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Debt (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Current and Long-term Debt

Current debt consists of the following:

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

4.625% senior notes due 2023

 

$

 

 

$

250

 

3.600% senior notes due 2024

 

 

650

 

 

 

 

 

 

$

650

 

 

$

250

 

 

Long-term debt consists of the following:

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Revolving $1.5 billion credit facility

 

$

 

 

$

 

3.600% senior notes due 2024

 

 

 

 

 

649

 

4.400% senior notes due 2026

 

 

548

 

 

 

547

 

4.650% senior notes due 2027

 

 

745

 

 

 

744

 

4.500% senior notes due 2028

 

 

598

 

 

 

597

 

2.950% senior notes due 2029

 

 

726

 

 

 

726

 

5.350% senior notes due 2033

 

 

741

 

 

 

 

6.125% senior notes due 2043

 

 

272

 

 

 

271

 

5.050% senior notes due 2048

 

 

395

 

 

 

395

 

3.875% senior notes due 2049

 

 

542

 

 

 

542

 

 

 

$

4,567

 

 

$

4,471

 

Summary of Entities

The following table presents a summary of the entities that issued each note or entered into the revolving credit facility and those wholly-owned and consolidated subsidiaries of the Company that guarantee each respective note and the revolving credit facility on a joint and several basis as of December 31, 2023.

Entity

 

Revolving credit facility
4.400% due 2026
6.125% due 2043

 

3.600% due 2024
4.650% due 2027
 4.500% due 2028
2.950% due 2029
5.350% due 2033
5.050% due 2048
3.875% due 2049

Willis Towers Watson plc

 

Guarantor

 

Guarantor

Trinity Acquisition plc

 

Issuer

 

Guarantor

Willis North America Inc.

 

Guarantor

 

Issuer

Willis Netherlands Holdings B.V.

 

Guarantor

 

Guarantor

Willis Investment UK Holdings Limited

 

Guarantor

 

Guarantor

TA I Limited

 

Guarantor

 

Guarantor

Willis Group Limited

 

Guarantor

 

Guarantor

Willis Towers Watson Sub Holdings Unlimited Company

 

Guarantor

 

Guarantor

Willis Towers Watson UK Holdings Limited

 

Guarantor

 

Guarantor

Schedule of Maturities of Long-term Debt

The following table summarizes the maturity of our debt and interest on senior notes and excludes any reduction for debt issuance costs:

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Senior notes

 

$

650

 

 

$

 

 

$

550

 

 

$

750

 

 

$

600

 

 

$

2,700

 

 

$

5,250

 

Interest on senior notes

 

 

214

 

 

 

206

 

 

 

187

 

 

 

163

 

 

 

139

 

 

 

1,276

 

 

 

2,185

 

Revolving $1.5 billion credit facility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

864

 

 

$

206

 

 

$

737

 

 

$

913

 

 

$

739

 

 

$

3,976

 

 

$

7,435

 

Schedule of Debt Interest Expense

The following table shows an analysis of the interest expense for the years ended December 31, 2023, 2022 and 2021:

 

 

 

Years ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Senior notes

 

$

227

 

 

$

196

 

 

$

200

 

Revolving credit facility

 

 

3

 

 

 

3

 

 

 

3

 

Collateralized facility

 

 

 

 

 

 

 

 

2

 

Other (i)

 

 

5

 

 

 

9

 

 

 

6

 

Total interest expense

 

$

235

 

 

$

208

 

 

$

211

 

 

(i)
Other primarily includes interest expense on finance leases and accretion on deferred and contingent consideration.