Comprehensive Income |
18. Comprehensive Income and Accumulated Other Comprehensive Loss
Comprehensive income, which includes foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities, and unrealized gains and losses on derivative instruments designated and qualifying as cash flow hedges, the impact of which has been excluded from net income and reflected as components of stockholders’ equity, was as follows for the three months ended March 31, 2017 and 2016 (in thousands): | | | | | | | | | | | | Three Months Ended March 31, | | | 2017 | | 2016 | Net income | | $ | 9,129 |
| | $ | 195,636 |
| Other comprehensive (loss) income, net of tax: | | | | | Foreign currency translation adjustments | | 4,641 |
| | 5,542 |
| Unrealized (loss) gain on marketable securities and restricted investments, net of tax of $116 and $(2,296) | | (4,744 | ) | | 40,866 |
| Less: reclassification for gains included in net income, net of tax of $0 and $2,904 | | (46 | ) | | (34,900 | ) | Unrealized (loss) gain on marketable securities and restricted investments | | (4,790 | ) | | 5,966 |
| Unrealized (loss) gain on derivative instruments for the period, net of tax of $813 and $10 | | (2,154 | ) | | 7,170 |
| Less: reclassification for gains included in net income, net of tax of $0 and $0 | | — |
| | (7,064 | ) | Unrealized (loss) gain on derivative instruments | | (2,154 | ) | | 106 |
| Other comprehensive (loss) income, net of tax | | (2,303 | ) | | 11,614 |
| Comprehensive income | | $ | 6,826 |
| | $ | 207,250 |
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The following tables reflect the changes in accumulated other comprehensive (loss) income, net of tax, for the three months ended March 31, 2017 and 2016 (in thousands): | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation Adjustment | | Unrealized Gain (Loss) on Marketable Securities and Restricted Investments | | Unrealized Gain (Loss) on Derivative Instruments | | Total | Balance as of December 31, 2016 | | $ | (77,178 | ) | | $ | 65,171 |
| | $ | 2,100 |
| | $ | (9,907 | ) | Other comprehensive income (loss) before reclassifications | | 4,641 |
| | (4,744 | ) | | (2,154 | ) | | (2,257 | ) | Amounts reclassified from accumulated other comprehensive loss | | — |
| | (46 | ) | | — |
| | (46 | ) | Net other comprehensive income (loss) | | 4,641 |
| | (4,790 | ) | | (2,154 | ) | | (2,303 | ) | Balance as of March 31, 2017 | | $ | (72,537 | ) | | $ | 60,381 |
| | $ | (54 | ) | | $ | (12,210 | ) |
| | | | | | | | | | | | | | | | | | | | Foreign Currency Translation Adjustment | | Unrealized Gain (Loss) on Marketable Securities and Restricted Investments | | Unrealized Gain (Loss) on Derivative Instruments | | Total | Balance as of December 31, 2015 | | $ | (69,769 | ) | | $ | 86,884 |
| | $ | (1,635 | ) | | $ | 15,480 |
| Other comprehensive income before reclassifications | | 5,542 |
| | 40,866 |
| | 7,170 |
| | 53,578 |
| Amounts reclassified from accumulated other comprehensive income | | — |
| | (34,900 | ) | | (7,064 | ) | | (41,964 | ) | Net other comprehensive income | | 5,542 |
| | 5,966 |
| | 106 |
| | 11,614 |
| Balance as of March 31, 2016 | | $ | (64,227 | ) | | $ | 92,850 |
| | $ | (1,529 | ) | | $ | 27,094 |
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| | | | | | | | | | | | Accumulated Other Comprehensive Income or Loss | | Amount Reclassified for the Three Months Ended March 31, | | Income Statement Line Item | | 2017 | | 2016 | | Gains on marketable securities and restricted investments: | | | | | | | | | $ | 46 |
| | $ | 37,804 |
| | Other income, net | | | — |
| | (2,904 | ) | | Tax expense | | | $ | 46 |
| | $ | 34,900 |
| | Total, net of tax | Gains and (losses) on derivative contracts: | | | | | | | Cross currency swap contract | | — |
| | 7,162 |
| | Foreign currency gain (loss), net | Interest rate and cross currency swap contracts | | — |
| | (98 | ) | | Interest expense, net | | | — |
| | 7,064 |
| | Total before tax | | | — |
| | — |
| | Tax expense | | | $ | — |
| | $ | 7,064 |
| | Total, net of tax |
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