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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
 6 Months Ended
Mar. 31, 2020
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

All of the components of other comprehensive income (“OCI”), net of tax, were attributable to RJF. The following table presents the net change in AOCI as well as the changes, and the related tax effects, of each component of AOCI.
$ in millions
 
Net investment hedges
 
Currency translations
 
Subtotal: net investment hedges and currency translations
 
Available- for-sale securities
 
Cash flow hedges
 
Total
Three months ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
AOCI as of beginning of period
 
$
97

 
$
(113
)
 
$
(16
)
 
$
20

 
$
(9
)
 
$
(5
)
OCI:
 
 
 
 
 
 
 
 
 
 
 
 
OCI before reclassifications and taxes
 
69

 
(78
)
 
(9
)
 
85

 
(58
)
 
18

Amounts reclassified from AOCI, before tax
 
—

 
—

 
—

 
—

 
—

 
—

Pre-tax net OCI
 
69

 
(78
)
 
(9
)
 
85

 
(58
)
 
18

Income tax effect
 
(17
)
 
—

 
(17
)
 
(22
)
 
15

 
(24
)
OCI for the period, net of tax
 
52

 
(78
)
 
(26
)
 
63

 
(43
)
 
(6
)
AOCI as of end of period
 
$
149

 
$
(191
)
 
$
(42
)
 
$
83

 
$
(52
)
 
$
(11
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
AOCI as of beginning of period
 
$
110

 
$
(135
)
 
$
(25
)
 
$
21

 
$
(19
)
 
$
(23
)
OCI:
 
 
 
 
 
 
 
 
 
 
 
 
OCI before reclassifications and taxes
 
52

 
(56
)
 
(4
)
 
83

 
(44
)
 
35

Amounts reclassified from AOCI, before tax
 
—

 
—

 
—

 
—

 
—

 
—

Pre-tax net OCI
 
52

 
(56
)
 
(4
)
 
83

 
(44
)
 
35

Income tax effect
 
(13
)
 
—

 
(13
)
 
(21
)
 
11

 
(23
)
OCI for the period, net of tax
 
39

 
(56
)
 
(17
)
 
62

 
(33
)
 
12

AOCI as of end of period
 
$
149

 
$
(191
)
 
$
(42
)
 
$
83

 
$
(52
)
 
$
(11
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
AOCI as of beginning of period
 
$
125

 
$
(161
)
 
$
(36
)
 
$
(28
)
 
$
25

 
$
(39
)
OCI:
 
 
 
 
 
 
 
 
 
 
 
 
OCI before reclassifications and taxes
 
(15
)
 
19

 
4

 
26

 
(16
)
 
14

Amounts reclassified from AOCI, before tax
 
—

 
—

 
—

 
—

 
(2
)
 
(2
)
Pre-tax net OCI
 
(15
)
 
19

 
4

 
26

 
(18
)
 
12

Income tax effect
 
4

 
—

 
4

 
(7
)
 
5

 
2

OCI for the period, net of tax
 
(11
)
 
19

 
8

 
19

 
(13
)
 
14

AOCI as of end of period
 
$
114

 
$
(142
)
 
$
(28
)
 
$
(9
)
 
$
12

 
$
(25
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
AOCI as of beginning of period
 
$
88

 
$
(111
)
 
$
(23
)
 
$
(46
)
 
$
42

 
$
(27
)
Cumulative effect of adoption of ASU 2018-02
 
—

 
—

 
—

 
(4
)
 
—

 
(4
)
OCI:
 
 
 
 
 
 
 
 
 
 
 
 
OCI before reclassifications and taxes
 
34

 
(31
)
 
3

 
58

 
(40
)
 
21

Amounts reclassified from AOCI, before tax
 
—

 
—

 
—

 
—

 
(3
)
 
(3
)
Pre-tax net OCI
 
34

 
(31
)
 
3

 
58

 
(43
)
 
18

Income tax effect
 
(8
)
 
—

 
(8
)
 
(17
)
 
13

 
(12
)
OCI for the period, net of tax
 
26

 
(31
)
 
(5
)
 
41

 
(30
)
 
6

AOCI as of end of period
 
$
114

 
$
(142
)
 
$
(28
)
 
$
(9
)
 
$
12

 
$
(25
)


As of October 1, 2018, we adopted accounting guidance (ASU 2016-01) that generally requires changes in the fair value of equity securities to be recorded in net income. Accordingly, as of the date of adoption, we reclassified a cumulative unrealized gain on such securities, net of tax, from AOCI to retained earnings.

Reclassifications from AOCI to net income, excluding taxes, for the three and six months ended March 31, 2019 were recorded in “Interest expense” on the Condensed Consolidated Statements of Income and Comprehensive Income.
Our net investment hedges and cash flow hedges relate to our derivatives associated with RJ Bank’s business operations. See Note 2 of our 2019 Form 10-K and Note 5 for additional information on these derivatives.