v3.26.1
Partnership Capital Subject to Mandatory Redemption
3 Months Ended
Mar. 27, 2026
Partners' Capital Notes [Abstract]  
PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION

NOTE 6 – PARTNERSHIP CAPITAL SUBJECT TO MANDATORY REDEMPTION

The Partnership has historically made loans available to general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the Enterprise Leadership Team ("ELT")), who elected to finance some or all of their Partnership capital contributions. The outstanding amount of Partnership loans is reflected as a reduction to total partnership capital.

The Partnership did not renew Partnership loans to existing general partners in 2026. Starting in 2026, any general partner who elects to finance some or all of their Partnership capital contributions for their general partner interest may elect to individually borrow funds via unsecured promissory notes payable to a third-party bank. As of December 31, 2025, the outstanding amount of Partnership loans was $424, however, the full loan balance was paid off in January 2026. During 2026, however, the Partnership expects to make loans available to new general partners who require financing. Those loans will expire at the end of 2026 and thereafter, the applicable general partners may elect to seek third-party bank financing consistent with other general partners. As of March 27, 2026, the outstanding amount of Partnership loans was $9 which will expire at the end of the year. Additionally, in 2026 the Partnership reduced the amount of general partner capital issued.

 

The minimum 71/2% annual return on the face amount of Class A limited partnership capital (the "71/2% Payment") was $32 and $33 for the three-month periods ended March 27, 2026 and March 28, 2025, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income.

 

The Partnership filed Registration Statements on Form S-8 with the Securities and Exchange Commission ("SEC") on February 9, 2026 and November 10, 2025, respectively, to register Profits Interests ("Profit Interests"), described in further detail in the Partnership's Twenty-Third Amended and Restated Agreement of Registered Limited Liability Limited Partnership, dated November 5, 2025 (the "Partnership Agreement") with the aggregate Notional Capital Contributions not to exceed $100, to be issued pursuant to the Partnership's 2026 Profits Interest Plan (the "2026 Plan"), and $1,400 of Class B limited partner interests to be issued pursuant to the Partnership's 2025 Class B Limited Partner Interest Purchase Plan (the "2025 Plan"). Class B limited partners will only receive allocations and distributions based on the Partnership's net income and will not be entitled to the 71/2% Payment to which Class A limited partners are entitled under the Partnership Agreement.