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



	March 31, 2017			December 31, 2016
Foreign currency translation adjustments, net of tax ⁽¹⁾	$	(275,442	)	$	(311,247	)
Net unrealized gain on marketable securities, net of tax ⁽²⁾	522,497			176,563
Accumulated other comprehensive income (loss)	$	247,055		$	(134,684	)

⁽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) associated with settled derivatives that previously had been designated as net investment hedges at both March 31, 2017 and December 31, 2016.

Foreign currency translation adjustments, net of tax, include foreign currency transaction gains of $149.9 million after tax ($258.0 million before tax) and $182.6 million after tax ($310.4 million before tax) associated with the Company's March 2022 Notes, November 2022 Notes, 2024 Notes and 2027 Notes at March 31, 2017 and December 31, 2016, respectively. The March 2022 Notes, November 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, 2017 and December 31, 2016 were $539.7 million and $185.9 million, respectively, of which unrealized gains of $472.2 million and $148.5 million, respectively, were exempt from tax in the Netherlands and unrealized gains of $67.5 million and $37.4 million, respectively, were taxable.