The table below provides the balances for each classification of accumulated other comprehensive income (loss) as of December 31, 2017 and 2016 (in thousands):



	December 31, 2017			December 31, 2016
Foreign currency translation adjustments, net of tax ⁽¹⁾	$	(15,700	)	$	(311,247	)
Net unrealized gain on marketable securities, net of tax ⁽²⁾	252,682			176,563
Accumulated other comprehensive income (loss)	$	236,982		$	(134,684	)

(1) Foreign currency translation adjustments, net of tax, at December 31, 2017 and 2016, include net losses from fair value adjustments of $35.0 million after tax ($52.6 million before tax) associated with previously settled derivatives that were designated as net investment hedges (see Note 5).

Foreign currency translation adjustments, net of tax, include foreign currency transaction losses of $190.4 million after tax ($237.2 million before tax) and foreign currency transaction gains of $182.6 million after tax ($310.4 million before tax) at December 31, 2017 and 2016, respectively, associated with the Company's Euro-denominated debt. The Company's Euro-denominated debt is designated as a hedge against the impact of currency fluctuations on its Euro-denominated net assets (see Note 10).

The remaining balance in foreign currency translation adjustments relates to cumulative impacts of currency fluctuations on the Company's international non-U.S. Dollar denominated net assets. Prior to the Tax Act, the balance excluded a provision for U.S. federal and state income taxes as a result of the Company's intention to indefinitely reinvest the earnings of its international subsidiaries outside of the United States. In accordance with the Tax Act, generally future repatriation of the Company's international cash will not be subject to a U.S. federal income tax liability as a dividend, but will be subject to U.S. state income taxes and international withholding taxes.

(2) Net unrealized gains before tax at December 31, 2017 and 2016 were $343.2 million and $185.9 million, respectively, of which unrealized gains of $234.6 million and $148.5 million, respectively, were exempt from tax in the Netherlands, and unrealized gains of $108.6 million and $37.4 million, respectively, were taxable at a 25% tax rate in the Netherlands, resulting in tax charges amounting to $27.1 million and $9.3 million at December 31, 2017 and 2016, respectively.

In 2017, the Company recorded a U.S. deferred tax liability of $63.4 million related to net cumulative unrealized gains associated with certain international investments, which will be subject to U.S. federal and state taxes if the gains are realized.