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SHAREHOLDERS' EQUITY
 3 Months Ended
Dec. 31, 2023
Equity [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
Preferred stock

The following table details the shares outstanding, carrying value, and aggregate liquidation preference of our preferred stock. For further details regarding our preferred stock see Note 20 of our 2023 Form 10-K.
$ in millionsDecember 31, 2023September 30, 2023
6.375% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (“Series B Preferred Stock”):
Shares outstanding80,50080,500
Carrying value$79 $79 
Aggregate liquidation preference$81 $81 

The following table details dividends declared and dividends paid on our 6.75% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) and Series B Preferred Stock for the three months ended December 31, 2023 and 2022. We redeemed all outstanding shares of our Series A Preferred Stock on April 3, 2023.
 Dividends declaredDividends paid
$ in millions, except per share amountsTotal dividendsPer preferred
share amount		Total dividendsPer preferred
share amount
Three months ended December 31, 2023
Series B Preferred Stock $1 $15.94 $1 $15.94 
Three months ended December 31, 2022
Series A Preferred Stock$1 $16.88 $1 $16.88 
Series B Preferred Stock1 $15.94 1 $15.94 
Total
$2 $2 
Common equity

The following table presents the changes in our common shares outstanding for the three months ended December 31, 2023 and 2022.
 Three months ended December 31,
Shares in millions
20232022
Balance beginning of period
208.8 215.1 
Repurchases of common stock
(1.4)(1.3)
Issuances due to vesting of RSUs and exercise of stock options, net of forfeitures
1.3 1.2 
Balance end of period
208.7 215.0 

We issue shares from time to time during the year to satisfy obligations under certain of our share-based compensation programs, some of which may be reissued out of treasury shares. See Note 19 of this Form 10-Q and Note 23 of our 2023 Form 10-K for additional information on these programs.

Share repurchases

We repurchase shares of our common stock from time to time for a number of reasons, including to offset dilution, which could arise from share issuances resulting from share-based compensation programs or acquisitions. In November 2023, our Board of Directors authorized common stock repurchases of up to $1.5 billion, which replaced the previous authorization. Our share repurchases are effected primarily through regular open-market purchases, typically under a SEC Rule 10b-18 plan, the amounts and timing of which are determined primarily by our current and projected capital position, applicable legal and regulatory constraints, general market conditions and the price and trading volumes of our common stock. During the three months ended December 31, 2023, we repurchased 1.41 million shares of our common stock for $150 million at an average price of $106.51 per share. As of December 31, 2023, $1.39 billion remained available under the Board of Directors’ common stock repurchase authorization.

Common stock dividends

Dividends per common share declared and paid are detailed in the following table for each respective period.
 Three months ended December 31,
 20232022
Dividends per common share - declared$0.45 $0.42 
Dividends per common share - paid$0.42 $0.34 

Our dividend payout ratio is detailed in the following table for each respective period and is computed by dividing dividends declared per common share by earnings per diluted common share.
 Three months ended December 31,
20232022
Dividend payout ratio
19.4 %18.3 %
We expect to continue paying cash dividends; however, the payment and rate of dividends on our common stock are subject to several factors including our operating results, financial and regulatory requirements or restrictions, and the availability of funds from our subsidiaries, including our broker-dealer and bank subsidiaries, which may also be subject to restrictions under regulatory capital rules. The availability of funds from subsidiaries may also be subject to restrictions contained in loan covenants of certain broker-dealer loan agreements and restrictions by bank regulators on dividends to the parent from our bank subsidiaries. See Note 20 of this Form 10-Q for additional information on our regulatory capital requirements.ccumulated other comprehensive income/(loss)
All of the components of other comprehensive income/(loss) (“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 millionsNet investment hedgesCurrency translationsSubtotal: net investment hedges and currency translationsAvailable- for-sale securitiesCash flow hedgesTotal
Three months ended December 31, 2023
AOCI as of beginning of period$143 $(216)$(73)$(942)$44 $(971)
OCI:
OCI before reclassifications and taxes(29)51 22 358 (18)362 
Amounts reclassified from AOCI, before tax— — — — (10)(10)
Pre-tax net OCI(29)51 22 358 (28)352 
Income tax effect7 — 7 (88)7 (74)
OCI for the period, net of tax(22)51 29 270 (21)278 
AOCI as of end of period$121 $(165)$(44)$(672)$23 $(693)
Three months ended December 31, 2022
AOCI as of beginning of period$153 $(276)$(123)$(902)$43 $(982)
OCI:
OCI before reclassifications and taxes(19)60 41 85 2 128 
Amounts reclassified from AOCI, before tax— — — — (5)(5)
Pre-tax net OCI(19)60 41 85 (3)123 
Income tax effect5 — 5 (38)1 (32)
OCI for the period, net of tax(14)60 46 47 (2)91 
AOCI as of end of period$139 $(216)$(77)$(855)$41 $(891)

Reclassifications from AOCI to net income, excluding taxes, for the three months ended December 31, 2023 and 2022 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 derivatives associated with our Bank segment. For further information about our significant accounting policies related to derivatives, see Note 2 of our 2023 Form 10-K. In addition, see Note 5 of this Form 10-Q for additional information on these derivatives.