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Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables)
12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Income Statement [Table Text Block]
Condensed Consolidating Statement of Operations
 
Year Ended December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
REVENUES
 

 
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$

 
$
8

 
$
3,759

 
$

 
$
3,767

Investment income

 

 

 
16

 

 
16

Other income

 

 

 
19

 

 
19

Total revenues

 

 
8

 
3,794

 

 
3,802

EXPENSES
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
(1
)
 

 
(81
)
 
(2,232
)
 

 
(2,314
)
Other operating expenses
(16
)
 
(95
)
 
(38
)
 
(510
)
 

 
(659
)
Depreciation expense

 
(4
)
 
(17
)
 
(71
)
 

 
(92
)
Amortization of intangible assets

 

 

 
(54
)
 

 
(54
)
Restructuring costs

 
(11
)
 
(3
)
 
(22
)
 

 
(36
)
Total expenses
(17
)
 
(110
)
 
(139
)
 
(2,889
)
 

 
(3,155
)
OPERATING (LOSS) INCOME
(17
)
 
(110
)
 
(131
)
 
905

 

 
647

Other (expense) income, net
(15
)
 
(220
)
 

 
11

 
230

 
6

Income from Group undertakings

 
221

 
313

 
102

 
(636
)
 

Expenses due to Group undertakings

 
(33
)
 
(179
)
 
(424
)
 
636

 

Interest expense
(43
)
 
(35
)
 
(45
)
 
(12
)
 

 
(135
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(75
)
 
(177
)
 
(42
)
 
582

 
230

 
518

Income taxes

 
25

 
24

 
(208
)
 

 
(159
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(75
)
 
(152
)
 
(18
)
 
374

 
230

 
359

Interest in earnings of associates, net of tax

 
10

 

 
4

 

 
14

Equity account for subsidiaries
437

 
570

 
76

 

 
(1,083
)
 

NET INCOME
362

 
428

 
58

 
378

 
(853
)
 
373

Less: Net loss attributable to noncontrolling interests

 

 

 
(11
)
 

 
(11
)
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
362

 
$
428

 
$
58

 
$
367

 
$
(853
)
 
$
362

Condensed Consolidating Statement of Operations
 
Year Ended December 31, 2012
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
REVENUES
 

 
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$

 
$

 
$
3,458

 
$

 
$
3,458

Investment income

 

 
1

 
17

 

 
18

Other income

 

 

 
4

 

 
4

Total revenues

 

 
1

 
3,479

 

 
3,480

EXPENSES
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
(2
)
 

 
(96
)
 
(2,377
)
 

 
(2,475
)
Other operating expenses
(6
)
 
(80
)
 
(78
)
 
(436
)
 

 
(600
)
Depreciation expense

 
(1
)
 
(15
)
 
(63
)
 

 
(79
)
Amortization of intangible assets

 

 

 
(59
)
 

 
(59
)
Goodwill impairment charge

 

 

 
(492
)
 

 
(492
)
Total expenses
(8
)
 
(81
)
 
(189
)
 
(3,427
)
 

 
(3,705
)
OPERATING (LOSS) INCOME
(8
)
 
(81
)
 
(188
)
 
52

 

 
(225
)
Other income (expense), net
2

 
(2
)
 
(1
)
 
17

 

 
16

Income from Group undertakings

 
201

 
316

 
111

 
(628
)
 

Expenses due to Group undertakings

 
(67
)
 
(147
)
 
(414
)
 
628

 

Interest expense
(43
)
 
(7
)
 
(70
)
 
(8
)
 

 
(128
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(49
)
 
44

 
(90
)
 
(242
)
 

 
(337
)
Income taxes

 
31

 
34

 
(166
)
 

 
(101
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(49
)
 
75

 
(56
)
 
(408
)
 

 
(438
)
Interest in earnings of associates, net of tax

 
8

 

 
(3
)
 

 
5

Equity account for subsidiaries
(397
)
 
(480
)
 
(172
)
 

 
1,049

 

NET LOSS
(446
)
 
(397
)
 
(228
)
 
(411
)
 
1,049

 
(433
)
Less: Net income attributable to noncontrolling interests

 

 

 
(13
)
 

 
(13
)
NET LOSS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
(446
)
 
$
(397
)
 
$
(228
)
 
$
(424
)
 
$
1,049

 
$
(446
)
Condensed Consolidating Statement of Operations
 
Year Ended December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
REVENUES
 

 
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$

 
$
8

 
$
3,625

 
$

 
$
3,633

Investment income

 

 

 
15

 

 
15

Other income

 

 

 
7

 

 
7

Total revenues

 

 
8

 
3,647

 

 
3,655

EXPENSES
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
(1
)
 

 
(103
)
 
(2,103
)
 

 
(2,207
)
Other operating expenses
(5
)
 
(69
)
 
(163
)
 
(399
)
 

 
(636
)
Depreciation expense

 
(3
)
 
(20
)
 
(71
)
 

 
(94
)
Amortization of intangible assets

 

 

 
(55
)
 

 
(55
)
Total expenses
(6
)
 
(72
)
 
(286
)
 
(2,628
)
 

 
(2,992
)
OPERATING (LOSS) INCOME
(6
)
 
(72
)
 
(278
)
 
1,019

 

 
663

Other income (expense), net
5

 
(4
)
 

 
31

 
(10
)
 
22

Income from Group undertakings

 
191

 
364

 
86

 
(641
)
 

Expenses due to Group undertakings
(10
)
 
(34
)
 
(141
)
 
(456
)
 
641

 

Loss on extinguishment of debt

 

 
(60
)
 

 

 
(60
)
Interest expense
(42
)
 
(16
)
 
(63
)
 
(5
)
 

 
(126
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(53
)
 
65

 
(178
)
 
675

 
(10
)
 
499

Income taxes

 
23

 

 
(145
)
 

 
(122
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(53
)
 
88

 
(178
)
 
530

 
(10
)
 
377

Interest in earnings of associates, net of tax

 
9

 

 
(9
)
 

 

Equity account for subsidiaries
418

 
320

 
150

 

 
(888
)
 

NET INCOME (LOSS)
365

 
417

 
(28
)
 
521

 
(898
)
 
377

Less: Net income attributable to noncontrolling interests

 

 

 
(12
)
 

 
(12
)
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
365

 
$
417

 
$
(28
)
 
$
509

 
$
(898
)
 
$
365

Condensed Consolidating Statement of Operations
 
Year Ended December 31, 2014
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
REVENUES
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$
8

 
$
3,759

 
$

 
$
3,767

Investment income

 

 
16

 

 
16

Other income

 

 
19

 

 
19

Total revenues

 
8

 
3,794

 

 
3,802

EXPENSES
 

 
 

 
 

 
 

 
 

Salaries and benefits
(1
)
 
(81
)
 
(2,232
)
 

 
(2,314
)
Other operating expenses
(16
)
 
(133
)
 
(510
)
 

 
(659
)
Depreciation expense

 
(21
)
 
(71
)
 

 
(92
)
Amortization of intangible assets

 

 
(54
)
 

 
(54
)
Restructuring expenses

 
(14
)
 
(22
)
 

 
(36
)
Total expenses
(17
)
 
(249
)
 
(2,889
)
 

 
(3,155
)
OPERATING (LOSS) INCOME
(17
)
 
(241
)
 
905

 

 
647

Other (expense) income, net
(15
)
 
(220
)
 
11

 
230

 
6

Income from Group undertakings

 
424

 
102

 
(526
)
 

Expenses due to Group undertakings

 
(102
)
 
(424
)
 
526

 

Interest expense
(43
)
 
(80
)
 
(12
)
 

 
(135
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(75
)
 
(219
)
 
582

 
230

 
518

Income taxes

 
49

 
(208
)
 

 
(159
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(75
)
 
(170
)
 
374

 
230

 
359

Interest in earnings of associates, net of tax

 
10

 
4

 

 
14

Equity account for subsidiaries
437

 
588

 

 
(1,025
)
 

NET INCOME
362

 
428

 
378

 
(795
)
 
373

Less: Net income attributable to noncontrolling interests

 

 
(11
)
 

 
(11
)
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
362

 
$
428

 
$
367

 
$
(795
)
 
$
362

Condensed Consolidating Statement of Operations
 
Year Ended December 31, 2012
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
REVENUES
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$

 
$
3,458

 
$

 
$
3,458

Investment income

 
1

 
17

 

 
18

Other income

 

 
4

 

 
4

Total revenues

 
1

 
3,479

 

 
3,480

EXPENSES
 

 
 

 
 

 
 

 
 

Salaries and benefits
(2
)
 
(96
)
 
(2,377
)
 

 
(2,475
)
Other operating expenses
(6
)
 
(158
)
 
(436
)
 

 
(600
)
Depreciation expense

 
(16
)
 
(63
)
 

 
(79
)
Amortization of intangible assets

 

 
(59
)
 

 
(59
)
Goodwill impairment charge

 

 
(492
)
 

 
(492
)
Total expenses
(8
)
 
(270
)
 
(3,427
)
 

 
(3,705
)
OPERATING (LOSS) INCOME
(8
)
 
(269
)
 
52

 

 
(225
)
Other income (expense), net
2

 
(3
)
 
17

 

 
16

Income from Group undertakings

 
409

 
111

 
(520
)
 

Expenses due to Group undertakings

 
(106
)
 
(414
)
 
520

 

Interest expense
(43
)
 
(77
)
 
(8
)
 

 
(128
)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(49
)
 
(46
)
 
(242
)
 

 
(337
)
Income taxes

 
65

 
(166
)
 

 
(101
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(49
)
 
19

 
(408
)
 

 
(438
)
Interest in earnings of associates, net of tax

 
8

 
(3
)
 

 
5

Equity account for subsidiaries
(397
)
 
(424
)
 

 
821

 

NET LOSS
(446
)
 
(397
)
 
(411
)
 
821

 
(433
)
Less: Net income attributable to noncontrolling interests

 

 
(13
)
 

 
(13
)
NET LOSS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
(446
)
 
$
(397
)
 
$
(424
)
 
$
821

 
$
(446
)
Condensed Consolidating Statement of Operations
 
Year Ended December 31, 2013
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
REVENUES
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$
8

 
$
3,625

 
$

 
$
3,633

Investment income

 

 
15

 

 
15

Other income

 

 
7

 

 
7

Total revenues

 
8

 
3,647

 

 
3,655

EXPENSES
 

 
 

 
 

 
 

 
 

Salaries and benefits
(1
)
 
(103
)
 
(2,103
)
 

 
(2,207
)
Other operating expenses
(5
)
 
(232
)
 
(399
)
 

 
(636
)
Depreciation expense

 
(23
)
 
(71
)
 

 
(94
)
Amortization of intangible assets

 

 
(55
)
 

 
(55
)
Total expenses
(6
)
 
(358
)
 
(2,628
)
 

 
(2,992
)
OPERATING (LOSS) INCOME
(6
)
 
(350
)
 
1,019

 

 
663

Other income (expense), net
5

 
(4
)
 
31

 
(10
)
 
22

Income from Group undertakings

 
466

 
86

 
(552
)
 

Expenses due to Group undertakings
(10
)
 
(86
)
 
(456
)
 
552

 

Loss on extinguishment of debt

 
(60
)
 

 

 
(60
)
Interest expense
(42
)
 
(79
)
 
(5
)
 

 
(126
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(53
)
 
(113
)
 
675

 
(10
)
 
499

Income taxes

 
23

 
(145
)
 

 
(122
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(53
)
 
(90
)
 
530

 
(10
)
 
377

Interest in earnings of associates, net of tax

 
9

 
(9
)
 

 

Equity account for subsidiaries
418

 
498

 

 
(916
)
 

NET INCOME
365

 
417

 
521

 
(926
)
 
377

Less: Net income attributable to noncontrolling interests

 

 
(12
)
 

 
(12
)
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
365

 
$
417

 
$
509

 
$
(926
)
 
$
365

Condensed Consolidating Statement of Operations
 
Year Ended December 31, 2012
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
REVENUES
 

 
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$

 
$

 
$
3,458

 
$

 
$
3,458

Investment income

 
1

 

 
17

 

 
18

Other income

 

 

 
4

 

 
4

Total revenues

 
1

 

 
3,479

 

 
3,480

EXPENSES
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
(2
)
 
(96
)
 

 
(2,377
)
 

 
(2,475
)
Other operating expenses
(6
)
 
(158
)
 

 
(436
)
 

 
(600
)
Depreciation expense

 
(16
)
 

 
(63
)
 

 
(79
)
Amortization of intangible assets

 

 

 
(59
)
 

 
(59
)
Goodwill impairment

 

 

 
(492
)
 

 
(492
)
Total expenses
(8
)
 
(270
)
 

 
(3,427
)
 

 
(3,705
)
OPERATING (LOSS) INCOME
(8
)
 
(269
)
 

 
52

 

 
(225
)
Other income (expense), net
2

 
(4
)
 
1

 
17

 

 
16

Income from Group undertakings

 
436

 
79

 
111

 
(626
)
 

Expenses due to Group undertakings

 
(185
)
 
(27
)
 
(414
)
 
626

 

Interest expense
(43
)
 
(69
)
 
(8
)
 
(8
)
 

 
(128
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(49
)
 
(91
)
 
45

 
(242
)
 

 
(337
)
Income taxes

 
76

 
(11
)
 
(166
)
 

 
(101
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(49
)
 
(15
)
 
34

 
(408
)
 

 
(438
)
Interest in earnings of associates, net of tax

 
8

 

 
(3
)
 

 
5

Equity account for subsidiaries
(397
)
 
(390
)
 
(461
)
 

 
1,248

 

NET LOSS
(446
)
 
(397
)
 
(427
)
 
(411
)
 
1,248

 
(433
)
Less: Net income attributable to noncontrolling interests

 

 

 
(13
)
 

 
(13
)
NET LOSS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
(446
)
 
$
(397
)
 
$
(427
)
 
$
(424
)
 
$
1,248

 
$
(446
)
Condensed Consolidating Statement of Operations
 
Year Ended December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
REVENUES
 

 
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$
8

 
$

 
$
3,625

 
$

 
$
3,633

Investment income

 

 

 
15

 

 
15

Other income

 

 

 
7

 

 
7

Total revenues

 
8

 

 
3,647

 

 
3,655

EXPENSES
 

 
 

 
 

 
 

 
 

 
 
Salaries and benefits
(1
)
 
(103
)
 

 
(2,103
)
 

 
(2,207
)
Other operating expenses
(5
)
 
(231
)
 
(1
)
 
(399
)
 

 
(636
)
Depreciation expense

 
(23
)
 

 
(71
)
 

 
(94
)
Amortization of intangible assets

 

 

 
(55
)
 

 
(55
)
Total expenses
(6
)
 
(357
)
 
(1
)
 
(2,628
)
 

 
(2,992
)
OPERATING (LOSS) INCOME
(6
)
 
(349
)
 
(1
)
 
1,019

 

 
663

Other income (expense), net
5

 
(4
)
 

 
31

 
(10
)
 
22

Income from Group undertakings

 
491

 
68

 
86

 
(645
)
 

Expenses due to Group undertakings
(10
)
 
(153
)
 
(26
)
 
(456
)
 
645

 

Loss on extinguishment of debt

 
(60
)
 

 

 

 
(60
)
Interest expense
(42
)
 
(61
)
 
(18
)
 
(5
)
 

 
(126
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(53
)
 
(136
)
 
23

 
675

 
(10
)
 
499

Income taxes

 
29

 
(6
)
 
(145
)
 

 
(122
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(53
)
 
(107
)
 
17

 
530

 
(10
)
 
377

Interest in earnings of associates, net of tax

 
9

 

 
(9
)
 

 

Equity account for subsidiaries
418

 
515

 
344

 

 
(1,277
)
 

NET INCOME
365

 
417

 
361

 
521

 
(1,287
)
 
377

Less: Net income attributable to noncontrolling interests

 

 

 
(12
)
 

 
(12
)
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
365

 
$
417

 
$
361

 
$
509

 
$
(1,287
)
 
$
365

 
Year Ended December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
REVENUES
 

 
 

 
 

 
 

 
 

 
 

Commissions and fees
$

 
$
8

 
$

 
$
3,759

 
$

 
$
3,767

Investment income

 

 

 
16

 

 
16

Other income

 

 

 
19

 

 
19

Total revenues

 
8

 

 
3,794

 

 
3,802

EXPENSES
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
(1
)
 
(81
)
 

 
(2,232
)
 

 
(2,314
)
Other operating expenses
(16
)
 
(133
)
 

 
(510
)
 

 
(659
)
Depreciation expense

 
(21
)
 

 
(71
)
 

 
(92
)
Amortization of intangible assets

 

 

 
(54
)
 

 
(54
)
Restructuring expenses

 
(14
)
 

 
(22
)
 

 
(36
)
Total expenses
(17
)
 
(249
)
 

 
(2,889
)
 

 
(3,155
)
OPERATING (LOSS) INCOME
(17
)
 
(241
)
 

 
905

 

 
647

Other (expense) income, net
(15
)
 
(220
)
 

 
11

 
230

 
6

Income from Group undertakings

 
450

 
91

 
102

 
(643
)
 

Expenses due to Group undertakings

 
(190
)
 
(29
)
 
(424
)
 
643

 

Interest expense
(43
)
 
(44
)
 
(36
)
 
(12
)
 

 
(135
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES
(75
)
 
(245
)
 
26

 
582

 
230

 
518

Income taxes

 
54

 
(5
)
 
(208
)
 

 
(159
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES
(75
)
 
(191
)
 
21

 
374

 
230

 
359

Interest in earnings of associates, net of tax

 
10

 

 
4

 

 
14

Equity account for subsidiaries
437

 
609

 
314

 

 
(1,360
)
 

NET INCOME
362

 
428

 
335

 
378

 
(1,130
)
 
373

Less: Net income attributable to noncontrolling interests

 

 

 
(11
)
 

 
(11
)
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS
$
362

 
$
428

 
$
335

 
$
367

 
$
(1,130
)
 
$
362

Condensed Statement of Comprehensive Income [Table Text Block]
Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
Comprehensive (loss) income
$
(11
)
 
$
69

 
$
(110
)
 
$
49

 
$
(3
)
 
$
(6
)
Less: Comprehensive income attributable to noncontrolling interests

 

 

 
(5
)
 

 
(5
)
Comprehensive (loss) income attributable to Willis Group Holdings
$
(11
)
 
$
69

 
$
(110
)
 
$
44

 
$
(3
)
 
$
(11
)
Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2012
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
Comprehensive loss
$
(552
)
 
$
(494
)
 
$
(263
)
 
$
(519
)
 
$
1,289

 
$
(539
)
Less: Comprehensive income attributable to noncontrolling interests

 

 

 
(13
)
 

 
(13
)
Comprehensive loss attributable to Willis Group Holdings
$
(552
)
 
$
(494
)
 
$
(263
)
 
$
(532
)
 
$
1,289

 
$
(552
)
Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
Comprehensive income
$
522

 
$
565

 
$
74

 
$
636

 
$
(1,263
)
 
$
534

Less: Comprehensive income attributable to noncontrolling interests

 

 

 
(12
)
 

 
(12
)
Comprehensive income attributable to Willis Group Holdings
$
522

 
$
565

 
$
74

 
$
624

 
$
(1,263
)
 
$
522

Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2014
 
Willis
Group
Holdings—the Parent Issuer
 
The Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
Comprehensive (loss) income
$
(11
)
 
$
69

 
$
49

 
$
(113
)
 
$
(6
)
Less: Comprehensive income attributable to noncontrolling interests

 

 
(5
)
 

 
(5
)
Comprehensive (loss) income attributable to Willis Group Holdings
$
(11
)
 
$
69

 
$
44

 
$
(113
)
 
$
(11
)
Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2012
 
Willis
Group
Holdings—the Parent Issuer
 
The Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
Comprehensive loss
$
(552
)
 
$
(494
)
 
$
(519
)
 
$
1,026

 
$
(539
)
Less: Comprehensive income attributable to noncontrolling interests

 

 
(13
)
 

 
(13
)
Comprehensive loss attributable to Willis Group Holdings
$
(552
)
 
$
(494
)
 
$
(532
)
 
$
1,026

 
$
(552
)
Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2013
 
Willis
Group
Holdings—the Parent Issuer
 
The Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
Comprehensive income
$
522

 
$
565

 
$
636

 
$
(1,189
)
 
$
534

Less: Comprehensive income attributable to noncontrolling interests

 

 
(12
)
 

 
(12
)
Comprehensive income attributable to Willis Group Holdings
$
522

 
$
565

 
$
624

 
$
(1,189
)
 
$
522

Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2012
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
Comprehensive loss
$
(552
)
 
$
(494
)
 
$
(528
)
 
$
(519
)
 
$
1,554

 
$
(539
)
Less: Comprehensive income attributable to noncontrolling interests

 

 

 
(13
)
 

 
(13
)
Comprehensive loss attributable to Willis Group Holdings
$
(552
)
 
$
(494
)
 
$
(528
)
 
$
(532
)
 
$
1,554

 
$
(552
)
Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
Comprehensive (loss) income
$
(11
)
 
$
69

 
$
(5
)
 
$
49

 
$
(108
)
 
$
(6
)
Less: Comprehensive income attributable to noncontrolling interests

 

 

 
(5
)
 

 
(5
)
Comprehensive (loss) income attributable to Willis Group Holdings
$
(11
)
 
$
69

 
$
(5
)
 
$
44

 
$
(108
)
 
$
(11
)
Condensed Consolidating Statement of Comprehensive Income
 
Year Ended December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
Comprehensive income
$
522

 
$
565

 
$
504

 
$
636

 
$
(1,693
)
 
$
534

Less: Comprehensive income attributable to noncontrolling interests

 

 

 
(12
)
 

 
(12
)
Comprehensive income attributable to Willis Group Holdings
$
522

 
$
565

 
$
504

 
$
624

 
$
(1,693
)
 
$
522

Condensed Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheet
 
As at December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
9

 
$
2

 
$

 
$
624

 
$

 
$
635

Accounts receivable, net

 

 
4

 
1,040

 

 
1,044

Fiduciary assets

 

 

 
8,948

 

 
8,948

Deferred tax assets

 

 

 
12

 

 
12

Other current assets
1

 
27

 
10

 
205

 
(29
)
 
214

Amounts due from Group undertakings
3,674

 
924

 
1,057

 
1,114

 
(6,769
)
 

Total current assets
3,684

 
953

 
1,071

 
11,943

 
(6,798
)
 
10,853

NON-CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

Investments in subsidiaries

 
2,536

 
721

 

 
(3,257
)
 

Fixed assets, net

 
20

 
42

 
421

 

 
483

Goodwill

 

 

 
2,937

 

 
2,937

Other intangible assets, net

 

 

 
450

 

 
450

Investments in associates

 
147

 

 
22

 

 
169

Deferred tax assets

 

 

 
9

 

 
9

Pension benefits asset

 

 

 
314

 

 
314

Other non-current assets
3

 
8

 
2

 
207

 

 
220

Non-current amounts due from Group undertakings

 
518

 
740

 

 
(1,258
)
 

Total non-current assets
3

 
3,229

 
1,505

 
4,360

 
(4,515
)
 
4,582

TOTAL ASSETS
$
3,687

 
$
4,182

 
$
2,576

 
$
16,303

 
$
(11,313
)
 
$
15,435

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

Fiduciary liabilities
$

 
$

 
$

 
$
8,948

 
$

 
$
8,948

Deferred revenue and accrued expenses
1

 
4

 
30

 
584

 

 
619

Income taxes payable

 

 
7

 
55

 
(29
)
 
33

Short-term debt and current portion of long-term debt

 
17

 
149

 
1

 

 
167

Deferred tax liabilities

 

 

 
21

 

 
21

Other current liabilities
67

 
11

 
46

 
320

 

 
444

Amounts due to Group undertakings

 
4,374

 
1,499

 
896

 
(6,769
)
 

Total current liabilities
68

 
4,406

 
1,731

 
10,825

 
(6,798
)
 
10,232

NON-CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

Investments in subsidiaries
838

 

 

 

 
(838
)
 

Long-term debt
796

 
765

 
581

 

 

 
2,142

Liabilities for pension benefits

 

 

 
284

 

 
284

Deferred tax liabilities

 

 

 
128

 

 
128

Provisions for liabilities

 

 

 
194

 

 
194

Other non-current liabilities

 

 
17

 
372

 

 
389

Non-current amounts due to Group undertakings

 

 
518

 
740

 
(1,258
)
 

Total non-current liabilities
1,634

 
765

 
1,116

 
1,718

 
(2,096
)
 
3,137

TOTAL LIABILITIES
$
1,702

 
$
5,171

 
$
2,847

 
$
12,543

 
$
(8,894
)
 
$
13,369


Condensed Consolidating Balance Sheet
 
As at December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
REDEEMABLE NONCONTROLLING INTEREST

 

 

 
59

 

 
59

 
 
 
 
 
 
 
 
 
 
 
 
EQUITY
 

 
 

 
 

 
 

 
 

 
 

Total Willis Group Holdings stockholders’ equity
1,985

 
(989
)
 
(271
)
 
3,679

 
(2,419
)
 
1,985

Noncontrolling interests

 

 

 
22

 

 
22

Total equity
1,985

 
(989
)
 
(271
)
 
3,701

 
(2,419
)
 
2,007

TOTAL LIABILITIES AND EQUITY
$
3,687

 
$
4,182

 
$
2,576

 
$
16,303

 
$
(11,313
)
 
$
15,435


Condensed Consolidating Balance Sheet
 
As at December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
ASSETS
CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
3

 
$
3

 
$

 
$
790

 
$

 
$
796

Accounts receivable, net

 

 
4

 
1,037

 

 
1,041

Fiduciary assets

 

 

 
8,412

 

 
8,412

Deferred tax assets

 

 

 
16

 
(1
)
 
15

Other current assets
1

 
21

 
10

 
186

 
(21
)
 
197

Amounts due by group undertakings
4,051

 
903

 
1,317

 
1,484

 
(7,755
)
 

Total current assets
4,055

 
927

 
1,331

 
11,925

 
(7,777
)
 
10,461

NON-CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

Investments in subsidiaries

 
2,838

 
1,021

 

 
(3,859
)
 

Fixed assets, net

 
15

 
51

 
415

 

 
481

Goodwill

 

 

 
2,838

 

 
2,838

Other intangible assets, net

 

 

 
353

 

 
353

Investments in associates

 
156

 

 
20

 

 
176

Deferred tax assets

 

 

 
7

 

 
7

Pension benefits asset

 

 

 
278

 

 
278

Other non-current assets
4

 
9

 
5

 
188

 

 
206

Non-current amounts due by group undertakings

 
518

 
690

 

 
(1,208
)
 

Total non-current assets
4

 
3,536

 
1,767

 
4,099

 
(5,067
)
 
4,339

TOTAL ASSETS
$
4,059

 
$
4,463

 
$
3,098

 
$
16,024

 
$
(12,844
)
 
$
14,800

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

Fiduciary liabilities
$

 
$

 
$

 
$
8,412

 
$

 
$
8,412

Deferred revenue and accrued expenses
2

 
1

 
28

 
555

 

 
586

Income taxes payable

 
3

 

 
39

 
(21
)
 
21

Short-term debt and current portion of long-term debt

 
15

 

 

 

 
15

Deferred tax liabilities

 

 

 
25

 

 
25

Other current liabilities
62

 
15

 
38

 
300

 

 
415

Amounts due to group undertakings

 
4,760

 
1,662

 
1,333

 
(7,755
)
 

Total current liabilities
64

 
4,794

 
1,728

 
10,664

 
(7,776
)
 
9,474

NON-CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

Investments in subsidiaries
985

 

 

 

 
(985
)
 

Long-term debt
795

 
782

 
733

 
1

 

 
2,311

Liabilities for pension benefits

 

 

 
136

 

 
136

Deferred tax liabilities

 
1

 

 
55

 

 
56

Provisions for liabilities

 

 

 
206

 

 
206

Other non-current liabilities

 

 
48

 
326

 

 
374

Non-current amounts due to group undertakings

 

 
518

 
690

 
(1,208
)
 

Total non-current liabilities
1,780

 
783

 
1,299

 
1,414

 
(2,193
)
 
3,083

TOTAL LIABILITIES
$
1,844

 
$
5,577

 
$
3,027

 
$
12,078

 
$
(9,969
)
 
$
12,557


Condensed Consolidating Balance Sheet
 
As at December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
EQUITY
 

 
 

 
 

 
 

 
 

 
 

Total Willis Group Holdings stockholders’ equity
2,215

 
(1,114
)
 
71

 
3,918

 
(2,875
)
 
2,215

Noncontrolling interests

 

 

 
28

 

 
28

Total equity
2,215

 
(1,114
)
 
71

 
3,946

 
(2,875
)
 
2,243

TOTAL LIABILITIES AND EQUITY
$
4,059

 
$
4,463

 
$
3,098

 
$
16,024

 
$
(12,844
)
 
$
14,800

Condensed Consolidating Balance Sheet
 
As at December 31, 2014
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
ASSETS
 

 
 

 
 

 
 

 
 

CURRENT ASSETS
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
9

 
$
2

 
$
624

 
$

 
$
635

Accounts receivable, net

 
4

 
1,040

 

 
1,044

Fiduciary assets

 

 
8,948

 

 
8,948

Deferred tax assets

 

 
12

 

 
12

Other current assets
1

 
37

 
205

 
(29
)
 
214

Amounts due from group undertakings
3,674

 
731

 
1,114

 
(5,519
)
 

Total current assets
3,684

 
774

 
11,943

 
(5,548
)
 
10,853

NON-CURRENT ASSETS
 

 
 

 
 

 
 

 
 

Investments in subsidiaries

 
3,528

 

 
(3,528
)
 

Fixed assets, net

 
62

 
421

 

 
483

Goodwill

 

 
2,937

 

 
2,937

Other intangible assets, net

 

 
450

 

 
450

Investments in associates

 
147

 
22

 

 
169

Deferred tax assets

 

 
9

 

 
9

Pension benefits asset

 

 
314

 

 
314

Other non-current assets
3

 
10

 
207

 

 
220

Non-current amounts due from group undertakings

 
740

 

 
(740
)
 

Total non-current assets
3

 
4,487

 
4,360

 
(4,268
)
 
4,582

TOTAL ASSETS
$
3,687

 
$
5,261

 
$
16,303

 
$
(9,816
)
 
$
15,435

LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 

 
 

 
 

CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

Fiduciary liabilities
$

 
$

 
$
8,948

 
$

 
$
8,948

Deferred revenue and accrued expenses
1

 
34

 
584

 

 
619

Income taxes payable

 
7

 
55

 
(29
)
 
33

Short-term debt and current portion on long-term debt

 
166

 
1

 

 
167

Deferred tax liabilities

 

 
21

 

 
21

Other current liabilities
67

 
57

 
320

 

 
444

Amounts due to group undertakings

 
4,623

 
896

 
(5,519
)
 

Total current liabilities
68

 
4,887

 
10,825

 
(5,548
)
 
10,232

NON-CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

Investments in subsidiaries
838

 



 
(838
)
 

Long-term debt
796

 
1,346

 

 

 
2,142

Liabilities for pension benefits

 

 
284

 

 
284

Deferred tax liabilities

 

 
128

 

 
128

Provisions for liabilities

 

 
194

 

 
194

Other non-current liabilities

 
17

 
372

 

 
389

Non-current amounts due to group undertakings

 

 
740

 
(740
)
 

Total non-current liabilities
1,634

 
1,363

 
1,718

 
(1,578
)
 
3,137

TOTAL LIABILITIES
$
1,702

 
$
6,250

 
$
12,543

 
$
(7,126
)
 
$
13,369


Condensed Consolidating Balance Sheet
 
As at December 31, 2014
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
REDEEMABLE NONCONTROLLING INTEREST

 

 
59

 

 
59

 
 
 
 
 
 
 
 
 
 
EQUITY
 

 
 

 
 

 
 

 
 

Total Willis Group Holdings stockholders’ equity
1,985

 
(989
)
 
3,679

 
(2,690
)
 
1,985

Noncontrolling interests

 

 
22

 

 
22

Total equity
1,985

 
(989
)
 
3,701

 
(2,690
)
 
2,007

TOTAL LIABILITIES AND EQUITY
$
3,687

 
$
5,261

 
$
16,303

 
$
(9,816
)
 
$
15,435

Condensed Consolidating Balance Sheet
 
As at December 31, 2013
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
ASSETS
 

 
 

 
 

 
 

 
 

CURRENT ASSETS
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
3

 
$
3

 
$
790

 
$

 
$
796

Accounts receivable, net

 
4

 
1,037

 

 
1,041

Fiduciary assets

 

 
8,412

 

 
8,412

Deferred tax assets

 

 
16

 
(1
)
 
15

Other current assets
1

 
31

 
186

 
(21
)
 
197

Amounts due from group undertakings
4,051

 
975

 
1,484

 
(6,510
)
 

Total current assets
4,055

 
1,013

 
11,925

 
(6,532
)
 
10,461

NON-CURRENT ASSETS
 

 
 

 
 

 
 

 
 

Investments in subsidiaries

 
3,788

 

 
(3,788
)
 

Fixed assets, net

 
66

 
415

 

 
481

Goodwill

 

 
2,838

 

 
2,838

Other intangible assets, net

 

 
353

 

 
353

Investments in associates

 
156

 
20

 

 
176

Deferred tax assets

 

 
7

 

 
7

Pension benefits asset

 

 
278

 

 
278

Other non-current assets
4

 
14

 
188

 

 
206

Non-current amounts due from group undertakings

 
690

 

 
(690
)
 

Total non-current assets
4

 
4,714

 
4,099

 
(4,478
)
 
4,339

TOTAL ASSETS
$
4,059

 
$
5,727

 
$
16,024

 
$
(11,010
)
 
$
14,800

LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 

 
 

 
 
CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

Fiduciary liabilities
$

 
$

 
$
8,412

 
$

 
$
8,412

Deferred revenue and accrued expenses
2

 
29

 
555

 

 
586

Income taxes payable

 
3

 
39

 
(21
)
 
21

Short-term debt and current portion of long-term debt

 
15

 

 

 
15

Deferred tax liabilities

 

 
25

 

 
25

Other current liabilities
62

 
53

 
300

 

 
415

Amounts due to group undertakings

 
5,177

 
1,333

 
(6,510
)
 

Total current liabilities
64

 
5,277

 
10,664

 
(6,531
)
 
9,474

NON-CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

Investments in subsidiaries
985

 

 

 
(985
)
 

Long-term debt
795

 
1,515

 
1

 

 
2,311

Liabilities for pension benefits

 

 
136

 

 
136

Deferred tax liabilities

 
1

 
55

 

 
56

Provisions for liabilities

 

 
206

 

 
206

Other non-current liabilities

 
48

 
326

 

 
374

Non-current amounts due to group undertakings

 

 
690

 
(690
)
 

Total non-current liabilities
1,780

 
1,564

 
1,414

 
(1,675
)
 
3,083

TOTAL LIABILITIES
$
1,844

 
$
6,841

 
$
12,078

 
$
(8,206
)
 
$
12,557





Condensed Consolidating Balance Sheet
 
As at December 31, 2013
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
EQUITY
 

 
 

 
 

 
 

 
 

Total Willis Group Holdings stockholders’ equity
2,215

 
(1,114
)
 
3,918

 
(2,804
)
 
2,215

Noncontrolling interests

 

 
28

 

 
28

Total equity
2,215

 
(1,114
)
 
3,946

 
(2,804
)
 
2,243

TOTAL LIABILITIES AND EQUITY
$
4,059

 
$
5,727

 
$
16,024

 
$
(11,010
)
 
$
14,800

Condensed Consolidating Balance Sheet
 
As at December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
ASSETS
 

 
 

 
 

 
 

 
 

 
 

CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
9

 
$
2

 
$

 
$
624

 
$

 
$
635

Accounts receivable, net

 
4

 

 
1,040

 

 
1,044

Fiduciary assets

 

 

 
8,948

 

 
8,948

Deferred tax assets

 

 

 
12

 

 
12

Other current assets
1

 
41

 
1

 
205

 
(34
)
 
214

Amounts due from group undertakings
3,674

 
1,154

 
797

 
1,114

 
(6,739
)
 

Total current assets
3,684

 
1,201

 
798

 
11,943

 
(6,773
)
 
10,853

NON-CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

Investments in subsidiaries

 
3,478

 
2,578

 

 
(6,056
)
 

Fixed assets, net

 
62

 

 
421

 

 
483

Goodwill

 

 

 
2,937

 

 
2,937

Other intangible assets, net

 

 

 
450

 

 
450

Investments in associates

 
147

 

 
22

 

 
169

Deferred tax assets

 

 

 
9

 

 
9

Pension benefits asset

 

 

 
314

 

 
314

Other non-current assets
3

 
2

 
8

 
207

 

 
220

Non-current amounts due from group undertakings

 
740

 
518

 

 
(1,258
)
 

Total non-current assets
3

 
4,429

 
3,104

 
4,360

 
(7,314
)
 
4,582

TOTAL ASSETS
$
3,687

 
$
5,630

 
$
3,902

 
$
16,303

 
$
(14,087
)
 
$
15,435

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

Fiduciary liabilities
$

 
$

 
$

 
$
8,948

 
$

 
$
8,948

Deferred revenue and accrued expenses
1

 
34

 

 
584

 

 
619

Income taxes payable

 
7

 
5

 
55

 
(34
)
 
33

Short-term debt and current portion of long-term debt

 
149

 
17

 
1

 

 
167

Deferred tax liabilities

 

 

 
21

 

 
21

Other current liabilities
67

 
46

 
11

 
320

 

 
444

Amounts due to group undertakings

 
5,267

 
576

 
896

 
(6,739
)
 

Total current liabilities
68

 
5,503

 
609

 
10,825

 
(6,773
)
 
10,232

NON-CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

Investments in subsidiaries
838

 

 

 

 
(838
)
 

Long-term debt
796

 
581

 
765

 

 

 
2,142

Liabilities for pension benefits

 

 

 
284

 

 
284

Deferred tax liabilities

 

 

 
128

 

 
128

Provisions for liabilities

 

 

 
194

 

 
194

Other non-current liabilities

 
17

 

 
372

 

 
389

Non-current amounts due to group undertakings

 
518

 

 
740

 
(1,258
)
 

Total non-current liabilities
1,634

 
1,116

 
765

 
1,718

 
(2,096
)
 
3,137

TOTAL LIABILITIES
$
1,702

 
$
6,619

 
$
1,374

 
$
12,543

 
$
(8,869
)
 
$
13,369

Condensed Consolidating Balance Sheet
 
As at December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
REDEEMABLE NONCONTROLLING INTEREST

 

 

 
59

 

 
59

 
 
 
 
 
 
 
 
 
 
 
 
EQUITY
 

 
 

 
 

 
 

 
 

 
 

Total Willis Group Holdings stockholders’ equity
1,985

 
(989
)
 
2,528

 
3,679

 
(5,218
)
 
1,985

Noncontrolling interests

 

 

 
22

 

 
22

Total equity
1,985

 
(989
)
 
2,528

 
3,701

 
(5,218
)
 
2,007

TOTAL LIABILITIES AND EQUITY
$
3,687

 
$
5,630

 
$
3,902

 
$
16,303

 
$
(14,087
)
 
$
15,435


Condensed Consolidating Balance Sheet
 
As at December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
ASSETS
CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
3

 
$
3

 
$

 
$
790

 
$

 
$
796

Accounts receivable, net

 
4

 

 
1,037

 

 
1,041

Fiduciary assets

 

 

 
8,412

 

 
8,412

Deferred tax assets

 

 

 
16

 
(1
)
 
15

Other current assets
1

 
36

 
1

 
186

 
(27
)
 
197

Amounts due from group undertakings
4,051

 
975

 
793

 
1,484

 
(7,303
)
 

Total current assets
4,055

 
1,018

 
794

 
11,925

 
(7,331
)
 
10,461

NON-CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

Investments in subsidiaries

 
3,716

 
2,705

 

 
(6,421
)
 

Fixed assets, net

 
66

 

 
415

 

 
481

Goodwill

 

 

 
2,838

 

 
2,838

Other intangible assets, net

 

 

 
353

 

 
353

Investments in associates

 
156

 

 
20

 

 
176

Deferred tax assets

 

 

 
7

 

 
7

Pension benefits asset

 

 

 
278

 

 
278

Other non-current assets
4

 
5

 
9

 
188

 

 
206

Non-current amounts due from group undertakings

 
1,113

 
518

 

 
(1,631
)
 

Total non-current assets
4

 
5,056

 
3,232

 
4,099

 
(8,052
)
 
4,339

TOTAL ASSETS
$
4,059

 
$
6,074

 
$
4,026

 
$
16,024

 
$
(15,383
)
 
$
14,800

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

Fiduciary liabilities
$

 
$

 
$

 
$
8,412

 
$

 
$
8,412

Deferred revenue and accrued expenses
2

 
29

 

 
555

 

 
586

Income taxes payable

 
4

 
5

 
39

 
(27
)
 
21

Short-term debt and current portion of long-term debt

 

 
15

 

 

 
15

Deferred tax liabilities

 

 

 
25

 

 
25

Other current liabilities
62

 
42

 
11

 
300

 

 
415

Amounts due to group undertakings

 
5,813

 
157

 
1,333

 
(7,303
)
 

Total current liabilities
64

 
5,888

 
188

 
10,664

 
(7,330
)
 
9,474

NON-CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

Investments in subsidiaries
985

 

 

 

 
(985
)
 

Long-term debt
795

 
733

 
782

 
1

 

 
2,311

Liabilities for pension benefits

 

 

 
136

 

 
136

Deferred tax liabilities

 
1

 

 
55

 

 
56

Provisions for liabilities

 

 

 
206

 

 
206

Other non-current liabilities

 
48

 

 
326

 

 
374

Non-current amounts due to group undertakings

 
518

 
423

 
690

 
(1,631
)
 

Total non-current liabilities
1,780

 
1,300

 
1,205

 
1,414

 
(2,616
)
 
3,083

TOTAL LIABILITIES
$
1,844

 
$
7,188

 
$
1,393

 
$
12,078

 
$
(9,946
)
 
$
12,557

Condensed Consolidating Balance Sheet
 
As at December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
EQUITY
 

 
 

 
 

 
 

 
 

 
 

Total Willis Group Holdings stockholders’ equity
2,215

 
(1,114
)
 
2,633

 
3,918

 
(5,437
)
 
2,215

Noncontrolling interests

 

 

 
28

 

 
28

Total equity
2,215

 
(1,114
)
 
2,633

 
3,946

 
(5,437
)
 
2,243

TOTAL LIABILITIES AND EQUITY
$
4,059

 
$
6,074

 
$
4,026

 
$
16,024

 
$
(15,383
)
 
$
14,800

Condensed Cash Flow Statement [Table Text Block]
Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
$
(35
)
 
$
387

 
$
265

 
$
212

 
$
(352
)
 
$
477

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 

 
1

 
6

 
(1
)
 
6

Additions to fixed assets

 
(9
)
 
(10
)
 
(95
)
 
1

 
(113
)
Additions to intangibles assets

 

 

 
(4
)
 

 
(4
)
Acquisitions of subsidiaries, net of cash acquired

 

 

 
(241
)
 

 
(241
)
Payments to acquire other investments

 

 

 
(10
)
 

 
(10
)
Proceeds from sale of operations, net of cash disposed

 

 

 
86

 

 
86

Proceeds from intercompany investing activities
361

 

 
120

 
435

 
(916
)
 

Repayments of intercompany investing activities

 
(53
)
 
(131
)
 
(46
)
 
230

 

Additional investment in subsidiaries
(31
)
 

 

 

 
31

 

Net cash provided by (used in) investing activities
330

 
(62
)
 
(20
)
 
131

 
(655
)
 
(276
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Debt issuance costs

 

 

 
(3
)
 

 
(3
)
Repayments of debt

 
(15
)
 

 

 

 
(15
)
Repurchase of shares
(213
)
 

 

 

 

 
(213
)
Proceeds from issue of shares
134

 

 

 
31

 
(31
)
 
134

Excess tax benefits from share-based payment arrangements

 

 

 
5

 

 
5

Dividends paid
(210
)
 

 

 
(352
)
 
352

 
(210
)
Acquisition of noncontrolling interests

 
(4
)
 

 

 

 
(4
)
Dividends paid to noncontrolling interests

 

 

 
(17
)
 

 
(17
)
Proceeds from intercompany financing activities

 
46

 
4

 
180

 
(230
)
 

Repayments of intercompany financing activities

 
(353
)
 
(249
)
 
(314
)
 
916

 

Net cash used in financing activities
(289
)
 
(326
)
 
(245
)
 
(470
)
 
1,007

 
(323
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
6

 
(1
)
 

 
(127
)
 

 
(122
)
Effect of exchange rate changes on cash and cash equivalents

 

 

 
(39
)
 

 
(39
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
3

 
3

 

 
790

 

 
796

CASH AND CASH EQUIVALENTS, END OF YEAR
$
9

 
$
2

 
$

 
$
624

 
$

 
$
635



Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
NET CASH PROVIDED BY OPERATING ACTIVITIES
$
4

 
$
125

 
$
7

 
$
662

 
$
(237
)
 
$
561

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 

 
3

 
9

 

 
12

Additions to fixed assets

 
(7
)
 
(11
)
 
(94
)
 

 
(112
)
Additions to intangible assets

 

 

 
(7
)
 

 
(7
)
Acquisitions of subsidiaries, net of cash acquired

 
(237
)
 
(230
)
 
(30
)
 
467

 
(30
)
Payments to acquire other investments

 

 

 
(7
)
 

 
(7
)
Proceeds from sale of associates

 

 

 
4

 

 
4

Proceeds from sale of operations, net of cash disposed

 

 
230

 
257

 
(467
)
 
20

Proceeds from intercompany investing activities
383

 
211

 
36

 
60

 
(690
)
 

Repayments of intercompany investing activities
(347
)
 
(442
)
 
(120
)
 
(780
)
 
1,689

 

Net cash provided by (used in) investing activities
36

 
(475
)
 
(92
)
 
(588
)
 
999

 
(120
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Senior notes issued

 
522

 

 

 

 
522

Debt issuance costs

 
(8
)
 

 

 

 
(8
)
Repayments of debt

 
(15
)
 
(521
)
 

 

 
(536
)
Tender premium on extinguishment of senior notes

 

 
(65
)
 

 

 
(65
)
Proceeds from issue of shares
155

 

 

 

 

 
155

Excess tax benefits from share-based payment arrangements

 

 

 
2

 

 
2

Dividends paid
(193
)
 

 
(230
)
 
(7
)
 
237

 
(193
)
Acquisition of noncontrolling interests

 

 

 
(4
)
 

 
(4
)
Dividends paid to noncontrolling interests

 

 

 
(10
)
 

 
(10
)
Proceeds from intercompany financing activities

 
321

 
901

 
467

 
(1,689
)
 

Repayments of intercompany financing activities

 
(467
)
 

 
(223
)
 
690

 

Net cash (used in) provided by financing activities
(38
)
 
353

 
85

 
225

 
(762
)
 
(137
)
INCREASE IN CASH AND CASH EQUIVALENTS
2

 
3

 

 
299

 

 
304

Effect of exchange rate changes on cash and cash equivalents

 

 

 
(8
)
 

 
(8
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
1

 

 

 
499

 

 
500

CASH AND CASH EQUIVALENTS, END OF YEAR
$
3

 
$
3

 
$

 
$
790

 
$

 
$
796



Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2012
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
$
(23
)
 
$
1,504

 
$
(44
)
 
$
(97
)
 
$
(815
)
 
$
525

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 

 

 
5

 

 
5

Additions to fixed assets

 
(7
)
 
(19
)
 
(109
)
 

 
(135
)
Additions to intangible assets

 

 

 
(2
)
 

 
(2
)
Acquisitions of subsidiaries, net of cash acquired

 

 

 
(33
)
 

 
(33
)
Payments to acquire other investments

 

 

 
(7
)
 

 
(7
)
Proceeds from intercompany investing activities
256

 
216

 
44

 
1,230

 
(1,746
)
 

Repayments of intercompany investing activities

 
(318
)
 
(10
)
 
(81
)
 
409

 

Net cash provided by (used in) investing activities
256

 
(109
)
 
15

 
1,003

 
(1,337
)
 
(172
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Repayments of debt

 
(15
)
 

 

 

 
(15
)
Proceeds from issue of other debt

 
1

 

 

 

 
1

Repurchase of shares
(100
)
 

 

 

 

 
(100
)
Proceeds from issue of shares
53

 

 

 

 

 
53

Excess tax benefits from share-based payment arrangements

 

 

 
2

 

 
2

Dividends paid
(185
)
 

 

 
(815
)
 
815

 
(185
)
Proceeds from sale of noncontrolling interest

 

 

 
3

 

 
3

Acquisition of noncontrolling interests

 

 

 
(39
)
 

 
(39
)
Dividends paid to noncontrolling interests

 

 

 
(11
)
 

 
(11
)
Cash received on intercompany financing activities

 
81

 

 
328

 
(409
)
 

Cash paid on intercompany financing activities

 
(1,462
)
 
(134
)
 
(150
)
 
1,746

 

Net cash used in financing activities
(232
)
 
(1,395
)
 
(134
)
 
(682
)
 
2,152

 
(291
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
1

 

 
(163
)
 
224

 

 
62

Effect of exchange rate changes on cash and cash equivalents

 

 

 
2

 

 
2

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

 

 
163

 
273

 

 
436

CASH AND CASH EQUIVALENTS, END OF YEAR
$
1

 
$

 
$

 
$
499

 
$

 
$
500

Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2014
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
$
(35
)
 
$
652

 
$
212

 
$
(352
)
 
$
477

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 
1

 
6

 
(1
)
 
6

Additions to fixed assets

 
(19
)
 
(95
)
 
1

 
(113
)
Additions to intangibles assets

 

 
(4
)
 

 
(4
)
Acquisitions of subsidiaries, net of cash acquired

 

 
(241
)
 

 
(241
)
Payments to acquire other investments

 

 
(10
)
 

 
(10
)
Proceeds from disposal of operations, net of cash disposed

 

 
86

 

 
86

Proceeds from intercompany investing activities
361

 
120

 
435

 
(916
)
 

Repayments of intercompany investing activities

 
(180
)
 
(46
)
 
226

 

Additional investment in subsidiaries
(31
)
 

 

 
31

 

Net cash provided by (used in) investing activities
330

 
(78
)
 
131

 
(659
)
 
(276
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Debt issuance costs

 

 
(3
)
 

 
(3
)
Repayments of debt

 
(15
)
 

 

 
(15
)
Repurchase of shares
(213
)
 

 

 

 
(213
)
Proceeds from the issue of shares
134

 

 
31

 
(31
)
 
134

Excess tax benefits from share-based payment arrangements

 

 
5

 

 
5

Dividends paid
(210
)
 

 
(352
)
 
352

 
(210
)
Acquisition of noncontrolling interests

 
(4
)
 

 

 
(4
)
Dividends paid to noncontrolling interests

 

 
(17
)
 

 
(17
)
Proceeds from intercompany financing activities

 
46

 
180

 
(226
)
 

Repayments of intercompany financing activities

 
(602
)
 
(314
)
 
916

 

Net cash used in financing activities
(289
)
 
(575
)
 
(470
)
 
1,011

 
(323
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
6

 
(1
)
 
(127
)
 

 
(122
)
Effect of exchange rate changes on cash and cash equivalents

 

 
(39
)
 

 
(39
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
3

 
3

 
790

 

 
796

CASH AND CASH EQUIVALENTS, END OF YEAR
$
9

 
$
2

 
$
624

 
$

 
$
635



Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2013
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
$
4

 
$
(98
)
 
$
662

 
$
(7
)
 
$
561

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 
3

 
9

 

 
12

Additions to fixed assets

 
(18
)
 
(94
)
 

 
(112
)
Additions to intangible assets

 

 
(7
)
 

 
(7
)
Acquisitions of subsidiaries, net of cash acquired

 
(237
)
 
(30
)
 
237

 
(30
)
Payments to acquire other investments

 

 
(7
)
 

 
(7
)
Proceeds from sale of associates

 

 
4

 

 
4

Proceeds from sale of operations, net of cash disposed

 

 
257

 
(237
)
 
20

Proceeds from intercompany investing activities
383

 
223

 
60

 
(666
)
 

Repayments of intercompany investing activities
(347
)
 
(120
)
 
(780
)
 
1,247

 

Net cash provided by (used in) investing activities
36

 
(149
)
 
(588
)
 
581

 
(120
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Senior notes issued

 
522

 

 

 
522

Debt issuance costs

 
(8
)
 

 

 
(8
)
Repayments of debt

 
(536
)
 

 

 
(536
)
Tender premium on extinguishment of senior notes

 
(65
)
 

 

 
(65
)
Proceeds from the issue of shares
155

 

 

 

 
155

Excess tax benefits from share-based payment arrangements

 

 
2

 

 
2

Dividends paid
(193
)
 

 
(7
)
 
7

 
(193
)
Acquisition of noncontrolling interests

 

 
(4
)
 

 
(4
)
Dividends paid to noncontrolling interests

 

 
(10
)
 

 
(10
)
Proceeds from intercompany financing activities

 
780

 
467

 
(1,247
)
 

Repayments of intercompany financing activities

 
(443
)
 
(223
)
 
666

 

Net cash (used in) provided by financing activities
(38
)
 
250

 
225

 
(574
)
 
(137
)
INCREASE IN CASH AND CASH EQUIVALENTS
2

 
3

 
299

 

 
304

Effect of exchange rate changes on cash and cash equivalents

 

 
(8
)
 

 
(8
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
1

 

 
499

 

 
500

CASH AND CASH EQUIVALENTS, END OF YEAR
$
3

 
$
3

 
$
790

 
$

 
$
796



Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2012
 
Willis
Group
Holdings —
the Parent
Issuer
 
The
Guarantors
 
Other
 
Consolidating
adjustments
 
Consolidated
 
(millions)
NET CASH (USED IN) PROVIDED BY OPERATING
ACTIVITIES
$
(23
)
 
$
1,460

 
$
(97
)
 
$
(815
)
 
$
525

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 

 
5

 

 
5

Additions to fixed assets

 
(26
)
 
(109
)
 

 
(135
)
Additions to intangible assets

 

 
(2
)
 

 
(2
)
Acquisitions of subsidiaries, net of cash acquired

 

 
(33
)
 

 
(33
)
Payments to acquire other investments

 

 
(7
)
 

 
(7
)
Proceeds from intercompany investing activities
256

 
150

 
1,230

 
(1,636
)
 

Repayments of intercompany investing activities

 
(328
)
 
(81
)
 
409

 

Net cash provided by (used in) investing activities
256

 
(204
)
 
1,003

 
(1,227
)
 
(172
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

Repayments of debt

 
(15
)
 

 

 
(15
)
Proceeds from the issue of other debt

 
1

 

 

 
1

Repurchase of shares
(100
)
 

 

 

 
(100
)
Proceeds from issue of shares
53

 

 

 

 
53

Excess tax benefits from share-based payment arrangements

 

 
2

 

 
2

Dividends paid
(185
)
 

 
(815
)
 
815

 
(185
)
Proceeds from sale of noncontrolling interest

 

 
3

 

 
3

Acquisition of noncontrolling interests

 

 
(39
)
 

 
(39
)
Dividends paid to noncontrolling interests

 

 
(11
)
 

 
(11
)
Proceeds from intercompany financing activities

 
81

 
328

 
(409
)
 

Repayments of intercompany financing activities

 
(1,486
)
 
(150
)
 
1,636

 

Net cash used in financing activities
(232
)
 
(1,419
)
 
(682
)
 
2,042

 
(291
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
1

 
(163
)
 
224

 

 
62

Effect of exchange rate changes on cash and cash equivalents

 

 
2

 

 
2

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

 
163

 
273

 

 
436

CASH AND CASH EQUIVALENTS, END OF YEAR
$
1

 
$

 
$
499

 
$

 
$
500

Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2014
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
$
(35
)
 
$
781

 
$
181

 
$
212

 
$
(662
)
 
$
477

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 
1

 

 
6

 
(1
)
 
6

Additions to fixed assets

 
(19
)
 

 
(95
)
 
1

 
(113
)
Additions to intangible assets

 

 

 
(4
)
 

 
(4
)
Acquisitions of subsidiaries, net of cash acquired

 

 

 
(241
)
 

 
(241
)
Payments to acquire other investments

 

 

 
(10
)
 

 
(10
)
Proceeds from sale of operations, net of cash disposed

 

 

 
86

 

 
86

Proceeds from intercompany investing activities
361

 
120

 

 
435

 
(916
)
 

Repayments of intercompany investing activities

 
(180
)
 
(4
)
 
(46
)
 
230

 

Additional investment in subsidiaries
(31
)
 

 

 

 
31

 

Net cash provided by (used in) investing activities
330

 
(78
)
 
(4
)
 
131

 
(655
)
 
(276
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Debt issuance costs

 

 

 
(3
)
 

 
(3
)
Repayments of debt

 

 
(15
)
 

 

 
(15
)
Repurchase of shares
(213
)
 

 

 

 

 
(213
)
Proceeds from issue of shares
134

 

 

 
31

 
(31
)
 
134

Excess tax benefits from share-based payment arrangement

 

 

 
5

 

 
5

Dividends paid
(210
)
 
(155
)
 
(155
)
 
(352
)
 
662

 
(210
)
Acquisition of noncontrolling interests

 
(4
)
 

 

 

 
(4
)
Dividends paid to noncontrolling interests

 

 

 
(17
)
 

 
(17
)
Proceeds from intercompany financing activities

 
50

 

 
180

 
(230
)
 

Repayments of intercompany financing activities

 
(595
)
 
(7
)
 
(314
)
 
916

 

Net cash used in financing activities
(289
)
 
(704
)
 
(177
)
 
(470
)
 
1,317

 
(323
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
6

 
(1
)
 

 
(127
)
 

 
(122
)
Effect of exchange rate changes on cash and cash equivalents

 

 

 
(39
)
 

 
(39
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
3

 
3

 

 
790

 

 
796

CASH AND CASH EQUIVALENTS, END OF YEAR
$
9

 
$
2

 
$

 
$
624

 
$

 
$
635


Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2013
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
NET CASH PROVIDED BY OPERATING ACTIVITIES
$
4

 
$
399

 
$
63

 
$
662

 
$
(567
)
 
$
561

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 
3

 

 
9

 

 
12

Additions to fixed assets

 
(18
)
 

 
(94
)
 

 
(112
)
Additions to intangible assets

 

 

 
(7
)
 

 
(7
)
Acquisitions of subsidiaries, net of cash acquired

 
(237
)
 

 
(30
)
 
237

 
(30
)
Payments to acquire other investments

 

 

 
(7
)
 

 
(7
)
Proceeds from sale of associates

 

 

 
4

 

 
4

Proceeds from sale of operations, net of cash disposed

 

 

 
257

 
(237
)
 
20

Proceeds from intercompany investing activities
383

 
160

 
132

 
60

 
(735
)
 

Repayments of intercompany investing activities
(347
)
 
(120
)
 
(442
)
 
(780
)
 
1,689

 

Net cash provided by (used in) investing activities
36

 
(212
)
 
(310
)
 
(588
)
 
954

 
(120
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Senior notes issued

 

 
522

 

 

 
522

Debt issuance costs

 

 
(8
)
 

 

 
(8
)
Repayments of debt

 
(521
)
 
(15
)
 

 

 
(536
)
Tender premium on extinguishment of senior notes

 
(65
)
 

 

 

 
(65
)
Proceeds from issue of shares
155

 

 

 

 

 
155

Excess tax benefits from share-based payment arrangement

 

 

 
2

 

 
2

Dividends paid
(193
)
 
(230
)
 
(330
)
 
(7
)
 
567

 
(193
)
Acquisition of noncontrolling interests

 

 

 
(4
)
 

 
(4
)
Dividends paid to noncontrolling interests

 

 

 
(10
)
 

 
(10
)
Proceeds from intercompany financing activities

 
1,075

 
147

 
467

 
(1,689
)
 

Repayments of intercompany financing activities

 
(443
)
 
(69
)
 
(223
)
 
735

 

Net cash (used in) provided by financing activities
(38
)
 
(184
)
 
247

 
225

 
(387
)
 
(137
)
INCREASE IN CASH AND CASH EQUIVALENTS
2

 
3

 

 
299

 

 
304

Effect of exchange rate changes on cash and cash equivalents

 

 

 
(8
)
 

 
(8
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
1

 

 

 
499

 

 
500

CASH AND CASH EQUIVALENTS, END OF YEAR
$
3

 
$
3

 
$

 
$
790

 
$

 
$
796


Condensed Consolidating Statement of Cash Flows
 
Year Ended December 31, 2012
 
Willis
Group
Holdings
 
The Other
Guarantors
 
The
Issuer
 
Other
 
Consolidating
adjustments
 
Consolidated
 
 
 
 
 
(millions)
 
 
 
 
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
$
(23
)
 
$
2,393

 
$
1,356

 
$
(97
)
 
$
(3,104
)
 
$
525

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Proceeds on disposal of fixed and intangible assets

 

 

 
5

 

 
5

Additions to fixed assets

 
(26
)
 

 
(109
)
 

 
(135
)
Additions to intangible assets

 

 

 
(2
)
 

 
(2
)
Acquisitions of subsidiaries, net of cash acquired

 

 

 
(33
)
 

 
(33
)
Payments to acquire other investments

 

 

 
(7
)
 

 
(7
)
Proceeds from intercompany investing activities
256

 
176

 
78

 
1,230

 
(1,740
)
 

Repayments of intercompany investing activities

 
(197
)
 
(131
)
 
(81
)
 
409

 

Net cash provided by (used in) investing activities
256

 
(47
)
 
(53
)
 
1,003

 
(1,331
)
 
(172
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Repayments of debt

 
(4
)
 
(11
)
 

 

 
(15
)
Proceeds from issue of other debt

 

 
1

 

 

 
1

Repurchase of shares
(100
)
 

 

 

 

 
(100
)
Proceeds from issue of shares
53

 

 

 

 

 
53

Excess tax benefits from share-based payment arrangements

 

 

 
2

 

 
2

Dividends paid
(185
)
 
(1,220
)
 
(1,069
)
 
(815
)
 
3,104

 
(185
)
Proceeds from sale of noncontrolling interests

 

 

 
3

 

 
3

Acquisition of noncontrolling interests

 

 

 
(39
)
 

 
(39
)
Dividends paid to noncontrolling interests

 

 

 
(11
)
 

 
(11
)
Proceeds from intercompany financing activities

 
81

 

 
328

 
(409
)
 

Repayments of intercompany financing activities

 
(1,366
)
 
(224
)
 
(150
)
 
1,740

 

Net cash used in financing activities
(232
)
 
(2,509
)
 
(1,303
)
 
(682
)
 
4,435

 
(291
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
1

 
(163
)
 

 
224

 

 
62

Effect of exchange rate changes on cash and cash equivalents

 

 

 
2

 

 
2

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

 
163

 

 
273

 

 
436

CASH AND CASH EQUIVALENTS, END OF YEAR
$
1

 
$

 
$

 
$
499

 
$

 
$
500