Other Comprehensive Income/(Loss)

3 Months Ended

Mar. 31, 2021

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


	For the three months ended March 31, 2021
$ 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	0.8	—	—	—	0.8
Other comprehensive income, net	—	(4.0)	—	—	(4.0)
Other comprehensive income/(loss), net of tax	0.8	(4.0)	—	—	(3.2)

Beginning balance	(279.3)	(126.0)	0.1	0.7	(404.5)


Other comprehensive income/(loss), net of tax	0.8	(4.0)	—	—	(3.2)
Ending balance	(278.5)	(130.0)	0.1	0.7	(407.7)


	For the three months ended March 31, 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	(315.0)	—	—	—	(315.0)
Other comprehensive income, net	—	(3.1)	—	(0.1)	(3.2)
Other comprehensive income/(loss), net of tax	(315.0)	(3.1)	—	(0.1)	(318.2)

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


Other comprehensive income/(loss), net of tax	(315.0)	(3.1)	—	(0.1)	(318.2)
Ending balance	(777.0)	(129.2)	0.1	0.6	(905.5)

Net Investment Hedge

The 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 March 31, 2021 and December 31, 2020, £130 million ($180.2 million and $174.5 million, respectively) of intercompany debt was designated as a net investment hedge. For the three months ended March 31, 2021, the company recognized foreign currency losses of $5.7 million (three months ended March 31, 2020: gains of $11.3 million) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in Other comprehensive income.