The table below provides the balances for each classification of accumulated other comprehensive loss as of March 31, 2015 and December 31, 2014 (in thousands):



	March 31, 2015			December 31, 2014
Foreign currency translation adjustments, net of tax ⁽¹⁾	$	(229,769	)	$	(102,758	)
Net unrealized gain (loss) on marketable securities, net of tax ⁽²⁾	5,224			(157,144		)
Accumulated other comprehensive loss	$	(224,545	)	$	(259,902	)

(1) Foreign currency translation adjustments, net of tax, includes net losses from fair value adjustments at March 31, 2015 of $34.8 million after tax ($52.6 million before tax) and net losses from fair value adjustments at December 31, 2014 of $37.8 million after tax ($57.8 million before tax) associated with derivatives designated as net investment hedges (see Note 5).

Foreign currency translation adjustments, net of tax, includes foreign currency transaction gains at March 31, 2015 of $157.0 million after tax ($266.9 million before tax) associated with the Company's 2024 Notes and 2027 Notes and foreign currency transaction gains at December 31, 2014 of $48.3 million after tax ($83.8 million before tax) associated with the Company's 2024 Notes. The 2024 Notes and 2027 Notes are Euro-denominated debt and are designated as hedges of certain of the Company's Euro-denominated net assets (see Note 8).

The remaining balance in currency translation adjustments excludes income taxes as a result of the Company's current intention to indefinitely reinvest the earnings of its international subsidiaries outside of the United States.

(2) The unrealized gain before tax at March 31, 2015 was $7.6 million, compared to an unrealized loss before tax at December 31, 2014 of $164.7 million.