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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 731,379 $ 522,536 $ 662,155
Other comprehensive income/(loss), net of tax:      
Changes in unrealized gains/(losses) on available-for-sale securities, net of tax [1],[2] 4,713 38,180 (177,731)
Foreign currency translation adjustment, net of tax [1],[3] (6,025) 5,454 55,053
Total other comprehensive income/(loss), net of tax (1,312) 43,634 (122,678)
Comprehensive income $ 730,067 $ 566,170 $ 539,477
[1] Net of a tax benefit of $0.4 million, tax expense of $15.4 million, and tax benefit of $41.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.
[2] There were no reclassifications to earnings for the year ended December 31, 2024. 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 year ended December 31, 2022.
[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.