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CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)
 12 Months Ended
Sep. 30, 2021
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.

The broker-dealer subsidiaries of the Parent, including RJ&A our principal domestic broker-dealer, and certain other subsidiaries are required to maintain a minimum amount of net capital due to regulatory requirements. 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, 2021, each of these subsidiaries exceeded their minimum net capital requirements (see Note 24 for further information).

Of the Parent’s net assets as of September 30, 2021, approximately $210 million of its investment in RJ&A and RJFS was available for distribution to the Parent without further regulatory approvals, and approximately $4.30 billion of its investment in
Raymond James Bank, RJ&A, RJFS and RJ Ltd. was restricted due to regulatory or other restrictions from distribution to the Parent without prior approval of the respective entity’s regulator.

Cash and cash equivalents of $1.16 billion and $2.16 billion as of September 30, 2021 and 2020, respectively, were held directly by RJF in depository accounts at third-party financial institutions, held in depository accounts at Raymond James Bank, or were otherwise invested by one of our subsidiaries on behalf of RJF. The amount held in depository accounts at Raymond James Bank was $229 million as of September 30, 2021, of which $152 million was available on demand without restriction. As of September 30, 2020, $185 million was held in depository accounts at Raymond James Bank, of which $108 million was available on demand without restriction. The Parent cash balance does not include $400 million of cash set aside by RJF in a restricted account during the fiscal fourth quarter of 2021 to be used to fund our closing obligations associated with the pending acquisition of Charles Stanley. This restricted cash is included in “Assets segregated for regulatory purposes and restricted cash.”

See Notes 16, 17, 19 and 24 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 millions20212020
Assets:
Cash and cash equivalents $527 $478 
Assets segregated for regulatory purposes and restricted cash ($1 and $1 at fair value)
478 78 
Intercompany receivables from subsidiaries (primarily non-bank subsidiaries)877 1,903 
Investments in consolidated subsidiaries:
Bank subsidiary2,594 2,315 
Non-bank subsidiaries5,703 4,306 
Goodwill and identifiable intangible assets, net32 32 
Other assets1,055 818 
Total assets$11,266 $9,930 
Liabilities and equity:
Accrued compensation, commissions and benefits$798 $596 
Intercompany payables to subsidiaries:
Bank subsidiary2 21 
Non-bank subsidiaries33 28 
Other payables151 126 
Senior notes payable2,037 2,045 
Total liabilities3,021 2,816 
Equity8,245 7,114 
Total liabilities and equity$11,266 $9,930 

Of the total intercompany receivable from non-bank subsidiaries, $649 million and $1.70 billion at September 30, 2021 and 2020, 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 millions202120202019
Revenues:
Dividends from non-bank subsidiaries$257 $634 $632 
Dividends from bank subsidiary— 130 190 
Interest from subsidiaries9 18 31 
Interest income1 3 7 
Other21 23 20 
Total revenues288 808 880 
Interest expense(97)(87)(75)
Net revenues191 721 805 
Non-interest expenses:
Compensation, commissions and benefits (1)
81 63 73 
Non-compensations expenses:
Communications and information processing5 6 8 
Occupancy and equipment1 1 1 
Business development19 18 20 
Losses on extinguishment of debt98 — — 
Other30 23 16 
Intercompany allocations and charges(14)(16)(24)
Total non-compensation expenses139 32 21 
Total non-interest expenses220 95 94 
Pre-tax income/(loss) before equity in undistributed net income of subsidiaries(29)626 711 
Income tax benefit(99)(58)(31)
Income before equity in undistributed net income of subsidiaries70 684 742 
Equity in undistributed net income of subsidiaries1,333 134 292 
Net income$1,403 $818 $1,034 

(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 millions202120202019
Cash flows from operating activities:
Net income$1,403 $818 $1,034 
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investments5 4 4 
Unrealized gain on company-owned life insurance policies, net of expenses(157)(50)(5)
Equity in undistributed net income of subsidiaries(1,333)(134)(292)
Losses on extinguishment of debt98 — — 
Other94 102 100 
Net change in:
Intercompany receivables(14)126 (51)
Other assets(35)24 (16)
Intercompany payables(14)(70)(22)
Other payables15 24 (1)
Accrued compensation, commissions and benefits202 73 34 
Net cash provided by operating activities264 917 785 
Cash flows from investing activities:
Investments in subsidiaries(420)(106)(24)
(Advances to)/repayments from subsidiaries, net1,039 (885)63 
Proceeds from sales of investments2 9 3 
Purchase of investments in company-owned life insurance policies, net(36)(55)(44)
Net cash provided by/(used in) investing activities585 (1,037)(2)
Cash flows from financing activities:
Purchase of treasury stock(128)(272)(778)
Dividends on common stock(218)(205)(191)
Exercise of stock options and employee stock purchases53 62 65 
Proceeds from senior note issuances, net of debt issuance costs paid737 494 — 
Extinguishment of senior notes payable(844)— — 
Proceeds from borrowing on the RJF Credit Facility— — 300 
Repayment of borrowings on the RJF Credit Facility— — (300)
Net cash provided by/(used in) financing activities(400)79 (904)
Net increase/(decrease) in cash and cash equivalents449 (41)(121)
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at beginning of year555 596 717 
Cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year$1,004 $555 $596 
Cash and cash equivalents$527 $478 $540 
Cash and cash equivalents segregated for regulatory purposes and restricted cash477 77 56 
Total cash and cash equivalents, including those segregated for regulatory purposes and restricted cash at end of year$1,004 $555 $596 
Supplemental disclosures of cash flow information:
Cash paid for interest$89 $72 $78 
Cash paid for income taxes, net$35 $32 $42 
Supplemental disclosures of noncash activity:
Investments in subsidiaries, net$— $— $(43)