Siman 222
Presented here for study, not as a practical ruling. The Shulchan Aruch rules by Sephardi custom, the Rema's glosses by Ashkenazi custom, and the Kitzur follows Ashkenazi custom. For a practical question, ask your rabbi.
א עַל שְׁמוּעוֹת שֶׁהֵם טוֹבוֹת לוֹ לְבַדּוֹ, מְבָרֵךְ: שֶׁהֶחֱיָנוּ; וְאִם הֵן טוֹבוֹת לוֹ וְלַאֲחֵרִים, מְבָרֵךְ: הַטּוֹב וְהַמֵּטִיב.
1 On news that are good for him, he makes the blessing of "Shehecheyanu"; If the news is good for him and for others, he makes the blessing of "Hatov VehaMaytiv".
ב עַל שְׁמוּעוֹת רָעוֹת מְבָרֵךְ: בָּרוּךְ אַתָּה ה' אֱלֹהֵינוּ מֶלֶךְ הָעוֹלָם דַּיַּן הָאֱמֶת.
2 On bad news he makes the blessing: Blessed are you Hashem, Our G-d, Master of the Universe, the judge of truth.”
ג חַיָּב אָדָם לְבָרֵךְ עַל הָרָעָה בְּדַעַת שְׁלֵמָה וּבְנֶפֶשׁ חֲפֵצָה, כְּדֶרֶךְ שֶׁמְּבָרֵךְ עַל הַטּוֹבָה, כִּי הָרָעָה לְעוֹבְדֵי הַשֵּׁם הִיא שִׂמְחָתָם וְטוֹבָתָם, כֵּיוָן שֶׁמְּקַבֵּל מֵאַהֲבָה מַה שֶּׁגָּזַר עָלָיו הַשֵּׁם. נִמְצָא שֶׁבְּקַבָּלַת רָעָה זוֹ הוּא עוֹבֵד אֶת הַשֵּׁם, שֶׁהִיא שִׂמְחָה לוֹ.
3 A person is obligated to bless on the bad with a full mind and wanting soul, in the way that he blesses happily on the good, because the bad, for servants of G-d, is their happiness and goodness. Since he/she has accepted out of love what G-d has decreed, he/she finds that by accepting this bad, he/she is serving G-d which bring him happiness.
ד מְבָרֵךְ עַל הַטּוֹבָה: הַטּוֹב וְהַמֵּטִיב אַף עַל פִּי שֶׁיָּרֵא שֶׁמָּא יָבֹא לוֹ רָעָה מִמֶּנּוּ, כְּגוֹן שֶׁמָּצָא מְצִיאָה וְיָרֵא שֶׁמָּא יִשָּׁמַע לַמֶּלֶךְ וְיִקַּח כָּל אֲשֶׁר לוֹ, וְכֵן מְבָרֵךְ עַל הָרָעָה: בָּרוּךְ דַּיָּן הָאֱמֶת אַף עַל פִּי שֶׁיָּבֹא לוֹ טוֹבָה מִמֶּנּוּ, כְּגוֹן שֶׁבָּא לוֹ שֶׁטֶף עַל שָׂדֵהוּ, אַף עַל פִּי שֶׁכְּשֶׁיַּעֲבֹר הַשֶּׁטֶף הִיא טוֹבָה לוֹ, שֶׁהִשְׁקָה שָׂדֵהוּ.
4 He blesses on the good: “Hatov Vemaytiv” even though he is fearful that bad might come from Him. For example: He found a “prize” and he is fearful that it may become known to the king and the king will take all that he has. He blesses on the bad: “Blessed Judge of Truth”, even though good will come from Him. For Example: a flood has washed away his field even though when the flood passes, it will be good for him, as the field has been watered.