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Accumulated Other Comprehensive Income or Loss
 12 Months Ended
Dec. 31, 2014
Accumulated Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income or Loss
ACCUMULATED OTHER COMPREHENSIVE INCOME OR LOSS

The components of accumulated other comprehensive income or loss are as follows (in thousands):
 
December 31,
 
2014
 
2013
Net unrealized appreciation on available-for-sale investments
$
4,773

 
$
6,866

Foreign currency translation
(56
)
 
(6,634
)
Accumulated other comprehensive income
$
4,717

 
$
232



The unrealized appreciation on available-for-sale investments is net of a deferred income tax liability of $2.6 million at December 31, 2014 and $3.7 million at December 31, 2013. The foreign currency translation is net of a deferred income tax asset of $93,000 at December 31, 2014 and $3.4 million at December 31, 2013.

The following table reports amounts that were reclassified from accumulated other comprehensive income or loss and included in earnings (in thousands):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Beginning balance - January 1
$
232

 
$
(2,014
)
 
$
(959
)
Unrealized gain on marketable securities, net of tax
927

 
3,175

 
890

Unrealized gain reclassified and recognized in net loss, net of tax(1)
(3,020
)
 
(764
)
 
(1,116
)
Foreign exchange reclassified and recognized in net loss, net of tax(2)
6,567

 

 

Total reclassified and recognized in net loss, net of tax
3,547

 
(764
)
 
(1,116
)
Accumulated currency, net of tax
11

 
(165
)
 
(829
)
Net change in other comprehensive income (loss), net of tax
4,485

 
2,246

 
(1,055
)
Accumulated other comprehensive income (loss)
$
4,717

 
$
232

 
$
(2,014
)


(1) Amounts reclassified from unrealized gain or loss on marketable securities are included in other income in the consolidated statement of operations and comprehensive income or loss.

(2) Amounts reclassified from unrealized gain or loss on foreign exchange are included in other income in the consolidated statement of operations and comprehensive income or loss

During 2014, the Company substantially liquidated several wholly-owned subsidiaries, one of which conducted business and maintained its financial statements in a foreign denominated local currency. The translation of such financial statements into the Company’s U.S. reporting currency created a cumulative translation loss of $9.3 million, which was reported net of a $3.1 million tax benefit in accumulated other comprehensive income or loss. In conjunction with the liquidation, the balance of the accumulated foreign currency adjustment was reclassified from accumulated other comprehensive loss and was reported as a loss on liquidation within other income (loss), net in the consolidated statement of operations and comprehensive income or loss for the year ended December 31, 2014.