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Consolidated Statements Of Changes In Shareholders' Equity - USD ($)
$ in Thousands
Total
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment
Revision of Prior Period, Adjustment
[4]
AOCI Attributable to Parent [Member]
Treasury Stock [Member]
Noncontrolling Interest
Parent [Member]
Balance, beginning of year at Dec. 31, 2019   $ 310,000 $ 16,749 $ 1,903,703 $ 1,715,704   $ (11,705) $ (319,660) $ 54,999  
Net income $ 503,472       503,472          
Unit amortization, net of forfeitures       118,229            
Distributions under employee plans       (126,514) (49,427)     70,182    
Dividends declared, Common         (56,967)          
Dividends declared, Preferred         (27,261)          
Issuance of preferred stock   225,000   (7,005)            
Dividends declared to equity-award holders       350            
Unrealized gains/(losses) on securities, net of tax 33,133 [1],[2]           33,133      
Unrealized losses on cash flow hedging activities, net of tax             (651)      
Foreign currency translation adjustment, net of tax 6,862 [1],[3]           6,862      
Other       219 386          
Deconsolidation of non-controlling interest                 (54,999)  
Common stock repurchased               (58,261)    
Balance, end of year at Dec. 31, 2020 4,238,766 535,000 16,749 1,888,982 2,078,135 $ (7,772) 27,639 (307,739) 0 $ 4,238,766
Net income 824,858       824,858          
Unit amortization, net of forfeitures       127,458            
Distributions under employee plans       (120,158) (35,233)     74,568    
Dividends declared, Common         (74,437)          
Dividends declared, Preferred         (35,587)          
Issuance of preferred stock   300,000   (9,112)            
Common stock issued for acquisitions       35,186       54,814    
Redemption of preferred stock   (150,000)                
Unrealized gains/(losses) on securities, net of tax (19,385) [1],[2]           (19,385)      
Foreign currency translation adjustment, net of tax (3,536) [1],[3]           (3,536)      
Other       26 (528)          
Common stock repurchased (172,700)             (172,741)    
Balance, end of year at Dec. 31, 2021 5,034,959 685,000 16,749 1,922,382 2,757,208   4,718 (351,098) 0 5,034,959
Net income 662,155       662,155          
Unit amortization, net of forfeitures       150,408            
Distributions under employee plans       (144,658) (65,415)     104,447    
Dividends declared, Common         (148,694)          
Dividends declared, Preferred         (37,281)          
Unrealized gains/(losses) on securities, net of tax (177,731) [1],[2]           (177,731)      
Foreign currency translation adjustment, net of tax 55,053 [1],[3]           55,053      
Other       (63) 1,122          
Common stock repurchased (105,800)             (105,831)    
Balance, end of year at Dec. 31, 2022 $ 5,328,471 $ 685,000 $ 16,749 $ 1,928,069 $ 3,169,095   $ (117,960) $ (352,482) $ 0 $ 5,328,471
[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.
[4] Cumulative adjustments for accounting changes relate to the adoption of certain accounting updates. See Note 2 of the Notes to Consolidated Financial Statements for additional information.