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Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 522,536 $ 662,155 $ 824,858
Other comprehensive income/(loss), net of tax:      
Changes in unrealized gains/(losses) on available-for-sale securities, net of tax [1],[2] 38,180 (177,731) (19,385)
Foreign currency translation adjustment, net of tax [1],[3] 5,454 55,053 (3,536)
Total other comprehensive income/(loss), net of tax [1] 43,634 (122,678) (22,921)
Comprehensive income $ 566,170 $ 539,477 $ 801,937
[1] Net of a tax expense of $15.4 million, tax benefit of $41.3 million, and tax benefit of $6.7 million for the years ended December 31, 2023, 2022, and 2021, respectively.
[2] Net of reclassifications to earnings of realized losses of $5.6 million for the year ended December 31, 2023. There were no reclassifications to earnings for the years ended December 31, 2022 and 2021.
[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 net gain recorded on these hedges was $75.0 million, which included $23.3 million in tax expense.