ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

12 Months Ended

Sep. 30, 2021

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

All of the components of 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
Year ended September 30, 2021
AOCI as of beginning of year	$	115	$	(140)	$	(25)	$	89	$	(53)	$	11
OCI:
OCI before reclassifications and taxes	(44)		48		4		(119)		19		(96)
Amounts reclassified from AOCI, before tax	—		2		2		(7)		15		10
Pre-tax net OCI	(44)		50		6		(126)		34		(86)
Income tax effect	10		—		10		32		(8)		34
OCI for the year, net of tax	(34)		50		16		(94)		26		(52)
AOCI as of end of year	$	81	$	(90)	$	(9)	$	(5)	$	(27)	$	(41)

Year ended September 30, 2020
AOCI as of beginning of year	$	110	$	(135)	$	(25)	$	21	$	(19)	$	(23)
OCI:
OCI before reclassifications and taxes	7		(5)		2		94		(51)		45
Amounts reclassified from AOCI, before tax	—		—		—		(3)		5		2
Pre-tax net OCI	7		(5)		2		91		(46)		47
Income tax effect	(2)		—		(2)		(23)		12		(13)
OCI for the year, net of tax	5		(5)		—		68		(34)		34
AOCI as of end of year	$	115	$	(140)	$	(25)	$	89	$	(53)	$	11

Year ended September 30, 2019
AOCI as of beginning of year	$	88	$	(111)	$	(23)	$	(46)	$	42	$	(27)
Cumulative effect of adoption of ASU 2016-01	—		—		—		(4)		—		(4)
OCI:
OCI before reclassifications and taxes	29		(24)		5		98		(79)		24
Amounts reclassified from AOCI, before tax	—		—		—		—		(5)		(5)
Pre-tax net OCI	29		(24)		5		98		(84)		19
Income tax effect	(7)		—		(7)		(27)		23		(11)
OCI for the year, net of tax	22		(24)		(2)		71		(61)		8
AOCI as of end of year	$	110	$	(135)	$	(25)	$	21	$	(19)	$	(23)

Reclassifications from AOCI to net income, excluding taxes, for the years ended September 30, 2021 and 2020 were primarily recorded in “Other” revenue and “Interest expense” on the Consolidated Statements of Income and Comprehensive Income. Reclassifications from AOCI to net income, excluding taxes, for the year ended September 30, 2019 were recorded in “Interest expense” on the Consolidated Statements of Income and Comprehensive Income.

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.

Our net investment hedges and cash flow hedges relate to our derivatives associated with Raymond James Bank’s business operations. See Notes 2 and 6 for additional information on these derivatives.