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v3.22.2.2

Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021
Statement of Comprehensive Income [Abstract] |  |  |  |  |
Net income |  | $ 151,169 | $ 192,376 | $ 485,534 | $ 563,468
Other comprehensive income/(loss), net of tax |  |  |  |  |
Changes in unrealized gains/(losses) on available-for-sale securities | [1],[2] | (54,290) | 2,971 | (189,820) | (2,147)
Changes in unrealized gains on hedging instruments | [1],[3] | 32,097 | 0 | 70,436 | 0
Foreign currency translation adjustment | [1] | (11,405) | (8,652) | (28,975) | (3,907)
Total other comprehensive income/(loss), net of tax | [1] | (33,598) | (5,681) | (148,359) | (6,054)
Comprehensive income |  | $ 117,571 | $ 186,695 | $ 337,175 | $ 557,414
[1] | Net of tax benefit of $12.1 million and $1.9 million for the three months ended September 30, 2022 and 2021, respectively. Net of tax benefit of $50.7 million and $2.0 million for the nine months ended September 30, 2022 and 2021, respectively.
[2] | There were no reclassifications to earnings for the three and nine months ended September 30, 2022 and 2021.
[3] | During the third quarter of 2022, we closed our derivative instruments used to hedge the foreign exchange risk related to our equity investment in non-US Dollar functional currency foreign subsidiaries, primarily the British Pound and Euro. The cumulative gain recognized on these hedges was $93.9 million for the nine months ended September 30, 2022, of which $43.7 million was recognized for the three months ended September 30, 2022. We expect minimal, if any, of these gains to be reclassified from other comprehensive income into earnings over the next 12 months.

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