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ACCUMULATED OTHER COMPREHENSIVE INCOME
 3 Months Ended
Mar. 31, 2016
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME
 
The table below provides the balances for each classification of accumulated other comprehensive income as of March 31, 2016 and December 31, 2015 (in thousands): 
 
 
March 31,
2016
 
December 31,
2015
Foreign currency translation adjustments, net of tax (1)
 
$
(139,891
)
 
$
(217,263
)
Net unrealized gain on marketable securities, net of tax (2)
 
437,656

 
462,115

Accumulated other comprehensive income
 
$
297,765

 
$
244,852

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

Foreign currency translation adjustments, net of tax, include foreign currency transaction gains of $43.2 million after tax ($75.8 million before tax) and $126.8 million after tax ($220.5 million before tax) associated with the Company's 2022 Notes, 2024 Notes and 2027 Notes at March 31, 2016 and December 31, 2015, respectively. 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 7).

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 March 31, 2016 were $460.8 million, of which unrealized gains of $368.1 million were exempt from tax in the Netherlands and unrealized gains of $92.7 million were taxable. The unrealized gains before tax at December 31, 2015 were $456.1 million, of which unrealized gains of $481.3 million were exempt from tax in the Netherlands and unrealized losses of $25.2 million were taxable.