Other Comprehensive Income/(Loss)

12 Months Ended

Dec. 31, 2020

The components of accumulated other comprehensive income/(loss) were as follows:


	2020
$ in millions	Foreign currency translation	Employee benefit plans	Equity method investments	Available-for-sale investments	Total
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries	182.7	—	—	—	182.7
Actuarial gain/(loss) related to employee benefit plans	—	(6.3)	—	—	(6.3)
Other comprehensive income/(loss), net	—	6.4	—	—	6.4
Other comprehensive income/(loss), net of tax	182.7	0.1	—	—	182.8

Beginning balance	(462.0)	(126.1)	0.1	0.7	(587.3)


Other comprehensive income/(loss), net of tax	182.7	0.1	—	—	182.8
Ending balance	(279.3)	(126.0)	0.1	0.7	(404.5)


	2019
$ in millions	Foreign currency translation	Employee benefit plans	Equity method investments	Available-for-sale investments	Total
Other comprehensive income/(loss) net of tax:
Currency translation differences on investments in foreign subsidiaries	155.6	—	—	—	155.6
Actuarial gain/(loss) related to employee benefit plans	—	(10.8)	—	—	(10.8)
Other comprehensive income/(loss), net	—	2.4	0.1	0.4	2.9
Other comprehensive income/(loss), net of tax	155.6	(8.4)	0.1	0.4	147.7

Beginning balance	(617.6)	(117.7)	—	0.3	(735.0)


Other comprehensive income/(loss), net of tax	155.6	(8.4)	0.1	0.4	147.7
Ending balance	(462.0)	(126.1)	0.1	0.7	(587.3)


	2018
$ in millions	Foreign currency translation	Employee benefit plans	Equity method investments	Available-for-sale investments	Total
Other comprehensive income/(loss) net of tax:
Currency translation differences on investments in foreign subsidiaries	(327.1)	—	—	—	(327.1)
Actuarial gain/(loss) related to employee benefit plans	—	(13.0)	—	—	(13.0)
Other comprehensive income/(loss), net	—	5.0	(4.3)	(1.2)	(0.5)
Other comprehensive income/(loss), net of tax	(327.1)	(8.0)	(4.3)	(1.2)	(340.6)

Beginning balance	(290.5)	(109.7)	4.3	4.7	(391.2)
Adjustment for adoption of ASU 2016-01	—	—	—	(3.2)	(3.2)
January 1, 2018, as adjusted	(290.5)	(109.7)	4.3	1.5	(394.4)
Other comprehensive income/(loss), net of tax	(327.1)	(8.0)	(4.3)	(1.2)	(340.6)
Ending balance	(617.6)	(117.7)	—	0.3	(735.0)

Net Investment HedgeThe company designated certain intercompany debt as a non-derivative net investment hedging instrument against foreign currency exposure related to its net investment in foreign operations. At December 31, 2020 and December 31, 2019, £130 million ($174.5 million and $172.1 million, respectively) of intercompany debt was designated as a net investment hedge. For the year ended December 31, 2020, the company recognized foreign currency losses of $2.4 million (2019: losses of $6.5 million, 2018: gains of $10.3 million) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in other comprehensive income.