XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Information for Issuers and Other Guarantor Subsidiaries (Tables)
9 Months Ended
Sep. 30, 2018
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Unaudited Condensed Consolidated Statement of Comprehensive Income

Unaudited Condensed Consolidating Statement of Comprehensive Income

 

 

 

Three months ended September 30, 2018

 

 

 

Willis Towers Watson plc

 

 

Willis North America

 

 

Trinity Acquisition plc

 

 

Other guarantors

 

 

Non-guarantors

 

 

Eliminations

 

 

Consolidated

 

Revenue

 

$

 

 

$

7

 

 

$

 

 

$

1

 

 

$

1,851

 

 

$

 

 

$

1,859

 

Costs of providing services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

1

 

 

 

15

 

 

 

 

 

 

1

 

 

 

1,221

 

 

 

 

 

 

1,238

 

Other operating expenses

 

 

1

 

 

 

7

 

 

 

 

 

 

34

 

 

 

332

 

 

 

 

 

 

374

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

52

 

 

 

 

 

 

53

 

Amortization

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

128

 

 

 

(2

)

 

 

127

 

Restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction and integration expenses

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

51

 

 

 

 

 

 

50

 

Total costs of providing services

 

 

2

 

 

 

21

 

 

 

 

 

 

37

 

 

 

1,784

 

 

 

(2

)

 

 

1,842

 

(Loss)/income from operations

 

 

(2

)

 

 

(14

)

 

 

 

 

 

(36

)

 

 

67

 

 

 

2

 

 

 

17

 

Intercompany income/(expense)

 

 

 

 

 

4

 

 

 

33

 

 

 

58

 

 

 

(95

)

 

 

 

 

 

 

Interest expense

 

 

(7

)

 

 

(13

)

 

 

(28

)

 

 

 

 

 

(3

)

 

 

 

 

 

(51

)

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

70

 

(LOSS)/INCOME FROM OPERATIONS

   BEFORE INCOME TAXES

 

 

(9

)

 

 

(23

)

 

 

5

 

 

 

22

 

 

 

39

 

 

 

2

 

 

 

36

 

Benefit from/(provision for) income taxes

 

 

 

 

 

16

 

 

 

(1

)

 

 

(5

)

 

 

 

 

 

 

 

 

10

 

Equity account for subsidiaries

 

 

53

 

 

 

(8

)

 

 

(22

)

 

 

33

 

 

 

 

 

 

(56

)

 

 

 

NET INCOME/(LOSS)

 

 

44

 

 

 

(15

)

 

 

(18

)

 

 

50

 

 

 

39

 

 

 

(54

)

 

 

46

 

Income attributable to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

NET INCOME/(LOSS) ATTRIBUTABLE

   TO WILLIS TOWERS WATSON

 

$

44

 

 

$

(15

)

 

$

(18

)

 

$

50

 

 

$

37

 

 

$

(54

)

 

$

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income/(loss) before non-

   controlling interests

 

$

22

 

 

$

(18

)

 

$

(41

)

 

$

29

 

 

$

22

 

 

$

10

 

 

$

24

 

Comprehensive income attributable to non-

   controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Comprehensive income/(loss) attributable to

  Willis Towers Watson

 

$

22

 

 

$

(18

)

 

$

(41

)

 

$

29

 

 

$

20

 

 

$

10

 

 

$

22

 

 

Unaudited Condensed Consolidating Statement of Comprehensive Income

 

 

 

Three months ended September 30, 2017

 

 

 

Willis Towers Watson plc

 

 

Willis North America

 

 

Trinity Acquisition plc

 

 

Other guarantors

 

 

Non-guarantors

 

 

Eliminations

 

 

Consolidated

 

Revenue

 

$

 

 

$

3

 

 

$

 

 

$

 

 

$

1,849

 

 

$

 

 

$

1,852

 

Costs of providing services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

2

 

 

 

20

 

 

 

 

 

 

 

 

 

1,190

 

 

 

 

 

 

1,212

 

Other operating expenses

 

 

 

 

 

6

 

 

 

1

 

 

 

29

 

 

 

330

 

 

 

 

 

 

366

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

52

 

 

 

 

 

 

54

 

Amortization

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

143

 

 

 

(3

)

 

 

141

 

Restructuring costs

 

 

 

 

 

1

 

 

 

 

 

 

1

 

 

 

29

 

 

 

 

 

 

31

 

Transaction and integration expenses

 

 

 

 

 

4

 

 

 

 

 

 

2

 

 

 

68

 

 

 

 

 

 

74

 

Total costs of providing services

 

 

2

 

 

 

31

 

 

 

1

 

 

 

35

 

 

 

1,812

 

 

 

(3

)

 

 

1,878

 

(Loss)/income from operations

 

 

(2

)

 

 

(28

)

 

 

(1

)

 

 

(35

)

 

 

37

 

 

 

3

 

 

 

(26

)

Intercompany (expense)/income

 

 

 

 

 

(2

)

 

 

30

 

 

 

93

 

 

 

(121

)

 

 

 

 

 

 

Interest expense

 

 

(8

)

 

 

(9

)

 

 

(25

)

 

 

 

 

 

(5

)

 

 

 

 

 

(47

)

Other income, net

 

 

 

 

 

 

 

 

 

 

 

48

 

 

 

187

 

 

 

(197

)

 

 

38

 

(LOSS)/INCOME FROM OPERATIONS

   BEFORE INCOME TAXES

 

 

(10

)

 

 

(39

)

 

 

4

 

 

 

106

 

 

 

98

 

 

 

(194

)

 

 

(35

)

Benefit from/(provision for) income taxes

 

 

1

 

 

 

4

 

 

 

 

 

 

(10

)

 

 

(14

)

 

 

 

 

 

(19

)

Equity account for subsidiaries

 

 

(45

)

 

 

(248

)

 

 

(108

)

 

 

(131

)

 

 

 

 

 

532

 

 

 

 

NET LOSS

 

 

(54

)

 

 

(283

)

 

 

(104

)

 

 

(35

)

 

 

84

 

 

 

338

 

 

 

(54

)

Income attributable to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE

   TO WILLIS TOWERS WATSON

 

$

(54

)

 

$

(283

)

 

$

(104

)

 

$

(35

)

 

$

84

 

 

$

338

 

 

$

(54

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income/(loss) before non-

   controlling interests

 

$

46

 

 

$

(215

)

 

$

2

 

 

$

62

 

 

$

249

 

 

$

(110

)

 

$

34

 

Comprehensive income attributable to non-

   controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

12

 

Comprehensive income/(loss) attributable to

  Willis Towers Watson

 

$

46

 

 

$

(215

)

 

$

2

 

 

$

62

 

 

$

261

 

 

$

(110

)

 

$

46

 

 

Unaudited Condensed Consolidating Statement of Comprehensive Income

 

 

 

Nine months ended September 30, 2018

 

 

 

Willis Towers Watson plc

 

 

Willis North America

 

 

Trinity Acquisition plc

 

 

Other guarantors

 

 

Non-guarantors

 

 

Eliminations

 

 

Consolidated

 

Revenue

 

$

 

 

$

14

 

 

$

 

 

$

 

 

$

6,127

 

 

$

 

 

$

6,141

 

Costs of providing services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

2

 

 

 

51

 

 

 

 

 

 

 

 

 

3,837

 

 

 

 

 

 

3,890

 

Other operating expenses

 

 

3

 

 

 

32

 

 

 

 

 

 

128

 

 

 

1,040

 

 

 

 

 

 

1,203

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

150

 

 

 

 

 

 

153

 

Amortization

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

408

 

 

 

(2

)

 

 

408

 

Restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction and integration expenses

 

 

 

 

 

4

 

 

 

 

 

 

1

 

 

 

143

 

 

 

 

 

 

148

 

Total costs of providing services

 

 

5

 

 

 

87

 

 

 

 

 

 

134

 

 

 

5,578

 

 

 

(2

)

 

 

5,802

 

(Loss)/income from operations

 

 

(5

)

 

 

(73

)

 

 

 

 

 

(134

)

 

 

549

 

 

 

2

 

 

 

339

 

Intercompany (expense)/income

 

 

 

 

 

(10

)

 

 

93

 

 

 

247

 

 

 

(330

)

 

 

 

 

 

 

Interest expense

 

 

(22

)

 

 

(35

)

 

 

(82

)

 

 

 

 

 

(15

)

 

 

 

 

 

(154

)

Other income, net

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

187

 

 

 

 

 

 

189

 

(LOSS)/INCOME FROM OPERATIONS

   BEFORE INCOME TAXES

 

 

(27

)

 

 

(118

)

 

 

11

 

 

 

115

 

 

 

391

 

 

 

2

 

 

 

374

 

Benefit from/(provision for) income taxes

 

 

 

 

 

29

 

 

 

(2

)

 

 

(21

)

 

 

(48

)

 

 

 

 

 

(42

)

Equity account for subsidiaries

 

 

344

 

 

 

(50

)

 

 

112

 

 

 

240

 

 

 

 

 

 

(646

)

 

 

 

NET INCOME/(LOSS)

 

 

317

 

 

 

(139

)

 

 

121

 

 

 

334

 

 

 

343

 

 

 

(644

)

 

 

332

 

Income attributable to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

NET INCOME/(LOSS) ATTRIBUTABLE

   TO WILLIS TOWERS WATSON

 

$

317

 

 

$

(139

)

 

$

121

 

 

$

334

 

 

$

328

 

 

$

(644

)

 

$

317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income/(loss) before non-

   controlling interests

 

$

203

 

 

$

(193

)

 

$

7

 

 

$

220

 

 

$

223

 

 

$

(242

)

 

$

218

 

Comprehensive income attributable to non-

   controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Comprehensive income/(loss) attributable to

   Willis Towers Watson

 

$

203

 

 

$

(193

)

 

$

7

 

 

$

220

 

 

$

208

 

 

$

(242

)

 

$

203

 

 

Unaudited Condensed Consolidating Statement of Comprehensive Income

 

 

 

Nine months ended September 30, 2017

 

 

 

Willis Towers Watson plc

 

 

Willis North America

 

 

Trinity Acquisition plc

 

 

Other guarantors

 

 

Non-guarantors

 

 

Eliminations

 

 

Consolidated

 

Revenue

 

$

 

 

$

14

 

 

$

 

 

$

 

 

$

6,110

 

 

$

 

 

$

6,124

 

Costs of providing services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

4

 

 

 

40

 

 

 

 

 

 

 

 

 

3,632

 

 

 

 

 

 

3,676

 

Other operating expenses

 

 

2

 

 

 

16

 

 

 

1

 

 

 

73

 

 

 

1,066

 

 

 

 

 

 

1,158

 

Depreciation

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

146

 

 

 

 

 

 

151

 

Amortization

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

441

 

 

 

(3

)

 

 

441

 

Restructuring costs

 

 

 

 

 

1

 

 

 

 

 

 

5

 

 

 

79

 

 

 

 

 

 

85

 

Transaction and integration expenses

 

 

 

 

 

6

 

 

 

 

 

 

32

 

 

 

139

 

 

 

 

 

 

177

 

Total costs of providing services

 

 

6

 

 

 

63

 

 

 

1

 

 

 

118

 

 

 

5,503

 

 

 

(3

)

 

 

5,688

 

(Loss)/income from operations

 

 

(6

)

 

 

(49

)

 

 

(1

)

 

 

(118

)

 

 

607

 

 

 

3

 

 

 

436

 

Intercompany income/(expense)

 

 

 

 

 

16

 

 

 

89

 

 

 

261

 

 

 

(366

)

 

 

 

 

 

 

Interest expense

 

 

(23

)

 

 

(25

)

 

 

(76

)

 

 

 

 

 

(15

)

 

 

 

 

 

(139

)

Other income, net

 

 

 

 

 

 

 

 

 

 

 

48

 

 

 

264

 

 

 

(197

)

 

 

115

 

(LOSS)/INCOME FROM OPERATIONS

   BEFORE INCOME TAXES

 

 

(29

)

 

 

(58

)

 

 

12

 

 

 

191

 

 

 

490

 

 

 

(194

)

 

 

412

 

Benefit from/(provision for) income taxes

 

 

2

 

 

 

7

 

 

 

(1

)

 

 

(18

)

 

 

(63

)

 

 

 

 

 

(73

)

Equity account for subsidiaries

 

 

350

 

 

 

(23

)

 

 

117

 

 

 

169

 

 

 

 

 

 

(613

)

 

 

 

NET INCOME/(LOSS)

 

 

323

 

 

 

(74

)

 

 

128

 

 

 

342

 

 

 

427

 

 

 

(807

)

 

 

339

 

Income attributable to non-controlling

   interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16

)

 

 

 

 

 

(16

)

NET INCOME/(LOSS) ATTRIBUTABLE

   TO WILLIS TOWERS WATSON

 

$

323

 

 

$

(74

)

 

$

128

 

 

$

342

 

 

$

411

 

 

$

(807

)

 

$

323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income before non-

   controlling interests

 

$

531

 

 

$

68

 

 

$

336

 

 

$

552

 

 

$

687

 

 

$

(1,628

)

 

$

546

 

Comprehensive income attributable to non-

   controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Comprehensive income attributable to Willis

   Towers Watson

 

$

531

 

 

$

68

 

 

$

336

 

 

$

552

 

 

$

672

 

 

$

(1,628

)

 

$

531

 

 

Unaudited Condensed Consolidated Balance Sheet

Unaudited Condensed Consolidating Balance Sheet

 

 

 

As of September 30, 2018

 

 

 

Willis Towers Watson plc

 

 

Willis North America

 

 

Trinity Acquisition plc

 

 

Other guarantors

 

 

Non-guarantors

 

 

Eliminations

 

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

 

$

 

 

$

 

 

$

 

 

$

931

 

 

$

 

 

$

931

 

Fiduciary assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,146

 

 

 

 

 

 

13,146

 

Accounts receivable, net

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

2,126

 

 

 

 

 

 

2,132

 

Prepaid and other current assets

 

 

 

 

 

326

 

 

 

1

 

 

 

25

 

 

 

363

 

 

 

(168

)

 

 

547

 

Total current assets

 

 

 

 

 

332

 

 

 

1

 

 

 

25

 

 

 

16,566

 

 

 

(168

)

 

 

16,756

 

Intercompany receivables, net

 

 

6,178

 

 

 

 

 

 

1,781

 

 

 

 

 

 

 

 

 

(7,959

)

 

 

 

Fixed assets, net

 

 

 

 

 

 

 

 

 

 

 

26

 

 

 

918

 

 

 

 

 

 

944

 

Goodwill

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,457

 

 

 

 

 

 

10,457

 

Other intangible assets, net

 

 

 

 

 

 

 

 

 

 

 

58

 

 

 

3,429

 

 

 

(58

)

 

 

3,429

 

Pension benefits assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

955

 

Other non-current assets

 

 

6

 

 

 

73

 

 

 

2

 

 

 

25

 

 

 

480

 

 

 

(86

)

 

 

500

 

Total non-current assets

 

 

6,184

 

 

 

73

 

 

 

1,783

 

 

 

109

 

 

 

16,239

 

 

 

(8,103

)

 

 

16,285

 

Investments in subsidiaries

 

 

4,452

 

 

 

6,928

 

 

 

2,144

 

 

 

8,682

 

 

 

 

 

 

(22,206

)

 

 

 

TOTAL ASSETS

 

$

10,636

 

 

$

7,333

 

 

$

3,928

 

 

$

8,816

 

 

$

32,805

 

 

$

(30,477

)

 

$

33,041

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiduciary liabilities

 

$

 

 

$

 

 

$

 

 

$

 

 

$

13,146

 

 

$

 

 

$

13,146

 

Deferred revenue and accrued expenses

 

 

1

 

 

 

 

 

 

 

 

 

5

 

 

 

1,459

 

 

 

 

 

 

1,465

 

Short-term debt and current portion of

   long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

186

 

 

 

 

 

 

186

 

Other current liabilities

 

 

89

 

 

 

21

 

 

 

14

 

 

 

11

 

 

 

739

 

 

 

(116

)

 

 

758

 

Total current liabilities

 

 

90

 

 

 

21

 

 

 

14

 

 

 

16

 

 

 

15,530

 

 

 

(116

)

 

 

15,555

 

Intercompany payables, net

 

 

 

 

 

864

 

 

 

 

 

 

4,041

 

 

 

3,054

 

 

 

(7,959

)

 

 

 

Long-term debt

 

 

497

 

 

 

1,834

 

 

 

2,353

 

 

 

 

 

 

(186

)

 

 

 

 

 

4,498

 

Liability for pension benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,087

 

 

 

 

 

 

1,087

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

781

 

 

 

(103

)

 

 

678

 

Provision for liabilities

 

 

 

 

 

120

 

 

 

 

 

 

 

 

 

465

 

 

 

 

 

 

585

 

Other non-current liabilities

 

 

 

 

 

 

 

 

1

 

 

 

2

 

 

 

445

 

 

 

 

 

 

448

 

Total non-current liabilities

 

 

497

 

 

 

2,818

 

 

 

2,354

 

 

 

4,043

 

 

 

5,646

 

 

 

(8,062

)

 

 

7,296

 

TOTAL LIABILITIES

 

 

587

 

 

 

2,839

 

 

 

2,368

 

 

 

4,059

 

 

 

21,176

 

 

 

(8,178

)

 

 

22,851

 

REDEEMABLE NON-CONTROLLING

   INTEREST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

 

 

 

27

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Willis Towers Watson shareholders’

   equity

 

 

10,049

 

 

 

4,494

 

 

 

1,560

 

 

 

4,757

 

 

 

11,488

 

 

 

(22,299

)

 

 

10,049

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

 

 

 

114

 

Total equity

 

 

10,049

 

 

 

4,494

 

 

 

1,560

 

 

 

4,757

 

 

 

11,602

 

 

 

(22,299

)

 

 

10,163

 

TOTAL LIABILITIES AND EQUITY

 

$

10,636

 

 

$

7,333

 

 

$

3,928

 

 

$

8,816

 

 

$

32,805

 

 

$

(30,477

)

 

$

33,041

 

 

Unaudited Condensed Consolidating Balance Sheet

 

 

 

As of December 31, 2017

 

 

 

Willis Towers Watson plc

 

 

Willis North America

 

 

Trinity Acquisition plc

 

 

Other guarantors

 

 

Non-guarantors

 

 

Eliminations

 

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2

 

 

$

 

 

$

 

 

$

1

 

 

$

1,027

 

 

$

 

 

$

1,030

 

Fiduciary assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,155

 

 

 

 

 

 

12,155

 

Accounts receivable, net

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

2,242

 

 

 

 

 

 

2,246

 

Prepaid and other current assets

 

 

 

 

 

267

 

 

 

1

 

 

 

44

 

 

 

264

 

 

 

(146

)

 

 

430

 

Total current assets

 

 

2

 

 

 

271

 

 

 

1

 

 

 

45

 

 

 

15,688

 

 

 

(146

)

 

 

15,861

 

Intercompany receivables, net

 

 

6,202

 

 

 

 

 

 

2,501

 

 

 

 

 

 

 

 

 

(8,703

)

 

 

 

Fixed assets, net

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

960

 

 

 

 

 

 

985

 

Goodwill

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,519

 

 

 

 

 

 

10,519

 

Other intangible assets, net

 

 

 

 

 

 

 

 

 

 

 

60

 

 

 

3,882

 

 

 

(60

)

 

 

3,882

 

Pension benefits assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

764

 

 

 

 

 

 

764

 

Other non-current assets

 

 

 

 

 

115

 

 

 

3

 

 

 

31

 

 

 

388

 

 

 

(90

)

 

 

447

 

Total non-current assets

 

 

6,202

 

 

 

115

 

 

 

2,504

 

 

 

116

 

 

 

16,513

 

 

 

(8,853

)

 

 

16,597

 

Investments in subsidiaries

 

 

4,506

 

 

 

6,125

 

 

 

1,918

 

 

 

8,425

 

 

 

 

 

 

(20,974

)

 

 

 

TOTAL ASSETS

 

$

10,710

 

 

$

6,511

 

 

$

4,423

 

 

$

8,586

 

 

$

32,201

 

 

$

(29,973

)

 

$

32,458

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiduciary liabilities

 

$

 

 

$

 

 

$

 

 

$

 

 

$

12,155

 

 

$

 

 

$

12,155

 

Deferred revenue and accrued expenses

 

 

 

 

 

19

 

 

 

 

 

 

7

 

 

 

1,685

 

 

 

 

 

 

1,711

 

Short-term debt and current portion of

   long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85

 

 

 

 

 

 

85

 

Other current liabilities

 

 

87

 

 

 

83

 

 

 

33

 

 

 

27

 

 

 

724

 

 

 

(150

)

 

 

804

 

Total current liabilities

 

 

87

 

 

 

102

 

 

 

33

 

 

 

34

 

 

 

14,649

 

 

 

(150

)

 

 

14,755

 

Intercompany payables, net

 

 

 

 

 

787

 

 

 

 

 

 

3,895

 

 

 

4,021

 

 

 

(8,703

)

 

 

 

Long-term debt

 

 

497

 

 

 

986

 

 

 

2,883

 

 

 

 

 

 

84

 

 

 

 

 

 

4,450

 

Liability for pension benefits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,259

 

 

 

 

 

 

1,259

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

704

 

 

 

(89

)

 

 

615

 

Provision for liabilities

 

 

 

 

 

120

 

 

 

 

 

 

 

 

 

438

 

 

 

 

 

 

558

 

Other non-current liabilities

 

 

 

 

 

19

 

 

 

 

 

 

5

 

 

 

520

 

 

 

 

 

 

544

 

Total non-current liabilities

 

 

497

 

 

 

1,912

 

 

 

2,883

 

 

 

3,900

 

 

 

7,026

 

 

 

(8,792

)

 

 

7,426

 

TOTAL LIABILITIES

 

 

584

 

 

 

2,014

 

 

 

2,916

 

 

 

3,934

 

 

 

21,675

 

 

 

(8,942

)

 

 

22,181

 

REDEEMABLE NON-CONTROLLING

   INTEREST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28

 

 

 

 

 

 

28

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Willis Towers Watson shareholders’

   equity

 

 

10,126

 

 

 

4,497

 

 

 

1,507

 

 

 

4,652

 

 

 

10,375

 

 

 

(21,031

)

 

 

10,126

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

123

 

 

 

 

 

 

123

 

Total equity

 

 

10,126

 

 

 

4,497

 

 

 

1,507

 

 

 

4,652

 

 

 

10,498

 

 

 

(21,031

)

 

 

10,249

 

TOTAL LIABILITIES AND EQUITY

 

$

10,710

 

 

$

6,511

 

 

$

4,423

 

 

$

8,586

 

 

$

32,201

 

 

$

(29,973

)

 

$

32,458

 

 

Unaudited Condensed Consolidated Statement of Cash Flows

Unaudited Condensed Consolidating Statement of Cash Flows

 

 

 

Nine months ended September 30, 2018

 

 

 

Willis Towers Watson plc

 

 

Willis North America

 

 

Trinity Acquisition plc

 

 

Other guarantors

 

 

Non-guarantors

 

 

Eliminations

 

 

Consolidated

 

NET CASH FROM/(USED IN)

   OPERATING ACTIVITIES

 

$

637

 

 

$

(42

)

 

$

428

 

 

$

(37

)

 

$

382

 

 

$

(652

)

 

$

716

 

CASH FLOWS (USED IN)/FROM

   INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to fixed assets and software for

   internal use

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

(206

)

 

 

 

 

 

(209

)

Capitalized software costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41

)

 

 

 

 

 

(41

)

Acquisitions of operations, net of cash

   acquired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

 

 

 

 

 

(8

)

Net proceeds from sale of operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

4

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

14

 

(Repayments of)/proceeds from

   intercompany investing activities, net

 

 

(30

)

 

 

2

 

 

 

(42

)

 

 

101

 

 

 

(276

)

 

 

245

 

 

 

 

Net cash (used in)/from investing

   activities

 

$

(30

)

 

$

2

 

 

$

(42

)

 

$

98

 

 

$

(513

)

 

$

245

 

 

$

(240

)

CASH FLOWS (USED IN)/FROM

   FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net payments on revolving credit facility

 

 

 

 

 

(143

)

 

 

(511

)

 

 

 

 

 

 

 

 

 

 

 

(654

)

Senior notes issued

 

 

 

 

 

998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

998

 

Debt issuance costs

 

 

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

Repayments of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(170

)

 

 

 

 

 

(170

)

Repurchase of shares

 

 

(401

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(401

)

Proceeds from issuance of shares

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

Payments of deferred and contingent

   consideration related to acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50

)

 

 

 

 

 

(50

)

Cash paid for employee taxes on

   withholding shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

(30

)

Dividends paid

 

 

(228

)

 

 

 

 

 

(332

)

 

 

(151

)

 

 

(169

)

 

 

652

 

 

 

(228

)

Acquisitions of and dividends paid to non-

   controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

 

 

 

(20

)

(Repayments of)/proceeds from

   intercompany financing activities, net

 

 

(1

)

 

 

(807

)

 

 

457

 

 

 

89

 

 

 

507

 

 

 

(245

)

 

 

 

Net cash (used in)/from financing

   activities

 

$

(609

)

 

$

40

 

 

$

(386

)

 

$

(62

)

 

$

68

 

 

$

407

 

 

$

(542

)

DECREASE IN CASH AND CASH

   EQUIVALENTS

 

 

(2

)

 

 

 

 

 

 

 

 

(1

)

 

 

(63

)

 

 

 

 

 

(66

)

Effect of exchange rate changes on cash

   and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33

)

 

 

 

 

 

(33

)

CASH AND CASH EQUIVALENTS,

   BEGINNING OF PERIOD

 

 

2

 

 

 

 

 

 

 

 

 

1

 

 

 

1,027

 

 

 

 

 

 

1,030

 

CASH AND CASH EQUIVALENTS, END

   OF PERIOD

 

$

 

 

$

 

 

$

 

 

$

 

 

$

931

 

 

$

 

 

$

931

 

 

Unaudited Condensed Consolidating Statement of Cash Flows

 

 

 

Nine months ended September 30, 2017

 

 

 

Willis Towers Watson plc

 

 

Willis North America

 

 

Trinity Acquisition plc

 

 

Other guarantors

 

 

Non-guarantors

 

 

Eliminations

 

 

Consolidated

 

NET CASH FROM/(USED IN)

   OPERATING ACTIVITIES

 

$

525

 

 

$

(99

)

 

$

50

 

 

$

(490

)

 

$

774

 

 

$

(245

)

 

$

515

 

CASH FLOWS FROM/(USED IN)

   INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to fixed assets and software for

   internal use

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

(192

)

 

 

 

 

 

(198

)

Capitalized software costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(52

)

 

 

 

 

 

(52

)

Acquisitions of operations, net of cash

   acquired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13

)

 

 

 

 

 

(13

)

Other, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Proceeds from/(repayments of)

   intercompany investing activities, net

 

 

1,102

 

 

 

10

 

 

 

(226

)

 

 

87

 

 

 

(88

)

 

 

(885

)

 

 

 

(Increase)/decrease in investment in

   subsidiaries

 

 

(1,000

)

 

 

 

 

 

(148

)

 

 

1,089

 

 

 

59

 

 

 

 

 

 

 

Net cash from/(used in) investing

   activities

 

$

102

 

 

$

10

 

 

$

(374

)

 

$

1,170

 

 

$

(285

)

 

$

(885

)

 

$

(262

)

CASH FLOWS (USED IN)/FROM

   FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net borrowings on revolving credit facility

 

 

 

 

 

115

 

 

 

560

 

 

 

 

 

 

 

 

 

 

 

 

675

 

Senior notes issued

 

 

 

 

 

650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

650

 

Proceeds from issuance of other debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32

 

 

 

 

 

 

32

 

Debt issuance costs

 

 

 

 

 

(5

)

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

(9

)

Repayments of debt

 

 

 

 

 

(400

)

 

 

(219

)

 

 

 

 

 

(95

)

 

 

 

 

 

(714

)

Repurchase of shares

 

 

(462

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(462

)

Proceeds from issuance of shares

 

 

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44

 

Payments related to share cancellation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(177

)

 

 

 

 

 

(177

)

Payments of deferred and contingent

   consideration related to acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43

)

 

 

 

 

 

(43

)

Cash paid for employee taxes on

   withholding shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

 

 

 

 

(14

)

Dividends paid

 

 

(209

)

 

 

(58

)

 

 

 

 

 

(58

)

 

 

(129

)

 

 

245

 

 

 

(209

)

Acquisitions of and dividends paid to non-

   controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19

)

 

 

 

 

 

(19

)

(Repayments of)/proceeds from

   intercompany financing activities, net

 

 

 

 

 

(213

)

 

 

(13

)

 

 

(617

)

 

 

(42

)

 

 

885

 

 

 

 

Net cash (used in)/from financing

   activities

 

$

(627

)

 

$

89

 

 

$

324

 

 

$

(675

)

 

$

(487

)

 

$

1,130

 

 

$

(246

)

INCREASE IN CASH AND

   CASH EQUIVALENTS

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

2

 

 

 

 

 

 

7

 

Effect of exchange rate changes on cash and

   cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

35

 

CASH AND CASH EQUIVALENTS,

   BEGINNING OF PERIOD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

870

 

 

 

 

 

 

870

 

CASH AND CASH EQUIVALENTS,

   END OF PERIOD

 

$

 

 

$

 

 

$

 

 

$

5

 

 

$

907

 

 

$

 

 

$

912