The table below provides the balances for each classification of accumulated other comprehensive income (loss) as of December 31, 2016 and 2015 (in thousands):



	December 31, 2016			December 31, 2015
Foreign currency translation adjustments, net of tax ⁽¹⁾	$	(311,247	)	$	(217,263	)
Net unrealized gain on marketable securities, net of tax ⁽²⁾	176,563			462,115
Accumulated other comprehensive income (loss)	$	(134,684	)	$	244,852

(1) Foreign currency translation adjustments, net of tax, include net losses from fair value adjustments of $35.0 million after tax ($52.6 million before tax) and $34.8 million after tax ($52.6 million before tax) at December 31, 2016 and 2015, respectively, associated with settled derivatives that previously had been designated as net investment hedges (see Note 5).

Foreign currency translation adjustments, net of tax, include foreign currency transaction gains of $182.6 million after tax ($310.4 million before tax) and $126.8 million after tax ($220.5 million before tax) at December 31, 2016 and 2015, respectively, associated with the Company's 2022 Notes, 2024 Notes and 2027 Notes. The 2022 Notes, 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 10).

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

(2) The unrealized gains before tax at December 31, 2016 and 2015 were $185.9 million and $456.1 million, respectively, of which unrealized gains of $148.5 million and $481.3 million, respectively, were exempt from tax in the Netherlands and unrealized gains of $37.4 million and unrealized losses of $25.2 million, respectively, were taxable.