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Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income $ 662,155 $ 824,858 $ 503,472
Other comprehensive income/(loss), net of tax:      
Changes in unrealized gains/(losses) on available-for-sale securities, net of tax [1],[2] (177,731) (19,385) 33,133
Changes in unrealized losses on cash flow hedging instruments, net of tax [1] 0 0 (651)
Foreign currency translation adjustment, net of tax [1],[3] 55,053 (3,536) 6,862
Total other comprehensive income/(loss), net of tax [1] (122,678) (22,921) 39,344
Comprehensive income $ 539,477 $ 801,937 $ 542,816
[1] Net of a tax benefit of $41.3 million, tax benefit of $6.7 million, and tax expense of $11.5 million for the years ended December 31, 2022, 2021, and 2020, respectively.
[2] There were no reclassifications to earnings for the years ended December 31, 2022, 2021, and 2020.
[3] During the year ended December 31, 2022, we closed our derivative instruments used to hedge the foreign exchange risk related to our equity investment in non-U.S. Dollar functional currency foreign subsidiaries, primarily the British Pound and Euro. The cumulative gain recognized on these hedges was $98.3 million (net of $23.3 million in taxes). We expect minimal, if any, of these gains to be reclassified from other comprehensive income into earnings over the next 12 months.