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Other Comprehensive Income/(Loss)
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME/(LOSS) OTHER COMPREHENSIVE INCOME/(LOSS)

The components of accumulated other comprehensive income/(loss) were as follows:
 
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)
(327.1
)
 
(8.0
)
 
(4.3
)
 
(1.2
)
 
(340.6
)
Ending balance
(617.6
)
 
(117.7
)
 

 
0.3

 
(735.0
)

 
2017
$ 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
389.4

 

 

 

 
389.4

Actuarial gain/(loss) related to employee benefit plans

 
21.1

 

 

 
21.1

Other comprehensive income/(loss), net

 
8.4

 
(0.5
)
 
(0.3
)
 
7.6

Other comprehensive income/(loss), net of tax
389.4

 
29.5

 
(0.5
)
 
(0.3
)
 
418.1

 
 
 
 
 
 
 
 
 
 
Beginning balance
(679.9
)
 
(139.2
)
 
4.8

 
5.0

 
(809.3
)
Other comprehensive income/(loss)
389.4

 
29.5

 
(0.5
)
 
(0.3
)
 
418.1

Ending balance
(290.5
)
 
(109.7
)
 
4.3

 
4.7

 
(391.2
)


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, 2019 and December 31, 2018, £130 million ($172.1 million and $165.6 million, respectively) of intercompany debt was designated as a net investment hedge.  For the year ended December 31, 2019, the Company recognized foreign currency losses of $6.5 million (2018: gains of $10.3 million, 2017: losses of $15.3 million) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in other comprehensive income.