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CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)
 12 Months Ended
Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)As more fully described in Note 1, RJF (or the “Parent”) is a financial holding company whose subsidiaries are engaged in various financial services activities. The Parent’s primary activities include investments in subsidiaries and corporate investments, including cash management, company-owned life insurance policies and private equity investments. The primary source of operating cash available to the Parent is provided by dividends from its subsidiaries.
RJ&A, our principal domestic broker-dealer subsidiary of the Parent, is required by regulations to maintain a minimum amount of net capital. Other broker-dealer, non-bank subsidiaries of the Parent are also required by regulations to maintain a minimum amount of net capital, but the net capital requirements of those other subsidiaries are much less significant. RJ&A is further required by certain covenants in its borrowing agreements to maintain minimum net capital equal to 10% of aggregate debit balances. At September 30, 2020, each of these broker-dealer subsidiaries exceeded their minimum net capital requirements (see Note 22 for further information).

Net assets of approximately $3.30 billion as of September 30, 2020 were restricted under regulatory or other restrictions from being transferred from certain subsidiaries to the Parent without prior approval of the respective entities’ regulator.

Cash and cash equivalents of $2.16 billion and $1.35 billion as of September 30, 2020 and 2019, respectively, were held directly by RJF in depository accounts at third-party financial institutions, held in depository accounts at RJ Bank, or were otherwise invested by one of our subsidiaries on behalf of RJF. The amount held in depository accounts at RJ Bank was $185 million as of September 30, 2020, of which $108 million was available on demand without restriction. As of September 30, 2019, $163 million was held in depository accounts at RJ Bank, of which $107 million was available on demand without restriction.

See Notes 14, 15, 17 and 22 for more information regarding borrowings, commitments, contingencies and guarantees, and regulatory capital requirements of the Parent and its subsidiaries.

The following table presents the Parent’s statements of financial condition.
September 30,
$ in millions20202019
Assets:
Cash and cash equivalents $478 $540 
Assets segregated pursuant to regulations78 57 
Intercompany receivables from subsidiaries (primarily non-bank subsidiaries)1,903 1,143 
Investments in consolidated subsidiaries:
Bank subsidiary2,315 2,248 
Non-bank subsidiaries4,306 4,093 
Property and equipment, net14 14 
Goodwill and identifiable intangible assets, net32 32 
Other assets804 728 
Total assets$9,930 $8,855 
Liabilities and equity:
Accrued compensation and benefits$596 $514 
Intercompany payables to subsidiaries:
Bank subsidiary21 — 
Non-bank subsidiaries28 119 
Other payables126 91 
Senior notes payable2,045 1,550 
Total liabilities2,816 2,274 
Equity7,114 6,581 
Total liabilities and equity$9,930 $8,855 

Of the total intercompany receivable from non-bank subsidiaries, $1.70 billion and $827 million at September 30, 2020 and 2019, respectively, was invested in cash and cash equivalents by the subsidiary on behalf of the Parent.
The following table presents the Parent’s statements of income.
Year ended September 30,
$ in millions202020192018
Revenues:
Dividends from non-bank subsidiaries$634 $632 $225 
Dividends from bank subsidiary130 190 130 
Interest from subsidiaries18 31 25 
Interest income3 7 4 
Other23 20 20 
Total revenues808 880 404 
Interest expense(87)(75)(74)
Net revenues721 805 330 
Non-interest expenses:
Compensation and benefits (1)
63 73 68 
Non-compensations expenses:
Communications and information processing6 8 9 
Occupancy and equipment1 1 1 
Business development18 20 20 
Other23 16 17 
Intercompany allocations and charges(16)(24)(32)
Total non-compensation expenses32 21 15 
Total non-interest expenses95 94 83 
Pre-tax income before equity in undistributed net income of subsidiaries
626 711 247 
Income tax benefit(58)(31)(12)
Income before equity in undistributed net income of subsidiaries684 742 259 
Equity in undistributed net income of subsidiaries134 292 598 
Net income$818 $1,034 $857 

(1)    The year ended September 30, 2020 includes the portion of the reduction in workforce expenses incurred during the fiscal fourth quarter of 2020 that relates to the Parent.
The following table presents the Parent’s statements of cash flows.
Year ended September 30,
$ in millions202020192018
Cash flows from operating activities:
Net income$818 $1,034 $857 
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investments4 4 1 
Unrealized gain on company-owned life insurance policies, net of expenses(50)(5)(37)
Equity in undistributed net income of subsidiaries(134)(292)(598)
Other102 100 114 
Net change in:
Assets segregated pursuant to regulations— — (1)
Intercompany receivables126 (51)6 
Other assets24 (16)49 
Intercompany payables(70)(22)88 
Other payables24 (1)13 
Accrued compensation and benefits73 34 66 
Net cash provided by operating activities917 785 558 
Cash flows from investing activities:
Investments in subsidiaries(106)(24)(205)
(Advances to)/repayments from subsidiaries, net(885)63 4 
Proceeds from sales of investments9 3 12 
Purchase of investments in company-owned life insurance policies, net(55)(44)(70)
Net cash used in investing activities(1,037)(2)(259)
Cash flows from financing activities:
Proceeds from borrowing on the RJF Credit Facility— 300 300 
Repayment of borrowings on the RJF Credit Facility— (300)(300)
Proceeds from senior note issuances, net of debt issuance costs paid494 — — 
Exercise of stock options and employee stock purchases62 65 63 
Purchase of treasury stock(272)(778)(62)
Dividends on common stock(205)(191)(151)
Net cash provided by/(used in) financing activities79 (904)(150)
Net increase/(decrease) in cash and cash equivalents(41)(121)149 
Cash, cash equivalents, and cash segregated pursuant to regulations at beginning of year596 717 568 
Cash, cash equivalents, and cash segregated pursuant to regulations at end of year$555 $596 $717 
Cash and cash equivalents$478 $540 $695 
Cash segregated pursuant to regulations77 56 22 
Total cash, cash equivalents, and cash segregated pursuant to regulations at end of year$555 $596 $717 
Supplemental disclosures of cash flow information:
Cash paid for interest$72 $78 $78 
Cash paid for income taxes, net$32 $42 $163 
Supplemental disclosures of noncash activity:
Investments in subsidiaries, net$— $(43)$—