ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The table below provides the balances for each classification of accumulated other comprehensive income (loss) at June 30, 2018 and December 31, 2017 (in thousands):



	June 30, 2018			December 31, 2017
Foreign currency translation adjustments, net of tax benefit of $44,086 and $64,445, respectively ⁽¹⁾	$	(82,686	)	$	(15,700	)

Net unrealized gains on marketable securities, net of tax:
Net unrealized gains on marketable equity securities, net of tax charge of $57,597 ⁽²⁾	—			241,088
Net unrealized gains (losses) on marketable debt securities, net of tax charge of $31,905 and $32,903, respectively	6,403			11,594

Accumulated other comprehensive income (loss)	$	(76,283	)	$	236,982

(1) Foreign currency translation adjustments, net of tax, at June 30, 2018 and December 31, 2017, include accumulated 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.

Foreign currency translation adjustments, net of tax, include foreign currency transaction losses of $96.1 million after tax ($112.0 million before tax) and $190.4 million after tax ($237.2 million before tax) at June 30, 2018 and December 31, 2017, 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 8).

The remaining balance in foreign currency translation adjustments relates to the cumulative impacts of currency fluctuations on the Company's international non-U.S. Dollar denominated net assets. During the three and six months ended June 30, 2018, the Company recorded deferred tax benefits of $21.0 million and $10.5 million, respectively, related to its one-time deemed repatriation tax liability recorded at December 31, 2017 and current year foreign earnings subject to U.S. federal and state income tax, resulting from the introduction of the Tax Act. Prior to January 1, 2018, foreign currency translation adjustments excluded 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.

(2) Net unrealized gains on marketable equity securities, net of tax, at December 31, 2017 related to changes in the fair value of the Company's investment in Ctrip equity securities (see Note 5). Net unrealized gains before tax on equity securities at December 31, 2017 were $298.7 million, of which unrealized gains of $319.9 million were exempt from tax in the Netherlands. Unrealized losses of $21.2 million were taxable at a 25% tax rate in the Netherlands, which resulted in a tax benefit of $5.3 million at December 31, 2017. The Company also recorded U.S. tax charges of $62.9 million at December 31, 2017 related to these investments. Changes in fair value subsequent to January 1, 2018 are recognized in net income (see Note 1).

(3) Net unrealized gains (losses) on marketable debt securities, net of tax, relates to changes in the fair value of the Company's investments in debt securities (see Note 5). Net unrealized gains before tax on debt securities at June 30, 2018 and December 31, 2017 were $38.3 million and $44.5 million, respectively, of which unrealized losses of $68.6 million and $85.3 million, respectively, were exempt from tax in the Netherlands. Unrealized gains of $106.9 million and $129.8 million at June 30, 2018 and December 31, 2017, respectively, were taxable at a 25% tax rate in the Netherlands, resulting in tax charges of $26.7 million and $32.4 million, respectively. The Company also recorded U.S. tax charges of $5.2 million and $0.5 million at June 30, 2018 and December 31, 2017, respectively, related to these investments.