27, 2014	Jun. 26, 2015	Jun. 27, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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
Future [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amounts of futures contracts outstanding	$ 7,000,000		7,000,000		8,000,000
Mark-to-market adjustment gain (loss)	52,000		52,000		$ (18,000)
Gain (loss) related to futures contracts	$ 435,000	$ (180,000)	$ 162,000	$ (503,000)

Fair Value - Partnership's Fina

Fair Value - Partnership's Financial Assets at Fair Value (Detail) - USD ($) $ in Millions	Jun. 26, 2015	Dec. 31, 2014	Jun. 27, 2014	Dec. 31, 2013
Cash equivalents:
Cash and cash equivalents	$ 1,040	$ 1,033	$ 536	$ 600
Investments segregated under federal regulations:
Total investments segregated under federal regulations	2,457	1,334
Investment securities:
Total investment securities	211	161
Inventory securities:
Total inventory securities	98	69
Mutual Funds [Member]
Investment securities:
Total investment securities	187	136
Inventory securities:
Total inventory securities	6	5
Government and Agency Obligations [Member]
Investment securities:
Total investment securities	19	19
Other [Member]
Inventory securities:
Total inventory securities		2
U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations	2,207	1,109
State and Municipal Obligations [Member]
Inventory securities:
Total inventory securities	59	40
Equities [Member]
Investment securities:
Total investment securities	4	5
Inventory securities:
Total inventory securities	28	17
Corporate Bonds and Notes [Member]
Investment securities:
Total investment securities	1	1
Inventory securities:
Total inventory securities	3	2
Certificates of Deposit [Member]
Cash equivalents:
Cash and cash equivalents	150	100
Investments segregated under federal regulations:
Total investments segregated under federal regulations	250	225
Inventory securities:
Total inventory securities	2	3
Level I [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations	2,207	1,109
Investment securities:
Total investment securities	210	160
Inventory securities:
Total inventory securities	34	23
Level I [Member] | Mutual Funds [Member]
Investment securities:
Total investment securities	187	136
Inventory securities:
Total inventory securities	6	5
Level I [Member] | Government and Agency Obligations [Member]
Investment securities:
Total investment securities	19	19
Level I [Member] | Other [Member]
Inventory securities:
Total inventory securities		1
Level I [Member] | U.S. Treasuries [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations	2,207	1,109
Level I [Member] | Equities [Member]
Investment securities:
Total investment securities	4	5
Inventory securities:
Total inventory securities	28	17
Level II [Member]
Investments segregated under federal regulations:
Total investments segregated under federal regulations	250	225
Investment securities:
Total investment securities	1	1
Inventory securities:
Total inventory securities	64	46
Level II [Member] | Other [Member]
Inventory securities:
Total inventory securities		1
Level II [Member] | State and Municipal Obligations [Member]
Inventory securities:
Total inventory securities	59	40
Level II [Member] | Corporate Bonds and Notes [Member]
Investment securities:
Total investment securities	1	1
Inventory securities:
Total inventory securities	3	2
Level II [Member] | Certificates of Deposit [Member]
Cash equivalents:
Cash and cash equivalents	150	100
Investments segregated under federal regulations:
Total investments segregated under federal regulations	250	225
Inventory securities:
Total inventory securities	$ 2	$ 3

Fair Value - Partnership's Fi24

Fair Value - Partnership's Financial Liabilities at Fair Value (Detail) - USD ($) $ in Millions	Jun. 26, 2015	Dec. 31, 2014
Securities sold, not yet purchased:
Total securities sold, not yet purchased	$ 8	$ 3
Mutual Funds [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased	6
Corporate Bonds and Notes [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased	1	1
Equities [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased		2
Level I [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased	6	2
Level I [Member] | Mutual Funds [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased	6
Level I [Member] | Equities [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased		2
Level II [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased	2	1
Level II [Member] | Corporate Bonds and Notes [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased	1	$ 1
Other [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased	1
Other [Member] | Level II [Member]
Securities sold, not yet purchased:
Total securities sold, not yet purchased	$ 1

Lines of Credit - Composition o

Lines of Credit - Composition of Partnership's Aggregate Bank Lines of Credit (Detail) - USD ($)	Jun. 26, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Line of credit facility	$ 765,000,000	$ 765,000,000
2013 Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility	400,000,000	400,000,000
Uncommitted Secured Credit Facilities [Member]
Line of Credit Facility [Line Items]
Line of credit facility	$ 365,000,000	$ 365,000,000

Lines of Credit - Additional In

Lines of Credit - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 26, 2015USD ($)Bank	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Line of credit facility	$ 765,000,000	$ 765,000,000
2013 Credit Facility [Member]
Line of Credit Facility [Line Items]
Expiration date of unsecured revolving line of credit	Nov. 15, 2018
Number of banks with which agreement made | Bank	12
Number of years for unsecured revolving line of credit	5 years
Line of credit facility	$ 400,000,000	400,000,000
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	$ 1,382,000,000
Additional issuances of partnership capital	50.00%
Amount outstanding under credit facility	$ 0	0
Partnership draws against lines of credit	0	0
Uncommitted Secured Credit Facilities [Member]
Line of Credit Facility [Line Items]
Line of credit facility	365,000,000	365,000,000
Amount outstanding under credit facility	0	0
Partnership draws against lines of credit	$ 0	$ 0

Partnership Capital - Additiona

Partnership Capital - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2015	Jun. 27, 2014	Jun. 26, 2015	Jun. 27, 2014	Jan. 02, 2015	Dec. 31, 2014	Jan. 17, 2014	Dec. 31, 2013
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	$ 234	$ 216	$ 234	$ 216		$ 198		$ 215
Interest income from outstanding amount of general partner loan	$ 2	$ 2	$ 4	$ 4
Limited partnership's minimum annual return rate	7.50%	7.50%	7.50%	7.50%
Limited partnership's minimum return, value	$ 18	$ 12	$ 35	$ 24
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		$ 58

Partnership Capital - Roll Forw

Partnership Capital - Roll Forward of Outstanding Partnership Loans (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Other Liabilities Disclosure [Abstract]
Partnership loans outstanding at beginning of period	$ 198	$ 215
Partnership loans issued during the period	119	84
Repayment of Partnership loans during the period	(83)	(83)
Total Partnership loans outstanding	$ 234	$ 216

Net Capital Requirements - Addi

Net Capital Requirements - Additional Information (Detail) - Jun. 26, 2015 - USD ($)	Total
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	$ 250,000

Net Capital Requirements - Part

Net Capital Requirements - Partnership's Net Capital Figures for U.S. and Canada Broker-Dealers (Detail) - USD ($) $ in Millions	Jun. 26, 2015	Dec. 31, 2014
United States [Member]
Regulatory Capital Requirements
Net capital	$ 1,158	$ 999
Net capital in excess of the minimum required	$ 1,103	$ 948
Net capital as a percentage of aggregate debit items	42.20%	38.90%
Net capital after anticipated capital withdrawals, as a percentage of aggregate debit items	27.80%	31.10%
Canada [Member]
Regulatory Capital Requirements
Regulatory risk adjusted capital	$ 22	$ 31
Regulatory risk adjusted capital in excess of the minimum required to be held by IIROC	$ 17	$ 27

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	Jun. 26, 2015USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Current estimated possible loss	$ 2
Maximum [Member]
Loss Contingencies [Line Items]
Current estimated possible loss	$ 17

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Segment	3 Months Ended		6 Months Ended
	Jun. 26, 2015	Jun. 27, 2014	Jun. 26, 2015	Jun. 27, 2014
Segment Reporting [Abstract]
Number of operating segments			2
Number of reportable Segments			2
Partnership's total revenue derived from one mutual fund company	20.00%	20.00%	20.00%	20.00%

Segment Information - Financial

Segment Information - Financial Information for Partnership's Reportable Segments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2015	Jun. 27, 2014	Jun. 26, 2015	Jun. 27, 2014
Net revenue:
Total net revenue	$ 1,681	$ 1,564	$ 3,316	$ 3,054
Pre-variable income:
Total pre-variable income	442	389	861	753
Variable compensation:
Total variable compensation	220	195	425	373
Income (loss) before allocations to partners:
Total income before allocations to partners	222	194	436	380
United States [Member]
Net revenue:
Total net revenue	1,634	1,513	3,217	2,951
Pre-variable income:
Total pre-variable income	442	387	857	746
Variable compensation:
Total variable compensation	215	189	416	362
Income (loss) before allocations to partners:
Total income before allocations to partners	227	198	441	384
Canada [Member]
Net revenue:
Total net revenue	47	51	99	103
Pre-variable income:
Total pre-variable income	0	2	4	7
Variable compensation:
Total variable compensation	5	6	9	11
Income (loss) before allocations to partners:
Total income before allocations to partners	$ (5)	$ (4)	$ (5)	$ (4)

Offsetting Assets and Liabili34

Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Detail) - USD ($) $ in Millions	Jun. 26, 2015	Dec. 31, 2014
Offsetting Securities Purchased under Agreements to Resell [Abstract]
Securities purchased under agreements to resell, Gross amounts of recognized assets	$ 500	$ 634
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	500	634
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	(500)	(634)
Securities purchased under agreements to resell, Net amount	$ 0	$ 0

Offsetting Assets and Liabili35

Offsetting Assets and Liabilities - Schedule of Partnership's Securities Purchased Under Agreement to Resell (Parenthetical) (Detail) - Minimum [Member]	Jun. 26, 2015	Dec. 31, 2014
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%