ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

9 Months Ended

Jun. 30, 2020

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 June 30, 2020
AOCI as of beginning of period	$	149	$	(191)	$	(42)	$	83	$	(52)	$	(11)
OCI:
OCI before reclassifications and taxes	(29)		32		3		7		(7)		3
Amounts reclassified from AOCI, before tax	—		—		—		—		2		2
Pre-tax net OCI	(29)		32		3		7		(5)		5
Income tax effect	8		—		8		(2)		1		7
OCI for the period, net of tax	(21)		32		11		5		(4)		12
AOCI as of end of period	$	128	$	(159)	$	(31)	$	88	$	(56)	$	1

Nine months ended June 30, 2020
AOCI as of beginning of period	$	110	$	(135)	$	(25)	$	21	$	(19)	$	(23)
OCI:
OCI before reclassifications and taxes	23		(24)		(1)		90		(51)		38
Amounts reclassified from AOCI, before tax	—		—		—		—		2		2
Pre-tax net OCI	23		(24)		(1)		90		(49)		40
Income tax effect	(5)		—		(5)		(23)		12		(16)
OCI for the period, net of tax	18		(24)		(6)		67		(37)		24
AOCI as of end of period	$	128	$	(159)	$	(31)	$	88	$	(56)	$	1

Three months ended June 30, 2019
AOCI as of beginning of period	$	114	$	(142)	$	(28)	$	(9)	$	12	$	(25)

OCI:
OCI before reclassifications and taxes	(16)		18		2		32		(24)		10
Amounts reclassified from AOCI, before tax	—		—		—		—		(1)		(1)
Pre-tax net OCI	(16)		18		2		32		(25)		9
Income tax effect	4		—		4		(8)		6		2
OCI for the period, net of tax	(12)		18		6		24		(19)		11
AOCI as of end of period	$	102	$	(124)	$	(22)	$	15	$	(7)	$	(14)

Nine months ended June 30, 2019
AOCI as of beginning of period	$	88	$	(111)	$	(23)	$	(46)	$	42	$	(27)
Cumulative effect of adoption of ASU 2016-01	—		—		—		(4)		—		(4)
OCI:
OCI before reclassifications and taxes	18		(13)		5		90		(64)		31
Amounts reclassified from AOCI, before tax	—		—		—		—		(4)		(4)
Pre-tax net OCI	18		(13)		5		90		(68)		27
Income tax effect	(4)		—		(4)		(25)		19		(10)
OCI for the period, net of tax	14		(13)		1		65		(49)		17
AOCI as of end of period	$	102	$	(124)	$	(22)	$	15	$	(7)	$	(14)

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 nine months ended June 30, 2020 and 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.