Other Comprehensive Income/(Loss)

6 Months Ended

Jun. 30, 2021

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


	For the three months ended June 30, 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	34.9	—	—	—	34.9
Other comprehensive income, net	—	3.1	—	(0.1)	3.0
Other comprehensive income/(loss), net of tax	34.9	3.1	—	(0.1)	37.9

Beginning balance	(278.5)	(130.0)	0.1	0.7	(407.7)


Other comprehensive income/(loss), net of tax	34.9	3.1	—	(0.1)	37.9
Ending balance	(243.6)	(126.9)	0.1	0.6	(369.8)


	For the six months ended June 30, 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	35.7	—	—	—	35.7

Other comprehensive income, net	—	(0.9)	—	(0.1)	(1.0)
Other comprehensive income/(loss), net of tax	35.7	(0.9)	—	(0.1)	34.7

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


Other comprehensive income/(loss), net of tax	35.7	(0.9)	—	(0.1)	34.7
Ending balance	(243.6)	(126.9)	0.1	0.6	(369.8)


	For the three months ended June 30, 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	86.2	—	—	—	86.2
Other comprehensive income, net	—	3.3	—	—	3.3
Other comprehensive income/(loss), net of tax	86.2	3.3	—	—	89.5

Beginning balance	(777.0)	(129.2)	0.1	0.6	(905.5)


Other comprehensive income/(loss), net of tax	86.2	3.3	—	—	89.5
Ending balance	(690.8)	(125.9)	0.1	0.6	(816.0)


	For the six months ended June 30, 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	(228.8)	—	—	—	(228.8)
Other comprehensive income, net	—	0.2	—	(0.1)	0.1
Other comprehensive income/(loss), net of tax	(228.8)	0.2	—	(0.1)	(228.7)

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


Other comprehensive income/(loss), net of tax	(228.8)	0.2	—	(0.1)	(228.7)
Ending balance	(690.8)	(125.9)	0.1	0.6	(816.0)

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 June 30, 2021 and December 31, 2020, £130 million ($182.4 million and $174.5 million, respectively) of intercompany debt was designated as a net investment hedge. For the three and six months ended June 30, 2021, the company recognized foreign currency losses of $2.2 million and $7.9 million (three and six months ended June 30, 2020: losses and gains of $1.9 million and $9.4 million, respectively) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in Other comprehensive income.