Financial Information For Parent Issuer Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2011

Financial Information For Parent Issuer Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) [Abstract]

Condensed Consolidated Statement of Operations

	Three months ended June 30, 2011
	Willis
	Group
	Holdings —
	the Parent			The						Consolidating
	Issuer			Guarantors			Other			adjustments			Consolidated
	(millions)
REVENUES
Commissions and fees	$	—		$	—		$	854		$	—		$	854
Investment income		—			3			8			(3	)		8
Other income		—			—			24			(23	)		1
Total revenues		—			3			886			(26	)		863
EXPENSES
Salaries and benefits		—			—			(523	)		17			(506	)
Other operating expenses		—			(47	)		(119	)		2			(164	)
Depreciation expense		—			(3	)		(16	)		—			(19	)
Amortization of intangible assets		—			—			(22	)		5			(17	)
Total expenses		—			(50	)		(680	)		24			(706	)
OPERATING (LOSS) INCOME		—			(47	)		206			(2	)		157
Investment income from Group undertakings		1			247			40			(288	)		—
Interest expense		(10	)		(97	)		(102	)		175			(34	)
(LOSS) INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		(9	)		103			144			(115	)		123
Income taxes		2			3			(39	)		3			(31	)
(LOSS) INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES		(7	)		106			105			(112	)		92
Interest in earnings of associates, net of tax		—			—			(5	)		2			(3	)
NET (LOSS) INCOME		(7	)		106			100			(110	)		89
Less: Net income attributable to noncontrolling interests		—			—			(4	)		—			(4	)
EQUITY ACCOUNT FOR SUBSIDIARIES		92			(14	)		—			(78	)		—
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS	$	85		$	92		$	96		$	(188	)	$	85

	Three months ended June 30, 2010
	Willis
	Group
	Holdings —
	the Parent			The						Consolidating
	Issuer			Guarantors			Other			adjustments			Consolidated
	(millions)
REVENUES
Commissions and fees	$	—		$	—		$	789		$	—		$	789
Investment income		—			2			13			(5	)		10
Total revenues		—			2			802			(5	)		799
EXPENSES
Salaries and benefits		—			—			(466	)		10			(456	)
Other operating expenses		369			(53	)		(436	)		(15	)		(135	)
Depreciation expense		—			(2	)		(14	)		—			(16	)
Amortization of intangible assets		—			—			(21	)		—			(21	)
Net gain (loss) on disposal of operations		—			—			2,433			(2,435	)		(2	)
Total expenses		369			(55	)		1,496			(2,440	)		(630	)
OPERATING INCOME (LOSS)		369			(53	)		2,298			(2,445	)		169
Investment income from Group undertakings		—			335			65			(400	)		—
Interest expense		—			(117	)		(154	)		230			(41	)
INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		369			165			2,209			(2,615	)		128
Income taxes		—			9			(45	)		1			(35	)
INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES		369			174			2,164			(2,614	)		93
Interest in earnings of associates, net of tax		—			—			(6	)		4			(2	)
NET INCOME		369			174			2,158			(2,610	)		91
Less: Net income attributable to noncontrolling interests		—			—			—			(2	)		(2	)
EQUITY ACCOUNT FOR SUBSIDIARIES		(280	)		65			—			215			—
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS	$	89		$	239		$	2,158		$	(2,397	)	$	89

	Six months ended June 30, 2011
	Willis
	Group
	Holdings —
	the Parent			The						Consolidating
	Issuer			Guarantors			Other			adjustments			Consolidated
	(millions)
REVENUES
Commissions and fees	$	—		$	—		$	1,854		$	—		$	1,854
Investment income		—			6			16			(6	)		16
Other income		—			—			24			(23	)		1
Total revenues		—			6			1,894			(29	)		1,871
EXPENSES
Salaries and benefits		—			—			(1,116	)		26			(1,090	)
Other operating expenses		1			(68	)		(253	)		3			(317	)
Depreciation expense		—			(7	)		(32	)		—			(39	)
Amortization of intangible assets		—			—			(39	)		5			(34	)
Net gain on disposal of operations		—			—			6			(2	)		4
Total expenses		1			(75	)		(1,434	)		32			(1,476	)
OPERATING INCOME (LOSS)		1			(69	)		460			3			395
Investment income from Group undertakings		35			391			33			(459	)		—
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs		—			(171	)		—			—			(171	)
Interest expense		(12	)		(198	)		(208	)		344			(74	)
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		24			(47	)		285			(112	)		150
Income taxes		2			59			(89	)		(4	)		(32	)
INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES		26			12			196			(116	)		118
Interest in earnings of associates, net of tax		—			—			9			4			13
NET INCOME		26			12			205			(112	)		131
Less: Net income attributable to noncontrolling interests		—			—			(12	)		—			(12	)
EQUITY ACCOUNT FOR SUBSIDIARIES		93			119			—			(212	)		—
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS	$	119		$	131		$	193		$	(324	)	$	119

	Six months ended June 30, 2010
	Willis
	Group
	Holdings —
	the Parent			The						Consolidating
	Issuer			Guarantors			Other			adjustments			Consolidated
	(millions)
REVENUES
Commissions and fees	$	—		$	—		$	1,752		$	—		$	1,752
Investment income		—			6			18			(5	)		19
Total revenues		—			6			1,770			(5	)		1,771
EXPENSES
Salaries and benefits		—			—			(957	)		15			(942	)
Other operating expenses		565			(85	)		(730	)		(34	)		(284	)
Depreciation expense		—			(4	)		(27	)		—			(31	)
Amortization of intangible assets		—			—			(42	)		—			(42	)
Net gain on disposal of operations		—			—			2,435			(2,437	)		(2	)
Total expenses		565			(89	)		679			(2,456	)		(1,301	)
OPERATING INCOME (LOSS)		565			(83	)		2,449			(2,461	)		470
Investment income from Group undertakings		—			724			488			(1,212	)		—
Interest expense		—			(291	)		(211	)		418			(84	)
INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		565			350			2,726			(3,255	)		386
Income taxes		—			5			(119	)		12			(102	)
INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES		565			355			2,607			(3,243	)		284
Interest in earnings of associates, net of tax		—			—			14			4			18
NET INCOME		565			355			2,621			(3,239	)		302
Less: Net income attributable to noncontrolling interests		—			—			(3	)		(6	)		(9	)
EQUITY ACCOUNT FOR SUBSIDIARIES		(272	)		92			—			180			—
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS	$	293		$	447		$	2,618		$	(3,065	)	$	293

Condensed Consolidated Statement of Cash Flows

	Six months ended June 30, 2011
	Willis
	Group
	Holdings —
	the Parent			The						Consolidating
	Issuer			Guarantors			Other			adjustments			Consolidated
	(millions)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	3		$	130		$	140		$	(147	)	$	126
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on disposal of fixed and intangible assets		—			—			5			—			5
Additions to fixed assets		—			(13	)		(34	)		—			(47	)
Acquisitions of subsidiaries, net of cash acquired		—			—			(4	)		—			(4	)
Acquisitions of investments in associates		—			—			(2	)		—			(2	)
Investment in Trident V Parallel Fund, LP		—			—			(4	)		—			(4	)
Net cash used in investing activities		—			(13	)		(39	)		—			(52	)
CASH FLOWS FROM FINANCING ACTIVITIES
Draw down of revolving credit facility		—			(90	)		—			—			(90	)
Senior notes issued		794			—			—			—			794
Debt issuance costs		(7	)		—			—			—			(7	)
Repayments of debt		—			(555	)		—			—			(555	)
Make-whole on repurchase and redemption of senior notes		—			(158	)		—			—			(158	)
Proceeds from issue of shares		42			—			—			—			42
Amounts owed by and to Group undertakings		(742	)		705			37			—			—
Excess tax benefits from share-based payment arrangement		—			—			4			—			4
Dividends paid		(90	)		—			(147	)		147			(90	)
Acquisition of noncontrolling interests		—			(8	)		(1	)		—			(9	)
Dividends paid to noncontrolling interests		—			—			(12	)		—			(12	)
Net cash used in financing activities		(3	)		(106	)		(119	)		147			(81	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—			11			(18	)		—			(7	)
Effect of exchange rate changes on cash and cash equivalents		—			—			8			—			8
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		—			76			240			—			316
CASH AND CASH EQUIVALENTS, END OF YEAR		—			87			230			—			317

	Six months ended June 30, 2010
	Willis
	Group
	Holdings —
	the Parent			The						Consolidating
	Issuer			Guarantors			Other			adjustments			Consolidated
	(millions)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	$	569		$	363		$	(22	)	$	(756	)	$	154
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on disposal of fixed and intangible assets		—			—			4			—			4
Additions to fixed assets		—			(13	)		(32	)		—			(45	)
Acquisitions of subsidiaries, net of cash acquired		—			—			(15	)		—			(15	)
Acquisitions of investments in associates		—			—			(1	)		—			(1	)
Net cash used in investing activities		—			(13	)		(44	)		—			(57	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from draw down of revolving credit facility		—			30			—			—			30
Repayments of debt		—			(61	)		(9	)		—			(70	)
Proceeds from issue of shares		17			—			—			—			17
Amounts owed by and to Group undertakings		(542	)		(210	)		752			—			—
Excess tax benefits from share-based payment arrangement		—			—			1			—			1
Dividends paid		(44	)		(132	)		(669	)		756			(89	)
Acquisition of noncontrolling interests		—			—			(4	)		—			(4	)
Dividends paid to noncontrolling interests		—			—			(22	)		—			(22	)
Net cash (used in) provided by financing activities		(569	)		(373	)		49			756			(137	)
DECREASE IN CASH AND CASH EQUIVALENTS		—			(23	)		(17	)		—			(40	)
Effect of exchange rate changes on cash and cash equivalents		—			—			(14	)		—			(14	)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		—			104			117			—			221
CASH AND CASH EQUIVALENTS, END OF YEAR	$	—		$	81		$	86		$	—		$	167

Condensed Consolidated Balance Sheet

	As at June 30, 2011
	Willis
	Group
	Holdings —
	the Parent			The						Consolidating
	Issuer			Guarantors			Other			adjustments			Consolidated
	(millions)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—		$	87		$	230		$	—		$	317
Accounts receivable		—			—			1,021			28			1,049
Fiduciary assets		—			—			11,919			(663	)		11,256
Deferred tax assets		—			—			32			—			32
Other current assets		3			175			434			(285	)		327
Total current assets		3			262			13,636			(920	)		12,981
Investments in subsidiaries		(911	)		4,639			3,875			(7,603	)		—
Amounts owed by (to) Group undertakings		4,462			(4,311	)		(151	)		—			—
NON-CURRENT ASSETS
Fixed assets		—			58			335			(2	)		391
Goodwill		—			—			1,699			1,618			3,317
Other intangible assets		—			—			477			(16	)		461
Investments in associates		—			—			(45	)		231			186
Deferred tax assets		—			—			7			2			9
Pension benefits asset		—			—			231			—			231
Other non-current assets		6			187			172			—			365
Total non-current assets		6			245			2,876			1,833			4,960
TOTAL ASSETS	$	3,560		$	835		$	20,236		$	(6,690	)	$	17,941
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Fiduciary liabilities	$	—		$	—		$	11,919		$	(663	)	$	11,256
Deferred revenue and accrued expenses		1			—			322			—			323
Income taxes payable		—			51			107			(108	)		50
Short-term debt		—			110			4			—			114
Deferred tax liabilities		—			1			21			—			22
Other current liabilities		58			71			222			(33	)		318
Total current liabilities		59			233			12,595			(804	)		12,083
NON-CURRENT LIABILITIES
Long-term debt		794			1,513			—			—			2,307
Liabilities for pension benefits		—			—			150			—			150
Deferred tax liabilities		—			30			81			—			111
Provisions for liabilities		—			—			188			(4	)		184
Other non-current liabilities		—			17			350			—			367
Total non-current liabilities		794			1,560			769			(4	)		3,119
TOTAL LIABILITIES	$	853		$	1,793		$	13,364		$	(808	)	$	15,202
EQUITY
Total Willis Group Holdings stockholders’ equity		2,707			(958	)		6,840			(5,882	)		2,707
Noncontrolling interests		—			—			32			—			32
Total equity		2,707			(958	)		6,872			(5,882	)		2,739
TOTAL LIABILITIES AND EQUITY	$	3,560		$	835		$	20,236		$	(6,690	)	$	17,941

	As at December 31, 2010
	Willis
	Group
	Holdings —
	the Parent			The						Consolidating
	Issuer			Guarantors			Other			adjustments			Consolidated
	(millions)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—		$	76		$	240		$	—		$	316
Accounts receivable		2			—			809			28			839
Fiduciary assets		—			—			10,167			(598	)		9,569
Deferred tax assets		—			1			35			—			36
Other current assets		—			80			293			(33	)		340
Total current assets		2			157			11,544			(603	)		11,100
Investments in subsidiaries		(1,039	)		4,429			3,855			(7,245	)		—
Amounts owed by (to) Group undertakings		3,659			(3,588	)		(71	)		—			—
NON-CURRENT ASSETS
Fixed assets		—			52			330			(1	)		381
Goodwill		—			—			1,696			1,598			3,294
Other intangible assets		—			—			492			—			492
Investments in associates		—			—			(51	)		212			161
Deferred tax assets		—			—			7			—			7
Pension benefits asset		—			—			179			—			179
Other non-current assets		—			207			149			(123	)		233
Total non-current assets		—			259			2,802			1,686			4,747
TOTAL ASSETS	$	2,622		$	1,257		$	18,130		$	(6,162	)	$	15,847
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Fiduciary liabilities	$	—		$	—		$	10,167		$	(598	)	$	9,569
Deferred revenue and accrued expenses		1			—			297			—			298
Income taxes payable		—			—			69			(12	)		57
Short-term debt		—			110			—			—			110
Deferred tax liabilities		—			4			5			—			9
Other current liabilities		44			53			189			(20	)		266
Total current liabilities		45			167			10,727			(630	)		10,309
NON-CURRENT LIABILITIES
Long-term debt		—			2,153			4			—			2,157
Liabilities for pension benefits		—			—			164			—			164
Deferred tax liabilities		—			29			54			—			83
Provisions for liabilities		—			—			183			(4	)		179
Other non-current liabilities		—			26			321			—			347
Total non-current liabilities		—			2,208			726			(4	)		2,930
TOTAL LIABILITIES	$	45		$	2,375		$	11,453		$	(634	)	$	13,239
EQUITY
Total Willis Group Holdings stockholders’ equity		2,577			(1,118	)		6,646			(5,528	)		2,577
Noncontrolling interests		—			—			31			—			31
Total equity		2,577			(1,118	)		6,677			(5,528	)		2,608
TOTAL LIABILITIES AND EQUITY	$	2,622		$	1,257		$	18,130		$	(6,162	)	$	15,847