OTHER COMPREHENSIVE INCOME/(LOSS)

12 Months Ended

Dec. 31, 2021

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


	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	(73.3)	—	—	—	(73.3)
Actuarial gain/(loss) related to employee benefit plans	—	28.3	—	—	28.3
Other comprehensive income/(loss), net	—	8.1	(0.1)	—	8.0
Other comprehensive income/(loss), net of tax	(73.3)	36.4	(0.1)	—	(37.0)

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


Other comprehensive income/(loss), net of tax	(73.3)	36.4	(0.1)	—	(37.0)
Ending balance	(352.6)	(89.6)	—	0.7	(441.5)


	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)

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 December 31, 2021 and December 31, 2020, £130 million ($176.1 million and $174.5 million, respectively) of intercompany debt was designated as a net investment hedge. For the year ended December 31, 2021, the company recognized foreign currency losses of $1.6 million (2020: losses of $2.4 million, 2019: losses of $6.5 million) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in Other comprehensive income.