Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'WILLIS GROUP HOLDINGS PLC | ' | ' |
Entity Central Index Key | '0001140536 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $7,147,793,450 |
Entity Common Stock, Shares Outstanding | ' | 179,021,595 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | ' | ' | ' |
Commissions and fees | $3,633 | $3,458 | $3,414 |
Investment income | 15 | 18 | 31 |
Other income | 7 | 4 | 2 |
Total revenues | 3,655 | 3,480 | 3,447 |
EXPENSES | ' | ' | ' |
Salaries and benefits | -2,207 | -2,475 | -2,087 |
Other operating expenses | -616 | -581 | -656 |
Depreciation expense | -94 | -79 | -74 |
Amortization of intangible assets | -55 | -59 | -68 |
Goodwill impairment charge | 0 | -492 | 0 |
Net gain (loss) on disposal of operations | 2 | -3 | 4 |
Total expenses | -2,970 | -3,689 | -2,881 |
OPERATING (LOSS) INCOME | 685 | -209 | 566 |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | 0 | 0 | -171 |
Loss on extinguishment of debt | -60 | 0 | 0 |
Interest expense | -126 | -128 | -156 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | 499 | -337 | 239 |
Income taxes | -122 | -101 | -32 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | 377 | -438 | 207 |
Interest in earnings of associates, net of tax | 0 | 5 | 12 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | 377 | -433 | 219 |
Discontinued operations, net of tax | 0 | 0 | 1 |
NET INCOME (LOSS) | 377 | -433 | 220 |
Less: net income attributable to noncontrolling interests | -12 | -13 | -16 |
NET (INCOME) LOSS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | 365 | -446 | 204 |
AMOUNTS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS SHAREHOLDERS | ' | ' | ' |
Income (loss) from continuing operations, net of tax | 365 | -446 | 203 |
Income from discontinued operations, net of tax | 0 | 0 | 1 |
NET (INCOME) LOSS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $365 | ($446) | $204 |
BASIC EARNINGS PER SHARE | ' | ' | ' |
— Continuing operations | $2.07 | ($2.58) | $1.17 |
DILUTED EARNINGS PER SHARE | ' | ' | ' |
— Continuing operations | $2.04 | ($2.58) | $1.15 |
CASH DIVIDENDS DECLARED PER SHARE | $1.12 | $1.08 | $1.04 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income (loss) | $74 | ($27) | $107 | $223 | ($801) | $26 | $110 | $232 | $377 | ($433) | $220 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 46 | -29 |
Pension funding adjustment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation on pension funding adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -10 | -22 | 8 |
Net actuarial gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 85 | -167 | -208 |
Prior service gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 7 |
Amortization of unrecognized actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 46 | 38 | 25 |
Amortization of unrecognized prior service gain | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -5 | -4 |
Pension funding adjustment, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 117 | -156 | -172 |
Net unrealized gain on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -7 | -15 |
Derivative instruments adjustment, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 4 | -3 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 157 | -106 | -204 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 534 | -539 | 16 |
Less: Comprehensive income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -13 | -15 |
Comprehensive income attributable to Willis Group Holdings | ' | ' | ' | ' | ' | ' | ' | ' | 522 | -552 | 1 |
Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gain on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on derivatives (effecitve element) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | 10 |
Reclassification adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -4 | -10 |
Forward Exchange Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gain on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on derivatives (effecitve element) | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 9 | 2 |
Reclassification adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -3 | -5 |
Treasury Lock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gain on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on derivatives (effecitve element) | ' | ' | ' | ' | ' | ' | ' | ' | $15 | $0 | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Nominal Value in Dollars [Member] | Nominal Value in Dollars [Member] | Nominal Value in Euros [Member] | Nominal Value in Euros [Member] |
USD ($) | USD ($) | EUR (€) | EUR (€) | |||
CURRENT ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $796 | $500 | ' | ' | ' | ' |
Accounts receivable, net | 1,041 | 933 | ' | ' | ' | ' |
Fiduciary assets | 8,412 | 9,271 | ' | ' | ' | ' |
Deferred tax assets | 15 | 13 | ' | ' | ' | ' |
Other current assets | 197 | 181 | ' | ' | ' | ' |
Total current assets | 10,461 | 10,898 | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' | ' | ' |
Fixed assets, net | 481 | 468 | ' | ' | ' | ' |
Goodwill | 2,838 | 2,827 | ' | ' | ' | ' |
Other intangible assets, net | 353 | 385 | ' | ' | ' | ' |
Investments in associates | 176 | 174 | ' | ' | ' | ' |
Deferred tax assets | 7 | 18 | ' | ' | ' | ' |
Pension benefits asset | 278 | 136 | ' | ' | ' | ' |
Other non-current assets | 206 | 206 | ' | ' | ' | ' |
Total non-current assets | 4,339 | 4,214 | ' | ' | ' | ' |
TOTAL ASSETS | 14,800 | 15,112 | ' | ' | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Fiduciary liabilities | 8,412 | 9,271 | ' | ' | ' | ' |
Deferred revenue and accrued expenses | 586 | 541 | ' | ' | ' | ' |
Income taxes payable | 21 | 19 | ' | ' | ' | ' |
Short-term debt and current portion of long-term debt | 15 | 15 | ' | ' | ' | ' |
Deferred tax liabilities | 25 | 21 | ' | ' | ' | ' |
Other current liabilities | 415 | 327 | ' | ' | ' | ' |
Total current liabilities | 9,474 | 10,194 | ' | ' | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Long-term debt | 2,311 | 2,338 | ' | ' | ' | ' |
Liability for pension benefits | 136 | 282 | ' | ' | ' | ' |
Deferred tax liabilities | 56 | 18 | ' | ' | ' | ' |
Provisions for liabilities | 206 | 180 | ' | ' | ' | ' |
Other non-current liabilities | 374 | 375 | ' | ' | ' | ' |
Total non-current liabilities | 3,083 | 3,193 | ' | ' | ' | ' |
Total liabilities | 12,557 | 13,387 | ' | ' | ' | ' |
COMMITMENTS AND CONTINGENCIES | ' | ' | ' | ' | ' | ' |
EQUITY | ' | ' | ' | ' | ' | ' |
Ordinary shares (A) $0.000115 nominal value and (B) €1 nominal value | ' | ' | 0 | 0 | 0 | 0 |
Preference shares, $0.000115 nominal value; Authorized: 1,000,000,000; Issued nil shares in 2013 and 2012 | 0 | 0 | ' | ' | ' | ' |
Additional paid-in capital | 1,316 | 1,125 | ' | ' | ' | ' |
Retained earnings | 1,595 | 1,427 | ' | ' | ' | ' |
Accumulated other comprehensive loss, net of tax | -693 | -850 | ' | ' | ' | ' |
Treasury shares, at cost, 46,408 shares in 2013 and 2012, and 40,000 shares, €1 nominal value, in 2013 and 2012 | -3 | -3 | ' | ' | ' | ' |
Total Willis Group Holdings stockholders’ equity | 2,215 | 1,699 | ' | ' | ' | ' |
Noncontrolling interests | 28 | 26 | ' | ' | ' | ' |
Total equity | 2,243 | 1,725 | ' | ' | ' | ' |
TOTAL LIABILITIES AND EQUITY | $14,800 | $15,112 | ' | ' | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
United States of America, Dollars [Member] | United States of America, Dollars [Member] | Euro [Member] | Euro [Member] | |
USD ($) | USD ($) | EUR (€) | EUR (€) | |
Ordinary shares, nominal value | $0.00 | $0.00 | € 1 | € 1 |
Ordinary shares, shares authorized | 4,000,000,000 | 4,000,000,000 | 40,000 | 40,000 |
Ordinary shares, shares issued | 178,861,250 | 173,178,733 | 40,000 | 40,000 |
Preference shares, nominal value | $0.00 | $0.00 | ' | ' |
Preference shares, shares authorized | 1,000,000,000 | 1,000,000,000 | ' | ' |
Preference shares, shares issued | ' | ' | ' | ' |
Treasury shares, at cost | ' | ' | € 1 | € 1 |
Treasury shares | 46,408 | 46,408 | 40,000 | 40,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $377 | ($433) | $220 |
Adjustments to reconcile net income to total net cash provided by operating activities: | ' | ' | ' |
Income from discontinued operations | 0 | 0 | -1 |
Goodwill impairment | 0 | 492 | 0 |
Net (gain) loss on disposal of operations, fixed and intangible assets | -7 | 0 | -6 |
Depreciation expense | 94 | 79 | 74 |
Amortization of intangible assets | 55 | 59 | 68 |
Amortization and write-off of cash retention awards | 6 | 416 | 185 |
Net periodic cost of defined benefit pension plans | -4 | 2 | 11 |
Provision for doubtful accounts | 3 | 16 | 4 |
Provision for deferred income taxes | 39 | 54 | 17 |
Noncash movement on derivative instruments | 18 | 11 | 3 |
Excess tax benefits from share-based payment arrangements | -2 | -2 | -5 |
Share-based compensation | 42 | 32 | 41 |
Redemption Premium | 65 | 0 | 0 |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | 0 | 0 | 171 |
Undistributed earnings of associates | 8 | -2 | -5 |
Effect of exchange rate changes on net income | -4 | -14 | 14 |
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries: | ' | ' | ' |
Accounts receivable | -116 | -17 | -92 |
Fiduciary assets | 804 | 111 | 162 |
Fiduciary liabilities | -804 | -111 | -162 |
Cash incentives paid | -346 | -323 | -310 |
Funding of defined benefit pension plans | -150 | -143 | -135 |
Other assets | 14 | -1 | 70 |
Other liabilities | 445 | 319 | 101 |
Movement on provisions | 24 | -20 | 16 |
Net cash provided by continuing operating activities | 561 | 525 | 441 |
Net cash used in discontinued operating activities | 0 | 0 | -2 |
Total net cash provided by operating activities | 561 | 525 | 439 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | 12 | 5 | 13 |
Additions to fixed assets | -112 | -135 | -111 |
Additions to intangible assets | -7 | -2 | 0 |
Acquisitions of subsidiaries, net of cash acquired | -30 | -33 | -10 |
Acquisition of investments in associates | 0 | 0 | -2 |
Payments to acquire other investments | -7 | -7 | -5 |
Proceeds from Sale of Equity Method Investments | 4 | 0 | 0 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 20 | 0 | 14 |
Net cash (used in) provided by continuing investing activities | -120 | -172 | -101 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Repayments of Lines of Credit | 0 | 0 | -90 |
Senior notes issued | 522 | 0 | 794 |
Debt issuance costs | -8 | 0 | -12 |
Repayments of debt | -536 | -15 | -911 |
Payments of Debt Extinguishment Costs | -65 | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | 0 | 300 |
Proceeds from issue of other debt | 0 | 1 | 0 |
Make-whole on repurchase and redemption of senior notes | 0 | 0 | -158 |
Repurchase of shares | 0 | -100 | 0 |
Proceeds from issue of shares | 155 | 53 | 60 |
Excess tax benefits from share-based payment arrangements | 2 | 2 | 5 |
Dividends paid | -193 | -185 | -180 |
Proceeds from Noncontrolling Interests | 0 | 3 | 0 |
Acquisition of noncontrolling interests | -4 | -39 | -9 |
Dividends paid to noncontrolling interests | -10 | -11 | -13 |
Net cash provided by (used in) financing activities | -137 | -291 | -214 |
INCREASE IN CASH AND CASH EQUIVALENTS | 304 | 62 | 124 |
Effect of exchange rate changes on cash and cash equivalents | -8 | 2 | -4 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 500 | 436 | 316 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $796 | $500 | $436 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Shares Outstanding | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury shares | Willis Group Holdings Shareholders' Equity | Noncontrolling Interest | |
In Millions, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance, beginning of year at Dec. 31, 2010 | $2,608 | ' | $985 | $2,136 | ($541) | ($3) | ' | $31 | |
Balance, beginning of year, shares at Dec. 31, 2010 | ' | 170,884,000 | ' | ' | ' | ' | ' | ' | |
Change in equity and other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares issued | ' | 0 | ' | ' | ' | ' | ' | ' | |
Shares repurchased | ' | 0 | ' | ' | ' | ' | ' | ' | |
Exercise of stock options and release of non-vested shares | ' | 2,946,000 | ' | ' | ' | ' | ' | ' | |
Issue of shares under employee stock compensation plans and related tax benefits | ' | ' | 49 | ' | ' | ' | ' | ' | |
Issue of shares for acquisitions | ' | ' | 0 | ' | ' | ' | ' | ' | |
Share-based compensation | ' | ' | 39 | ' | ' | ' | ' | ' | |
Foreign currency translation | ' | ' | 0 | ' | ' | ' | ' | ' | |
Net income (loss) | 220 | ' | ' | 204 | ' | ' | ' | 16 | |
Dividends | -195 | ' | ' | -180 | ' | ' | -180 | -15 | |
Repurchase of shares | 0 | [1] | ' | ' | 0 | ' | ' | 0 | ' |
Other comprehensive (loss) income | -204 | ' | ' | ' | -203 | ' | ' | ' | |
Purchase of subsidiary shares from noncontrolling interests, net | 0 | ' | 0 | ' | ' | ' | 0 | 0 | |
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 0 | ' | 0 | ' | ' | ' | 0 | 0 | |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | -1 | |
Balance, end of year at Dec. 31, 2011 | 2,517 | ' | 1,073 | 2,160 | -744 | -3 | 2,486 | 31 | |
Balance, end of year, shares at Dec. 31, 2011 | ' | 173,830,000 | ' | ' | ' | ' | ' | ' | |
Change in equity and other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares issued | ' | 24,000 | ' | ' | ' | ' | ' | ' | |
Shares repurchased | ' | -2,796,546 | ' | ' | ' | ' | ' | ' | |
Exercise of stock options and release of non-vested shares | ' | 2,122,000 | ' | ' | ' | ' | ' | ' | |
Issue of shares under employee stock compensation plans and related tax benefits | ' | ' | 50 | ' | ' | ' | ' | ' | |
Issue of shares for acquisitions | ' | ' | 1 | ' | ' | ' | ' | ' | |
Share-based compensation | ' | ' | 32 | ' | ' | ' | ' | ' | |
Foreign currency translation | ' | ' | -2 | ' | ' | ' | ' | ' | |
Net income (loss) | -433 | ' | ' | -446 | ' | ' | ' | 13 | |
Dividends | -198 | ' | ' | -187 | ' | ' | -187 | -11 | |
Repurchase of shares | -100 | [1] | ' | ' | -100 | ' | ' | -100 | ' |
Other comprehensive (loss) income | -106 | ' | ' | ' | -106 | ' | ' | ' | |
Purchase of subsidiary shares from noncontrolling interests, net | -39 | ' | -31 | ' | ' | ' | -31 | -8 | |
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 3 | ' | 2 | ' | ' | ' | 2 | 1 | |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | 0 | |
Balance, end of year at Dec. 31, 2012 | 1,725 | ' | 1,125 | 1,427 | -850 | -3 | 1,699 | 26 | |
Balance, end of year, shares at Dec. 31, 2012 | ' | 173,179,000 | ' | ' | ' | ' | ' | ' | |
Change in equity and other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares issued | ' | 0 | ' | ' | ' | ' | ' | ' | |
Shares repurchased | ' | 0 | ' | ' | ' | ' | ' | ' | |
Exercise of stock options and release of non-vested shares | ' | 5,682,000 | ' | ' | ' | ' | ' | ' | |
Issue of shares under employee stock compensation plans and related tax benefits | ' | ' | 153 | ' | ' | ' | ' | ' | |
Issue of shares for acquisitions | ' | ' | 0 | ' | ' | ' | ' | ' | |
Share-based compensation | ' | ' | 42 | ' | ' | ' | ' | ' | |
Foreign currency translation | ' | ' | 0 | ' | ' | ' | ' | ' | |
Net income (loss) | 377 | ' | ' | 365 | ' | ' | ' | 12 | |
Dividends | -207 | ' | ' | -197 | ' | ' | -197 | -10 | |
Repurchase of shares | 0 | [1] | ' | ' | 0 | ' | ' | 0 | ' |
Other comprehensive (loss) income | 157 | ' | ' | ' | 157 | ' | ' | ' | |
Purchase of subsidiary shares from noncontrolling interests, net | -4 | ' | -4 | ' | ' | ' | -4 | 0 | |
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 0 | ' | 0 | ' | ' | ' | 0 | 0 | |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | 0 | |
Balance, end of year at Dec. 31, 2013 | $2,243 | ' | $1,316 | $1,595 | ($693) | ($3) | $2,215 | $28 | |
Balance, end of year, shares at Dec. 31, 2013 | ' | 178,861,000 | ' | ' | ' | ' | ' | ' | |
[1] | Based on settlement date the Company repurchased 2,796,546 shares at an average price of $35.87 in 2012. |
Nature_of_Operations
Nature of Operations | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
NATURE OF OPERATIONS | ' | |
1 | NATURE OF OPERATIONS | |
Willis provides a broad range of insurance and reinsurance broking and risk management consulting services to its clients worldwide, both directly and indirectly through its associates. The Company provides both specialized risk management advisory and consulting services on a global basis to clients engaged in specific industrial and commercial activities, and services to small, medium and large corporations through its retail operations. | ||
In its capacity as an advisor, insurance and reinsurance broker, the Company acts as an intermediary between clients and insurance carriers by advising clients on risk management requirements, helping clients determine the best means of managing risk, and negotiating and placing insurance risk with insurance carriers through the Company’s global distribution network. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ||
2 | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ||
Recent Accounting Pronouncements | |||
Other Comprehensive Income | |||
In June 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-05, Presentation of Comprehensive Income to revise the manner in which entities present comprehensive income in their financial statements. These changes require that components of comprehensive income be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.This guidance is effective for interim and annual periods beginning after December 15, 2011 and has been applied retrospectively. | |||
ASU No. 2011-05 also requires entities to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued ASU No. 2011-12 in order to defer those changes in ASU No. 2011-05 that relate to the presentation of reclassification adjustments. In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB's deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income but do require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This guidance is effective for interim and annual periods beginning after December 15, 2012 and has been applied retrospectively. | |||
Presentation of Unrecognized Tax Benefits | |||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or a Tax Credit Carryforward Exists a consensus of the FASB Emerging Issues Task Force. The ASU does not affect the recognition or measurement of uncertain tax positions under US GAAP. | |||
However, under the ASU, unrecognized tax benefits, or portions of unrecognised tax benefits, must be presented in the financial statements as a reduction to deferred tax assets when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists except when: | |||
• | a net operating loss carryforward, a similar tax loss or a tax credit carryfoward is not available at the reporting date under the governing tax laws to settle taxes that would result from the disallowance of the tax position; or | ||
• | the entity does not intend to use the deferred tax asset for this purpose, provided that the tax law permits a choice. | ||
If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. | |||
The amendments under the ASU: | |||
• | are effective prospectively for annual and interim periods beginning after December 15, 2013 although early adoption is permitted; and | ||
• | should be applied to all unrecognized tax benefits that exist as of the effective date although entities may choose to apply the amendments retrospectively to each prior reporting period presented. | ||
The Company has decided to not adopt this guidance early. However, as an indication of the likely balance sheet reclassification based on the position at December 31, 2013, the Company had recognized $22 million of unrecognized tax benefits within Other non-current liabilities that would be reclassified to Non-current deferred tax assets. The Company has not yet determined whether it will apply the amendments to the prior reporting period for its first quarter 2014 reporting. | |||
Significant Accounting Policies | |||
These consolidated financial statements conform to accounting principles generally accepted in the United States of America (‘US GAAP’). Presented below are summaries of significant accounting policies followed in the preparation of the consolidated financial statements. | |||
Certain reclassifications have been made to prior year amounts to conform to current year presentation. | |||
Principles of Consolidation | |||
The accompanying consolidated financial statements include the accounts of Willis Group Holdings and its subsidiaries, which are controlled through the ownership of a majority voting interest. Intercompany balances and transactions have been eliminated on consolidation. | |||
Foreign Currency Translation | |||
Transactions in currencies other than the functional currency of the entity are recorded at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities in currencies other than the functional currency are translated at the rates of exchange prevailing at the balance sheet date and the related transaction gains and losses are reported in the statements of operations. Certain intercompany loans are determined to be of a long-term investment nature. The Company records transaction gains and losses from remeasuring such loans as a component of other comprehensive income. | |||
Upon consolidation, the results of operations of subsidiaries and associates whose functional currency is other than the US dollar are translated into US dollars at the average exchange rate and assets and liabilities are translated at year-end exchange rates. Translation adjustments are presented as a separate component of other comprehensive income in the financial statements and are included in net income only upon sale or liquidation of the underlying foreign subsidiary or associated company. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the year. In the preparation of these consolidated financial statements, estimates and assumptions have been made by management concerning: the valuation of intangible assets and goodwill (including those acquired through business combinations); the selection of useful lives of fixed and intangible assets; impairment testing; provisions necessary for accounts receivable, commitments and contingencies and accrued liabilities; long-term asset returns, discount rates and mortality rates in order to estimate pension liabilities and pension expense; income tax valuation allowances; and other similar evaluations. Actual results could differ from the estimates underlying these consolidated financial statements. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents primarily consist of time deposits with original maturities of three months or less. | |||
Fiduciary Assets and Fiduciary Liabilities | |||
In its capacity as an insurance agent or broker, the Company collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurers; the Company also collects claims or refunds from insurers which it then remits to insureds. | |||
Fiduciary Receivables | |||
Fiduciary receivables represent uncollected premiums from insureds and uncollected claims or refunds from insurers. | |||
Fiduciary Funds | |||
Fiduciary funds represent unremitted premiums received from insureds and unremitted claims or refunds received from insurers. Fiduciary funds are generally required to be kept in certain regulated bank accounts subject to guidelines which emphasize capital preservation and liquidity. Such funds are not available to service the Company’s debt or for other corporate purposes. Notwithstanding the legal relationships with insureds and insurers, the Company is entitled to retain investment income earned on fiduciary funds in accordance with industry custom and practice and, in some cases, as supported by agreements with insureds. | |||
In certain instances, the Company advances premiums, refunds or claims to insurance underwriters or insureds prior to collection. Such advances are made from fiduciary funds and are reflected in the accompanying consolidated balance sheets as fiduciary assets. | |||
Fiduciary Liabilities | |||
The obligations to remit these funds to insurers or insureds are recorded as fiduciary liabilities on the Company’s consolidated balance sheets. The period for which the Company holds such funds is dependent upon the date the insured remits the payment of the premium to the Company and the date the Company is required to forward such payment to the insurer. Balances arising from insurance brokerage transactions are reported as separate assets or liabilities. | |||
Accounts Receivable | |||
Accounts receivable are stated at estimated net realizable values. Allowances are recorded, when necessary, in an amount considered by management to be sufficient to meet probable future losses related to uncollectible accounts. | |||
Fixed Assets | |||
Fixed assets are stated at cost less accumulated depreciation. Expenditures for improvements are capitalized; repairs and maintenance are charged to expenses as incurred. Depreciation is computed using the straight-line method based on the estimated useful lives of assets. | |||
Depreciation on buildings and long leaseholds is calculated over the lesser of 50 years or the lease term. Depreciation on leasehold improvements is calculated over the lesser of the useful life of the assets or the remaining lease term. Depreciation on furniture and equipment is calculated based on a range of 3 to 10 years. Freehold land is not depreciated. | |||
Recoverability of Fixed Assets | |||
Long-lived assets are tested for recoverability whenever events or changes in circumstance indicate that their carrying amounts may not be recoverable. An impairment loss is recognized if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. Recoverability is determined based on the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. Long-lived assets and certain identifiable intangible assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | |||
Operating Leases | |||
Rentals payable on operating leases are charged straight line to expenses over the lease term as the rentals become payable. | |||
Goodwill and Other Intangible Assets | |||
Goodwill represents the excess of the cost of businesses acquired over the fair value of identifiable net assets at the dates of acquisition. The Company reviews goodwill for impairment annually and whenever facts or circumstances indicate that the carrying amounts may not be recoverable. In testing for impairment, the fair value of each reporting unit is compared with its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the amount of an impairment loss, if any, is calculated by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. | |||
Acquired intangible assets are amortized over the following periods: | |||
Expected | |||
Amortization basis | life (years) | ||
Acquired other intangible assets | Straight line | 10 | |
Acquired client relationships | In line with underlying cashflows | 10 to 20 | |
Acquired non-compete agreements | Straight line | 5 | |
Acquired trade names | Straight line | 3 to 4 | |
Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. | |||
Investments in Associates | |||
Investments are accounted for using the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if the Company has an equity ownership in the voting stock of the investee between 20 and 50 percent, although other factors, such as representation on the Board of Directors and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting the investment is carried at cost of acquisition, plus the Company’s equity in undistributed net income since acquisition, less any dividends received since acquisition. | |||
The Company periodically reviews its investments in associates for which fair value is less than cost to determine if the decline in value is other than temporary. If the decline in value is judged to be other than temporary, the cost basis of the investment is written down to fair value. The amount of any write-down is included in the statements of operations as a realized loss. | |||
All other equity investments where the Company does not have the ability to exercise significant influence are accounted for by the cost method. Such investments are not publicly traded. | |||
Derivative Financial Instruments | |||
The Company uses derivative financial instruments for other than trading purposes to alter the risk profile of an existing underlying exposure. Interest rate swaps are used to manage interest risk exposures. Forward foreign currency exchange contracts are used to manage currency exposures arising from future income and expenses. The fair values of derivative contracts are recorded in other assets and other liabilities. The effective portions of changes in the fair value of derivatives that qualify for hedge accounting as cash flow hedges are recorded in other comprehensive income. Amounts are reclassified from other comprehensive income into earnings when the hedged exposure affects earnings. If the derivative is designated as and qualifies as an effective fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are both recognized in earnings. The amount of hedge ineffectiveness recognized in earnings is based on the extent to which an offset between the fair value of the derivative and hedged item is not achieved. Changes in fair value of derivatives that do not qualify for hedge accounting, together with any hedge ineffectiveness on those that do qualify, are recorded in other operating expenses or interest expense as appropriate. | |||
Income Taxes | |||
The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences of events attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating and capital loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of operations in the period in which the change is enacted. Deferred tax assets are reduced through the establishment of a valuation allowance at such time as, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. The Company adjusts valuation allowances to measure deferred tax assets at the amount considered realizable in future periods if the Company’s facts and assumptions change. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. | |||
Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. The Company recognizes the benefit of uncertain tax positions in the financial statements when it is more likely than not that the position will be sustained on examination by the tax authorities upon lapse of the relevant statute of limitations, or when positions are effectively settled. The benefit recognized is the largest amount of tax benefit that is greater than 50 percent likely to be realized on settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company adjusts its recognition of these uncertain tax benefits in the period in which new information is available impacting either the recognition or measurement of its uncertain tax positions. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. | |||
Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position. | |||
The Company recognizes interest and penalties relating to unrecognized tax benefits within income taxes. | |||
Provisions for Liabilities | |||
The Company is subject to various actual and potential claims, lawsuits and other proceedings. The Company records liabilities for such contingencies including legal costs when it is probable that a liability has been incurred before the balance sheet date and the amount can be reasonably estimated. To the extent such losses can be recovered under the Company’s insurance programs, estimated recoveries are recorded when losses for insured events are realized. Significant management judgment is required to estimate the amounts of such contingent liabilities and the related insurance recoveries. The Company analyzes its litigation exposure based on available information, including consultation with outside counsel handling the defense of these matters, to assess its potential liability. Contingent liabilities are not discounted. | |||
Pensions | |||
The Company has two principal defined benefit pension plans which cover approximately half of employees in the United States and United Kingdom. Both these plans are now closed to new entrants. New employees in the United Kingdom are offered the opportunity to join a defined contribution plan and in the United States are offered the opportunity to join a 401(k) plan. In addition, there are smaller plans in certain other countries in which the Company operates, including a non-qualified plan in the United States. Elsewhere, pension benefits are typically provided through defined contribution plans. | |||
Defined benefit plans | |||
The net periodic cost of the Company’s defined benefit plans are measured on an actuarial basis using the projected unit credit method and several actuarial assumptions the most significant of which are the discount rate and the expected long-term rate of return on plan assets. Other material assumptions include rates of participant mortality, the expected long-term rate of compensation and pension increases and rates of employee termination. Gains and losses occur when actual experience differs from actuarial assumptions. If such gains or losses exceed ten percent of the greater of plan assets or plan liabilities the Company amortizes those gains or losses over the average remaining service period or average remaining life expectancy as appropriate of the plan participants. | |||
In accordance with US GAAP the Company records on the balance sheet the funded status of its pension plans based on the projected benefit obligation. | |||
Defined contribution plans | |||
Contributions to the Company’s defined contribution plans are recognized as they fall due. Differences between contributions payable in the year and contributions actually paid are shown as either other assets or other liabilities in the consolidated balance sheets. | |||
Share-Based Compensation | |||
The Company accounts for share-based compensation as follows: | |||
• | the cost resulting from all equity awards is recognized in the financial statements at fair value estimated at the grant date; | ||
• | the fair value is recognized (generally as compensation cost) over the requisite service period for all awards that vest; and | ||
• | compensation cost is not recognized for awards that do not vest because service or performance conditions are not satisfied. | ||
Revenue Recognition | |||
Revenue includes insurance commissions, fees for services rendered, certain commissions receivable from insurance carriers, investment income and other income. | |||
Brokerage income and fees negotiated in lieu of brokerage are recognized at the later of policy inception date or when the policy placement is complete. Commissions on additional premiums and adjustments are recognized when approved by or agreed between the parties and collectability is reasonably assured. | |||
Fees for risk management and other services are recognized as the services are provided. Consideration for negotiated fee arrangements for an agreed period covering multiple insurance placements, the provision of risk management and/or other services are allocated to all deliverables on the basis of their relative selling prices. The Company establishes contract cancellation reserves where appropriate: at December 31, 2013, 2012 and 2011, such amounts were not material. | |||
During the year ended December 31, 2013, the Company aligned the recognition of revenue in China and its North America Personal Lines business with the rest of the Group. The impact of these realignments was not material for prior periods and, consequently, the impacts of the realignments have been made in 2013. | |||
Investment income is recognized as earned. | |||
Other income comprises gains on disposal of intangible assets, which primarily arise on the disposal of books of business. Although the Company is not in the business of selling intangible assets, from time to time the Company will dispose of a book of business (a customer list) or other intangible assets that do not produce adequate margins or fit with the Company’s strategy. |
Employees
Employees | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation Related Costs [Abstract] | ' | |||||||||||
EMPLOYEES | ' | |||||||||||
3 | EMPLOYEES | |||||||||||
The average number of persons, including Executive Directors, employed by the Company is as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Global | 4,545 | 4,304 | 4,042 | |||||||||
North America | 6,334 | 6,323 | 6,479 | |||||||||
International | 7,072 | 6,843 | 6,634 | |||||||||
Total Retail | 13,406 | 13,166 | 13,113 | |||||||||
Total average number of employees for the year | 17,951 | 17,470 | 17,155 | |||||||||
Salaries and benefits expense comprises the following: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Salaries and other compensation awards including amortization and write-off of cash retention awards of $6 million, $416 million and $185 million (see below) | $ | 1,953 | $ | 2,258 | $ | 1,776 | ||||||
Share-based compensation | 42 | 32 | 41 | |||||||||
Severance costs | 32 | 6 | 89 | |||||||||
Social security costs | 135 | 133 | 130 | |||||||||
Retirement benefits — defined benefit plan (income) expense | (4 | ) | 2 | 11 | ||||||||
Retirement benefits — defined contribution plan expense | 49 | 44 | 40 | |||||||||
Total salaries and benefits expense | $ | 2,207 | $ | 2,475 | $ | 2,087 | ||||||
Severance Costs | ||||||||||||
Severance costs arise in the normal course of business and these charges amounted to $4 million in the year ended December 31, 2013 (2012: $6 million; 2011: $nil). | ||||||||||||
During the year ended December 31, 2013, the Company incurred additional salaries and benefits costs of $29 million of which $28 million related to severance costs, in relation to an Expense Reduction Initiative in the first quarter. These costs related to 207 positions that have been eliminated. | ||||||||||||
During 2011, the Company incurred additional severance costs of $89 million relating to the Company's 2011 Operational Review. These costs relate to approximately 1,200 positions that were eliminated. | ||||||||||||
Cash Retention Awards | ||||||||||||
For the past several years, certain cash retention awards under the Company's annual incentive programs included a feature which required the recipient to repay a proportionate amount of the annual award if the employee voluntarily left the Company before a specified date, which was generally three years following the award. As previously disclosed, the Company made the cash payment to the recipient in the year of grant and recognized the payment in expense ratably over the period it was subject to repayment, beginning in the quarter in which the award was made. The unamortized portion of cash retention awards was recorded within 'other current assets' and 'other non-current assets' in the consolidated balance sheet. | ||||||||||||
The following table sets out the amount of cash retention awards made and the related amortization of those awards for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Cash retention awards made | $ | 12 | $ | 221 | $ | 210 | ||||||
Amortization of cash retention awards included in salaries and benefits | 6 | 216 | 185 | |||||||||
In December 2012, the Company decided to eliminate the repayment requirement from the past annual cash retention awards and, as a result, recognized a one-time, non-cash, pre-tax charge of $200 million which represented the write-off of the unamortized balance of past awards at that date. | ||||||||||||
There were however, a number of off-cycle awards with a fixed guarantee attached, for which the Company has not waived the repayment requirement. The unamortized portion of retention awards amounted to $15 million at December 31, 2013 (2012: $9 million; 2011: $196 million). | ||||||||||||
In addition, in 2012, the Company replaced annual cash retention awards with annual cash bonuses which did not include a repayment requirement. As at December 31, 2012, the Company had accrued $252 million for these bonuses. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||
4 | SHARE-BASED COMPENSATION | ||||||||||||
On December 31, 2013, the Company had a number of open share-based compensation plans, which provide for the grant of time-based options and performance-based options, time-based restricted stock units and performance-based restricted stock units, and various other share-based grants to employees. All of the Company’s share-based compensation plans under which any options, restricted stock units or other share-based grants are outstanding as at December 31, 2013 are described below. The compensation cost that has been recognized for those plans for the year ended December 31, 2013 was $42 million (2012: $32 million; 2011: $41 million). The total income tax benefit recognized in the statement of operations for share-based compensation arrangements for the year ended December 31, 2013 was $9 million (2012: $9 million; 2011: $11 million). | |||||||||||||
2012 Equity Incentive Plan | |||||||||||||
This plan, which was established on April 25, 2012, provides for the granting of ISOs, time-based or performance-based non-statutory stock options, share appreciation rights ('SARs'), restricted shares, time-based or performance-based restricted share units ('RSUs'), performance-based awards and other share-based grants or any combination thereof (collectively referred to as 'Awards') to employees, officers, directors and consultants ('Eligible Individuals') of the Company and any of its subsidiaries (the 'Willis Group'). The Board of Directors also adopted a sub-plan under the 2012 plan to provide an employee sharesave scheme in the UK. | |||||||||||||
There are 13,776,935 shares available for grant under this plan. In addition, Shares subject to awards that were granted under the Willis Group Holdings 2008 Share Purchase and Option Plan, that terminate, expire or lapse for any reason will be made available for future Awards under this Plan. Options are exercisable on a variety of dates, including from the second, third, fourth or fifth anniversary of grant. Unless terminated sooner by the Board of Directors, the 2012 Plan will expire 10 years after the date of its adoption. That termination will not affect the validity of any grants outstanding at that date. | |||||||||||||
2008 Share Purchase and Option Plan | |||||||||||||
This plan, which was established on April 23, 2008, provides for the granting of time and performance-based options, restricted stock units and various other share-based grants at fair market value to employees of the Company. The 2008 plan was terminated as at April 25, 2012 and no further grants will be made under this plan. Any shares available for grant under the 2008 plan were included in the 2012 Equity Incentive Plan availability. | |||||||||||||
Options are exercisable on a variety of dates, including from the third, fourth or fifth anniversary of grant. | |||||||||||||
2001 Share Purchase and Option Plan | |||||||||||||
This plan, which was established on May 3, 2001, provides for the granting of time-based options, restricted stock units and various other share-based grants at fair market value to employees of the Company. The Board of Directors has adopted several sub-plans under the 2001 plan to provide employee sharesave schemes in the UK, Ireland and internationally. The 2001 Plan (and all sub-plans) expired on May 3, 2011 and no further grants will be made under the plan. Options are exercisable on a variety of dates, including from the first, second, third, sixth or eighth anniversary of grant, although for certain options the exercisable date may accelerate depending on the achievement of certain performance goals. | |||||||||||||
HRH Option Plans | |||||||||||||
Options granted under the Hilb Rogal and Hamilton Company 2000 Stock Incentive Plan (‘HRH 2000 Plan’) and the Hilb Rogal & Hobbs Company 2007 Stock Incentive Plan (the ‘HRH 2007 Plan’) were converted into options to acquire shares of Willis Group Holdings. No further grants are to be made under the HRH 2000 Plan. Willis is authorized to grant equity awards under the HRH 2007 Plan until 2017 to employees who were formerly employed by HRH and to new employees who have joined Willis or one of its subsidiaries since October 1, 2008, the date that the acquisition of HRH was completed. | |||||||||||||
Employee Stock Purchase Plans | |||||||||||||
The Company has adopted the Willis Group Holdings 2001 North America Employee Share Purchase Plan, which expired on May 31, 2011 and the Willis Group Holdings 2010 North America Employee Stock Purchase Plan, which expires on May 31, 2020. They provide certain eligible employees to the Company’s subsidiaries in the US and Canada the ability to contribute payroll deductions to the purchase of Willis Shares at the end of each offering period. | |||||||||||||
Option Valuation Assumptions | |||||||||||||
The fair value of each option is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s stock. The Company uses the simplified method set out in Accounting Standard Codification (‘ASC’) 718-10-S99 to derive the expected term of options granted as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free rate for periods within the expected life of the option is based on the US Treasury yield curve in effect at the time of grant. | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 24.7 | % | 32.1 | % | 31.4 | % | |||||||
Expected dividends | 2.6 | % | 3.2 | % | 2.5 | % | |||||||
Expected life (years) | 4 | 5 | 6 | ||||||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | 2.2 | % | |||||||
A summary of option activity under the plans at December 31, 2013, and changes during the year then ended is presented below: | |||||||||||||
Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | ||||||||||||
Contractual | |||||||||||||
(Options in thousands) | Options | Price(i) | Term | Value | |||||||||
(millions) | |||||||||||||
Time-based stock options | |||||||||||||
Balance, beginning of year | 10,152 | $ | 33.44 | ||||||||||
Granted | 1,612 | $ | 42.77 | ||||||||||
Exercised | (3,697 | ) | $ | 32.1 | |||||||||
Forfeited | (47 | ) | $ | 38.42 | |||||||||
Expired | (37 | ) | $ | 26.68 | |||||||||
Balance, end of year | 7,983 | $ | 35.95 | 4 years | $ | 71 | |||||||
Options vested or expected to vest at December 31, 2013 | 7,308 | $ | 35.99 | 4 years | $ | 64 | |||||||
Options exercisable at December 31, 2013 | 3,976 | $ | 35.38 | 1 year | $ | 37 | |||||||
Performance-based stock options | |||||||||||||
Balance, beginning of year | 6,517 | $ | 32.19 | ||||||||||
Exercised | (1,111 | ) | $ | 29.27 | |||||||||
Forfeited | (146 | ) | $ | 32.4 | |||||||||
Balance, end of year | 5,260 | $ | 32.8 | 4 years | $ | 63 | |||||||
Options vested or expected to vest at December 31, 2013 | 4,675 | $ | 32.61 | 4 years | $ | 57 | |||||||
Options exercisable at December 31, 2013 | 2,716 | $ | 31.48 | 3 years | $ | 36 | |||||||
_________________________________ | |||||||||||||
(i) | Certain options are exercisable in pounds sterling and are converted to dollars using the exchange rate at December 31, 2013. | ||||||||||||
The weighted average grant-date fair value of time-based options granted during the year ended December 31, 2013 was $7.74 (2012: $6.98; 2011: $9.49). The total intrinsic value of options exercised during the year ended December 31, 2013 was $32 million (2012: $8 million; 2011: $17 million). At December 31, 2013 there was $20 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements under time-based stock option plans; that cost is expected to be recognized over a weighted average period of 2 years. | |||||||||||||
There were no performance-based options granted during the year ended December 31, 2013. The weighted average grant-date fair value of performance-based options was $7.61 in the year ended December 31, 2012 (2011: $10.26). The total intrinsic value of options exercised during the year ended December 31, 2013 was $14 million (2012: $5 million; 2011: $1 million). At December 31, 2013 there was $7 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements under performance-based stock option plans; that cost is expected to be recognized over a weighted-average period of 1 year. | |||||||||||||
A summary of restricted stock unit activity under the Plans at December 31, 2013, and changes during the year then ended is presented below: | |||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
(Units awarded in thousands) | Shares | Fair Value | |||||||||||
Nonvested shares (restricted stock units) | |||||||||||||
Balance, beginning of year | 2,525 | $ | 33.8 | ||||||||||
Granted | 1,377 | $ | 44.33 | ||||||||||
Vested | (874 | ) | $ | 34.02 | |||||||||
Forfeited | (99 | ) | $ | 33.09 | |||||||||
Balance, end of year | 2,929 | $ | 38.71 | ||||||||||
The total number of restricted stock units vested during the year ended December 31, 2013 was 873,670 shares at an average share price of $41.10 (2012: 408,005 shares at an average share price of $35.82). At December 31, 2013 there was $82 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements under the plan; that cost is expected to be recognized over a weighted average period of 3 years. | |||||||||||||
Cash received from option exercises under all share-based payment arrangements for the year ended December 31, 2013 was $155 million (2012: $53 million; 2011: $60 million). The actual tax benefit recognized for the tax deductions from option exercises of the share-based payment arrangements totaled $28 million for the year ended December 31, 2013 (2012: $8 million; 2011: $18 million). |
Auditors_Remuneration
Auditors' Remuneration | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Auditors' Remuneration [Abstract] | ' | |||||||||||
AUDITORS' REMUNERATION | ' | |||||||||||
5 | AUDITORS’ REMUNERATION | |||||||||||
An analysis of auditors’ remuneration is as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Audit of group consolidated financial statements | $ | 4 | $ | 4 | $ | 4 | ||||||
Other assurance services | 3 | 3 | 3 | |||||||||
Other non-audit services | 1 | 1 | 1 | |||||||||
Total auditors’ remuneration | $ | 8 | $ | 8 | $ | 8 | ||||||
Net_Loss_Gain_on_Disposal_of_O
Net (Loss) Gain on Disposal of Operations | 12 Months Ended | |
Dec. 31, 2013 | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | |
NET (LOSS) GAIN ON DISPOSAL OF OPERATIONS | ' | |
6 | NET GAIN (LOSS) ON DISPOSAL OF OPERATIONS | |
A gain on disposal of $2 million is recorded in the consolidated statements of operations for the year ended December 31, 2013. This principally relates to the disposal of an associated undertaking based in Spain. | ||
A loss on disposal of $3 million is recorded in the consolidated statements of operations for the year ended December 31, 2012. This principally relates to the termination of a joint venture arrangement in India. | ||
A gain on disposal of $4 million is recorded in the consolidated statements of operations for the year ended December 31, 2011 following conclusion of the accounting for the Gras Savoye December 2009 leveraged transaction — see Note 15 — 'Investments in Associates'. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||
INCOME TAXES | ' | |||||||||||||||||||
7 | INCOME TAXES | |||||||||||||||||||
An analysis of income from continuing operations before income taxes and interest in earnings of associates by location of the taxing jurisdiction is as follows: | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Ireland | $ | (52 | ) | $ | (47 | ) | $ | (39 | ) | |||||||||||
US | (11 | ) | (615 | ) | (25 | ) | ||||||||||||||
UK | 282 | 25 | (58 | ) | ||||||||||||||||
Other jurisdictions | 280 | 300 | 361 | |||||||||||||||||
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $ | 499 | $ | (337 | ) | $ | 239 | |||||||||||||
The provision for income taxes by location of the taxing jurisdiction consisted of the following: | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Current income taxes: | ||||||||||||||||||||
US federal tax | $ | 7 | $ | 3 | $ | 5 | ||||||||||||||
US state and local taxes | 3 | 1 | 1 | |||||||||||||||||
UK corporation tax | 28 | 2 | (37 | ) | ||||||||||||||||
Other jurisdictions | 45 | 41 | 46 | |||||||||||||||||
Total current taxes | 83 | 47 | 15 | |||||||||||||||||
Deferred taxes: | ||||||||||||||||||||
US federal tax | 10 | (44 | ) | (6 | ) | |||||||||||||||
US state and local taxes | 1 | (41 | ) | 1 | ||||||||||||||||
Effect of additional US valuation allowance | 2 | 113 | — | |||||||||||||||||
UK corporation tax | 17 | 27 | 20 | |||||||||||||||||
Other jurisdictions | 9 | (1 | ) | 2 | ||||||||||||||||
Total deferred taxes | 39 | 54 | 17 | |||||||||||||||||
Total income taxes | $ | 122 | $ | 101 | $ | 32 | ||||||||||||||
The reconciliation between US federal income taxes at the statutory rate and the Company’s provision for income taxes on continuing operations is as follows: | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $ | 499 | $ | (337 | ) | $ | 239 | |||||||||||||
US federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||||||||||
Income tax expense at US federal tax rate | 175 | (118 | ) | 84 | ||||||||||||||||
Adjustments to derive effective rate: | ||||||||||||||||||||
Non-deductible expenditure | 19 | 15 | 15 | |||||||||||||||||
Tax impact of internal restructurings | 11 | — | — | |||||||||||||||||
Movement in provision for unrecognized tax benefits | (1 | ) | 6 | 3 | ||||||||||||||||
Impairment of non-qualifying goodwill | — | 137 | — | |||||||||||||||||
Impact of change in tax rate on deferred tax balances | (4 | ) | (3 | ) | (3 | ) | ||||||||||||||
Adjustment in respect of prior periods | 1 | 6 | (13 | ) | ||||||||||||||||
Effect of foreign exchange and other differences | 1 | 2 | 1 | |||||||||||||||||
Changes in valuation allowances applied to deferred tax assets | — | 114 | 5 | |||||||||||||||||
Net tax effect of intra-group items | (30 | ) | (31 | ) | (31 | ) | ||||||||||||||
Tax differentials of foreign earnings: | ||||||||||||||||||||
Foreign jurisdictions | (54 | ) | (12 | ) | (31 | ) | ||||||||||||||
US state taxes and local taxes | 4 | (15 | ) | 2 | ||||||||||||||||
Provision for income taxes | $ | 122 | $ | 101 | $ | 32 | ||||||||||||||
Willis Group Holdings plc is a non-trading holding company tax resident in Ireland where it is taxed at the statutory rate of 25%. The provision for income tax on continuing operations has been reconciled above to the US federal statutory tax rate of 35% to be consistent with prior periods. | ||||||||||||||||||||
The net tax effect of intra-group items principally relates to transactions, the pre-tax effect of which has been eliminated in arriving at the Company’s consolidated income from continuing operations before income taxes. | ||||||||||||||||||||
The significant components of deferred income tax assets and liabilities and their balance sheet classifications are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||
Accrued expenses not currently deductible | $ | 153 | $ | 120 | ||||||||||||||||
US state net operating losses | 70 | 64 | ||||||||||||||||||
US federal net operating losses | — | 28 | ||||||||||||||||||
UK net operating losses | 3 | — | ||||||||||||||||||
Other net operating losses | 5 | 8 | ||||||||||||||||||
UK capital losses | 43 | 42 | ||||||||||||||||||
Accrued retirement benefits | 47 | 101 | ||||||||||||||||||
Deferred compensation | 37 | 48 | ||||||||||||||||||
Stock options | 25 | 40 | ||||||||||||||||||
Gross deferred tax assets | 383 | 451 | ||||||||||||||||||
Less: valuation allowance | (196 | ) | (221 | ) | ||||||||||||||||
Net deferred tax assets | $ | 187 | $ | 230 | ||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||
Cost of intangible assets, net of related amortization | $ | 120 | $ | 118 | ||||||||||||||||
Cost of tangible assets, net of related amortization | 44 | 51 | ||||||||||||||||||
Prepaid retirement benefits | 56 | 35 | ||||||||||||||||||
Accrued revenue not currently taxable | 23 | 29 | ||||||||||||||||||
Cash retention award | — | 2 | ||||||||||||||||||
Tax-leasing transactions | — | 1 | ||||||||||||||||||
Financial derivative transactions | 3 | 2 | ||||||||||||||||||
Deferred tax liabilities | 246 | 238 | ||||||||||||||||||
Net deferred tax (liability) asset | $ | (59 | ) | $ | (8 | ) | ||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Balance sheet classifications: | ||||||||||||||||||||
Current: | ||||||||||||||||||||
Deferred tax assets | $ | 15 | $ | 13 | ||||||||||||||||
Deferred tax liabilities | (25 | ) | (21 | ) | ||||||||||||||||
Net current deferred tax liabilities | (10 | ) | (8 | ) | ||||||||||||||||
Non-current: | ||||||||||||||||||||
Deferred tax assets | 7 | 18 | ||||||||||||||||||
Deferred tax liabilities | (56 | ) | (18 | ) | ||||||||||||||||
Net non-current deferred tax liabilities | (49 | ) | — | |||||||||||||||||
Net deferred tax liabilities | $ | (59 | ) | $ | (8 | ) | ||||||||||||||
As a result of certain realization requirements of ASC 718 Compensation - Stock Compensation, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets of $8 million (2012: $nil), that arose directly from tax deductions related to equity compensation greater than compensation recognized for financial reporting. Equity will be increased by $8 million if and when such deferred tax assets are ultimately realized. The Company uses a 'with and without' basis when determining when excess tax benefits have been realized. | ||||||||||||||||||||
At December 31, 2013 the Company had valuation allowances of $196 million (2012: $221 million) to reduce its deferred tax assets to estimated realizable value. The valuation allowances at December 31, 2013 relate to deferred tax assets arising from UK capital loss carryforwards ($43 million) and other net operating losses ($4 million), which have no expiration date, and to the deferred tax assets in the US ($149 million). US Federal net operating losses will expire between 2028 and 2032 and US State net operating losses will expire by 2032. Capital loss carryforwards can only be offset against future UK capital gains. | ||||||||||||||||||||
Balance at | Additions/ | Other movements | Foreign | Balance | ||||||||||||||||
beginning of year | (releases) | exchange differences | at | |||||||||||||||||
charged to | end of year | |||||||||||||||||||
Description | costs and expenses | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Deferred tax valuation allowance | $ | 221 | $ | 15 | $ | (40 | ) | $ | — | $ | 196 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Deferred tax valuation allowance | 102 | 110 | 12 | (3 | ) | 221 | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Deferred tax valuation allowance | 87 | — | 15 | — | 102 | |||||||||||||||
The amount charged to tax expense in the table above differs from the effect of $nil disclosed in the rate reconciliation primarily because the movement in this table includes effects of state taxes, which are disclosed separately in the rate reconciliation. The impact of Other movements is primarily recorded in other comprehensive income. | ||||||||||||||||||||
At December 31, 2013 the Company had deferred tax assets of $187 million (2012: $230 million), net of the valuation allowance. Management believes, based upon the level of historical taxable income and projections for future taxable income, it is more likely than not that the Company will realize the benefits of these deductible differences, net of the valuation allowance. However, the amount of the deferred tax asset considered realizable could be adjusted in the future if estimates of taxable income are revised. | ||||||||||||||||||||
The Company recognizes deferred tax balances related to the undistributed earnings of subsidiaries when the Company expects that it will recover those undistributed earnings in a taxable manner, such as through receipt of dividends or sale of the investments. The Company does not, however, provide for income taxes on the unremitted earnings of certain other subsidiaries where, in management’s opinion, such earnings have been indefinitely reinvested in those operations, or will be remitted either in a tax free liquidation or as dividends with taxes substantially offset by foreign tax credits. It is not practical to determine the amount of unrecognized deferred tax liabilities for temporary differences related to these investments. | ||||||||||||||||||||
Unrecognized tax benefits | ||||||||||||||||||||
Total unrecognized tax benefits as at December 31, 2013, totaled $41 million. During the next 12 months it is reasonably possible that the Company will recognize approximately $1 million of tax benefits related to the release of provisions for potential inter company pricing adjustments no longer required due to either settlement through negotiation or closure of the statute of limitations on assessment. | ||||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Balance at January 1 | $ | 37 | $ | 16 | $ | 13 | ||||||||||||||
Reductions due to a lapse of the applicable statute of limitation | (5 | ) | (3 | ) | — | |||||||||||||||
Increases for positions taken in current period | 9 | 8 | — | |||||||||||||||||
Increases for positions taken in prior periods | — | 16 | — | |||||||||||||||||
Other movements | — | — | 3 | |||||||||||||||||
Balance at December 31 | $ | 41 | $ | 37 | $ | 16 | ||||||||||||||
$12 million of the unrecognized tax benefits at December 31, 2013 would, if recognized, favorably affect the effective tax rate in future periods. | ||||||||||||||||||||
The Company files tax returns in the various tax jurisdictions in which it operates. The 2009 US tax year closed in 2013 upon the expiration of the statute of limitations on assessment. Although tax years 2008 and 2009 are closed, the IRS could make adjustments (but not assess additional tax) up to the amount of the net operating losses carried forward from those years. US tax returns have been filed timely. The Company has not extended the federal statute of limitations for assessment in the US. | ||||||||||||||||||||
All UK tax returns have been filed timely and are in the normal process of being reviewed, with HM Revenue & Customs making inquiries to obtain additional information. There are no material ongoing inquiries in relation to filed UK returns. In other jurisdictions the Company is no longer subject to examinations prior to 2004. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |
Dec. 31, 2012 | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | |
DISCONTINUED OPERATIONS | ' | |
8 | DISCONTINUED OPERATIONS | |
On December 31, 2011, the Company disposed of Global Special Risks, LLC, Faber & Dumas Canada Ltd and the trade and assets of Maclean, Oddy & Associates, Inc.. The gain (net of tax) on this disposal was $2 million. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
9 | EARNINGS PER SHARE | |||||||||||
Basic and diluted earnings per share are calculated by dividing net income attributable to Willis Group Holdings by the average number of shares outstanding during each period. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issue of shares that then shared in the net income of the Company. | ||||||||||||
In periods where losses are reported the weighted average shares outstanding excludes potentially issuable shares described above, because their inclusion would be antidilutive. | ||||||||||||
For the year ended December 31, 2013, time-based and performance-based options to purchase 8.0 million and 5.3 million shares (2012: 10.2 million and 6.5 million; 2011: 9.2 million and 7.3 million), respectively, and 2.9 million restricted stock units (2012: 2.5 million; 2011: 1.2 million) were outstanding. | ||||||||||||
Basic and diluted earnings per share are as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions, except per share data) | ||||||||||||
Net income (loss) attributable to Willis Group Holdings | $ | 365 | $ | (446 | ) | $ | 204 | |||||
Basic average number of shares outstanding | 176 | 173 | 173 | |||||||||
Dilutive effect of potentially issuable shares | 3 | — | 3 | |||||||||
Diluted average number of shares outstanding | 179 | 173 | 176 | |||||||||
Basic earnings per share: | ||||||||||||
Continuing operations | $ | 2.07 | $ | (2.58 | ) | $ | 1.17 | |||||
Discontinued operations | — | — | 0.01 | |||||||||
Net income (loss) attributable to Willis Group Holdings shareholders | $ | 2.07 | $ | (2.58 | ) | $ | 1.18 | |||||
Dilutive effect of potentially issuable shares | (0.03 | ) | — | (0.02 | ) | |||||||
Diluted earnings per share: | ||||||||||||
Continuing operations | $ | 2.04 | $ | (2.58 | ) | $ | 1.15 | |||||
Discontinued operations | — | — | 0.01 | |||||||||
Net income (loss) attributable to Willis Group Holdings shareholders | $ | 2.04 | $ | (2.58 | ) | $ | 1.16 | |||||
Options to purchase 2.1 million shares and 1.3 million restricted stock units for the year ended December 31, 2013 were not included in the computation of the dilutive effect of stock options because the effect was antidilutive (2012: 16.7 million shares and 2.5 million restricted stock units; 2011: 4.1 million shares). |
Acquisitions
Acquisitions | 12 Months Ended | |
Dec. 31, 2013 | ||
Business Combinations [Abstract] | ' | |
ACQUISITIONS | ' | |
10 | ACQUISITIONS | |
In first quarter 2013, the Company acquired 100 percent of CBC Broker Srl, an Italian broker, at a cost of $1 million. | ||
In second quarter 2013, the Company acquired 100 percent of PPH Limited and its subsidiary Prime Professions Limited (together referred to as Prime Professions), a leading UK based professional indemnity insurance broker, for cash consideration of $29 million. Additional consideration of up to approximately $2 million is payable in 2015 based on the achievement of certain revenue targets. | ||
In relation to the acquisition of Prime Professions, the Company recognized acquired intangible assets of $17 million of which $16 million was in respect of customer relationships, which are being amortized over an expected life of 15 years. The remaining intangible assets relate to non-compete agreements and the Prime trade name which are being amortized over 8 years and 3 years, respectively. Goodwill of $15 million was recognized on the transaction. | ||
On December 31, 2012 the Company acquired Avalon Actuarial Inc., a Canadian actuarial consulting firm for cash consideration of $25 million. Additional consideration of up to approximately $5 million is payable in 2016 based on the achievement of certain revenue targets. | ||
In relation to the acquisition of Avalon Actuarial, the Company recognized acquired intangible assets of $20 million of which $17 million was in respect of customer relationships, which are being amortized over an expected life of 14 years. The remaining intangible assets relate to non-compete agreements and the Avalon trade name which are being amortized over 5 years and 3 years, respectively. Goodwill of $9 million was recognized on the transaction. |
Fiduciary_Assets
Fiduciary Assets | 12 Months Ended | |
Dec. 31, 2013 | ||
Fiduciary Assets [Abstract] | ' | |
FIDUCIARY ASSETS | ' | |
11 | FIDUCIARY ASSETS | |
The Company collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurers; the Company also collects claims or refunds from insurers which it then remits to insureds. Uncollected premiums from insureds and uncollected claims or refunds from insurers (‘fiduciary receivables’) are recorded as fiduciary assets on the Company’s consolidated balance sheet. Unremitted insurance premiums, claims or refunds (‘fiduciary funds’) are also recorded within fiduciary assets. | ||
Fiduciary assets therefore comprise both receivables and funds held in a fiduciary capacity. | ||
Fiduciary funds, consisting primarily of time deposits with original maturities of less than or equal to three months, were $1,662 million as of December 31, 2013 (2012: $1,796 million). Accrued interest on funds is recorded as other assets. |
Fixed_Assets_Net
Fixed Assets, Net | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||
FIXED ASSETS, NET | ' | |||||||||||||||
12 | FIXED ASSETS, NET | |||||||||||||||
An analysis of fixed asset activity for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||
Land and | Leasehold | Furniture and | Total | |||||||||||||
buildings (i) | improvements | equipment | ||||||||||||||
(millions) | ||||||||||||||||
Cost: at January 1, 2012 | $ | 73 | $ | 210 | $ | 509 | $ | 792 | ||||||||
Additions | 3 | 16 | 116 | 135 | ||||||||||||
Disposals | — | (4 | ) | (59 | ) | (63 | ) | |||||||||
Foreign exchange | 2 | 5 | 10 | 17 | ||||||||||||
Cost: at December 31, 2012 | 78 | 227 | 576 | 881 | ||||||||||||
Additions | 10 | 22 | 80 | 112 | ||||||||||||
Disposals | — | (7 | ) | (43 | ) | (50 | ) | |||||||||
Foreign exchange | 1 | — | 5 | 6 | ||||||||||||
Cost: at December 31, 2013 | $ | 89 | $ | 242 | $ | 618 | $ | 949 | ||||||||
Depreciation: at January 1, 2012 | $ | (28 | ) | $ | (61 | ) | $ | (297 | ) | $ | (386 | ) | ||||
Depreciation expense provided | (3 | ) | (17 | ) | (59 | ) | (79 | ) | ||||||||
Disposals | — | 4 | 56 | 60 | ||||||||||||
Foreign exchange | (1 | ) | (1 | ) | (6 | ) | (8 | ) | ||||||||
Depreciation: at December 31, 2012 | (32 | ) | (75 | ) | (306 | ) | (413 | ) | ||||||||
Depreciation expense provided | (3 | ) | (18 | ) | (73 | ) | (94 | ) | ||||||||
Disposals | — | 6 | 36 | 42 | ||||||||||||
Foreign exchange | (1 | ) | — | (2 | ) | (3 | ) | |||||||||
Depreciation: at December 31, 2013 | $ | (36 | ) | $ | (87 | ) | $ | (345 | ) | $ | (468 | ) | ||||
Net book value: | ||||||||||||||||
At December 31, 2012 | $ | 46 | $ | 152 | $ | 270 | $ | 468 | ||||||||
At December 31, 2013 | $ | 53 | $ | 155 | $ | 273 | $ | 481 | ||||||||
_________________________________ | ||||||||||||||||
(i) | Included within land and buildings are assets held under capital leases: At December 31, 2013, cost and accumulated depreciation were $31 million and $6 million respectively (2012: $25 million and $4 million, respectively; 2011: $23 million and $2 million respectively). Depreciation in the year ended December 31, 2013 was $2 million (2012: $1 million; 2011: $1 million). |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
GOODWILL | ' | |||||||||||||||
13 | GOODWILL | |||||||||||||||
Goodwill represents the excess of the cost of businesses acquired over the fair value of identifiable net assets at the dates of acquisition. Goodwill is not amortized but is subject to impairment testing annually and whenever facts or circumstances indicate that the carrying amounts may not be recoverable. | ||||||||||||||||
The Company has determined that its reporting units are consistent with its operating segments: North America; International and Global. Goodwill is allocated to these reporting units based on the original purchase price allocation for acquisitions within the reporting units. When a business entity is sold, goodwill is allocated to the disposed entity based on the fair value of that entity compared to the fair value of the reporting unit in which it is included. | ||||||||||||||||
The changes in the carrying amount of goodwill by segment for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||
Global | North | International | Total | |||||||||||||
America | ||||||||||||||||
(millions) | ||||||||||||||||
Balance at January 1, 2012 | ||||||||||||||||
Goodwill, gross | $ | 1,122 | $ | 1,782 | $ | 391 | $ | 3,295 | ||||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
Goodwill, net | 1,122 | 1,782 | 391 | 3,295 | ||||||||||||
Purchase price allocation adjustments | — | — | 2 | 2 | ||||||||||||
Goodwill acquired during the year | — | 10 | 2 | 12 | ||||||||||||
Goodwill disposed of during the year | — | — | (1 | ) | (1 | ) | ||||||||||
Goodwill impairment charge | — | (492 | ) | — | (492 | ) | ||||||||||
Foreign exchange | 5 | — | 6 | 11 | ||||||||||||
Balance at December 31, 2012 | ||||||||||||||||
Goodwill, gross | 1,127 | 1,792 | 400 | 3,319 | ||||||||||||
Accumulated impairment losses | — | (492 | ) | — | (492 | ) | ||||||||||
Goodwill, net | $ | 1,127 | $ | 1,300 | $ | 400 | $ | 2,827 | ||||||||
Purchase price allocation adjustments | — | (1 | ) | — | (1 | ) | ||||||||||
Goodwill acquired during the year | 15 | — | 1 | 16 | ||||||||||||
Goodwill disposed of during the year | — | (14 | ) | — | (14 | ) | ||||||||||
Other movements (i) | — | (1 | ) | — | (1 | ) | ||||||||||
Foreign exchange | 3 | — | 8 | 11 | ||||||||||||
Balance at December 31, 2013 | ||||||||||||||||
Goodwill, gross | 1,145 | 1,776 | 409 | 3,330 | ||||||||||||
Accumulated impairment losses | — | (492 | ) | — | (492 | ) | ||||||||||
Goodwill, net | $ | 1,145 | $ | 1,284 | $ | 409 | $ | 2,838 | ||||||||
_________________________________ | ||||||||||||||||
(i) | North America — $1 million (2012: $nil) tax benefit arising on the exercise of fully vested HRH stock options which were issued as part of the acquisition of HRH in 2008. | |||||||||||||||
Impairment Review | ||||||||||||||||
The Company reviews goodwill for impairment annually. In the first step of the impairment test, the fair value of each reporting unit is compared with its carrying value, including goodwill. If the carrying value of a reporting unit exceeds its fair value, the amount of an impairment loss, if any, is calculated in the second step of the impairment test by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. | ||||||||||||||||
The Company's goodwill impairment test for 2013 has not resulted in an impairment charge (2012: $492 million; 2011: $nil). | ||||||||||||||||
In 2012, the Company concluded that an impairment charge was required to reduce the carrying value of the goodwill associated with the Company's North America reporting unit. The goodwill impairment charge for the North America reporting unit amounted to $492 million. There was no impairment for the Global and International reporting units, as the fair values of these units were significantly in excess of their carrying value. | ||||||||||||||||
The decline in the fair value of the North America reporting unit, as well as differences between fair values and carrying values for other assets and liabilities in the second step of the goodwill impairment test, resulted in an implied fair value of goodwill substantially below the carrying value of the goodwill for the reporting unit. As a result, the Company recorded a goodwill impairment charge of $492 million as of October 1, 2012. | ||||||||||||||||
As previously disclosed, the North America reporting unit had been hampered by the declining Loan Protector business results, the effect of the soft economy in the U.S., which had significantly impacted the Construction and Human Capital sectors, and declining retention rates primarily related to merger and acquisition activity and lost legacy HRH businesses. | ||||||||||||||||
The decline in the estimated fair value of the reporting unit resulted from lower projected revenue growth rates and profitability levels as well as an increase in the discount rate used to calculate the discounted cash flows. The increase in the discount rate was due to increases in the risk-free rate and small company premium offset by a reduction to the expected market rate of return. The lower projected profitability levels reflected changes in assumptions related to organic revenue growth and cost rates which could be attributed to the declines discussed above and also included consideration of the uncertainty related to the business's ability to execute on the projected cash flows. |
Other_Intangible_Assets_Net
Other Intangible Assets, Net | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
OTHER INTANGIBLE ASSETS, NET | ' | |||||||||||||||||||||||
14 | OTHER INTANGIBLE ASSETS, NET | |||||||||||||||||||||||
Other intangible assets are classified into the following categories: | ||||||||||||||||||||||||
• | 'Customer and Marketing Related', including: | |||||||||||||||||||||||
• | client relationships | |||||||||||||||||||||||
• | client lists | |||||||||||||||||||||||
• | non-compete agreements | |||||||||||||||||||||||
• | trade names | |||||||||||||||||||||||
• | ‘Contract based, Technology and Other’ includes all other purchased intangible assets. | |||||||||||||||||||||||
The major classes of amortizable intangible assets are as follows: | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross carrying | Accumulated | Net carrying amount | Gross carrying | Accumulated | Net carrying amount | |||||||||||||||||||
amount | amortization | amount | amortization | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Customer and Marketing Related: | ||||||||||||||||||||||||
Client Relationships | $ | 671 | $ | (326 | ) | $ | 345 | $ | 717 | $ | (340 | ) | $ | 377 | ||||||||||
Client Lists | 3 | (1 | ) | 2 | 3 | (1 | ) | 2 | ||||||||||||||||
Non-compete Agreements | 4 | (1 | ) | 3 | 3 | — | 3 | |||||||||||||||||
Trade Names | 2 | (1 | ) | 1 | 11 | (10 | ) | 1 | ||||||||||||||||
Total Customer and Marketing Related | 680 | (329 | ) | 351 | 734 | (351 | ) | 383 | ||||||||||||||||
Contract based, Technology and Other | 5 | (3 | ) | 2 | 4 | (2 | ) | 2 | ||||||||||||||||
Total amortizable intangible assets | $ | 685 | $ | (332 | ) | $ | 353 | $ | 738 | $ | (353 | ) | $ | 385 | ||||||||||
The aggregate amortization of intangible assets for the year ended December 31, 2013 was $55 million (2012: $59 million; 2011: $68 million). The estimated aggregate amortization of intangible assets for each of the next five years ended December 31 is as follows: | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
2014 | $ | 50 | ||||||||||||||||||||||
2015 | 43 | |||||||||||||||||||||||
2016 | 38 | |||||||||||||||||||||||
2017 | 33 | |||||||||||||||||||||||
2018 | 29 | |||||||||||||||||||||||
Thereafter | 160 | |||||||||||||||||||||||
Total | $ | 353 | ||||||||||||||||||||||
Investments_in_Associates
Investments in Associates | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
INVESTMENTS IN ASSOCIATES | ' | |||||||||||
15 | INVESTMENTS IN ASSOCIATES | |||||||||||
The Company holds a number of investments which it accounts for using the equity method. The Company’s approximate interest in the outstanding stock of the more significant associates is as follows: | ||||||||||||
December 31, | ||||||||||||
Country | 2013 | 2012 | ||||||||||
Al-Futtaim Willis Co. L.L.C. | Dubai | 49 | % | 49 | % | |||||||
GS & Cie Groupe | France | 30 | % | 30 | % | |||||||
The Company’s principal investment as of December 31, 2013 and 2012 is GS & Cie Groupe (‘Gras Savoye’), France’s leading insurance broker. | ||||||||||||
The Company’s original investment in Gras Savoye was made in 1997, when it acquired a 33 percent ownership interest. Between 1997 and December 2009 this interest was increased by a series of incremental investments to 49 percent. | ||||||||||||
On December 17, 2009, the Company completed a leveraged transaction with the original family shareholders of Gras Savoye and Astorg Partners, a private equity fund, to reorganize the capital of Gras Savoye (‘December 2009 leveraged transaction’). The Company, the original family shareholders and Astorg now own equal stakes of 30 percent in the capital structure of Gras Savoye and have equal representation of one third of the voting rights on its board. The remaining shareholding is held by a large pool of Gras Savoye managers and minority shareholders. | ||||||||||||
A put option that was in place prior to the December 2009 leveraged transaction, and which could have increased the Company’s interest to 90 percent, has been amended and the Company now has a call option to purchase 100 percent of the capital of Gras Savoye. If the Company does not waive the call option before April 30, 2015, then it must exercise the call option in 2016 or the other shareholders may initiate procedures to sell Gras Savoye. Except with the unanimous consent of the supervisory board and other customary exceptions, the parties are prohibited from transferring any shares of Gras Savoye until 2016. At the end of this period, shareholders are entitled to pre-emptive and tag-along rights. | ||||||||||||
In 2011 the Company’s ownership of Gras Savoye reduced from 31 percent to 30 percent following issuance of additional share capital as part of an employee share incentive scheme. | ||||||||||||
The carrying amount of the Gras Savoye investment as of December 31, 2013 includes goodwill of $84 million (2012: $83 million) and interest bearing vendor loans and convertible bonds issued by Gras Savoye of $46 million and $110 million respectively (2012: $47 million and $96 million, respectively). | ||||||||||||
A gain of $4 million was recorded in 2011 following conclusion of the accounting for the December 2009 leveraged transaction. | ||||||||||||
As of December 31, 2013 and 2012, the Company’s other investments in associates, individually and in the aggregate, were not material to the Company’s operations. | ||||||||||||
Condensed financial information for associates, in the aggregate, as of and for the three years ended December 31, 2013, is presented below. For convenience purposes: (i) balance sheet data has been translated to US dollars at the relevant year-end exchange rate, and (ii) condensed statements of operations data has been translated to US dollars at the relevant average exchange rate. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Condensed statements of operations data (i): | ||||||||||||
Total revenues | $ | 502 | $ | 497 | $ | 527 | ||||||
(Loss) income before income taxes | (48 | ) | (17 | ) | 5 | |||||||
Net loss | (36 | ) | (14 | ) | (2 | ) | ||||||
Condensed balance sheets data (i): | ||||||||||||
Total assets | 1,685 | 1,670 | 1,882 | |||||||||
Total liabilities | 1,611 | 1,559 | 1,736 | |||||||||
Stockholders’ equity | 74 | 111 | 146 | |||||||||
_________________________________ | ||||||||||||
(i) | Disclosure is based on the Company’s best estimate of the results of its associates and is subject to change upon receipt of their financial statements for 2013. | |||||||||||
For the year ended December 31, 2013, the Company recognized $3 million (2012: $3 million; 2011: $4 million) in respect of dividends received from associates. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
OTHER ASSETS | ' | |||||||
16 | OTHER ASSETS | |||||||
An analysis of other assets is as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Other current assets | ||||||||
Prepayments and accrued income | $ | 73 | $ | 61 | ||||
Income taxes receivable | 32 | 50 | ||||||
Deferred compensation plan assets | 26 | 12 | ||||||
Other receivables | 66 | 58 | ||||||
Total other current assets | $ | 197 | $ | 181 | ||||
Other non-current assets | ||||||||
Prepayments and accrued income | 16 | 24 | ||||||
Deferred compensation plan assets | 88 | 97 | ||||||
Income taxes receivable | 21 | 12 | ||||||
Accounts receivable, net | 28 | 25 | ||||||
Other investments | 19 | 12 | ||||||
Other receivables | 34 | 36 | ||||||
Total other non-current assets | $ | 206 | $ | 206 | ||||
Total other assets | $ | 403 | $ | 387 | ||||
Other_Liabilities
Other Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
OTHER LIABILITIES | ' | |||||||
17 | OTHER LIABILITIES | |||||||
An analysis of other liabilities is as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Other current liabilities | ||||||||
Accounts payable | $ | 123 | $ | 88 | ||||
Accrued dividends payable | 51 | 47 | ||||||
Other taxes payable | 51 | 44 | ||||||
Deferred compensation plan liability | 26 | 12 | ||||||
Incentives from lessors | 12 | 9 | ||||||
Other payables | 152 | 127 | ||||||
Total other current liabilities | $ | 415 | $ | 327 | ||||
Other non-current liabilities | ||||||||
Incentives from lessors | $ | 183 | $ | 173 | ||||
Deferred compensation plan liability | 89 | 101 | ||||||
Income taxes payable | 40 | 33 | ||||||
Other payables | 62 | 68 | ||||||
Total other non-current liabilities | $ | 374 | $ | 375 | ||||
Total other liabilities | $ | 789 | $ | 702 | ||||
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Allowance for Doubtful Accounts [Abstract] | ' | |||||||||||||||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ' | |||||||||||||||||||
18 | ALLOWANCE FOR DOUBTFUL ACCOUNTS | |||||||||||||||||||
Accounts receivable are stated at estimated net realizable values. The allowances shown below as at the end of each period, are recorded as the amounts considered by management to be sufficient to meet probable future losses related to uncollectible accounts. | ||||||||||||||||||||
Balance at | Additions/ | Deductions | Foreign | Balance at | ||||||||||||||||
beginning of year | (releases) | / Other movements | exchange differences | end of year | ||||||||||||||||
charged to | ||||||||||||||||||||
costs and expenses | ||||||||||||||||||||
Description | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 14 | $ | 3 | $ | (4 | ) | $ | — | $ | 13 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 13 | $ | 16 | $ | (15 | ) | $ | — | $ | 14 | |||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 12 | $ | 4 | $ | (3 | ) | $ | — | $ | 13 | |||||||||
Pension_Plans
Pension Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension Plans | ' | |||||||||||||||||||||||
19 | PENSION PLANS | |||||||||||||||||||||||
The Company maintains two principal defined benefit pension plans that cover approximately half of our employees in the United States and United Kingdom. Both of these plans are now closed to new entrants and with effect from May 15, 2009, the Company closed the US defined benefit plan to future accrual. New employees in the United Kingdom are offered the opportunity to join a defined contribution plan and in the United States are offered the opportunity to join a 401(k) plan. In addition to the Company’s UK and US defined benefit pension plans, the Company has several smaller defined benefit pension plans in certain other countries in which it operates including a US non-qualified plan and an unfunded plan in the UK. Elsewhere, pension benefits are typically provided through defined contribution plans. It is the Company’s policy to fund pension costs as required by applicable laws and regulations. | ||||||||||||||||||||||||
At December 31, 2013, the Company recorded, on the Consolidated Balance Sheets: | ||||||||||||||||||||||||
• | a pension benefit asset of $278 million (2012: $136 million) representing: | |||||||||||||||||||||||
• | $276 million (2012: $134 million) in respect of the UK defined benefit pension plan; and | |||||||||||||||||||||||
• | $2 million (2012: $2 million) in respect of the international defined benefit pension plans. | |||||||||||||||||||||||
• | a total liability for pension benefits of $136 million (2012: $282 million) representing: | |||||||||||||||||||||||
• | $107 million (2012: $250 million) in respect of the US defined benefit pension plan; and | |||||||||||||||||||||||
• | $29 million (2012: $32 million) in respect of the international, US non-qualified and UK unfunded defined benefit pension plans. | |||||||||||||||||||||||
UK and US defined benefit plans | ||||||||||||||||||||||||
The following schedules provide information concerning the Company’s UK and US defined benefit pension plans as of and for the years ended December 31: | ||||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 2,582 | $ | 2,217 | $ | 958 | $ | 895 | ||||||||||||||||
Service cost | 37 | 35 | — | — | ||||||||||||||||||||
Interest cost | 109 | 108 | 38 | 41 | ||||||||||||||||||||
Employee contributions | 2 | 2 | — | — | ||||||||||||||||||||
Actuarial loss (gain) | 79 | 186 | (81 | ) | 71 | |||||||||||||||||||
Benefits paid | (78 | ) | (77 | ) | (51 | ) | (49 | ) | ||||||||||||||||
Foreign currency changes | 54 | 111 | — | — | ||||||||||||||||||||
Benefit obligations, end of year | 2,785 | 2,582 | 864 | 958 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 2,716 | 2,353 | 708 | 637 | ||||||||||||||||||||
Actual return on plan assets | 255 | 226 | 60 | 80 | ||||||||||||||||||||
Employee contributions | 2 | 2 | — | — | ||||||||||||||||||||
Employer contributions | 100 | 92 | 40 | 40 | ||||||||||||||||||||
Benefits paid | (78 | ) | (77 | ) | (51 | ) | (49 | ) | ||||||||||||||||
Foreign currency changes | 66 | 120 | — | — | ||||||||||||||||||||
Fair value of plan assets, end of year | 3,061 | 2,716 | 757 | 708 | ||||||||||||||||||||
Funded status at end of year | $ | 276 | $ | 134 | $ | (107 | ) | $ | (250 | ) | ||||||||||||||
Components on the Consolidated Balance Sheets: | ||||||||||||||||||||||||
Pension benefits asset | $ | 276 | $ | 134 | $ | — | $ | — | ||||||||||||||||
Liability for pension benefits | — | — | (107 | ) | (250 | ) | ||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | ||||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Net actuarial loss | $ | 815 | $ | 831 | $ | 233 | $ | 332 | ||||||||||||||||
Prior service gain | (24 | ) | (29 | ) | — | — | ||||||||||||||||||
The accumulated benefit obligations for the Company’s UK and US defined benefit pension plans were $2,701 million and $864 million, respectively (2012: $2,519 million and $958 million, respectively). | ||||||||||||||||||||||||
The components of the net periodic benefit (income) cost and other amounts recognized in other comprehensive loss for the UK and US defined benefit plans are as follows: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Components of net periodic benefit (income) cost: | ||||||||||||||||||||||||
Service cost | $ | 37 | $ | 35 | $ | 36 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 109 | 108 | 106 | 38 | 41 | 41 | ||||||||||||||||||
Expected return on plan assets | (191 | ) | (181 | ) | (161 | ) | (51 | ) | (46 | ) | (44 | ) | ||||||||||||
Amortization of unrecognized prior service gain | (5 | ) | (6 | ) | (5 | ) | — | — | — | |||||||||||||||
Amortization of unrecognized actuarial loss | 45 | 39 | 30 | 9 | 8 | 3 | ||||||||||||||||||
Net periodic benefit (income) cost | $ | (5 | ) | $ | (5 | ) | $ | 6 | $ | (4 | ) | $ | 3 | $ | — | |||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 15 | $ | 141 | $ | 164 | $ | (90 | ) | $ | 37 | $ | 137 | |||||||||||
Amortization of unrecognized actuarial loss | (45 | ) | (39 | ) | (30 | ) | (9 | ) | (8 | ) | (3 | ) | ||||||||||||
Prior service gain | — | — | (10 | ) | — | — | — | |||||||||||||||||
Amortization of unrecognized prior service gain | 5 | 6 | 5 | — | — | — | ||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (25 | ) | $ | 108 | $ | 129 | $ | (99 | ) | $ | 29 | $ | 134 | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (30 | ) | $ | 103 | $ | 135 | $ | (103 | ) | $ | 32 | $ | 134 | ||||||||||
The estimated net loss and prior service cost for the UK and US defined benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year are: | ||||||||||||||||||||||||
UK Pension | US Pension | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Estimated net loss | $ | 42 | $ | 6 | ||||||||||||||||||||
Prior service gain | (3 | ) | — | |||||||||||||||||||||
The following schedule provides other information concerning the Company’s UK and US defined benefit pension plans: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Weighted-average assumptions to determine benefit obligations: | ||||||||||||||||||||||||
Discount rate | 4.4 | % | 4.4 | % | 4.8 | % | 4.1 | % | ||||||||||||||||
Rate of compensation increase | 3.2 | % | 2.3 | % | N/A | N/A | ||||||||||||||||||
Weighted-average assumptions to determine net periodic benefit cost: | ||||||||||||||||||||||||
Discount rate | 4.4 | % | 4.8 | % | 4.1 | % | 4.6 | % | ||||||||||||||||
Expected return on plan assets | 7.3 | % | 7.5 | % | 7.3 | % | 7.3 | % | ||||||||||||||||
Rate of compensation increase | 2.3 | % | 2.1 | % | N/A | N/A | ||||||||||||||||||
The expected return on plan assets was determined on the basis of the weighted-average of the expected future returns of the various asset classes, using the target allocations shown below. The expected returns on UK plan assets are: UK and foreign equities 9.27 percent, debt securities 4.42 percent, hedge funds 7.86 percent and real estate 6.53 percent. The expected returns on US plan assets are: US and foreign equities 10.40 percent and debt securities 4.10 percent. | ||||||||||||||||||||||||
The Company’s pension plan asset allocations based on fair values were as follows: | ||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
Asset Category | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Equity securities | 36 | % | 41 | % | 52 | % | 49 | % | ||||||||||||||||
Debt securities | 38 | % | 37 | % | 46 | % | 50 | % | ||||||||||||||||
Hedge funds | 17 | % | 17 | % | — | % | — | % | ||||||||||||||||
Real estate | 3 | % | 3 | % | — | % | — | % | ||||||||||||||||
Cash | 6 | % | 2 | % | — | % | — | % | ||||||||||||||||
Other | — | % | — | % | 2 | % | 1 | % | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||
In the UK the pension trustees in consultation with the Company maintain a diversified asset portfolio and this together with contributions made by the Company is expected to meet the pension scheme’s liabilities as they become due. The UK plan’s assets are divided into 13 separate portfolios according to asset class and managed by 10 investment managers. The broad target allocations are UK and foreign equities (31.5 percent), debt securities (45 percent), hedge funds (17.5 percent) and real estate (6 percent). In the US the Company’s investment policy is to maintain a diversified asset portfolio, which together with contributions made by the Company is expected to meet the pension scheme’s liabilities as they become due. The US plan’s assets are currently invested in 17 funds representing most standard equity and debt security classes. The broad target allocations are US and foreign equities (50 percent) and debt securities (50 percent). | ||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||
The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value: | ||||||||||||||||||||||||
• | Level 1: refers to fair values determined based on quoted market prices in active markets for identical assets; | |||||||||||||||||||||||
• | Level 2: refers to fair values estimated using observable market based inputs or unobservable inputs that are corroborated by market data; and | |||||||||||||||||||||||
• | Level 3: includes fair values estimated using unobservable inputs that are not corroborated by market data. | |||||||||||||||||||||||
The following tables present, at December 31, 2013 and 2012, for each of the fair value hierarchy levels, the Company’s UK pension plan assets that are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
UK Pension Plan | ||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 659 | $ | 81 | $ | — | $ | 740 | ||||||||||||||||
UK equities | 239 | 17 | — | 256 | ||||||||||||||||||||
Other equities | 40 | 63 | — | 103 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
US Government bonds | 31 | — | — | 31 | ||||||||||||||||||||
UK Government bonds | 656 | — | — | 656 | ||||||||||||||||||||
Other Government bonds | 7 | — | 100 | 107 | ||||||||||||||||||||
UK corporate bonds | 75 | — | — | 75 | ||||||||||||||||||||
Other corporate bonds | 151 | — | — | 151 | ||||||||||||||||||||
Derivatives | — | 154 | — | 154 | ||||||||||||||||||||
Real estate | — | — | 92 | 92 | ||||||||||||||||||||
Cash | 163 | — | — | 163 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Hedge funds | — | 28 | 477 | 505 | ||||||||||||||||||||
Other | — | 28 | — | 28 | ||||||||||||||||||||
Total | $ | 2,021 | $ | 371 | $ | 669 | $ | 3,061 | ||||||||||||||||
UK Pension Plan | ||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 492 | $ | 108 | $ | — | $ | 600 | ||||||||||||||||
UK equities | 317 | 59 | — | 376 | ||||||||||||||||||||
Other equities | 28 | 97 | — | 125 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
US Government bonds | 11 | — | — | 11 | ||||||||||||||||||||
UK Government bonds | 625 | — | — | 625 | ||||||||||||||||||||
Other Government bonds | 13 | — | — | 13 | ||||||||||||||||||||
UK corporate bonds | 112 | — | — | 112 | ||||||||||||||||||||
Other corporate bonds | 29 | — | — | 29 | ||||||||||||||||||||
Derivatives | — | 217 | — | 217 | ||||||||||||||||||||
Real estate | — | — | 76 | 76 | ||||||||||||||||||||
Cash | 53 | — | — | 53 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Hedge funds | — | 27 | 431 | 458 | ||||||||||||||||||||
Other | 8 | 13 | — | 21 | ||||||||||||||||||||
Total | $ | 1,688 | $ | 521 | $ | 507 | $ | 2,716 | ||||||||||||||||
The UK plan’s real estate investment comprises UK property and infrastructure investments which are valued by the fund manager taking into account cost, independent appraisals and market based comparable data. The UK plan’s hedge fund investments are primarily invested in various ‘fund of funds’ and are valued based on net asset values calculated by the fund and are not publicly available. Liquidity is typically monthly and is subject to liquidity of the underlying funds. | ||||||||||||||||||||||||
The following tables present, at December 31, 2013 and 2012, for each of the fair value hierarchy levels, the Company’s US pension plan assets that are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
US Pension Plan | ||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 120 | $ | 125 | $ | — | $ | 245 | ||||||||||||||||
Non US equities | 116 | 33 | — | 149 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
US Government bonds | — | 55 | — | 55 | ||||||||||||||||||||
US corporate bonds | — | 151 | — | 151 | ||||||||||||||||||||
International fixed income securities | 58 | 42 | — | 100 | ||||||||||||||||||||
Municipal & Non US government bonds | — | 30 | — | 30 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Mortgage backed securities | — | 12 | — | 12 | ||||||||||||||||||||
Other | 9 | 6 | — | 15 | ||||||||||||||||||||
Total | $ | 303 | $ | 454 | $ | — | $ | 757 | ||||||||||||||||
US Pension Plan | ||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 144 | $ | 78 | $ | — | $ | 222 | ||||||||||||||||
Non US equities | 98 | 27 | — | 125 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
US Government bonds | — | 69 | — | 69 | ||||||||||||||||||||
US corporate bonds | — | 144 | — | 144 | ||||||||||||||||||||
International fixed income securities | 52 | 39 | — | 91 | ||||||||||||||||||||
Municipal & Non US government bonds | — | 35 | — | 35 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Mortgage backed securities | — | 13 | — | 13 | ||||||||||||||||||||
Other | 3 | 6 | — | 9 | ||||||||||||||||||||
Total | $ | 297 | $ | 411 | $ | — | $ | 708 | ||||||||||||||||
Equity securities comprise: | ||||||||||||||||||||||||
• | common stock and preferred stock which are valued using quoted market prices; and | |||||||||||||||||||||||
• | pooled investment vehicles which are valued at their net asset values as calculated by the investment manager and typically have daily or weekly liquidity. | |||||||||||||||||||||||
Fixed income securities comprise US, UK and other Government Treasury Bills, loan stock, index linked loan stock and UK and other corporate bonds which are typically valued using quoted market prices. | ||||||||||||||||||||||||
As a result of the inherent limitations related to the valuations of the Level 3 investments, due to the unobservable inputs of the underlying funds, the estimated fair value may differ significantly from the values that would have been used had a market for those investments existed. | ||||||||||||||||||||||||
The following table summarizes the changes in the UK pension plan’s Level 3 assets for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
UK Pension | ||||||||||||||||||||||||
Plan | ||||||||||||||||||||||||
Level 3 | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 476 | ||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (2 | ) | ||||||||||||||||||||||
Unrealized and realized gains relating to instruments still held at end of year | 17 | |||||||||||||||||||||||
Foreign exchange | 16 | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 507 | ||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 121 | |||||||||||||||||||||||
Unrealized and realized gains relating to instruments still held at end of year | 29 | |||||||||||||||||||||||
Foreign exchange | 12 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 669 | ||||||||||||||||||||||
In 2014, the Company expects to make contributions to the UK plan of approximately $83 million and $30 million to the US plan. In addition, approximately $12 million will be paid in 2014 into the UK defined benefit plan related to employee's salary sacrifice contributions. | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are estimated to be paid by the UK and US defined benefit pension plans: | ||||||||||||||||||||||||
Expected future benefit payments | UK Pension Benefits | US Pension Benefits | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
2014 | 84 | 38 | ||||||||||||||||||||||
2015 | 88 | 42 | ||||||||||||||||||||||
2016 | 89 | 44 | ||||||||||||||||||||||
2017 | 93 | 46 | ||||||||||||||||||||||
2018 | 94 | 49 | ||||||||||||||||||||||
2019-2023 | 518 | 271 | ||||||||||||||||||||||
Willis North America has a 401(k) plan covering all eligible employees of Willis North America and its subsidiaries. The plan allows participants to make pre-tax contributions which the Company, at its discretion may match. During 2009, the Company had decided not to make any matching contributions other than for former HRH employees whose contributions were matched up to 75 percent under the terms of the acquisition. All investment assets of the plan are held in a trust account administered by independent trustees. The Company’s 401(k) matching contributions for 2013 were $15 million (2012: $10 million; 2011: $10 million), matching contributions were increased 1 percent during 2013. | ||||||||||||||||||||||||
Other defined benefit pension plans | ||||||||||||||||||||||||
In addition to the Company’s UK and US defined benefit pension plans, the Company has several smaller defined benefit pension plans in certain other countries in which it operates together with a non-qualified defined benefit pension plan in the US and an unfunded defined benefit pension plan in the UK. | ||||||||||||||||||||||||
These smaller additional US and UK plans are incorporated with the Company's other defined benefit pension plans. | ||||||||||||||||||||||||
In total, a $27 million net pension benefit liability (2012: $30 million) has been recognized in respect of these other schemes. | ||||||||||||||||||||||||
The following schedules provide information concerning the Company’s international, US non-qualified and UK unfunded defined benefit pension plans: | ||||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 180 | $ | 131 | ||||||||||||||||||||
Service cost | 3 | 3 | ||||||||||||||||||||||
Interest cost | 7 | 7 | ||||||||||||||||||||||
Actuarial (gain) loss | (5 | ) | 30 | |||||||||||||||||||||
Benefits paid | (6 | ) | (6 | ) | ||||||||||||||||||||
Employee contributions | — | 1 | ||||||||||||||||||||||
Reclassification from other non-current liabilities (i) | 10 | 9 | ||||||||||||||||||||||
Foreign currency changes | 6 | 5 | ||||||||||||||||||||||
Benefit obligations, end of year | 195 | 180 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 150 | 128 | ||||||||||||||||||||||
Actual return on plan assets | 9 | 11 | ||||||||||||||||||||||
Employer contributions | 10 | 11 | ||||||||||||||||||||||
Employee contributions | — | 1 | ||||||||||||||||||||||
Benefits paid | (6 | ) | (6 | ) | ||||||||||||||||||||
Foreign currency changes | 5 | 5 | ||||||||||||||||||||||
Fair value of plan assets, end of year | 168 | 150 | ||||||||||||||||||||||
Funded status at end of year | $ | (27 | ) | $ | (30 | ) | ||||||||||||||||||
Components on the Consolidated Balance Sheets: | ||||||||||||||||||||||||
Pension benefits asset | $ | 2 | $ | 2 | ||||||||||||||||||||
Liability for pension benefits | $ | (29 | ) | $ | (32 | ) | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
(i) | Transfer in of benefit obligation for UK unfunded and US non-qualified plans from non-current other liabilities. | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of a net actuarial loss of $27 million (2012: $35 million). | ||||||||||||||||||||||||
The accumulated benefit obligation for the Company’s other defined benefit pension plans was $191 million (2012: $177 million). | ||||||||||||||||||||||||
The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for the other defined benefit pension plans are as follows: | ||||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 3 | $ | 3 | $ | 4 | ||||||||||||||||||
Interest cost | 7 | 7 | 7 | |||||||||||||||||||||
Expected return on plan assets | (6 | ) | (6 | ) | (6 | ) | ||||||||||||||||||
Amortization of unrecognized actuarial loss | 1 | — | 1 | |||||||||||||||||||||
Curtailment gain | — | — | (1 | ) | ||||||||||||||||||||
Net periodic benefit cost | $ | 5 | $ | 4 | $ | 5 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||||||||||||||||||||||||
Amortization of unrecognized actuarial loss | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||||||
Net actuarial (gain) loss | (8 | ) | 25 | 2 | ||||||||||||||||||||
Total recognized in other comprehensive (income) loss | (9 | ) | 25 | 1 | ||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (4 | ) | $ | 29 | $ | 6 | |||||||||||||||||
The estimated net loss for the other defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $nil. | ||||||||||||||||||||||||
The following schedule provides other information concerning the Company’s other defined benefit pension plans: | ||||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligations: | ||||||||||||||||||||||||
Discount rate | 3.30% - 4.40% | 2.50% - 3.75% | ||||||||||||||||||||||
Rate of compensation increase | 2.00% - 2.50% | 2.00% | ||||||||||||||||||||||
Weighted-average assumptions to determine net periodic benefit cost: | ||||||||||||||||||||||||
Discount rate | 2.50% - 4.40% | 3.30% - 5.30% | ||||||||||||||||||||||
Expected return on plan assets | 2.00% - 4.66% | 2.00% - 5.73% | ||||||||||||||||||||||
Rate of compensation increase | 2.00% - 2.50% | 2.50% - 3.00% | ||||||||||||||||||||||
The determination of the expected long-term rate of return on the other defined benefit plan assets is dependent upon the specific circumstances of each individual plan. The assessment may include analyzing historical investment performance, investment community forecasts and current market conditions to develop expected returns for each asset class used by the plans. | ||||||||||||||||||||||||
The Company’s other defined benefit pension plan asset allocations at December 31, 2013 based on fair values were as follows: | ||||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||
Equity securities | 35 | % | 35 | % | ||||||||||||||||||||
Debt securities | 39 | % | 39 | % | ||||||||||||||||||||
Real estate | 3 | % | 3 | % | ||||||||||||||||||||
Derivatives | 14 | % | 16 | % | ||||||||||||||||||||
Other | 9 | % | 7 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The investment policies for the international plans vary by jurisdiction but are typically established by the local pension plan trustees, where applicable, and seek to maintain the plans’ ability to meet liabilities of the plans as they fall due and to comply with local minimum funding requirements. | ||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||
The following tables present, at December 31, 2013 and 2012, for each of the fair value hierarchy levels, the Company’s other defined benefit pension plan assets that are measured at fair value on a recurring basis. | ||||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 29 | $ | — | $ | — | $ | 29 | ||||||||||||||||
UK equities | 5 | — | — | 5 | ||||||||||||||||||||
Overseas equities | 26 | — | — | 26 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Other Government bonds | 61 | — | — | 61 | ||||||||||||||||||||
Corporate bonds | 4 | — | — | 4 | ||||||||||||||||||||
Derivative instruments | — | 23 | — | 23 | ||||||||||||||||||||
Real estate | — | — | 5 | 5 | ||||||||||||||||||||
Cash | 8 | — | — | 8 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Other investments | — | — | 7 | 7 | ||||||||||||||||||||
Total | $ | 133 | $ | 23 | $ | 12 | $ | 168 | ||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 24 | $ | — | $ | — | $ | 24 | ||||||||||||||||
UK equities | 5 | — | — | 5 | ||||||||||||||||||||
Overseas equities | 22 | — | 1 | 23 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Other Government bonds | 49 | — | — | 49 | ||||||||||||||||||||
Corporate bonds | — | 9 | — | 9 | ||||||||||||||||||||
Derivative instruments | — | 24 | — | 24 | ||||||||||||||||||||
Real estate | — | — | 5 | 5 | ||||||||||||||||||||
Cash | 5 | — | — | 5 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Other investments | — | 1 | 5 | 6 | ||||||||||||||||||||
Total | $ | 105 | $ | 34 | $ | 11 | $ | 150 | ||||||||||||||||
Equity securities comprise: | ||||||||||||||||||||||||
• | common stock which are valued using quoted market prices; and | |||||||||||||||||||||||
• | unit linked funds which are valued at their net asset values as calculated by the investment manager and typically have daily liquidity. | |||||||||||||||||||||||
Fixed income securities comprise overseas Government loan stock which is typically valued using quoted market prices. Real estate investment comprises overseas property and infrastructure investments which are valued by the fund manager taking into account cost, independent appraisals and market based comparable data. Derivative instruments are valued using an income approach typically using swap curves as an input. | ||||||||||||||||||||||||
Assets classified as Level 3 investments did not materially change during the year ended December 31, 2013. | ||||||||||||||||||||||||
In 2014, the Company expects to contribute $9 million to the other defined benefit pension plans. | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are estimated to be paid by the other defined benefit pension plans: | ||||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||
Expected future benefit payments | Benefits | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
2014 | $ | 6 | ||||||||||||||||||||||
2015 | 6 | |||||||||||||||||||||||
2016 | 6 | |||||||||||||||||||||||
2017 | 6 | |||||||||||||||||||||||
2018 | 7 | |||||||||||||||||||||||
2019-2023 | 35 | |||||||||||||||||||||||
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
20 | DEBT | |||||||||||
Current portion of the long-term debt consists of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(millions) | ||||||||||||
Current portion of 7-year term loan facility expires 2018 | $ | 15 | $ | 15 | ||||||||
Long-term debt consists of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(millions) | ||||||||||||
7-year term loan facility expires 2018 | $ | 259 | $ | 274 | ||||||||
5.625% senior notes due 2015 | 148 | 350 | ||||||||||
Fair value adjustment on 5.625% senior notes due 2015 | 4 | 18 | ||||||||||
4.125% senior notes due 2016 | 299 | 299 | ||||||||||
6.200% senior notes due 2017 | 394 | 600 | ||||||||||
7.000% senior notes due 2019 | 187 | 300 | ||||||||||
5.750% senior notes due 2021 | 496 | 496 | ||||||||||
4.625% senior notes due 2023 | 249 | — | ||||||||||
6.125% senior notes due 2043 | 274 | — | ||||||||||
3-year term loan facility expires 2015 | 1 | 1 | ||||||||||
$ | 2,311 | $ | 2,338 | |||||||||
All direct obligations under the 5.625%, 6.200% and 7.000% senior notes are guaranteed by Willis Group Holdings, Willis Netherlands B.V., Willis Investment UK Holdings Limited, TA I Limited, Trinity Acquisition plc and Willis Group Limited. | ||||||||||||
All direct obligations under the 4.625% and 6.125% senior notes are guaranteed by Willis Group Holdings, Willis Netherlands Holdings B.V., Willis Investment UK Holdings Limited, TA I Limited, Willis North America Inc. and Willis Group Limited. | ||||||||||||
All direct obligations under the 4.125% and 5.750% senior notes are guaranteed by Trinity Acquisition plc, Willis Netherlands Holdings B.V., Willis Investment UK Holdings Limited, TA I Limited, Willis North America Inc. and Willis Group Limited. | ||||||||||||
Debt issuance | ||||||||||||
On July 23, 2013 we entered into an amendment to our existing credit facilities to extend both the amount of financing and the maturity date of the facilities. As a result of this amendment, our revolving credit facility was increased from $500 million to $800 million. The maturity date on both the revolving credit facility and the $300 million term loan was extended to July 23, 2018, from December 16, 2016. At the amendment date we owed $281 million on the term loan and there was no change to this amount as a result of the refinancing. | ||||||||||||
The 7-year term loan facility expiring 2018 bears interest at LIBOR plus 1.50% and is repayable in quarterly installments and a final repayment of $186 million is due in the third quarter of 2018. In 2013, we made $15 million of mandatory repayments against this 7-year term loan. Drawings under the $800 million revolving credit facility bear interest at LIBOR plus 1.50%. These margins apply while the Company’s debt rating remains BBB-/Baa3. As of December 31, 2013 $nil was outstanding under this revolving credit facility (December 31, 2012: $nil). | ||||||||||||
On August 15, 2013 the Company issued $250 million of 4.625% senior notes due 2023 and $275 million of 6.125% senior notes due 2043. The effective interest rates of these senior notes are 4.696% and 6.154%, respectively, which include the impact of the discount upon issuance. | ||||||||||||
On July 25, 2013 the Company commenced an offer to purchase for cash any and all of its 5.625% senior notes due 2015 and a portion of its 6.200% senior notes due 2017 and its 7.000% senior notes due 2019 for an aggregate purchase price of up to $525 million. On August 22, 2013 the proceeds from the issue of the senior notes due 2023 and 2043 were used to fund the purchase of $202 million of 5.625% senior notes due 2015, $206 million of 6.200% senior notes due 2017 and $113 million of 7.000% senior notes due 2019. | ||||||||||||
The Company incurred total losses on extinguishment of debt of $60 million during the year ended December 31, 2013. This was made up of a tender premium of $65 million, the write-off of unamortized debt issuance costs of $2 million and a credit for the reduction of the fair value adjustment on 5.625% senior notes due 2015 of $7 million. | ||||||||||||
The agreements relating to our 7-year term loan facility expiring 2018 and the revolving $800 million credit facility contain requirements to maintain maximum levels of consolidated funded indebtedness in relation to consolidated EBITDA and minimum level of consolidated EBITDA to consolidated cash interest expense, subject to certain adjustments. In addition, the agreements relating to our credit facilities and senior notes include, in the aggregate covenants relating to the delivery of financial statements, reports and notices, limitations on liens, limitations on sales and other disposals of assets, limitations on indebtedness and other liabilities, limitations on sale and leaseback transactions, limitations on mergers and other fundamental changes, maintenance of property, maintenance of insurance, nature of business, compliance with applicable laws, maintenance of corporate existence and rights, payment of taxes and access to information and properties. At December 31, 2013, the Company was in compliance with all covenants. | ||||||||||||
During the year ended December 31, 2010, the Company entered into a series of interest rate swaps for a total notional amount of $350 million to receive a fixed rate and pay a variable rate on a semi-annual basis, with a maturity date of July 15, 2015. The Company had previously designated these instruments as fair value hedges against its $350 million 5.625% senior notes due 2015 and accounted for them accordingly until the first quarter of 2013 at which point these swaps, although remaining as economic hedges, no longer qualified for hedge accounting. | ||||||||||||
During the year ended December 31, 2013, the Company closed out the above interest rate swaps and received a cash settlement of $13 million on termination. | ||||||||||||
Following the partial extinguishment of the 5.625% senior notes due 2015 on August 15, 2013, the Company has recorded a credit of $7 million to remove a corresponding partial amount of the fair value adjustment to the carrying values of the notes originally recognized in connection with the interest rate swaps. The remaining $5 million fair value adjustment as at that date will be amortized through interest expense over the period to maturity. | ||||||||||||
On November 7, 2012, a further revolving credit facility of $20 million, available solely for the use of our main UK regulated entity and available for use in certain circumstances, was renewed. The facility bears interest at LIBOR plus 1.55% until 2014 and LIBOR plus 1.700% thereafter. The facility expires on November 6, 2015. As at December 31, 2013 no drawings had been made on the facility. The facility is secured against the freehold of the UK regulated entity’s freehold property in Ipswich. | ||||||||||||
On July 11, 2013, a revolving credit facility of 15 million Chinese Yuan Renminbi 'RMB' ($2 million) was renewed. This facility bears interest at 110 percent of the applicable short term interest rate an RMB loan having a term equal to the tenor of that drawing as published by the People's Bank of China 'PBOC' prevailing as at the drawdown date of that drawing. The facility expires on July 10, 2014. As at December 31, 2013 ¥nil ($nil) (2012: ¥nil ($nil)) had been drawn down on the facility. This facility was solely for the use of our Chinese subsidiary and is available for general working capital purposes. | ||||||||||||
Lines of credit | ||||||||||||
The Company also has available $4 million (2012: $4 million) in lines of credit, of which $nil was drawn as of December 31, 2013 (2012: $nil). | ||||||||||||
Analysis of interest expense | ||||||||||||
The following table shows an analysis of the interest expense for the years ended December 31: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
5.625% senior notes due 2015 | $ | 12 | $ | 12 | $ | 12 | ||||||
12.875% senior notes due 2016 | — | — | 15 | |||||||||
4.125% senior notes due 2016 | 13 | 13 | 10 | |||||||||
6.200% senior notes due 2017 | 33 | 38 | 38 | |||||||||
7.000% senior notes due 2019 | 18 | 21 | 21 | |||||||||
5.750% senior notes due 2021 | 29 | 29 | 23 | |||||||||
4.625% senior notes due 2023 | 4 | — | — | |||||||||
6.125% senior notes due 2043 | 6 | — | — | |||||||||
7-year term loan facility expires 2018 | 6 | 6 | — | |||||||||
5-year term loan facility repaid 2011 | — | — | 14 | |||||||||
Revolving $800 million credit facility | 2 | 1 | — | |||||||||
Revolving $300 million credit facility | — | — | 4 | |||||||||
Other(i) | 3 | 8 | 19 | |||||||||
Total interest expense | $ | 126 | $ | 128 | $ | 156 | ||||||
_________________________________ | ||||||||||||
(i) | In 2013, Other includes $nil (2012: $nil; 2011:$10 million ) relating to the write-off of unamortized debt issuance fees. |
Provisions_for_Liabilities
Provisions for Liabilities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Provisions for Liabilities [Abstract] | ' | |||||||||||
PROVISIONS FOR LIABILITIES | ' | |||||||||||
21 | PROVISIONS FOR LIABILITIES | |||||||||||
An analysis of movements on provisions for liabilities is as follows: | ||||||||||||
Claims, | Other | Total | ||||||||||
lawsuits and | provisions(ii) | |||||||||||
other | ||||||||||||
proceedings(i) | ||||||||||||
(millions) | ||||||||||||
Balance at January 1, 2012 | $ | 158 | $ | 38 | $ | 196 | ||||||
Net provisions made during the year | 23 | (2 | ) | 21 | ||||||||
Utilized in the year | (31 | ) | (10 | ) | (41 | ) | ||||||
Foreign currency translation adjustment | 2 | 2 | 4 | |||||||||
Balance at December 31, 2012 | $ | 152 | $ | 28 | $ | 180 | ||||||
Net provisions made during the year | 28 | 6 | 34 | |||||||||
Balances transferred in during the year (iii) | — | 13 | 13 | |||||||||
Utilized in the year | (17 | ) | (6 | ) | (23 | ) | ||||||
Foreign currency translation adjustment | 1 | 1 | 2 | |||||||||
Balance at December 31, 2013 | $ | 164 | $ | 42 | $ | 206 | ||||||
_________________________________ | ||||||||||||
(i) | The claims, lawsuits and other proceedings provision includes E&O cases which represents management’s assessment of liabilities that may arise from asserted and unasserted claims for alleged errors and omissions that arise in the ordinary course of the Group’s business. Where some of the potential liability is recoverable under the Group’s external insurance arrangements, the full assessment of the liability is included in the provision with the associated insurance recovery shown separately as an asset. Insurance recoveries recognized at December 31, 2013 amounted to $nil (2012: $6 million). | |||||||||||
(ii) | The ‘Other’ category includes amounts relating to vacant property provisions of $10 million (2012: $13 million). | |||||||||||
(iii) | Provisions held in the UK for ongoing post placement services, long term disability provisions and legal claim provisions all previously recognized within Deferred Revenue and Accrued Expenses were transferred to Provisions for Liabilities during 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||||||||||||||
22 | COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||
The Company’s contractual obligations as at December 31, 2013 are presented below: | ||||||||||||||||||||
Payments due by | ||||||||||||||||||||
Obligations (iii) | Total | 2014 | 2015-2016 | 2017-2018 | After 2018 | |||||||||||||||
(millions) | ||||||||||||||||||||
7-year term loan facility expires 2018 | $ | 274 | $ | 15 | $ | 39 | $ | 220 | $ | — | ||||||||||
Interest on term loan | 19 | 5 | 9 | 5 | — | |||||||||||||||
Revolving $800 million credit facility commitment fees | 9 | 2 | 4 | 3 | — | |||||||||||||||
5.625% senior notes due 2015 | 148 | — | 148 | — | — | |||||||||||||||
Fair value adjustments on 5.625% senior notes due 2015 | 4 | — | 4 | — | — | |||||||||||||||
4.125% senior notes due 2016 | 300 | — | 300 | — | — | |||||||||||||||
6.200% senior notes due 2017 | 394 | — | — | 394 | — | |||||||||||||||
7.000% senior notes due 2019 | 187 | — | — | — | 187 | |||||||||||||||
5.750% senior notes due 2021 | 500 | — | — | — | 500 | |||||||||||||||
4.625% senior notes due 2023 | 250 | — | — | — | 250 | |||||||||||||||
6.125% senior notes due 2043 | 275 | — | — | — | 275 | |||||||||||||||
Interest on senior notes | 1,011 | 115 | 209 | 146 | 541 | |||||||||||||||
Total debt and related interest | 3,371 | 137 | 713 | 768 | 1,753 | |||||||||||||||
Operating leases(i) | 1,235 | 131 | 213 | 167 | 724 | |||||||||||||||
Pensions | 566 | 122 | 244 | 161 | 39 | |||||||||||||||
Other contractual obligations(ii) | 91 | 24 | 16 | 12 | 39 | |||||||||||||||
Total contractual obligations | $ | 5,263 | $ | 414 | $ | 1,186 | $ | 1,108 | $ | 2,555 | ||||||||||
_________________________________ | ||||||||||||||||||||
(i) | Presented gross of sublease income. | |||||||||||||||||||
(ii) | Other contractual obligations include capital lease commitments, put option obligations and investment fund capital call obligations, the timing of which are included at the earliest point they may fall due. | |||||||||||||||||||
(iii) | The above excludes $41 million of liabilities for unrecognized tax benefits as the Company is unable to reasonably predict the timing of settlement of these liabilities. | |||||||||||||||||||
Debt obligations and facilities | ||||||||||||||||||||
The Company’s debt and related interest obligations at December 31, 2013 are shown in the above table. | ||||||||||||||||||||
On July 23, 2013 we entered into an amendment to our existing credit facilities to extend the amount of financing of the facilities. As a result of this amendment, our revolving credit facility was increased from $500 million to $800 million. As at December 31, 2013 $nil was outstanding under the revolving credit facility. | ||||||||||||||||||||
This facility is in addition to the remaining availability of $22 million under the Company’s two other previously existing revolving credit facilities. | ||||||||||||||||||||
The only mandatory repayments of debt over the next 12 months are the scheduled repayment of $15 million current portion of the Company’s 7-year term loan. We also have the right, at our option, to prepay indebtedness under the credit facility without further penalty and to redeem the senior notes at our option by paying a ‘make-whole’ premium as provided under the applicable debt instrument. | ||||||||||||||||||||
Operating leases | ||||||||||||||||||||
The Company leases certain land, buildings and equipment under various operating lease arrangements. Original non-cancellable lease terms typically are between 10 and 20 years and may contain escalation clauses, along with options that permit early withdrawal. The total amount of the minimum rent is expensed on a straight-line basis over the term of the lease. | ||||||||||||||||||||
As of December 31, 2013, the aggregate future minimum rental commitments under all non-cancellable operating lease agreements are as follows: | ||||||||||||||||||||
Gross rental | Rentals from | Net rental | ||||||||||||||||||
commitments | subleases | commitments | ||||||||||||||||||
(millions) | ||||||||||||||||||||
2014 | $ | 131 | $ | (15 | ) | $ | 116 | |||||||||||||
2015 | 114 | (14 | ) | 100 | ||||||||||||||||
2016 | 99 | (13 | ) | 86 | ||||||||||||||||
2017 | 88 | (12 | ) | 76 | ||||||||||||||||
2018 | 79 | (8 | ) | 71 | ||||||||||||||||
Thereafter | 724 | (16 | ) | 708 | ||||||||||||||||
Total | $ | 1,235 | $ | (78 | ) | $ | 1,157 | |||||||||||||
The Company leases its main London building under a 25-year operating lease, which expires in 2032. The Company’s contractual obligations in relation to this commitment included in the table above total $719 million (2012: $730 million). Annual rentals are $36 million (2012: $32 million) per year and the Company has subleased approximately 29 percent (2012: 29 percent) of the premises under leases up to 15 years. The amounts receivable from subleases, included in the table above, total $66 million (2012: $76 million; 2011: $82 million). | ||||||||||||||||||||
Rent expense amounted to $141 million for the year ended December 31, 2013 (2012: $135 million; 2011: $127 million). The Company’s rental income from subleases was $15 million for the year ended December 31, 2013 (2012: $17 million; 2011: $18 million). | ||||||||||||||||||||
Pensions | ||||||||||||||||||||
Contractual obligations for our pension plans reflect the contributions we expect to make over the next five years into our US and UK plans. These contributions are based on current funding positions and may increase or decrease dependent on the future performance of the two plans. | ||||||||||||||||||||
In the UK, we are required to agree a funding strategy for our UK defined benefit plan with the plan's trustees. In March 2012, the Company agreed to a revised schedule of contributions towards on-going accrual of benefits and deficit funding contributions the Company will make to the UK plan over the six years ended December 31, 2017. Contributions in each of the next four years are expected to total approximately $83 million, of which approximately $23 million relates to on-going contributions calculated as 15.9 percent of active plan members' pensionable salary and approximately $60 million that relates to contributions towards the funding deficit. | ||||||||||||||||||||
In addition, further contributions will be payable based on a profit share calculation (equal to 20 percent of EBITDA in excess of $900 million per annum as defined by the revised schedule of contributions) and an exceptional return calculation (equal to 10 percent of any exceptional returns made to shareholders, for example, share buybacks, and special dividends). Aggregate contributions under the deficit funding contribution and the profit share calculation are capped at £312 million ($517 million) over the six years ended December 31, 2017. | ||||||||||||||||||||
During 2014 we will be required to negotiate a new funding arrangement which may further change the contributions we are required to make during 2014 and beyond. | ||||||||||||||||||||
In addition, approximately $12 million will be paid annually into the UK defined benefit plan related to employee's salary sacrifice contributions. | ||||||||||||||||||||
The total contracted contributions for all plans in 2014 are expected to be approximately $122 million, excluding approximately $12 million in respect of the salary sacrifice scheme. | ||||||||||||||||||||
Guarantees | ||||||||||||||||||||
Guarantees issued by certain of Willis Group Holdings’ subsidiaries with respect to the senior notes and revolving credit facilities are discussed in Note 20 — Debt in these consolidated financial statements. | ||||||||||||||||||||
Certain of Willis Group Holdings’ subsidiaries have given the landlords of some leasehold properties occupied by the Company in the United Kingdom and the United States guarantees in respect of the performance of the lease obligations of the subsidiary holding the lease. The operating lease obligations subject to such guarantees amounted to $828 million and $829 million at December 31, 2013 and 2012, respectively. The capital lease obligations subject to such guarantees amounted to $11 million as at December 31, 2013 (2012: $nil). | ||||||||||||||||||||
In addition, the Company has given guarantees to bankers and other third parties relating principally to letters of credit amounting to $11 million and $10 million at December 31, 2013 and 2012, respectively. Willis Group Holdings also guarantees certain of its UK and Irish subsidiaries’ obligations to fund the UK and Irish defined benefit plans. | ||||||||||||||||||||
Other contractual obligations | ||||||||||||||||||||
For certain subsidiaries and associates, the Company has the right to purchase shares (a call option) from co-shareholders at various dates in the future. In addition, the co-shareholders of certain subsidiaries and associates have the right to sell their shares (a put option) to the Company at various dates in the future. Generally, the exercise price of such put options and call options is formula-based (using revenues and earnings) and is designed to reflect fair value. Based on current projections of profitability and exchange rates and assuming the put options are exercised, the potential amount payable from these options is not expected to exceed $12 million (2012: $19 million). | ||||||||||||||||||||
In July 2010, the Company made a capital commitment of $25 million to Trident V Parallel Fund, LP, an investment fund managed by Stone Point Capital. This replaced a capital commitment of $25 million that had been made to Trident V, LP in December 2009. As at December 31, 2013 there have been approximately $15 million of capital contributions. | ||||||||||||||||||||
In May 2011, the Company made a capital commitment of $10 million to Dowling Capital Partners I, LP. As at December 31, 2013 there had been approximately $4 million of capital contributions. | ||||||||||||||||||||
Other contractual obligations at December 31, 2013, also include certain capital lease obligations totaling $63 million (2012: $53 million), primarily in respect of the Company's Nashville property. | ||||||||||||||||||||
Claims, Lawsuits and Other Proceedings | ||||||||||||||||||||
In the ordinary course of business, the Company is subject to various actual and potential claims, lawsuits, and other proceedings relating principally to alleged errors and omissions in connection with the placement of insurance and reinsurance. Similar to other corporations, the Company is also subject to a variety of other claims, including those relating to the Company’s employment practices. Some of the claims, lawsuits and other proceedings seek damages in amounts which could, if assessed, be significant. | ||||||||||||||||||||
Errors and omissions claims, lawsuits, and other proceedings arising in the ordinary course of business are covered in part by professional indemnity or other appropriate insurance. The terms of this insurance vary by policy year and self-insured risks have increased significantly in recent years. Regarding self-insured risks, the Company has established provisions which are believed to be adequate in the light of current information and legal advice, and the Company adjusts such provisions from time to time according to developments. | ||||||||||||||||||||
On the basis of current information, the Company does not expect that the actual claims, lawsuits and other proceedings to which the Company is subject, or potential claims, lawsuits, and other proceedings relating to matters of which it is aware, will ultimately have a material adverse effect on the Company’s financial condition, results of operations or liquidity. Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation and disputes with insurance companies, it is possible that an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods. | ||||||||||||||||||||
The material actual or potential claims, lawsuits, and other proceedings, of which the Company is currently aware, are: | ||||||||||||||||||||
Stanford Financial Group Litigation | ||||||||||||||||||||
The Company has been named as a defendant in 13 similar lawsuits relating to the collapse of The Stanford Financial Group (‘Stanford’), for which Willis of Colorado, Inc. acted as broker of record on certain lines of insurance. The complaints in these actions generally allege that the defendants actively and materially aided Stanford’s alleged fraud by providing Stanford with certain letters regarding coverage that they knew would be used to help retain or attract actual or prospective Stanford client investors. The complaints further allege that these letters, which contain statements about Stanford and the insurance policies that the defendants placed for Stanford, contained untruths and omitted material facts and were drafted in this manner to help Stanford promote and sell its allegedly fraudulent certificates of deposit. | ||||||||||||||||||||
The 13 actions are as follows: | ||||||||||||||||||||
• | Troice, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:9-CV-1274-N, was filed on July 2, 2009 in the U.S. District Court for the Northern District of Texas against Willis Group Holdings plc, Willis of Colorado, Inc. and a Willis associate, among others. On April 1, 2011, plaintiffs filed the operative Third Amended Class Action Complaint individually and on behalf of a putative, worldwide class of Stanford investors, adding Willis Limited as a defendant and alleging claims under Texas statutory and common law and seeking damages in excess of $1 billion, punitive damages and costs. On May 2, 2011, the defendants filed motions to dismiss the Third Amended Class Action Complaint, arguing, inter alia, that the plaintiffs’ claims are precluded by the Securities Litigation Uniform Standards Act of 1998 (‘SLUSA’). | |||||||||||||||||||
On May 10, 2011, the court presiding over the Stanford-related actions in the Northern District of Texas entered an order providing that it would consider the applicability of SLUSA to the Stanford-related actions based on the decision in a separate Stanford action not involving a Willis entity, Roland v. Green, Civil Action No. 3:10-CV-0224-N. On August 31, 2011, the court issued its decision in Roland, dismissing that action with prejudice under SLUSA. | ||||||||||||||||||||
On October 27, 2011, the court in Troice entered an order (i) dismissing with prejudice those claims asserted in the Third Amended Class Action Complaint on a class basis on the grounds set forth in the Roland decision discussed above and (ii) dismissing without prejudice those claims asserted in the Third Amended Class Action Complaint on an individual basis. Also on October 27, 2011, the court entered a final judgment in the action. | ||||||||||||||||||||
On October 28, 2011, the plaintiffs in Troice filed a notice of appeal to the U.S. Court of Appeals for the Fifth Circuit. Subsequently, Troice, Roland and a third action captioned Troice, et al. v. Proskauer Rose LLP, Civil Action No. 3:09-CV-01600-N, which also was dismissed on the grounds set forth in the Roland decision discussed above and on appeal to the U.S. Court of Appeals for the Fifth Circuit, were consolidated for purposes of briefing and oral argument. Following the completion of briefing and oral argument, on March 19, 2012, the Fifth Circuit reversed and remanded the actions. On April 2, 2012, the defendants-appellees filed petitions for rehearing en banc. On April 19, 2012, the petitions for rehearing en banc were denied. On July 18, 2012, defendants-appellees filed a petition for writ of certiorari with the United States Supreme Court regarding the Fifth Circuit's reversal in Troice. On January 18, 2013, the Supreme Court granted our petition. Opening briefs were filed on May 3, 2013 and the Supreme Court heard oral argument on October 7, 2013. On February 26, 2014, the Supreme Court affirmed the Fifth Circuit’s decision. | ||||||||||||||||||||
• | Ranni v. Willis of Colorado, Inc., et al., C.A. No. 9-22085, was filed on July 17, 2009 against Willis Group Holdings plc and Willis of Colorado, Inc. in the U.S. District Court for the Southern District of Florida. The complaint was filed on behalf of a putative class of Venezuelan and other South American Stanford investors and alleges claims under Section 10(b) of the Securities Exchange Act of 1934 (and Rule 10b-5 thereunder) and Florida statutory and common law and seeks damages in an amount to be determined at trial. On October 6, 2009, Ranni was transferred, for consolidation or coordination with other Stanford-related actions (including Troice), to the Northern District of Texas by the U.S. Judicial Panel on Multidistrict Litigation (the ‘JPML’). The defendants have not yet responded to the complaint in Ranni. | |||||||||||||||||||
• | Canabal, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:9-CV-1474-D, was filed on August 6, 2009 against Willis Group Holdings plc, Willis of Colorado, Inc. and the same Willis associate named as a defendant in Troice, among others, also in the Northern District of Texas. The complaint was filed individually and on behalf of a putative class of Venezuelan Stanford investors, alleged claims under Texas statutory and common law and sought damages in excess of $1 billion, punitive damages, attorneys’ fees and costs. On December 18, 2009, the parties in Troice and Canabal stipulated to the consolidation of those actions (under the Troice civil action number), and, on December 31, 2009, the plaintiffs in Canabal filed a notice of dismissal, dismissing the action without prejudice. | |||||||||||||||||||
• | Rupert, et al. v. Winter, et al., Case No. 2009C115137, was filed on September 14, 2009 on behalf of 97 Stanford investors against Willis Group Holdings plc, Willis of Colorado, Inc. and the same Willis associate, among others, in Texas state court (Bexar County). The complaint alleges claims under the Securities Act of 1933, Texas and Colorado statutory law and Texas common law and seeks special, consequential and treble damages of more than $300 million, attorneys’ fees and costs. On October 20, 2009, certain defendants, including Willis of Colorado, Inc., (i) removed Rupert to the U.S. District Court for the Western District of Texas, (ii) notified the JPML of the pendency of this related action and (iii) moved to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. On April 1, 2010, the JPML issued a final transfer order for the transfer of Rupert to the Northern District of Texas. On January 24, 2012, the court remanded Rupert to Texas state court (Bexar County), but stayed the action until further order of the court. The defendants have not yet responded to the complaint in Rupert. | |||||||||||||||||||
• | Casanova, et al. v. Willis of Colorado, Inc., et al., C.A. No. 3:10-CV-1862-O, was filed on September 16, 2010 on behalf of seven Stanford investors against Willis Group Holdings plc, Willis Limited, Willis of Colorado, Inc. and the same Willis associate, among others, also in the Northern District of Texas. The complaint alleges claims under Texas statutory and common law and seeks actual damages in excess of $5 million, punitive damages, attorneys’ fees and costs. The defendants have not yet responded to the complaint in Casanova. | |||||||||||||||||||
• | Rishmague, et ano. v. Winter, et al., Case No. 2011CI2585, was filed on March 11, 2011 on behalf of two Stanford investors, individually and as representatives of certain trusts, against Willis Group Holdings plc, Willis of Colorado, Inc., Willis of Texas, Inc. and the same Willis associate, among others, in Texas state court (Bexar County). The complaint alleges claims under Texas and Colorado statutory law and Texas common law and seeks special, consequential and treble damages of more than $37 million and attorneys’ fees and costs. On April 11, 2011, certain defendants, including Willis of Colorado, Inc., (i) removed Rishmague to the Western District of Texas, (ii) notified the JPML of the pendency of this related action and (iii) moved to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. On August 8, 2011, the JPML issued a final transfer order for the transfer of Rishmague to the Northern District of Texas, where it is currently pending. The defendants have not yet responded to the complaint in Rishmague. | |||||||||||||||||||
• | MacArthur v. Winter, et al., Case No. 2013-07840, was filed on February 8, 2013 on behalf of two Stanford investors against Willis Group Holdings plc, Willis of Colorado, Inc., Willis of Texas, Inc. and the same Willis associate, among others, in Texas state court (Harris County). The complaint alleges claims under Texas and Colorado statutory law and Texas common law and seeks actual, special, consequential and treble damages of approximately $4 million and attorneys' fees and costs. On March 29, 2013, Willis of Colorado, Inc. and Willis of Texas, Inc. (i) removed MacArthur to the U.S. District Court for the Southern District of Texas and (ii) notified the JPML of the pendency of this related action. On April 2, 2013, Willis of Colorado, Inc. and Willis of Texas, Inc. filed a motion in the Southern District of Texas to stay the action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. Also on April 2, 2013, the court presiding over MacArthur in the Southern District of Texas transferred the action to the Northern District of Texas for consolidation or coordination with the other Stanford-related actions. The defendants have not yet responded to the complaint in MacArthur. | |||||||||||||||||||
• | Florida suits: On February 14, 2013, five law suits were filed against Willis Group Holdings plc, Willis Limited and Willis of Colorado, Inc. in Florida state court (Miami-Dade County) alleging violations of Florida common law. The five suits are: (1) Barbar, et al. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05666CA27, filed on behalf of 35 Stanford investors seeking compensatory damages in excess of $30 million; (2) de Gadala-Maria, et al. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05669CA30, filed on behalf of 64 Stanford investors seeking compensatory damages in excess of $83.5 million; (3) Ranni, et ano. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05673CA06, filed on behalf of two Stanford investors seeking compensatory damages in excess of $3 million; (4) Tisminesky, et al. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05676CA09, filed on behalf of 11 Stanford investors seeking compensatory damages in excess of $6.5 million; and (5) Zacarias, et al. v. Willis Group Holdings Public Limited Company, et al., Case No. 13-05678CA11, filed on behalf of 10 Stanford investors seeking compensatory damages in excess of $12.5 million. On June 3, 2013, Willis of Colorado, Inc. removed all five cases to the Southern District of Florida and, on June 4, 2013, notified the JPML of the pendency of these related actions. On June 10, 2013, the court in Tisminesky issued an order sua sponte staying and administratively closing that action pending a determination by the JPML as to whether it should be transferred to the Northern District of Texas for consolidation and coordination with the other Stanford-related actions. On June 11, 2013, Willis of Colorado, Inc. moved to stay the other four actions pending the JPML's transfer decision. On June 20, 2013, the JPML issued a conditional transfer order for the transfer of the five actions to the Northern District of Texas, the transmittal of which was stayed for seven days to allow for any opposition to be filed. On June 28, 2013, with no opposition having been filed, the JPML lifted the stay, enabling the transfer to go forward. The defendants have not yet responded to the complaints in these actions. | |||||||||||||||||||
• | Janvey, et al. v. Willis of Colorado, Inc., et al., Case No. 3:13-CV-03980-D, was filed on October 1, 2013 also in the Northern District of Texas against Willis Group Holdings plc, Willis Limited, Willis North America Inc., Willis of Colorado, Inc. and the same Willis associate. The complaint was filed (i) by Ralph S. Janvey, in his capacity as Court-Appointed Receiver for the Stanford Receivership Estate, and the Official Stanford Investors Committee (the ‘OSIC’) against all defendants and (ii) on behalf of a putative, worldwide class of Stanford investors against Willis North America Inc. Plaintiffs Janvey and the OSIC allege claims under Texas common law and the court’s Amended Order Appointing Receiver, and the putative class plaintiffs allege claims under Texas statutory and common law. Plaintiffs seek actual damages in excess of $1 billion, punitive damages and costs. On November 15, 2013, plaintiffs filed the operative First Amended Complaint, which added certain defendants unaffiliated with Willis. On February 28, 2014, the defendants will file motions to dismiss the First Amended Complaint. | |||||||||||||||||||
Additional actions could be brought in the future by other investors in certificates of deposit issued by Stanford and its affiliates. The Company disputes these allegations and intends to defend itself vigorously against these actions. The outcomes of these actions, however, including any losses or other payments that may occur as a result, cannot be predicted at this time. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss, Net of Tax | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAX | ' | |||||||||||||||||||||||||||||||||||
23 | ACCUMULATED OTHER COMPREHENSIVE LOSS, NET OF TAX | |||||||||||||||||||||||||||||||||||
The components of other comprehensive income (loss) are as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||||||||
Before tax amount | Tax | Net of tax amount | Before tax amount | Tax | Net of tax amount | Before tax amount | Tax | Net of tax amount | ||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 20 | $ | — | $ | 20 | $ | 46 | $ | — | $ | 46 | $ | (29 | ) | $ | — | $ | (29 | ) | ||||||||||||||||
Pension funding adjustments: | ||||||||||||||||||||||||||||||||||||
Foreign currency translation on pension funding adjustments | (15 | ) | 5 | (10 | ) | (31 | ) | 9 | (22 | ) | 8 | — | 8 | |||||||||||||||||||||||
Net actuarial gain (loss) | 83 | 2 | 85 | (203 | ) | 36 | (167 | ) | (303 | ) | 95 | (208 | ) | |||||||||||||||||||||||
Prior service gain | — | — | — | — | — | — | 10 | (3 | ) | 7 | ||||||||||||||||||||||||||
Amortization of unrecognized actuarial loss | 55 | (9 | ) | 46 | 47 | (9 | ) | 38 | 34 | (9 | ) | 25 | ||||||||||||||||||||||||
Amortization of unrecognized prior service gain | (5 | ) | 1 | (4 | ) | (6 | ) | 1 | (5 | ) | (5 | ) | 1 | (4 | ) | |||||||||||||||||||||
118 | (1 | ) | 117 | (193 | ) | 37 | (156 | ) | (256 | ) | 84 | (172 | ) | |||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||
Gain on interest rate swaps (effective element) | — | — | — | 3 | (1 | ) | 2 | 13 | (3 | ) | 10 | |||||||||||||||||||||||||
Interest rate reclassification adjustment | (5 | ) | 1 | (4 | ) | (5 | ) | 1 | (4 | ) | (14 | ) | 4 | (10 | ) | |||||||||||||||||||||
Gain on forward exchange contracts (effective element) | 10 | (2 | ) | 8 | 11 | (2 | ) | 9 | 3 | (1 | ) | 2 | ||||||||||||||||||||||||
Forward exchange contract reclassification adjustment | 1 | — | 1 | (4 | ) | 1 | (3 | ) | (7 | ) | 2 | (5 | ) | |||||||||||||||||||||||
Gain on treasury lock (effective element) | 19 | (4 | ) | 15 | — | — | — | — | — | — | ||||||||||||||||||||||||||
25 | (5 | ) | 20 | 5 | (1 | ) | 4 | (5 | ) | 2 | (3 | ) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 163 | (6 | ) | 157 | (142 | ) | 36 | (106 | ) | (290 | ) | 86 | (204 | ) | ||||||||||||||||||||||
Less: Other comprehensive income attributable to noncontrolling interests | — | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to Willis Group Holdings | $ | 163 | $ | (6 | ) | $ | 157 | $ | (142 | ) | $ | 36 | $ | (106 | ) | $ | (289 | ) | $ | 86 | $ | (203 | ) | |||||||||||||
The components of accumulated other comprehensive loss, net of tax, are as follows: | ||||||||||||||||||||||||||||||||||||
Net foreign currency translation adjustment | Pension funding adjustment | Net unrealized gain on derivative instruments | Total | |||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2010 | $ | (52 | ) | $ | (503 | ) | $ | 14 | $ | (541 | ) | |||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (28 | ) | (193 | ) | 12 | (209 | ) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 21 | (15 | ) | 6 | |||||||||||||||||||||||||||||||
Net current year other comprehensive income (loss), net of tax and noncontrolling interests | (28 | ) | (172 | ) | (3 | ) | (203 | ) | ||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | (80 | ) | $ | (675 | ) | $ | 11 | $ | (744 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 46 | (189 | ) | 11 | (132 | ) | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 33 | (7 | ) | 26 | |||||||||||||||||||||||||||||||
Net current year other comprehensive income (loss), net of tax and noncontrolling interests | 46 | (156 | ) | 4 | (106 | ) | ||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | (34 | ) | $ | (831 | ) | $ | 15 | $ | (850 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 20 | 75 | 23 | 118 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 42 | (3 | ) | 39 | |||||||||||||||||||||||||||||||
Net current year other comprehensive income (loss), net of tax and noncontrolling interests | 20 | 117 | 20 | 157 | ||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | (14 | ) | $ | (714 | ) | $ | 35 | $ | (693 | ) | |||||||||||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income into the statement of operations are as follows: | ||||||||||||||||||||||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the statement of operations | ||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Gains and losses on cash flow hedges (Note 26) | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (5 | ) | $ | (5 | ) | $ | (14 | ) | Investment income | ||||||||||||||||||||||||||
Foreign exchange contracts | 1 | (4 | ) | (7 | ) | Other operating expenses | ||||||||||||||||||||||||||||||
(4 | ) | (9 | ) | (21 | ) | Total before tax | ||||||||||||||||||||||||||||||
Tax | 1 | 2 | 6 | |||||||||||||||||||||||||||||||||
$ | (3 | ) | $ | (7 | ) | $ | (15 | ) | Net of tax | |||||||||||||||||||||||||||
Amortization of defined benefit pension items (Note 19) | ||||||||||||||||||||||||||||||||||||
Prior service gain | $ | (5 | ) | $ | (6 | ) | $ | (5 | ) | Salaries and benefits | ||||||||||||||||||||||||||
Net actuarial loss | 55 | 47 | 34 | Salaries and benefits | ||||||||||||||||||||||||||||||||
50 | 41 | 29 | Total before tax | |||||||||||||||||||||||||||||||||
Tax | (8 | ) | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||
$ | 42 | $ | 33 | $ | 21 | Net of tax | ||||||||||||||||||||||||||||||
Total reclassifications for the period | $ | 39 | $ | 26 | $ | 6 | ||||||||||||||||||||||||||||||
Equity_and_Noncontrolling_Inte
Equity and Noncontrolling Interests | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||||||
EQUITY AND NONCONTROLLING INTERESTS | ' | |||||||||||||||||||||||||||||||||||
24 | EQUITY AND NONCONTROLLING INTEREST | |||||||||||||||||||||||||||||||||||
The components of equity and noncontrolling interests are as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||||||||
Willis | Noncontrolling | Total | Willis | Noncontrolling | Total | Willis | Noncontrolling | Total | ||||||||||||||||||||||||||||
Group | interests | equity | Group | interests | equity | Group | interests | equity | ||||||||||||||||||||||||||||
Holdings’ | Holdings’ | Holdings’ | ||||||||||||||||||||||||||||||||||
stockholders | stockholders | stockholders | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 1,699 | $ | 26 | $ | 1,725 | $ | 2,486 | $ | 31 | $ | 2,517 | $ | 2,577 | $ | 31 | $ | 2,608 | ||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 365 | 12 | 377 | (446 | ) | 13 | (433 | ) | 204 | 16 | 220 | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 157 | — | 157 | (106 | ) | — | (106 | ) | (203 | ) | (1 | ) | (204 | ) | ||||||||||||||||||||||
Comprehensive income (loss) | 522 | 12 | 534 | (552 | ) | 13 | (539 | ) | 1 | 15 | 16 | |||||||||||||||||||||||||
Dividends | (197 | ) | (10 | ) | (207 | ) | (187 | ) | (11 | ) | (198 | ) | (180 | ) | (15 | ) | (195 | ) | ||||||||||||||||||
Additional paid-in capital | 195 | — | 195 | 81 | — | 81 | 88 | — | 88 | |||||||||||||||||||||||||||
Repurchase of shares (i) | — | — | — | (100 | ) | — | (100 | ) | — | — | — | |||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests | (4 | ) | — | (4 | ) | (31 | ) | (8 | ) | (39 | ) | — | — | — | ||||||||||||||||||||||
Additional noncontrolling interests | — | — | — | 2 | 1 | 3 | — | — | — | |||||||||||||||||||||||||||
Balance at December 31, | $ | 2,215 | $ | 28 | $ | 2,243 | $ | 1,699 | $ | 26 | $ | 1,725 | $ | 2,486 | $ | 31 | $ | 2,517 | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||||||||||||||
(i) | Based on settlement date the Company repurchased 2,796,546 shares at an average price of $35.87 in 2012. | |||||||||||||||||||||||||||||||||||
The effects on equity of changes in Willis Group Holdings, ownership interest in its subsidiaries are as follows: | ||||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Willis Group Holdings | $ | 365 | $ | (446 | ) | $ | 204 | |||||||||||||||||||||||||||||
Transfers from noncontrolling interest: | ||||||||||||||||||||||||||||||||||||
Decrease in Willis Group Holdings’ paid-in capital for purchase of noncontrolling interest | (4 | ) | (31 | ) | — | |||||||||||||||||||||||||||||||
Increase in Willis Group Holdings’ paid-in capital for sale of noncontrolling interest | — | 2 | — | |||||||||||||||||||||||||||||||||
Net transfers from noncontrolling interest | (4 | ) | (29 | ) | — | |||||||||||||||||||||||||||||||
Change from net income (loss) attributable to Willis Group Holdings and transfers from noncontrolling interests | $ | 361 | $ | (475 | ) | $ | 204 | |||||||||||||||||||||||||||||
Supplemental_Disclosures_of_Ca
Supplemental Disclosures of Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | |||||||||||
25 | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||
Supplemental disclosures regarding cash flow information and non-cash flow investing and financing activities are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash payments for income taxes, net | $ | 61 | $ | 63 | $ | 15 | ||||||
Cash payments for interest | 117 | 118 | 128 | |||||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||||||||
Write-off of unamortized debt issuance costs | $ | (2 | ) | $ | — | $ | (23 | ) | ||||
Write-back of fair value adjustment on 5.625% senior notes due 2015 | 7 | — | — | |||||||||
Assets acquired under capital leases | 7 | 2 | — | |||||||||
Deferred payments on acquisitions of subsidiaries | 2 | 4 | 6 | |||||||||
Acquisitions: | ||||||||||||
Fair value of assets acquired | $ | 47 | $ | 23 | $ | 6 | ||||||
Less: | ||||||||||||
Liabilities assumed | 30 | 3 | 3 | |||||||||
Cash acquired | 1 | — | 3 | |||||||||
Net assets acquired, net of cash acquired | $ | 16 | $ | 20 | $ | — | ||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||
26 | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||
Fair value of derivative financial instruments | ||||||||||||||||
In addition to the note below, see Note 27 - Fair Value Measurements for information about the fair value hierarchy of derivatives. | ||||||||||||||||
Primary risks managed by derivative financial instruments | ||||||||||||||||
The main risks managed by derivative financial instruments are interest rate risk and foreign currency risk. The Company’s Board of Directors reviews and approves policies for managing each of these risks as summarized below. | ||||||||||||||||
The Company enters into derivative transactions (principally interest rate swaps and forward foreign currency contracts) in order to manage interest rate and foreign currency risks arising from the Company’s operations and its sources of finance. The Company does not hold financial or derivative instruments for trading purposes. | ||||||||||||||||
Interest Rate Risk — Investment Income | ||||||||||||||||
As a result of the Company’s operating activities, the Company receives cash for premiums and claims which it deposits in short-term investments denominated in US dollars and other currencies. The Company earns interest on these funds, which is included in the Company’s financial statements as investment income. These funds are regulated in terms of access and the instruments in which they may be invested, most of which are short-term in maturity. | ||||||||||||||||
In order to manage interest rate risk arising from these financial assets, the Company entered into interest rate swaps to receive a fixed rate of interest and pay a variable rate of interest denominated in the various currencies related to the short-term investments. The use of interest rate contracts essentially converted groups of short-term variable rate investments to fixed rate investments. The fair value of these contracts was recorded in other assets and other liabilities. For contracts that qualified as cash flow hedges for accounting purposes, the effective portions of changes in fair value were recorded as a component of other comprehensive income, to the extent that the hedge relationships were highly effective. | ||||||||||||||||
From the fourth quarter of 2011, the Company stopped entering into any new hedging transactions relating to interest rate risk from investments, given the flat yield curve environment at that time. Further to this, during second quarter 2012, the Company closed out its legacy position for these interest rate swap contracts. | ||||||||||||||||
The fair value of these swaps at the close out date was $16 million, representing a cash settlement amount on termination. In connection with the terminated swaps, the Company retained a gain of $15 million in other comprehensive income as the forecasted short-term investment transactions in relation to which the swaps qualified as cash flow hedges are still considered probable. These amounts are reclassified into earnings consistent with when the forecasted swap transactions affect earnings. We expect approximately $5 million of the gain to be recognized in the consolidated statement of operations in 2014. | ||||||||||||||||
At December 31, 2013 and 2012, the Company had no derivative financial instruments that were designated as cash flow hedges of interest rate risk in investments. | ||||||||||||||||
Interest Rate Risk — Interest Expense | ||||||||||||||||
The Company's operations are financed principally by $2,054 million fixed rate senior notes and $274 million under a 7-year term loan facility. The Company has access to $800 million under its main revolving credit facility expiring July 23, 2018, and $22 million under two further revolving credit facilities. As of December 31, 2013 $nil was drawn on these facilities. | ||||||||||||||||
The 7-year term loan facility bears interest at LIBOR plus 1.50% and drawings under the revolving credit facility bear interest at LIBOR plus 1.50%. These margins apply while the Company’s debt rating remains BBB-/Baa3. Should the Company’s debt rating change, then the margin will change in accordance with the credit facilities agreements. The fixed rate senior notes bear interest at various rates as detailed in Note 20 — ‘Debt’. | ||||||||||||||||
During the year ended December 31, 2010, the Company entered into a series of interest rate swaps for a total notional amount of $350 million to receive a fixed rate and pay a variable rate on a semi-annual basis, with a maturity date of July 15, 2015. The Company had previously designated these instruments as fair value hedges against its $350 million 5.625% senior notes due 2015 and had accounted for them accordingly until the first quarter of 2013 at which point these swaps, although remaining as economic hedges, no longer qualified for hedge accounting. | ||||||||||||||||
During the year ended December 31, 2013, the Company closed out the above interest rate swaps and received a cash settlement of $13 million on termination. | ||||||||||||||||
Following the partial extinguishment of the 5.625% senior notes due 2015 on August 15, 2013, we have recorded a credit of $7 million to remove a corresponding partial amount of the fair value adjustment to the carrying values of the notes originally recognized in connection with the interest rate swaps. The remaining $5 million fair value adjustment as at that date will be amortized through interest expense over the period to maturity. | ||||||||||||||||
To hedge against the potential variability in benchmark interest rates in advance of the anticipated debt issuance, the Company entered into two short-term treasury locks during the three months ended June 30, 2013. These were closed out during the three months ended September 30, 2013 following the issue of the new senior notes described in Note 20 - 'Debt'. The fair value of these treasury locks at the close out date was $21 million, received as a cash settlement on termination. | ||||||||||||||||
The Company had designated the Treasury locks as effective hedges of the anticipated transaction and had recognized a gain of $19 million in other comprehensive income in relation to the effective element that qualified for hedge accounting. This amount will be reclassified into earnings consistent with the recognition of interest expense on the 4.625% senior notes due 2023 and the 6.125% senior notes due 2043. In addition, the Company recognized a $2 million gain in interest expense for the portion of the treasury locks determined as ineffective. | ||||||||||||||||
Foreign Currency Risk | ||||||||||||||||
The Company’s primary foreign exchange risks arise: | ||||||||||||||||
• | from changes in the exchange rate between US dollars and pounds sterling as its London market operations earn the majority of their revenues in US dollars and incur expenses predominantly in Pounds sterling, and may also hold a significant net sterling asset or liability position on the balance sheet. In addition, the London market operations earn significant revenues in Euros and Japanese yen; and | |||||||||||||||
• | from the translation into US dollars of the net income and net assets of its foreign subsidiaries, excluding the London market operations which are US dollar denominated. | |||||||||||||||
The foreign exchange risks in its London market operations are hedged as follows: | ||||||||||||||||
• | to the extent that forecast Pound sterling expenses exceed Pound sterling revenues, the Company limits its exposure to this exchange rate risk by the use of forward contracts matched to specific, clearly identified cash outflows arising in the ordinary course of business; and | |||||||||||||||
• | to the extent the UK operations earn significant revenues in Euros and Japanese yen, the Company limits its exposure to changes in the exchange rate between the US dollar and these currencies by the use of forward contracts matched to a percentage of forecast cash inflows in specific currencies and periods. In addition, we are also exposed to foreign exchange risk on any net sterling asset or liability position in our London market operations. | |||||||||||||||
The fair value of foreign currency contracts is recorded in other assets and other liabilities. For contracts that qualify as accounting hedges, changes in fair value resulting from movements in the spot exchange rate are recorded as a component of other comprehensive income whilst changes resulting from a movement in the time value are recorded in interest expense. For contracts that do not qualify for hedge accounting, the total change in fair value is recorded in interest expense. Amounts held in comprehensive income are reclassified into earnings when the hedged exposure affects earnings. | ||||||||||||||||
At December 31, 2013 and 2012, the Company’s foreign currency contracts were all designated as hedging instruments except for those relating to short-term cash flows and hedges of certain intercompany loans. | ||||||||||||||||
The table below summarizes by major currency the contractual amounts of the Company’s forward contracts to exchange foreign currencies for Pounds sterling in the case of US dollars and US dollars for euro and Japanese yen. Foreign currency notional amounts are reported in US dollars translated at contracted exchange rates. | ||||||||||||||||
December 31, | ||||||||||||||||
Sell | Sell | |||||||||||||||
2013(i) | 2012 | |||||||||||||||
(millions) | ||||||||||||||||
US dollar | $ | 303 | $ | 255 | ||||||||||||
Euro | 97 | 55 | ||||||||||||||
Japanese yen | 35 | 32 | ||||||||||||||
_________________________________ | ||||||||||||||||
(i) | Forward exchange contracts range in maturity from 2014 to 2015. | |||||||||||||||
In addition to forward exchange contracts we undertake short-term foreign exchange swaps for liquidity purposes. These are not designated as hedges and do not qualify for hedge accounting. The fair values at December 31, 2013 and 2012 were immaterial. | ||||||||||||||||
During the year ended December 31, 2013, the Company entered into a number of foreign currency transactions in order to hedge certain intercompany loans. These derivatives were not designated as hedging instruments and were for a total notional amount of $228 million (December 31, 2012: $63 million). In respect of these transactions, an immaterial amount has been recognized as an asset within other current assets and a nominal gain has been recognized in income within other operating expenses for the period. | ||||||||||||||||
Derivative financial instruments | ||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments and their balance sheet classification at December 31: | ||||||||||||||||
Fair value | ||||||||||||||||
Balance sheet | December 31, | December 31, | ||||||||||||||
Derivative financial instruments designated as hedging instruments: | classification | 2013 | 2012 | |||||||||||||
(millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate swaps (fair value hedges) | Other assets | — | 22 | |||||||||||||
Forward exchange contracts | Other assets | 23 | 9 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 23 | $ | 31 | ||||||||||||
Liabilities: | ||||||||||||||||
Forward exchange contracts | Other liabilities | 2 | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | 2 | $ | — | ||||||||||||
Cash Flow Hedges | ||||||||||||||||
The table below presents the effects of derivative financial instruments in cash flow hedging relationships on the consolidated statements of operations and the consolidated statements of equity for years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||
Derivatives in cash flow hedging relationships | Amount of | Location of gain (loss) | Amount of | Location of gain (loss) | Amount of | |||||||||||
gain (loss) | reclassified from accumulated OCI(i) into income (effective element) | gain (loss) | recognized in income | gain (loss) | ||||||||||||
recognized | reclassified | on derivative (ineffective hedges and ineffective element of effective hedges) | recognized | |||||||||||||
in OCI(i)on derivative (effective element) | from | in income | ||||||||||||||
accumulated | on derivative | |||||||||||||||
OCI(i) into | (ineffective | |||||||||||||||
income(effective element) | hedges and | |||||||||||||||
ineffective | ||||||||||||||||
element of effective hedges) | ||||||||||||||||
(millions) | (millions) | (millions) | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Interest rate swaps | $ | — | Investment income | $ | (5 | ) | Other operating expenses | $ | — | |||||||
Treasury locks | 19 | Interest expense | — | Interest expense | 2 | |||||||||||
Forward exchange contracts | 10 | Other operating expenses | 1 | Interest expense | 1 | |||||||||||
Total | $ | 29 | $ | (4 | ) | $ | 3 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Interest rate swaps | $ | 3 | Investment income | $ | (5 | ) | Other operating expenses | $ | — | |||||||
Forward exchange contracts | 11 | Other operating expenses | (4 | ) | Interest expense | 1 | ||||||||||
Total | $ | 14 | $ | (9 | ) | $ | 1 | |||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Interest rate swaps | $ | 13 | Investment income | $ | (14 | ) | Other operating expenses | $ | — | |||||||
Forward exchange contracts | 3 | Other operating expenses | (7 | ) | Interest expense | (2 | ) | |||||||||
Total | $ | 16 | $ | (21 | ) | $ | (2 | ) | ||||||||
_________________________________ | ||||||||||||||||
Amounts above shown gross of tax. | ||||||||||||||||
(i) | OCI means other comprehensive income. | |||||||||||||||
For interest rate swaps all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For foreign exchange contracts, only the changes in fair value resulting from movements in the spot exchange rate are included in this assessment. In instances where the timing of expected cash flows can be matched exactly to the maturity of the foreign exchange contract, then changes in fair value attributable to movement in the forward points are also included. | ||||||||||||||||
At December 31, 2013 the Company estimates there will be $20 million of net derivative gains reclassified from accumulated comprehensive income into earnings within the next twelve months as the forecasted transactions affect earnings. | ||||||||||||||||
Fair Value Hedges | ||||||||||||||||
The Company had previously designated interest rate swaps as fair value hedges against its $350 million 5.625% senior notes due 2015 and accounted for them accordingly until the first quarter of 2013 at which point these swaps, although remaining as economic hedges, no longer qualified for hedge accounting. | ||||||||||||||||
The table below presents the effects of derivative financial instruments in fair value hedging relationships on the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||
Derivatives in fair value hedging relationships | Hedged item in fair value hedging relationship | (Loss) gain | Gain (loss) | Ineffectiveness | ||||||||||||
recognized for derivative | recognized | recognized in | ||||||||||||||
for hedged item | interest expense | |||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | — | $ | — | $ | — | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | (3 | ) | $ | 2 | $ | 1 | ||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | 7 | $ | (8 | ) | $ | 1 | ||||||||
All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. | ||||||||||||||||
The table below presents the effects of derivative financial instruments no longer in fair value hedging relationships on the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||
Derivatives no longer in fair value hedging relationships | Hedged item in fair value hedging relationship | Loss | Amortization or prior loss recognized on hedged item | Net gain recognized (i) | ||||||||||||
recognized for derivative | ||||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | (5 | ) | $ | 14 | $ | 9 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | — | $ | — | $ | — | |||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | — | $ | — | $ | — | |||||||||
____________________ | ||||||||||||||||
(i) The net gain was included entirely in interest expense, except for $7 million in the year ended December 31, 2013 which formed part of the loss on extinguishment of debt. | ||||||||||||||||
Credit Risk and Concentrations of Credit Risk | ||||||||||||||||
Credit risk represents the loss that would be recognized at the reporting date if counterparties failed to perform as contracted and from movements in interest rates and foreign exchange rates. The Company currently does not anticipate non-performance by its counterparties. The Company generally does not require collateral or other security to support financial instruments with credit risk. | ||||||||||||||||
Concentrations of credit risk that arise from financial instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. Financial instruments on the balance sheet that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and derivatives which are recorded at fair value. | ||||||||||||||||
The Company maintains a policy providing for the diversification of cash and cash equivalent investments and places such investments in an extensive number of financial institutions to limit the amount of credit risk exposure. These financial institutions are monitored on an ongoing basis for credit quality predominantly using information provided by credit agencies. | ||||||||||||||||
Concentrations of credit risk with respect to receivables are limited due to the large number of clients and markets in which the Company does business, as well as the dispersion across many geographic areas. Management does not believe significant risk exists in connection with the Company's concentrations of credit as of December 31, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
27 | FAIR VALUE MEASUREMENTS | |||||||||||||||
The Company has categorized its assets and liabilities that are measured at fair value on a recurring and non-recurring basis into a three-level fair value hierarchy, based on the reliability of the inputs used to determine fair value as follows: | ||||||||||||||||
• | Level 1: refers to fair values determined based on quoted market prices in active markets for identical assets; | |||||||||||||||
• | Level 2: refers to fair values estimated using observable market based inputs or unobservable inputs that are corroborated by market data; and | |||||||||||||||
• | Level 3: includes fair values estimated using unobservable inputs that are not corroborated by market data. | |||||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments: | ||||||||||||||||
Long-term debt excluding the fair value hedge-Fair values are based on quoted market values and so classified as Level 1 measurements. | ||||||||||||||||
Derivative financial instruments-Market values have been used to determine the fair value of interest rate swaps and forward foreign exchange contracts based on estimated amounts the Company would receive or have to pay to terminate the agreements, taking into account the current interest rate environment or current foreign currency forward rates. | ||||||||||||||||
Recurring basis | ||||||||||||||||
The following table presents, for each of the fair-value hierarchy levels, the Company's assets and liabilities that are measured at fair value on a recurring basis. | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||
prices in | other | other | ||||||||||||||
active | observable | unobservable | ||||||||||||||
markets | inputs | inputs | ||||||||||||||
for | ||||||||||||||||
identical | ||||||||||||||||
assets | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(millions) | ||||||||||||||||
Assets at fair value: | ||||||||||||||||
Cash and cash equivalents | $ | 796 | $ | — | $ | — | $ | 796 | ||||||||
Fiduciary funds (included within Fiduciary assets) | 1,662 | — | — | 1,662 | ||||||||||||
Derivative financial instruments | — | 23 | — | 23 | ||||||||||||
Total assets | $ | 2,458 | $ | 23 | $ | — | $ | 2,481 | ||||||||
Liabilities at fair value: | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
Total liabilities | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
31-Dec-12 | ||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||
prices in | other | other | ||||||||||||||
active | observable | unobservable | ||||||||||||||
markets | inputs | inputs | ||||||||||||||
for | ||||||||||||||||
identical | ||||||||||||||||
assets | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(millions) | ||||||||||||||||
Assets at fair value: | ||||||||||||||||
Cash and cash equivalents | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||
Fiduciary funds (included within Fiduciary assets) | 1,796 | — | — | 1,796 | ||||||||||||
Derivative financial instruments | — | 31 | — | 31 | ||||||||||||
Total assets | $ | 2,296 | $ | 31 | $ | — | $ | 2,327 | ||||||||
Liabilities at fair value: | ||||||||||||||||
Changes in fair value of hedged debt(i) | — | 18 | — | 18 | ||||||||||||
Total liabilities | $ | — | $ | 18 | $ | — | $ | 18 | ||||||||
_________________________________ | ||||||||||||||||
(i) | Changes in the fair value of the underlying hedged debt instrument since inception of the hedging relationship are included in long-term debt. | |||||||||||||||
The estimated fair value of the Company’s financial instruments held or issued to finance the Company’s operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that the Company would realize upon disposition nor do they indicate the Company’s intent or ability to dispose of the financial instrument. | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
amount | value | amount | value | |||||||||||||
(millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments | $ | 23 | $ | 23 | $ | 31 | $ | 31 | ||||||||
Liabilities: | ||||||||||||||||
Short-term debt | $ | 15 | $ | 15 | $ | 15 | $ | 15 | ||||||||
Long-term debt | 2,311 | 2,444 | 2,338 | 2,576 | ||||||||||||
Derivative financial instruments | 2 | 2 | — | — | ||||||||||||
Non-recurring basis | ||||||||||||||||
The remeasurement of goodwill is classified as non-recurring level 3 fair value assessment due to the significance of unobservable inputs developed using company-specific information. The Company recognized an impairment charge in its North America reporting unit during 2012. The pre-tax impairment charge of $492 million was recognized as a result of the Company's annual goodwill impairment testing performed as of October 1, 2012, which reduced the carrying value of the North America reporting unit goodwill as of that date of $1,782 million to its implied fair value of $1,290 million. | ||||||||||||||||
The Company used the income approach to measure the fair value of the North America reporting unit which involves calculating the fair value of a reporting unit based on the present value of the estimated future cash flows. Cash flow projections were based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions and the uncertainty related to the business's ability to execute on the projected cash flows. The discount rate used was based on the weighted-average cost of capital adjusted for the relevant risk associated with the market participant expectations of characteristics of the individual reporting units. The unobservable inputs used to fair value this reporting unit include projected revenue growth rates, profitability and the market participant assumptions within the discount rate. | ||||||||||||||||
The inputs used to measure the fair value of the intangibles assets of the North America reporting unit in step two of the impairment test were largely unobservable, and accordingly, are also classified as Level 3. The fair value was estimated using a multiple period excess earnings method, which is based on management's cash flow projections of revenue growth rates, operating margins and expected customer attrition, taking into consideration industry and market conditions. The discount rate used in the fair value calculations for the intangibles was based on a weighted average cost of capital adjusted for the relevant risk associated with those assets. The unobservable inputs used in these valuations include projected revenue growth rates, and the market participant assumptions within the discount rate. For more information on this impairment measured as a nonrecurring fair value adjustment, see Note 13 - Goodwill. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||||||||||||||||||||||||||||||||||
28 | SEGMENT INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||
During the periods presented, the Company operated through three reporting segments: Global, North America and International. Global provides specialist brokerage and consulting services to clients worldwide for specific industrial and commercial activities and is organized by specialism. North America and International predominantly comprise our retail operations which provide services to small, medium and large corporations, accessing Global’s specialist expertise when required. | ||||||||||||||||||||||||||||||||||||||||||||||||
The Company evaluates the performance of its segments based on organic commissions and fees growth and operating income. For internal reporting and segmental reporting, the following items for which segmental management are not held accountable are excluded from segmental expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
(i) | foreign exchange hedging activities, foreign exchange movements on the UK pension plan asset, foreign exchange gains and losses from currency purchases and sales, and foreign exchange movements on internal exposures; | |||||||||||||||||||||||||||||||||||||||||||||||
(ii) | amortization of intangible assets; | |||||||||||||||||||||||||||||||||||||||||||||||
(iii) | gains and losses on the disposal of operations; | |||||||||||||||||||||||||||||||||||||||||||||||
(iv) | significant legal and regulatory settlements which are managed centrally; | |||||||||||||||||||||||||||||||||||||||||||||||
(v) | costs associated with the 2011 Operational Review; | |||||||||||||||||||||||||||||||||||||||||||||||
(vi) | write-off of uncollectible accounts receivable balance and associated legal fees and insurance recoveries arising in Chicago due to fraudulent overstatement of commissions and fees; | |||||||||||||||||||||||||||||||||||||||||||||||
(vii) | the additional incentive accrual recognized following the replacement of annual cash retention awards with annual cash bonuses which will not feature a repayment requirement; | |||||||||||||||||||||||||||||||||||||||||||||||
(viii) | write-off of unamortized cash retention awards following the decision to eliminate repayment requirement on past awards; | |||||||||||||||||||||||||||||||||||||||||||||||
(ix) | goodwill impairment charge; | |||||||||||||||||||||||||||||||||||||||||||||||
(x) | fees related to the extinguishment of debt; and | |||||||||||||||||||||||||||||||||||||||||||||||
(xi) | costs associated with the Expense Reduction Initiative. | |||||||||||||||||||||||||||||||||||||||||||||||
The accounting policies of the segments are consistent with those described in Note 2 — 'Basis of Presentation and Significant Accounting Policies'. There are no inter-segment revenues, with segments operating on a revenue-sharing basis equivalent to that used when sharing business with other third-party brokers. | ||||||||||||||||||||||||||||||||||||||||||||||||
Selected information regarding the Company’s segments is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commissions | Investment | Other | Total | Depreciation | Operating | Interest in | ||||||||||||||||||||||||||||||||||||||||||
and fees | income | income | revenues | and | income (loss) | earnings of | ||||||||||||||||||||||||||||||||||||||||||
amortization | associates, | |||||||||||||||||||||||||||||||||||||||||||||||
net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Global | $ | 1,188 | $ | 3 | $ | — | $ | 1,191 | $ | 31 | $ | 334 | $ | — | ||||||||||||||||||||||||||||||||||
North America | 1,377 | 2 | 7 | 1,386 | 37 | 269 | — | |||||||||||||||||||||||||||||||||||||||||
International | 1,068 | 10 | — | 1,078 | 21 | 181 | — | |||||||||||||||||||||||||||||||||||||||||
Total Retail | 2,445 | 12 | 7 | 2,464 | 58 | 450 | — | |||||||||||||||||||||||||||||||||||||||||
Total Operating Segments | 3,633 | 15 | 7 | 3,655 | 89 | 784 | — | |||||||||||||||||||||||||||||||||||||||||
Corporate and Other(i) | — | — | — | — | 60 | (99 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Total Consolidated | $ | 3,633 | $ | 15 | $ | 7 | $ | 3,655 | $ | 149 | $ | 685 | $ | — | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Global | $ | 1,124 | $ | 5 | $ | — | $ | 1,129 | $ | 27 | $ | 372 | $ | — | ||||||||||||||||||||||||||||||||||
North America | 1,306 | 3 | 4 | 1,313 | 31 | 240 | — | |||||||||||||||||||||||||||||||||||||||||
International | 1,028 | 10 | — | 1,038 | 21 | 183 | 5 | |||||||||||||||||||||||||||||||||||||||||
Total Retail | 2,334 | 13 | 4 | 2,351 | 52 | 423 | 5 | |||||||||||||||||||||||||||||||||||||||||
Total Operating Segments | 3,458 | 18 | 4 | 3,480 | 79 | 795 | 5 | |||||||||||||||||||||||||||||||||||||||||
Corporate and Other(i) | — | — | — | — | 59 | (1,004 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Total Consolidated | $ | 3,458 | $ | 18 | $ | 4 | $ | 3,480 | $ | 138 | $ | (209 | ) | $ | 5 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Global | $ | 1,073 | $ | 9 | $ | — | $ | 1,082 | $ | 23 | $ | 352 | $ | — | ||||||||||||||||||||||||||||||||||
North America | 1,314 | 7 | 2 | 1,323 | 28 | 271 | — | |||||||||||||||||||||||||||||||||||||||||
International | 1,027 | 15 | — | 1,042 | 18 | 221 | 12 | |||||||||||||||||||||||||||||||||||||||||
Total Retail | 2,341 | 22 | 2 | 2,365 | 46 | 492 | 12 | |||||||||||||||||||||||||||||||||||||||||
Total Operating Segments | 3,414 | 31 | 2 | 3,447 | 69 | 844 | 12 | |||||||||||||||||||||||||||||||||||||||||
Corporate and Other(i) | — | — | — | — | 73 | (278 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Total Consolidated | $ | 3,414 | $ | 31 | $ | 2 | $ | 3,447 | $ | 142 | $ | 566 | $ | 12 | ||||||||||||||||||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(i) | See the following table for an analysis of the ‘Corporate and other’ line. | |||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | $ | (55 | ) | $ | (59 | ) | $ | (68 | ) | |||||||||||||||||||||||||||||||||||||||
Additional incentive accrual for change in remuneration policy (a) | — | (252 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Write-off of unamortized cash retention awards debtor (b) | — | (200 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charge (c) | — | (492 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
India joint venture settlement (d) | — | (11 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Insurance recovery (e) | — | 10 | — | |||||||||||||||||||||||||||||||||||||||||||||
Write-off of uncollectible accounts receivable balance in Chicago (f) | — | (13 | ) | (22 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on disposal of operations (d) | 2 | (3 | ) | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange hedging | 3 | 8 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange gain (loss) on the UK pension plan asset | 8 | (1 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
2011 Operational Review | — | — | (180 | ) | ||||||||||||||||||||||||||||||||||||||||||||
FSA regulatory settlement | — | — | (11 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Expense Reduction Initiative | (46 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Fees related to the extinguishment of debt (h) | (1 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other(g) | (10 | ) | 9 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total Corporate and Other | $ | (99 | ) | $ | (1,004 | ) | $ | (278 | ) | |||||||||||||||||||||||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Additional incentive accrual recognized following the replacement of annual incentive awards with annual cash bonuses which will not feature a repayment requirement. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | Write-off of unamortized cash retention award debtor following the decision to eliminate the repayment requirement on past awards. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | Non-cash charge recognized related to the impairment of the carrying value of the North America reporting unit's goodwill. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | $11 million settlement with former partners related to the termination of a joint venture arrangement in India. In addition, a $1 million loss on disposal of operations was recorded related to the termination. | |||||||||||||||||||||||||||||||||||||||||||||||
(e) | Insurance recovery, recorded in Other operating expenses, related to a previously disclosed fraudulent activity in Chicago, discussed above. | |||||||||||||||||||||||||||||||||||||||||||||||
(f) | In early 2012 the Company identified an uncollectible accounts receivable balance of approximately $28 million in Chicago due to fraudulent overstatements of Commissions and fees. For the year ended December 31, 2011, the Company recorded an estimate of the misstatement of Commissions and fees from prior periods by recognizing in the fourth quarter of 2011 a $22 million charge to Other operating expenses to write off the uncollectible receivable at January 1, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||
The Company concluded its internal investigation into these matters in the three months ended March 31, 2012 and identified an additional $12 million in fraudulent overstatement of Commissions and fees, and has corrected the additional misstatement by recognizing a $13 million charge (including legal expenses) to Other operating expenses in the first quarter of 2012. The above amount represents the additional charge taken. | ||||||||||||||||||||||||||||||||||||||||||||||||
(g) | Other includes $7 million (2012: $7 million, 2011: $12 million) from the release of funds and reserves related to potential legal liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||
(h) | $1 million of fees associated with the extinguishment of debt completed on August 15, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||
The following table reconciles total consolidated operating income, as disclosed in the operating segment tables above, to consolidated income from continuing operations before income taxes and interest in earnings of associates. | ||||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consolidated operating income | $ | 685 | $ | (209 | ) | $ | 566 | |||||||||||||||||||||||||||||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | — | (171 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (60 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (126 | ) | (128 | ) | (156 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $ | 499 | $ | (337 | ) | $ | 239 | |||||||||||||||||||||||||||||||||||||||||
The Company does not currently provide asset information by reportable segment as it does not routinely evaluate the total asset position by segment, and as such, no segmental analysis of assets has been disclosed. Segments are evaluated on organic commissions and fees growth and operating margin. | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenue by product is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Global | North America | International | Total | |||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Commissions and fees: | ||||||||||||||||||||||||||||||||||||||||||||||||
Retail insurance services | $ | — | $ | — | $ | — | $ | 1,377 | $ | 1,306 | $ | 1,314 | $ | 1,068 | $ | 1,028 | $ | 1,027 | $ | 2,445 | $ | 2,334 | $ | 2,341 | ||||||||||||||||||||||||
Specialty insurance services | 1,188 | 1,124 | 1,073 | — | — | — | — | — | — | 1,188 | 1,124 | 1,073 | ||||||||||||||||||||||||||||||||||||
Total commissions and fees | 1,188 | 1,124 | 1,073 | 1,377 | 1,306 | 1,314 | 1,068 | 1,028 | 1,027 | 3,633 | 3,458 | 3,414 | ||||||||||||||||||||||||||||||||||||
Investment income | 3 | 5 | 9 | 2 | 3 | 7 | 10 | 10 | 15 | 15 | 18 | 31 | ||||||||||||||||||||||||||||||||||||
Other income | — | — | — | 7 | 4 | 2 | — | — | — | 7 | 4 | 2 | ||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 1,191 | $ | 1,129 | $ | 1,082 | $ | 1,386 | $ | 1,313 | $ | 1,323 | $ | 1,078 | $ | 1,038 | $ | 1,042 | $ | 3,655 | $ | 3,480 | $ | 3,447 | ||||||||||||||||||||||||
None of the Company’s customers represented more than 10 percent of the Company’s consolidated commissions and fees for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||
Information regarding the Company’s geographic locations is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Commissions and fees(i) | ||||||||||||||||||||||||||||||||||||||||||||||||
UK | $ | 1,026 | $ | 980 | $ | 963 | ||||||||||||||||||||||||||||||||||||||||||
US | 1,549 | 1,484 | 1,461 | |||||||||||||||||||||||||||||||||||||||||||||
Other(ii) | 1,058 | 994 | 990 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,633 | $ | 3,458 | $ | 3,414 | ||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed assets | ||||||||||||||||||||||||||||||||||||||||||||||||
UK | $ | 233 | $ | 218 | ||||||||||||||||||||||||||||||||||||||||||||
US | 203 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||
Other(ii) | 45 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 481 | $ | 468 | ||||||||||||||||||||||||||||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(i) | Commissions and fees are attributed to countries based upon the location of the subsidiary generating the revenue. | |||||||||||||||||||||||||||||||||||||||||||||||
(ii) | Other than in the United Kingdom and the United States, the Company does not conduct business in any country in which its commissions and fees and or fixed assets exceed 10 percent of consolidated commissions and fees and or fixed assets, respectively. |
Subsidiary_Undertakings
Subsidiary Undertakings | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ||||
SUBSIDIARY UNDERTAKINGS | ' | ||||
29 | SUBSIDIARY UNDERTAKINGS | ||||
The Company has investments in the following subsidiary undertakings which principally affect the net income or net assets of the Group. | |||||
A full list of the Group’s subsidiary undertakings is included within the Company’s annual return. | |||||
Subsidiary name | Country of registration | Class of share | Percentage ownership | ||
Holding companies | |||||
TAI Limited | England and Wales | Ordinary shares | 100 | % | |
Trinity Acquisition plc | England and Wales | Ordinary shares | 100 | % | |
Willis Faber Limited | England and Wales | Ordinary shares | 100 | % | |
Willis Group Limited | England and Wales | Ordinary shares | 100 | % | |
Willis Investment UK Holdings Limited | England and Wales | Ordinary shares | 100 | % | |
Willis Netherlands Holdings B.V. | Netherlands | Ordinary shares | 100 | % | |
Willis Europe B.V. | England and Wales | Ordinary shares | 100 | % | |
Insurance broking companies | |||||
Willis HRH, Inc. | USA | Common shares | 100 | % | |
Willis Limited | England and Wales | Ordinary shares | 100 | % | |
Willis North America, Inc. | USA | Common shares | 100 | % | |
Willis Re, Inc. | USA | Common shares | 100 | % |
Financial_Information_for_Pare
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
FINANCIAL INFORMATION FOR PARENT GUARANTOR, OTHER GUARANTOR SUBSIDIARIES AND NON-GUARANTOR SUBSIDIARIES | ' | |||||||||||||||||||||||
30 | FINANCIAL INFORMATION FOR PARENT GUARANTOR, OTHER GUARANTOR SUBSIDIARIES AND NON-GUARANTOR SUBSIDIARIES | |||||||||||||||||||||||
Willis North America Inc. (‘Willis North America’) has $148 million senior notes outstanding that were issued on July 1, 2005, $394 million of senior notes issued on March 28, 2007 and $187 million of senior notes issued on September 29, 2009. | ||||||||||||||||||||||||
All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment UK Holdings Limited, TA I Limited, Trinity Acquisition plc and Willis Group Limited, collectively the 'Other Guarantors', and with Willis Group Holdings, the 'Guarantor Companies'. | ||||||||||||||||||||||||
The debt securities that were issued by Willis North America and guaranteed by the entities described above, and for which the disclosures set forth below relate and are required under applicable SEC rules, were issued under an effective registration statement. | ||||||||||||||||||||||||
Presented below is condensed consolidating financial information for: | ||||||||||||||||||||||||
(i) | Willis Group Holdings, which is a guarantor, on a parent company only basis; | |||||||||||||||||||||||
(ii) | the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent and are all direct or indirect parents of the issuer; | |||||||||||||||||||||||
(iii) | the Issuer, Willis North America; | |||||||||||||||||||||||
(iv) | Other, which are the non-guarantor subsidiaries, on a combined basis; | |||||||||||||||||||||||
(v) | Consolidating adjustments; and | |||||||||||||||||||||||
(vi) | the Consolidated Company. | |||||||||||||||||||||||
The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets for the year ended December 31, 2013 of Willis Group Holdings, the Other Guarantors and the Issuer. | ||||||||||||||||||||||||
Restatement to 2011 and 2012 financial information | ||||||||||||||||||||||||
Regulation S-X, Article 3, Rule 3-10, allows for the presentation of condensed consolidating financial information. In accordance with these rules, the condensed consolidating financial information should be presented in accordance with U.S. GAAP, except that (i) the guarantor and non-guarantor information is presented on a combined rather than consolidated basis, which requires the elimination of intra-entity activity and (ii) investments in subsidiaries are required to be presented under the equity method of accounting. Subsequent to the issuance of our 2012 financial statements, management determined that certain balances were not presented in accordance with the above principles and have therefore restated our condensed consolidating financial information to reflect (i) gross, rather than net, presentation of intercompany balance sheet positions, (ii) dividends received from subsidiaries as reductions to the equity method investment balances opposed to as component of investment income from group undertakings, and (iii) appropriate push down accounting for goodwill. | ||||||||||||||||||||||||
The impacts of these changes on the previously reported 2012 and 2011 financial statements are shown in the tables below. | ||||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (446 | ) | — | (446 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (72 | ) | $ | (11 | ) | $ | (83 | ) | |||||||||||||||
Net loss attributable to Willis Group Holdings | (389 | ) | (8 | ) | (397 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating loss | $ | (189 | ) | $ | — | $ | (189 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (228 | ) | — | (228 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 122 | $ | (53 | ) | $ | 69 | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (118 | ) | (306 | ) | (424 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (64 | ) | $ | 64 | $ | — | |||||||||||||||||
Net income attributable to Willis Group Holdings | 735 | 314 | 1,049 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||||||
Net income attributable to Willis Group Holdings | 204 | — | 204 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating income (loss) | $ | 43 | $ | (11 | ) | $ | 32 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 174 | 72 | 246 | |||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating loss | $ | (179 | ) | $ | — | $ | (179 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (36 | ) | (31 | ) | (67 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 754 | $ | (21 | ) | $ | 733 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 137 | 164 | 301 | |||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (32 | ) | $ | 32 | $ | — | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (275 | ) | (205 | ) | (480 | ) | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (263 | ) | $ | — | $ | (263 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 975 | $ | 314 | $ | 1,289 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (117 | ) | $ | (31 | ) | $ | (148 | ) | |||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 206 | $ | (205 | ) | $ | 1 | |||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating balance sheet at 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Total assets | $ | 2,557 | $ | 1,541 | $ | 4,098 | ||||||||||||||||||
Total liabilities | 858 | 1,541 | 2,399 | |||||||||||||||||||||
Total equity | 1,699 | — | 1,699 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Total assets | $ | (1,256 | ) | $ | 4,844 | $ | 3,588 | |||||||||||||||||
Total liabilities | 319 | 4,930 | 5,249 | |||||||||||||||||||||
Total equity | (1,575 | ) | (86 | ) | (1,661 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Total assets | $ | 1,382 | $ | 1,246 | $ | 2,628 | ||||||||||||||||||
Total liabilities | 1,348 | 1,246 | 2,594 | |||||||||||||||||||||
Total equity | 34 | — | 34 | |||||||||||||||||||||
Other | ||||||||||||||||||||||||
Total assets | $ | 17,125 | $ | (1,483 | ) | $ | 15,642 | |||||||||||||||||
Total liabilities | 11,851 | 720 | 12,571 | |||||||||||||||||||||
Total equity | 5,274 | (2,203 | ) | 3,071 | ||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Total assets | $ | (4,696 | ) | $ | (6,148 | ) | $ | (10,844 | ) | |||||||||||||||
Total liabilities | (989 | ) | (8,437 | ) | (9,426 | ) | ||||||||||||||||||
Total equity | (3,707 | ) | 2,289 | (1,418 | ) | |||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 780 | $ | 724 | $ | 1,504 | ||||||||||||||||||
Net cash used in investing activities | (7 | ) | (102 | ) | (109 | ) | ||||||||||||||||||
Net cash used in financing activities | (773 | ) | (622 | ) | (1,395 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 69 | $ | (113 | ) | $ | (44 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (19 | ) | 34 | 15 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (213 | ) | 79 | (134 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (713 | ) | $ | (102 | ) | $ | (815 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,337 | ) | (1,337 | ) | |||||||||||||||||||
Net cash provided by financing activities | 713 | 1,439 | 2,152 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 184 | $ | 132 | $ | 316 | ||||||||||||||||||
Net cash used in investing activities | (4 | ) | (430 | ) | (434 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (180 | ) | 298 | 118 | ||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 88 | $ | 46 | $ | 134 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (21 | ) | 128 | 107 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 20 | (174 | ) | (154 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,061 | ) | $ | 875 | $ | (186 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 890 | 890 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,061 | (1,765 | ) | (704 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | — | (73 | ) | (163 | ) | (380 | ) | — | (616 | ) | ||||||||||||||
Depreciation expense | — | (3 | ) | (20 | ) | (71 | ) | — | (94 | ) | ||||||||||||||
Amortization of intangible assets | — | — | — | (55 | ) | — | (55 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 12 | (10 | ) | 2 | |||||||||||||||||
Total expenses | (1 | ) | (76 | ) | (286 | ) | (2,597 | ) | (10 | ) | (2,970 | ) | ||||||||||||
OPERATING (LOSS) INCOME | (1 | ) | (76 | ) | (278 | ) | 1,050 | (10 | ) | 685 | ||||||||||||||
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 | ) | — | |||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 365 | 417 | (28 | ) | 521 | (898 | ) | 377 | ||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME (LOSS) | 365 | 417 | (28 | ) | 521 | (898 | ) | 377 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | — | (12 | ) | — | (12 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 365 | $ | 417 | $ | (28 | ) | $ | 509 | $ | (898 | ) | $ | 365 | ||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Operations | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | (4 | ) | (82 | ) | (79 | ) | (416 | ) | — | (581 | ) | |||||||||||||
Depreciation expense | — | (1 | ) | (15 | ) | (63 | ) | — | (79 | ) | ||||||||||||||
Amortization of intangible assets | — | — | — | (59 | ) | — | (59 | ) | ||||||||||||||||
Goodwill impairment charge | — | — | — | (492 | ) | — | (492 | ) | ||||||||||||||||
Net loss on disposal of operations | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Total expenses | (6 | ) | (83 | ) | (190 | ) | (3,410 | ) | — | (3,689 | ) | |||||||||||||
OPERATING (LOSS) INCOME | (6 | ) | (83 | ) | (189 | ) | 69 | — | (209 | ) | ||||||||||||||
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 | — | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | (446 | ) | (397 | ) | (228 | ) | (411 | ) | 1,049 | (433 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
NET (LOSS) INCOME | (446 | ) | (397 | ) | (228 | ) | (411 | ) | 1,049 | (433 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | (446 | ) | $ | (397 | ) | $ | (228 | ) | $ | (424 | ) | $ | 1,049 | $ | (446 | ) | |||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Operations | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||||
Investment income | — | — | 2 | 29 | — | 31 | ||||||||||||||||||
Other income | — | — | — | 2 | — | 2 | ||||||||||||||||||
Total revenues | — | — | 2 | 3,445 | — | 3,447 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Salaries and benefits | (3 | ) | — | (69 | ) | (2,015 | ) | — | (2,087 | ) | ||||||||||||||
Other operating expenses | (17 | ) | 32 | (98 | ) | (573 | ) | — | (656 | ) | ||||||||||||||
Depreciation expense | — | — | (14 | ) | (60 | ) | — | (74 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (68 | ) | — | (68 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 4 | — | 4 | ||||||||||||||||||
Total expenses | (20 | ) | 32 | (181 | ) | (2,712 | ) | — | (2,881 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (20 | ) | 32 | (179 | ) | 733 | — | 566 | ||||||||||||||||
Income from Group undertakings | — | 186 | 324 | 119 | (629 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | — | (80 | ) | (134 | ) | (415 | ) | 629 | — | |||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | (171 | ) | — | — | — | (171 | ) | ||||||||||||||||
Interest expense | (34 | ) | (17 | ) | (97 | ) | (8 | ) | — | (156 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | (50 | ) | (86 | ) | 429 | — | 239 | |||||||||||||||
Income taxes | — | 59 | 27 | (117 | ) | (1 | ) | (32 | ) | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 9 | (59 | ) | 312 | (1 | ) | 207 | |||||||||||||||
Interest in earnings of associates, net of tax | — | 8 | — | 4 | — | 12 | ||||||||||||||||||
Equity account for subsidiaries | 258 | 229 | (8 | ) | — | (479 | ) | — | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 204 | 246 | (67 | ) | 316 | (480 | ) | 219 | ||||||||||||||||
Discontinued operations, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
NET INCOME (LOSS) | 204 | 246 | (67 | ) | 317 | (480 | ) | 220 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (16 | ) | — | (16 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | (67 | ) | $ | 301 | $ | (480 | ) | $ | 204 | ||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 1 | $ | 48 | $ | (148 | ) | $ | 114 | $ | 1 | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | (148 | ) | $ | 99 | $ | 1 | $ | 1 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 from 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 from 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 499 | $ | — | $ | 500 | ||||||||||||
Accounts receivable, net | — | — | — | 933 | — | 933 | ||||||||||||||||||
Fiduciary assets | — | — | — | 9,271 | — | 9,271 | ||||||||||||||||||
Deferred tax assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Other current assets | 1 | 31 | 38 | 114 | (3 | ) | 181 | |||||||||||||||||
Amounts due by group undertakings | 4,091 | 993 | 1,292 | 864 | (7,240 | ) | — | |||||||||||||||||
Total current assets | 4,093 | 1,024 | 1,330 | 11,694 | (7,243 | ) | 10,898 | |||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||
Investments in subsidiaries | — | 2,407 | 553 | — | (2,960 | ) | — | |||||||||||||||||
Fixed assets, net | — | 11 | 63 | 394 | — | 468 | ||||||||||||||||||
Goodwill | — | — | — | 2,827 | — | 2,827 | ||||||||||||||||||
Other intangible assets, net | — | — | — | 385 | — | 385 | ||||||||||||||||||
Investments in associates | — | 143 | — | 31 | — | 174 | ||||||||||||||||||
Deferred tax assets | — | — | — | 18 | — | 18 | ||||||||||||||||||
Pension benefits asset | — | — | — | 136 | — | 136 | ||||||||||||||||||
Other non-current assets | 5 | 3 | 41 | 157 | — | 206 | ||||||||||||||||||
Non-current amounts due by group undertakings | — | — | 641 | — | (641 | ) | — | |||||||||||||||||
Total non-current assets | 5 | 2,564 | 1,298 | 3,948 | (3,601 | ) | 4,214 | |||||||||||||||||
TOTAL ASSETS | $ | 4,098 | $ | 3,588 | $ | 2,628 | $ | 15,642 | $ | (10,844 | ) | $ | 15,112 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | — | $ | 9,271 | $ | — | $ | 9,271 | ||||||||||||
Deferred revenue and accrued expenses | 2 | — | — | 539 | — | 541 | ||||||||||||||||||
Income taxes payable | — | 4 | — | 18 | (3 | ) | 19 | |||||||||||||||||
Short-term debt and current portion of long-term debt | — | 15 | — | — | — | 15 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 21 | — | 21 | ||||||||||||||||||
Other current liabilities | 60 | — | 73 | 194 | — | 327 | ||||||||||||||||||
Amounts due to group undertakings | — | 4,951 | 1,246 | 1,043 | (7,240 | ) | — | |||||||||||||||||
Total current liabilities | 62 | 4,970 | 1,319 | 11,086 | (7,243 | ) | 10,194 | |||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||
Investments in subsidiaries | 1,542 | — | — | — | (1,542 | ) | — | |||||||||||||||||
Long-term debt | 795 | 274 | 1,268 | 1 | — | 2,338 | ||||||||||||||||||
Liabilities for pension benefits | — | — | — | 282 | — | 282 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 18 | — | 18 | ||||||||||||||||||
Provisions for liabilities | — | — | — | 180 | — | 180 | ||||||||||||||||||
Other non-current liabilities | — | 5 | 7 | 363 | — | 375 | ||||||||||||||||||
Non-current amounts due to group undertakings | — | — | — | 641 | (641 | ) | — | |||||||||||||||||
Total non-current liabilities | 2,337 | 279 | 1,275 | 1,485 | (2,183 | ) | 3,193 | |||||||||||||||||
TOTAL LIABILITIES | $ | 2,399 | $ | 5,249 | $ | 2,594 | $ | 12,571 | $ | (9,426 | ) | $ | 13,387 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Willis Group Holdings stockholders’ equity | 1,699 | (1,661 | ) | 34 | 3,045 | (1,418 | ) | 1,699 | ||||||||||||||||
Noncontrolling interests | — | — | — | 26 | — | 26 | ||||||||||||||||||
Total equity | 1,699 | (1,661 | ) | 34 | 3,071 | (1,418 | ) | 1,725 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,098 | $ | 3,588 | $ | 2,628 | $ | 15,642 | $ | (10,844 | ) | $ | 15,112 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH (USED IN) 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 intangibles 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 sale of operations, net of cash disposed | — | — | — | — | — | — | ||||||||||||||||||
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 | ) | ||||||||||||||||
Proceeds from intercompany financing activities | — | 81 | — | 328 | (409 | ) | — | |||||||||||||||||
Repayments of intercompany financing activities | — | (1,462 | ) | (134 | ) | (150 | ) | 1,746 | — | |||||||||||||||
Net cash (used in) provided by 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, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 44 | $ | 316 | $ | 134 | $ | 131 | $ | (186 | ) | $ | 439 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Additions to fixed assets | — | (4 | ) | (21 | ) | (86 | ) | — | (111 | ) | ||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||
Acquisitions of investments in associates | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Payments to acquire other investments | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | — | 14 | — | 14 | ||||||||||||||||||
Proceeds from intercompany investing activities | — | — | 128 | 224 | (352 | ) | — | |||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (430 | ) | — | (101 | ) | 1,242 | — | |||||||||||||||
Net cash (used in) provided by investing activities | (711 | ) | (434 | ) | 107 | 47 | 890 | (101 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | — | (90 | ) | — | — | (90 | ) | ||||||||||||||||
Senior notes issued | 794 | — | — | — | — | 794 | ||||||||||||||||||
Debt issuance costs | (7 | ) | (5 | ) | — | — | — | (12 | ) | |||||||||||||||
Repayments of debt | — | (500 | ) | (411 | ) | — | — | (911 | ) | |||||||||||||||
Proceeds from issue of term loan | — | 300 | — | — | — | 300 | ||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | (158 | ) | — | — | — | (158 | ) | ||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | — | 60 | ||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | — | 5 | — | 5 | ||||||||||||||||||
Dividends paid | (180 | ) | — | — | (186 | ) | 186 | (180 | ) | |||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | — | (5 | ) | — | (9 | ) | |||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
Cash received on intercompany financing activities | — | 741 | 347 | 154 | (1,242 | ) | — | |||||||||||||||||
Cash paid on intercompany financing activities | — | (256 | ) | — | (96 | ) | 352 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 667 | 118 | (154 | ) | (141 | ) | (704 | ) | (214 | ) | ||||||||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | — | 87 | 37 | — | 124 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | — | 76 | 240 | — | 316 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | — | $ | 163 | $ | 273 | $ | — | $ | 436 | ||||||||||||
32 | FINANCIAL INFORMATION FOR ISSUER, PARENT GUARANTOR, OTHER GUARANTOR SUBSIDIARIES AND NON-GUARANTOR SUBSIDIARIES | |||||||||||||||||||||||
Trinity Acquisition plc has $525 million senior notes outstanding that were issued on August 15, 2013. | ||||||||||||||||||||||||
All direct obligations under the senior notes were jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V, Willis Investment UK Holdings Limited, TA I Limited, Willis Group Limited and Willis North America, Inc, collectively the 'Other Guarantors', and with Willis Group Holdings, the 'Guarantor Companies'. | ||||||||||||||||||||||||
The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by the Company and Willis North America (the ‘Willis North America Debt Securities’) in that Trinity Acquisition plc is the issuer and not a subsidiary guarantor, and Willis North America, Inc. is a subsidiary guarantor. | ||||||||||||||||||||||||
Presented below is condensed consolidating financial information for: | ||||||||||||||||||||||||
(i) | Willis Group Holdings, which is a guarantor, on a parent company only basis; | |||||||||||||||||||||||
(ii) | the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent. Willis Netherlands Holdings B.V, Willis Investment UK Holdings Limited and TA I Limited are all direct or indirect parents of the issuer and Willis Group Limited and Willis North America Inc., are 100 percent directly or indirectly owned subsidiaries or the issuer; | |||||||||||||||||||||||
(iii) | Trinity Acquisition plc, which is the issuer and is a 100 percent indirectly owned subsidiary of the parent; | |||||||||||||||||||||||
(iv) | Other, which are the non-guarantor subsidiaries, on a combined basis; | |||||||||||||||||||||||
(v) | Consolidating adjustments; and | |||||||||||||||||||||||
(vi) | the Consolidated Company. | |||||||||||||||||||||||
The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Group Holdings, the Other Guarantors and the Issuer. | ||||||||||||||||||||||||
Restatement to 2011 and 2012 financial information | ||||||||||||||||||||||||
Regulation S-X, Article 3, Rule 3-10, allows for the presentation of condensed consolidating financial information. In accordance with these rules, the condensed consolidating financial information should be presented in accordance with U.S. GAAP, except that (i) the guarantor and non-guarantor information is presented on a combined rather than consolidated basis, which requires the elimination of intra-entity activity and (ii) investments in subsidiaries are required to be presented under the equity method of accounting. Subsequent to the issuance of our 2012 financial statements, management determined that certain balances were not presented in accordance with the above principles and have therefore restated our condensed consolidating financial information to reflect (i) gross, rather than net, presentation of intercompany balance sheet positions, (ii) dividends received from subsidiaries as reductions to the equity method investment balances opposed to as component of investment income from group undertakings, and (iii) appropriate push down accounting for goodwill. | ||||||||||||||||||||||||
The impacts of these changes on the previously reported 2012 and 2011 financial statements are shown in the tables below. | ||||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (446 | ) | — | (446 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (262 | ) | $ | (11 | ) | $ | (273 | ) | |||||||||||||||
Net loss attributable to Willis Group Holdings | (389 | ) | (8 | ) | (397 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating income | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Net loss attributable to Willis Group Holdings | (427 | ) | — | (427 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 122 | $ | (53 | ) | $ | 69 | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (118 | ) | (306 | ) | (424 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (64 | ) | $ | 64 | $ | — | |||||||||||||||||
Net income attributable to Willis Group Holdings | 934 | 314 | 1,248 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||||||
Net income attributable to Willis Group Holdings | 204 | — | 204 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (140 | ) | $ | (11 | ) | $ | (151 | ) | |||||||||||||||
Net income attributable to Willis Group Holdings | 174 | 72 | 246 | |||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating income | $ | 4 | $ | — | $ | 4 | ||||||||||||||||||
Net income (loss) attributable to Willis Group Holdings | 218 | (1 | ) | 217 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 754 | $ | (21 | ) | $ | 733 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 137 | 164 | 301 | |||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (32 | ) | $ | 32 | $ | — | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (529 | ) | (235 | ) | (764 | ) | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (528 | ) | $ | — | $ | (528 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1,240 | $ | 314 | $ | 1,554 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 21 | $ | (1 | ) | $ | 20 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 68 | $ | (235 | ) | $ | (167 | ) | ||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating balance sheet at 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Total assets | $ | 2,557 | $ | 1,541 | $ | 4,098 | ||||||||||||||||||
Total liabilities | 858 | 1,541 | 2,399 | |||||||||||||||||||||
Total equity | 1,699 | — | 1,699 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Total assets | $ | (208 | ) | $ | 5,618 | $ | 5,410 | |||||||||||||||||
Total liabilities | 1,367 | 5,704 | 7,071 | |||||||||||||||||||||
Total equity | (1,575 | ) | (86 | ) | (1,661 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Total assets | $ | 2,861 | $ | 408 | $ | 3,269 | ||||||||||||||||||
Total liabilities | 300 | 492 | 792 | |||||||||||||||||||||
Total equity | 2,561 | (84 | ) | 2,477 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Total assets | $ | 17,125 | $ | (1,483 | ) | $ | 15,642 | |||||||||||||||||
Total liabilities | 11,851 | 720 | 12,571 | |||||||||||||||||||||
Total equity | 5,274 | (2,203 | ) | 3,071 | ||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Total assets | $ | (7,223 | ) | $ | (6,084 | ) | $ | (13,307 | ) | |||||||||||||||
Total liabilities | (989 | ) | (8,457 | ) | (9,446 | ) | ||||||||||||||||||
Total equity | (6,234 | ) | 2,373 | (3,861 | ) | |||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,869 | $ | 524 | $ | 2,393 | ||||||||||||||||||
Net cash used in investing activities | (26 | ) | (21 | ) | (47 | ) | ||||||||||||||||||
Net cash used in financing activities | (2,006 | ) | (503 | ) | (2,509 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,269 | $ | 87 | $ | 1,356 | ||||||||||||||||||
Net cash used in investing activities | — | (53 | ) | (53 | ) | |||||||||||||||||||
Net cash (used in) provided by financing activities | (1,269 | ) | (34 | ) | (1,303 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (3,002 | ) | $ | (102 | ) | $ | (3,104 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,331 | ) | (1,331 | ) | |||||||||||||||||||
Net cash provided by financing activities | 3,002 | 1,433 | 4,435 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 209 | $ | (568 | ) | $ | (359 | ) | ||||||||||||||||
Net cash used in investing activities | (25 | ) | (33 | ) | (58 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (97 | ) | 601 | 504 | ||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 110 | $ | 746 | $ | 856 | ||||||||||||||||||
Net cash used in investing activities | — | (292 | ) | (292 | ) | |||||||||||||||||||
Net cash used in financing activities | (110 | ) | (454 | ) | (564 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,108 | ) | $ | 875 | $ | (233 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 913 | 913 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,108 | (1,788 | ) | (680 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | — | (235 | ) | (1 | ) | (380 | ) | — | (616 | ) | ||||||||||||||
Depreciation expense | — | (23 | ) | — | (71 | ) | — | (94 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (55 | ) | — | (55 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 12 | (10 | ) | 2 | |||||||||||||||||
Total expenses | (1 | ) | (361 | ) | (1 | ) | (2,597 | ) | (10 | ) | (2,970 | ) | ||||||||||||
OPERATING (LOSS) INCOME | (1 | ) | (353 | ) | (1 | ) | 1,050 | (10 | ) | 685 | ||||||||||||||
Income from Group undertakings | — | 491 | 68 | 86 | (645 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | (10 | ) | (153 | ) | (26 | ) | (456 | ) | 645 | — | ||||||||||||||
Loss from 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 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 365 | 417 | 361 | 521 | (1,287 | ) | 377 | |||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
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 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | (4 | ) | (162 | ) | 1 | (416 | ) | — | (581 | ) | ||||||||||||||
Depreciation expense | — | (16 | ) | — | (63 | ) | — | (79 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (59 | ) | — | (59 | ) | ||||||||||||||||
Goodwill impairment | — | — | — | (492 | ) | — | (492 | ) | ||||||||||||||||
Net loss on disposal of operations | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Total expenses | (6 | ) | (274 | ) | 1 | (3,410 | ) | — | (3,689 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (6 | ) | (273 | ) | 1 | 69 | — | (209 | ) | |||||||||||||||
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 | — | |||||||||||||||
LOSS FROM CONTINUING OPERATIONS | (446 | ) | (397 | ) | (427 | ) | (411 | ) | 1,248 | (433 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
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 Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Operations | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||||
Investment income | — | 2 | — | 29 | — | 31 | ||||||||||||||||||
Other income | — | — | — | 2 | — | 2 | ||||||||||||||||||
Total revenues | — | 2 | — | 3,445 | — | 3,447 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Salaries and benefits | (3 | ) | (69 | ) | — | (2,015 | ) | — | (2,087 | ) | ||||||||||||||
Other operating expenses | (17 | ) | (70 | ) | 4 | (573 | ) | — | (656 | ) | ||||||||||||||
Depreciation expense | — | (14 | ) | — | (60 | ) | — | (74 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (68 | ) | — | (68 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 4 | — | 4 | ||||||||||||||||||
Total expenses | (20 | ) | (153 | ) | 4 | (2,712 | ) | — | (2,881 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (20 | ) | (151 | ) | 4 | 733 | — | 566 | ||||||||||||||||
Income from Group undertakings | — | 438 | 64 | 119 | (621 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | — | (180 | ) | (26 | ) | (415 | ) | 621 | — | |||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | — | (171 | ) | — | — | (171 | ) | ||||||||||||||||
Interest expense | (34 | ) | (99 | ) | (15 | ) | (8 | ) | — | (156 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 8 | (144 | ) | 429 | — | 239 | ||||||||||||||||
Income taxes | — | 47 | 39 | (117 | ) | (1 | ) | (32 | ) | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 55 | (105 | ) | 312 | (1 | ) | 207 | |||||||||||||||
Interest in earnings of associates, net of tax | — | 8 | — | 4 | — | 12 | ||||||||||||||||||
Equity account for subsidiaries | 258 | 183 | 322 | — | (763 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 204 | 246 | 217 | 316 | (764 | ) | 219 | |||||||||||||||||
Discontinued operations, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
NET INCOME | 204 | 246 | 217 | 317 | (764 | ) | 220 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (16 | ) | — | (16 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | 217 | $ | 301 | $ | (764 | ) | $ | 204 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 20 | $ | 114 | $ | (167 | ) | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 20 | $ | 99 | $ | (167 | ) | $ | 1 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 499 | $ | — | $ | 500 | ||||||||||||
Accounts receivable, net | — | — | — | 933 | — | 933 | ||||||||||||||||||
Fiduciary assets | — | — | — | 9,271 | — | 9,271 | ||||||||||||||||||
Deferred tax assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Other current assets | 1 | 79 | 1 | 114 | (14 | ) | 181 | |||||||||||||||||
Amounts due from group undertakings | 4,091 | 1,070 | 801 | 864 | (6,826 | ) | — | |||||||||||||||||
Total current assets | 4,093 | 1,149 | 802 | 11,694 | (6,840 | ) | 10,898 | |||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||
Investments in subsidiaries | — | 2,939 | 2,464 | — | (5,403 | ) | — | |||||||||||||||||
Fixed assets, net | — | 74 | — | 394 | — | 468 | ||||||||||||||||||
Goodwill | — | — | — | 2,827 | — | 2,827 | ||||||||||||||||||
Other intangible assets, net | — | — | — | 385 | — | 385 | ||||||||||||||||||
Investments in associates | — | 143 | — | 31 | — | 174 | ||||||||||||||||||
Deferred tax assets | — | — | — | 18 | — | 18 | ||||||||||||||||||
Pension benefits asset | — | — | — | 136 | — | 136 | ||||||||||||||||||
Other non-current assets | 5 | 41 | 3 | 157 | — | 206 | ||||||||||||||||||
Non-current amounts due from group undertakings | — | 1,064 | — | — | (1,064 | ) | — | |||||||||||||||||
Total non-current assets | 5 | 4,261 | 2,467 | 3,948 | (6,467 | ) | 4,214 | |||||||||||||||||
TOTAL ASSETS | $ | 4,098 | $ | 5,410 | $ | 3,269 | $ | 15,642 | $ | (13,307 | ) | $ | 15,112 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | — | $ | 9,271 | $ | — | $ | 9,271 | ||||||||||||
Deferred revenue and accrued expenses | 2 | — | — | 539 | — | 541 | ||||||||||||||||||
Income taxes payable | — | 4 | 11 | 18 | (14 | ) | 19 | |||||||||||||||||
Short-term debt and current portion of long-term debt | — | — | 15 | — | — | 15 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 21 | — | 21 | ||||||||||||||||||
Other current liabilities | 60 | 73 | — | 194 | — | 327 | ||||||||||||||||||
Amounts due to group undertakings | — | 5,714 | 69 | 1,043 | (6,826 | ) | — | |||||||||||||||||
Total current liabilities | 62 | 5,791 | 95 | 11,086 | (6,840 | ) | 10,194 | |||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||
Investments in subsidiaries | 1,542 | — | — | — | (1,542 | ) | — | |||||||||||||||||
Long-term debt | 795 | 1,268 | 274 | 1 | — | 2,338 | ||||||||||||||||||
Liabilities for pension benefits | — | — | — | 282 | — | 282 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 18 | — | 18 | ||||||||||||||||||
Provisions for liabilities | — | — | — | 180 | — | 180 | ||||||||||||||||||
Other non-current liabilities | — | 12 | — | 363 | — | 375 | ||||||||||||||||||
Non-current amounts due to group undertakings | — | — | 423 | 641 | (1,064 | ) | — | |||||||||||||||||
Total non-current liabilities | 2,337 | 1,280 | 697 | 1,485 | (2,606 | ) | 3,193 | |||||||||||||||||
TOTAL LIABILITIES | $ | 2,399 | $ | 7,071 | $ | 792 | $ | 12,571 | $ | (9,446 | ) | $ | 13,387 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Willis Group Holdings stockholders’ equity | 1,699 | (1,661 | ) | 2,477 | 3,045 | (3,861 | ) | 1,699 | ||||||||||||||||
Noncontrolling interests | — | — | — | 26 | — | 26 | ||||||||||||||||||
Total equity | 1,699 | (1,661 | ) | 2,477 | 3,071 | (3,861 | ) | 1,725 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,098 | $ | 5,410 | $ | 3,269 | $ | 15,642 | $ | (13,307 | ) | $ | 15,112 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) 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 (DECREASE) 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 sale of operations, net of cash disposed | — | — | — | — | — | — | ||||||||||||||||||
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 arrangement | — | — | — | 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 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 44 | $ | (359 | ) | $ | 856 | $ | 131 | $ | (233 | ) | $ | 439 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Additions to fixed assets | — | (25 | ) | — | (86 | ) | — | (111 | ) | |||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||
Acquisitions of investments in associates | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Payments to acquire other investments | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | — | 14 | — | 14 | ||||||||||||||||||
Proceeds from intercompany investing activities | — | 105 | — | 224 | (329 | ) | — | |||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (138 | ) | (292 | ) | (101 | ) | 1,242 | — | ||||||||||||||
Net cash (used in) investing activities | (711 | ) | (58 | ) | (292 | ) | 47 | 913 | (101 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | (90 | ) | — | — | — | (90 | ) | ||||||||||||||||
Senior notes issued | 794 | — | — | — | — | 794 | ||||||||||||||||||
Debt issuance costs | (7 | ) | — | (5 | ) | — | — | (12 | ) | |||||||||||||||
Repayments of debt | — | (411 | ) | (500 | ) | — | — | (911 | ) | |||||||||||||||
Proceeds from issue of term loan | — | — | 300 | — | — | 300 | ||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | — | (158 | ) | — | — | (158 | ) | ||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | — | 60 | ||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | — | 5 | — | 5 | ||||||||||||||||||
Dividends paid | (180 | ) | (47 | ) | — | (186 | ) | 233 | (180 | ) | ||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | — | (5 | ) | — | (9 | ) | |||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
Proceeds from intercompany financing activities | — | 1,088 | — | 154 | (1,242 | ) | — | |||||||||||||||||
Repayments of intercompany financing activities | — | (32 | ) | (201 | ) | (96 | ) | 329 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 667 | 504 | (564 | ) | (141 | ) | (680 | ) | (214 | ) | ||||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | — | 87 | — | 37 | — | 124 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | 76 | — | 240 | — | 316 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | 163 | $ | — | $ | 273 | $ | — | $ | 436 | ||||||||||||
Financial_Information_for_Pare1
Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Financial Information for Parent Issuer Guarantor Subsidiaries and Non-Guarantor Subsidiaries Disclosure [Abstract] | ' | |||||||||||||||||||
FINANCIAL INFORMATION FOR PARENT ISSUER, GUARANTOR SUBSIDIARIES AND NON-GUARANTOR SUBSIDIARIES | ' | |||||||||||||||||||
31 | FINANCIAL INFORMATION FOR PARENT ISSUER, GUARANTOR SUBSIDIARIES AND NON-GUARANTOR SUBSIDIARIES | |||||||||||||||||||
On March 17, 2011, the Company issued senior notes totaling $800 million in a registered public offering. These debt securities were issued by Willis Group Holdings (‘Holdings Debt Securities’) and are guaranteed by certain of the Company’s subsidiaries. Therefore, the Company is providing the condensed consolidating financial information below. The following 100 percent directly or indirectly owned subsidiaries fully and unconditionally guarantee the Holdings Debt Securities on a joint and several basis: Willis Netherlands Holdings B.V., Willis Investment UK Holdings Limited, TA I Limited, Trinity Acquisition plc, Willis Group Limited and Willis North America (the ‘Guarantors’). | ||||||||||||||||||||
The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by Willis North America (the ‘Willis North America Debt Securities’) (and for which condensed consolidating financial information is presented in Note 30) in that Willis Group Holdings is the Parent Issuer and Willis North America is a subsidiary guarantor. | ||||||||||||||||||||
Presented below is condensed consolidating financial information for: | ||||||||||||||||||||
(i) | Willis Group Holdings, which is the Parent Issuer; | |||||||||||||||||||
(ii) | the Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent; | |||||||||||||||||||
(iii) | Other, which are the non-guarantor subsidiaries, on a combined basis; | |||||||||||||||||||
(iv) | Consolidating adjustments; and | |||||||||||||||||||
(v) | the Consolidated Company. | |||||||||||||||||||
The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets for the year ended December 31, 2013 of Willis Group Holdings and the Guarantors. | ||||||||||||||||||||
Restatement to 2011 and 2012 financial information | ||||||||||||||||||||
Regulation S-X, Article 3, Rule 3-10, allows for the presentation of condensed consolidating financial information. In accordance with these rules, the condensed consolidating financial information should be presented in accordance with U.S. GAAP, except that (i) the guarantor and non-guarantor information is presented on a combined rather than consolidated basis, which requires the elimination of intra-entity activity and (ii) investments in subsidiaries are required to be presented under the equity method of accounting. Subsequent to the issuance of our 2012 financial statements, management determined that certain balances were not presented in accordance with the above principles and have therefore restated our condensed consolidating financial information to reflect (i) gross, rather than net, presentation of intercompany balance sheet positions, (ii) dividends received from subsidiaries as reductions to the equity method investment balances opposed to as component of investment income from group undertakings, and (iii) appropriate push down accounting for goodwill. | ||||||||||||||||||||
The impacts of these changes on the previously reported 2012 and 2011 financial statements are shown in the tables below. | ||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2012 | ||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||
Operating loss | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||
Net loss attributable to Willis Group Holdings | (446 | ) | — | (446 | ) | |||||||||||||||
The Guarantors | ||||||||||||||||||||
Operating loss | $ | (261 | ) | $ | (11 | ) | $ | (272 | ) | |||||||||||
Net loss attributable to Willis Group Holdings | (389 | ) | (8 | ) | (397 | ) | ||||||||||||||
Other | ||||||||||||||||||||
Operating income (loss) | $ | 122 | $ | (53 | ) | $ | 69 | |||||||||||||
Net loss attributable to Willis Group Holdings | (118 | ) | (306 | ) | (424 | ) | ||||||||||||||
Consolidating adjustments | ||||||||||||||||||||
Operating (loss) income | $ | (64 | ) | $ | 64 | $ | — | |||||||||||||
Net income attributable to Willis Group Holdings | 507 | 314 | 821 | |||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2011 | ||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||
Operating loss | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||
Net income attributable to Willis Group Holdings | 204 | — | 204 | |||||||||||||||||
The Guarantors | ||||||||||||||||||||
Operating loss | $ | (136 | ) | $ | (11 | ) | $ | (147 | ) | |||||||||||
Net income attributable to Willis Group Holdings | 174 | 72 | 246 | |||||||||||||||||
Other | ||||||||||||||||||||
Operating income (loss) | $ | 754 | $ | (21 | ) | $ | 733 | |||||||||||||
Net income attributable to Willis Group Holdings | 137 | 164 | 301 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||
Operating (loss) income | $ | (32 | ) | $ | 32 | $ | — | |||||||||||||
Net loss attributable to Willis Group Holdings | (311 | ) | (236 | ) | (547 | ) | ||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||
The Guarantors | ||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||
Other | ||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||
Consolidating adjustments | ||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 712 | $ | 314 | $ | 1,026 | ||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||
The Guarantors | ||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||
Other | ||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||
Consolidating adjustments | ||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 89 | $ | (236 | ) | $ | (147 | ) | ||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Condensed consolidating balance sheet at 31 December 2012 | ||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||
Total assets | $ | 2,557 | $ | 1,541 | $ | 4,098 | ||||||||||||||
Total liabilities | 858 | 1,541 | 2,399 | |||||||||||||||||
Total equity | 1,699 | — | 1,699 | |||||||||||||||||
The Guarantors | ||||||||||||||||||||
Total assets | $ | 92 | $ | 4,832 | $ | 4,924 | ||||||||||||||
Total liabilities | 1,667 | 4,918 | 6,585 | |||||||||||||||||
Total equity | (1,575 | ) | (86 | ) | (1,661 | ) | ||||||||||||||
Other | ||||||||||||||||||||
Total assets | $ | 17,125 | $ | (1,483 | ) | $ | 15,642 | |||||||||||||
Total liabilities | 11,851 | 720 | 12,571 | |||||||||||||||||
Total equity | 5,274 | (2,203 | ) | 3,071 | ||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||
Total assets | $ | (4,662 | ) | $ | (4,890 | ) | $ | (9,552 | ) | |||||||||||
Total liabilities | (989 | ) | (7,179 | ) | (8,168 | ) | ||||||||||||||
Total equity | (3,673 | ) | 2,289 | (1,384 | ) | |||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||
The Guarantors | ||||||||||||||||||||
Net cash provided by operating activities | $ | 849 | $ | 611 | $ | 1,460 | ||||||||||||||
Net cash used in investing activities | (26 | ) | (178 | ) | (204 | ) | ||||||||||||||
Net cash used in financing activities | (986 | ) | (433 | ) | (1,419 | ) | ||||||||||||||
Other | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||
Consolidating adjustments | ||||||||||||||||||||
Net cash used in operating activities | $ | (713 | ) | $ | (102 | ) | $ | (815 | ) | |||||||||||
Net cash used in investing activities | — | (1,227 | ) | (1,227 | ) | |||||||||||||||
Net cash provided by financing activities | 713 | 1,329 | 2,042 | |||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||
The Guarantors | ||||||||||||||||||||
Net cash provided by operating activities | $ | 272 | $ | 178 | $ | 450 | ||||||||||||||
Net cash used in investing activities | (25 | ) | (42 | ) | (67 | ) | ||||||||||||||
Net cash used in financing activities | (160 | ) | (136 | ) | (296 | ) | ||||||||||||||
Other | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,061 | ) | $ | 875 | $ | (186 | ) | ||||||||||||
Net cash provided by investing activities | — | 630 | 630 | |||||||||||||||||
Net cash provided by (used in) financing activities | 1,061 | (1,505 | ) | (444 | ) | |||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(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 | — | (236 | ) | (380 | ) | — | (616 | ) | ||||||||||||
Depreciation expense | — | (23 | ) | (71 | ) | — | (94 | ) | ||||||||||||
Amortization of intangible assets | — | — | (55 | ) | — | (55 | ) | |||||||||||||
Net gain on disposal of operations | — | — | 12 | (10 | ) | 2 | ||||||||||||||
Total expenses | (1 | ) | (362 | ) | (2,597 | ) | (10 | ) | (2,970 | ) | ||||||||||
OPERATING (LOSS) INCOME | (1 | ) | (354 | ) | 1,050 | (10 | ) | 685 | ||||||||||||
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 | ) | — | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 365 | 417 | 521 | (926 | ) | 377 | ||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
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 Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||
Group | adjustments | |||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||
(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 Operations | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(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 | (4 | ) | (161 | ) | (416 | ) | — | (581 | ) | |||||||||||
Depreciation expense | — | (16 | ) | (63 | ) | — | (79 | ) | ||||||||||||
Amortization of intangible assets | — | — | (59 | ) | — | (59 | ) | |||||||||||||
Goodwill impairment charge | — | — | (492 | ) | — | (492 | ) | |||||||||||||
Net loss on disposal of operations | — | — | (3 | ) | — | (3 | ) | |||||||||||||
Total expenses | (6 | ) | (273 | ) | (3,410 | ) | — | (3,689 | ) | |||||||||||
OPERATING (LOSS) INCOME | (6 | ) | (272 | ) | 69 | — | (209 | ) | ||||||||||||
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 | — | |||||||||||||
LOSS FROM CONTINUING OPERATIONS | (446 | ) | (397 | ) | (411 | ) | 821 | (433 | ) | |||||||||||
Discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||
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 Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||
Group | adjustments | |||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||
(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 Operations | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
REVENUES | ||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||
Investment income | — | 2 | 29 | — | 31 | |||||||||||||||
Other income | — | — | 2 | — | 2 | |||||||||||||||
Total revenues | — | 2 | 3,445 | — | 3,447 | |||||||||||||||
EXPENSES | ||||||||||||||||||||
Salaries and benefits | (3 | ) | (69 | ) | (2,015 | ) | — | (2,087 | ) | |||||||||||
Other operating expenses | (17 | ) | (66 | ) | (573 | ) | — | (656 | ) | |||||||||||
Depreciation expense | — | (14 | ) | (60 | ) | — | (74 | ) | ||||||||||||
Amortization of intangible assets | — | — | (68 | ) | — | (68 | ) | |||||||||||||
Net gain on disposal of operations | — | — | 4 | — | 4 | |||||||||||||||
Total expenses | (20 | ) | (149 | ) | (2,712 | ) | — | (2,881 | ) | |||||||||||
OPERATING (LOSS) INCOME | (20 | ) | (147 | ) | 733 | — | 566 | |||||||||||||
Income from Group undertakings | — | 412 | 119 | (531 | ) | — | ||||||||||||||
Expenses due to Group undertakings | — | (116 | ) | (415 | ) | 531 | — | |||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | (171 | ) | — | — | (171 | ) | |||||||||||||
Interest expense | (34 | ) | (114 | ) | (8 | ) | — | (156 | ) | |||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | (136 | ) | 429 | — | 239 | |||||||||||||
Income taxes | — | 86 | (117 | ) | (1 | ) | (32 | ) | ||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | (50 | ) | 312 | (1 | ) | 207 | ||||||||||||
Interest in earnings of associates, net of tax | — | 8 | 4 | — | 12 | |||||||||||||||
Equity account for subsidiaries | 258 | 288 | — | (546 | ) | — | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 204 | 246 | 316 | (547 | ) | 219 | ||||||||||||||
Discontinued operations, net of tax | — | — | 1 | — | 1 | |||||||||||||||
NET INCOME | 204 | 246 | 317 | (547 | ) | 220 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (16 | ) | — | (16 | ) | |||||||||||||
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | 301 | $ | (547 | ) | $ | 204 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||
Group | adjustments | |||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 114 | $ | (147 | ) | $ | 16 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (15 | ) | — | (15 | ) | |||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 99 | $ | (147 | ) | $ | 1 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As at December 31, 2013 | ||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(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 on 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 | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(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, 2012 | ||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 499 | $ | — | $ | 500 | ||||||||||
Accounts receivable, net | — | — | 933 | — | 933 | |||||||||||||||
Fiduciary assets | — | — | 9,271 | — | 9,271 | |||||||||||||||
Deferred tax assets | — | — | 13 | — | 13 | |||||||||||||||
Other current assets | 1 | 69 | 114 | (3 | ) | 181 | ||||||||||||||
Amounts due from group undertakings | 4,091 | 1,027 | 864 | (5,982 | ) | — | ||||||||||||||
Total current assets | 4,093 | 1,096 | 11,694 | (5,985 | ) | 10,898 | ||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||
Investments in subsidiaries | — | 2,926 | — | (2,926 | ) | — | ||||||||||||||
Fixed assets, net | — | 74 | 394 | — | 468 | |||||||||||||||
Goodwill | — | — | 2,827 | — | 2,827 | |||||||||||||||
Other intangible assets, net | — | — | 385 | — | 385 | |||||||||||||||
Investments in associates | — | 143 | 31 | — | 174 | |||||||||||||||
Deferred tax assets | — | — | 18 | — | 18 | |||||||||||||||
Pension benefits asset | — | — | 136 | — | 136 | |||||||||||||||
Other non-current assets | 5 | 44 | 157 | — | 206 | |||||||||||||||
Non-current amounts due from group undertakings | — | 641 | — | (641 | ) | — | ||||||||||||||
Total non-current assets | 5 | 3,828 | 3,948 | (3,567 | ) | 4,214 | ||||||||||||||
TOTAL ASSETS | $ | 4,098 | $ | 4,924 | $ | 15,642 | $ | (9,552 | ) | $ | 15,112 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | 9,271 | $ | — | $ | 9,271 | ||||||||||
Deferred revenue and accrued expenses | 2 | — | 539 | — | 541 | |||||||||||||||
Income taxes payable | — | 4 | 18 | (3 | ) | 19 | ||||||||||||||
Short-term debt and current portion of long-term debt | — | 15 | — | — | 15 | |||||||||||||||
Deferred tax liabilities | — | — | 21 | — | 21 | |||||||||||||||
Other current liabilities | 60 | 73 | 194 | — | 327 | |||||||||||||||
Amounts due to group undertakings | — | 4,939 | 1,043 | (5,982 | ) | — | ||||||||||||||
Total current liabilities | 62 | 5,031 | 11,086 | (5,985 | ) | 10,194 | ||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||
Investments in subsidiaries | 1,542 | — | — | (1,542 | ) | — | ||||||||||||||
Long-term debt | 795 | 1,542 | 1 | — | 2,338 | |||||||||||||||
Liabilities for pension benefits | — | — | 282 | — | 282 | |||||||||||||||
Deferred tax liabilities | — | — | 18 | — | 18 | |||||||||||||||
Provisions for liabilities | — | — | 180 | — | 180 | |||||||||||||||
Other non-current liabilities | — | 12 | 363 | — | 375 | |||||||||||||||
Non-current amounts due to group undertakings | — | — | 641 | (641 | ) | — | ||||||||||||||
Total non-current liabilities | 2,337 | 1,554 | 1,485 | (2,183 | ) | 3,193 | ||||||||||||||
TOTAL LIABILITIES | $ | 2,399 | $ | 6,585 | $ | 12,571 | $ | (8,168 | ) | $ | 13,387 | |||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
EQUITY | ||||||||||||||||||||
Total Willis Group Holdings stockholders’ equity | 1,699 | (1,661 | ) | 3,045 | (1,384 | ) | 1,699 | |||||||||||||
Noncontrolling interests | — | — | 26 | — | 26 | |||||||||||||||
Total equity | 1,699 | (1,661 | ) | 3,071 | (1,384 | ) | 1,725 | |||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,098 | $ | 4,924 | $ | 15,642 | $ | (9,552 | ) | $ | 15,112 | |||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(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 intangibles 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 disposal 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 (DECREASE) 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 | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(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 issue of other debt | — | 1 | — | — | 1 | |||||||||||||||
Repurchase of shares | (100 | ) | — | — | — | (100 | ) | |||||||||||||
Proceeds from the 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, 2011 | ||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||
Holdings — | ||||||||||||||||||||
the Parent | ||||||||||||||||||||
Issuer | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
NET CASH PROVIDED BY OPERATING | $ | 44 | $ | 450 | $ | 131 | $ | (186 | ) | $ | 439 | |||||||||
ACTIVITIES | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | 13 | — | 13 | |||||||||||||||
Additions to fixed assets | — | (25 | ) | (86 | ) | — | (111 | ) | ||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | (10 | ) | — | (10 | ) | |||||||||||||
Acquisitions of investments in associates | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Payments to acquire other investments | — | — | (5 | ) | — | (5 | ) | |||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | 14 | — | 14 | |||||||||||||||
Proceeds from intercompany investing activities | — | 96 | 224 | (320 | ) | — | ||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (138 | ) | (101 | ) | 950 | — | ||||||||||||
Net cash used in investing activities | (711 | ) | (67 | ) | 47 | 630 | (101 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Repayments of revolving credit facility | — | (90 | ) | — | — | (90 | ) | |||||||||||||
Senior notes issued | 794 | — | — | — | 794 | |||||||||||||||
Debt issuance costs | (7 | ) | (5 | ) | — | — | (12 | ) | ||||||||||||
Repayments of debt | — | (911 | ) | — | — | (911 | ) | |||||||||||||
Proceeds from the issue of term loan | — | 300 | — | — | 300 | |||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | (158 | ) | — | — | (158 | ) | |||||||||||||
Proceeds from issue of shares | 60 | — | — | — | 60 | |||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | 5 | — | 5 | |||||||||||||||
Dividends paid | (180 | ) | — | (186 | ) | 186 | (180 | ) | ||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | (5 | ) | — | (9 | ) | ||||||||||||
Dividends paid to noncontrolling interests | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Proceeds from intercompany financing activities | — | 796 | 154 | (950 | ) | — | ||||||||||||||
Repayments of intercompany financing activities | — | (224 | ) | (96 | ) | 320 | — | |||||||||||||
Net cash provided by (used in) financing activities | 667 | (296 | ) | (141 | ) | (444 | ) | (214 | ) | |||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | — | 87 | 37 | — | 124 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4 | ) | — | (4 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | 76 | 240 | — | 316 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | 163 | $ | 273 | $ | — | $ | 436 | ||||||||||
Financial_Information_for_Issu
Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||||||||||||||
30 | FINANCIAL INFORMATION FOR PARENT GUARANTOR, OTHER GUARANTOR SUBSIDIARIES AND NON-GUARANTOR SUBSIDIARIES | |||||||||||||||||||||||
Willis North America Inc. (‘Willis North America’) has $148 million senior notes outstanding that were issued on July 1, 2005, $394 million of senior notes issued on March 28, 2007 and $187 million of senior notes issued on September 29, 2009. | ||||||||||||||||||||||||
All direct obligations under the senior notes are jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V., Willis Investment UK Holdings Limited, TA I Limited, Trinity Acquisition plc and Willis Group Limited, collectively the 'Other Guarantors', and with Willis Group Holdings, the 'Guarantor Companies'. | ||||||||||||||||||||||||
The debt securities that were issued by Willis North America and guaranteed by the entities described above, and for which the disclosures set forth below relate and are required under applicable SEC rules, were issued under an effective registration statement. | ||||||||||||||||||||||||
Presented below is condensed consolidating financial information for: | ||||||||||||||||||||||||
(i) | Willis Group Holdings, which is a guarantor, on a parent company only basis; | |||||||||||||||||||||||
(ii) | the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent and are all direct or indirect parents of the issuer; | |||||||||||||||||||||||
(iii) | the Issuer, Willis North America; | |||||||||||||||||||||||
(iv) | Other, which are the non-guarantor subsidiaries, on a combined basis; | |||||||||||||||||||||||
(v) | Consolidating adjustments; and | |||||||||||||||||||||||
(vi) | the Consolidated Company. | |||||||||||||||||||||||
The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets for the year ended December 31, 2013 of Willis Group Holdings, the Other Guarantors and the Issuer. | ||||||||||||||||||||||||
Restatement to 2011 and 2012 financial information | ||||||||||||||||||||||||
Regulation S-X, Article 3, Rule 3-10, allows for the presentation of condensed consolidating financial information. In accordance with these rules, the condensed consolidating financial information should be presented in accordance with U.S. GAAP, except that (i) the guarantor and non-guarantor information is presented on a combined rather than consolidated basis, which requires the elimination of intra-entity activity and (ii) investments in subsidiaries are required to be presented under the equity method of accounting. Subsequent to the issuance of our 2012 financial statements, management determined that certain balances were not presented in accordance with the above principles and have therefore restated our condensed consolidating financial information to reflect (i) gross, rather than net, presentation of intercompany balance sheet positions, (ii) dividends received from subsidiaries as reductions to the equity method investment balances opposed to as component of investment income from group undertakings, and (iii) appropriate push down accounting for goodwill. | ||||||||||||||||||||||||
The impacts of these changes on the previously reported 2012 and 2011 financial statements are shown in the tables below. | ||||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (446 | ) | — | (446 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (72 | ) | $ | (11 | ) | $ | (83 | ) | |||||||||||||||
Net loss attributable to Willis Group Holdings | (389 | ) | (8 | ) | (397 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating loss | $ | (189 | ) | $ | — | $ | (189 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (228 | ) | — | (228 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 122 | $ | (53 | ) | $ | 69 | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (118 | ) | (306 | ) | (424 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (64 | ) | $ | 64 | $ | — | |||||||||||||||||
Net income attributable to Willis Group Holdings | 735 | 314 | 1,049 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||||||
Net income attributable to Willis Group Holdings | 204 | — | 204 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating income (loss) | $ | 43 | $ | (11 | ) | $ | 32 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 174 | 72 | 246 | |||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating loss | $ | (179 | ) | $ | — | $ | (179 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (36 | ) | (31 | ) | (67 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 754 | $ | (21 | ) | $ | 733 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 137 | 164 | 301 | |||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (32 | ) | $ | 32 | $ | — | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (275 | ) | (205 | ) | (480 | ) | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (263 | ) | $ | — | $ | (263 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 975 | $ | 314 | $ | 1,289 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (117 | ) | $ | (31 | ) | $ | (148 | ) | |||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 206 | $ | (205 | ) | $ | 1 | |||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating balance sheet at 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Total assets | $ | 2,557 | $ | 1,541 | $ | 4,098 | ||||||||||||||||||
Total liabilities | 858 | 1,541 | 2,399 | |||||||||||||||||||||
Total equity | 1,699 | — | 1,699 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Total assets | $ | (1,256 | ) | $ | 4,844 | $ | 3,588 | |||||||||||||||||
Total liabilities | 319 | 4,930 | 5,249 | |||||||||||||||||||||
Total equity | (1,575 | ) | (86 | ) | (1,661 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Total assets | $ | 1,382 | $ | 1,246 | $ | 2,628 | ||||||||||||||||||
Total liabilities | 1,348 | 1,246 | 2,594 | |||||||||||||||||||||
Total equity | 34 | — | 34 | |||||||||||||||||||||
Other | ||||||||||||||||||||||||
Total assets | $ | 17,125 | $ | (1,483 | ) | $ | 15,642 | |||||||||||||||||
Total liabilities | 11,851 | 720 | 12,571 | |||||||||||||||||||||
Total equity | 5,274 | (2,203 | ) | 3,071 | ||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Total assets | $ | (4,696 | ) | $ | (6,148 | ) | $ | (10,844 | ) | |||||||||||||||
Total liabilities | (989 | ) | (8,437 | ) | (9,426 | ) | ||||||||||||||||||
Total equity | (3,707 | ) | 2,289 | (1,418 | ) | |||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 780 | $ | 724 | $ | 1,504 | ||||||||||||||||||
Net cash used in investing activities | (7 | ) | (102 | ) | (109 | ) | ||||||||||||||||||
Net cash used in financing activities | (773 | ) | (622 | ) | (1,395 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 69 | $ | (113 | ) | $ | (44 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (19 | ) | 34 | 15 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (213 | ) | 79 | (134 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (713 | ) | $ | (102 | ) | $ | (815 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,337 | ) | (1,337 | ) | |||||||||||||||||||
Net cash provided by financing activities | 713 | 1,439 | 2,152 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 184 | $ | 132 | $ | 316 | ||||||||||||||||||
Net cash used in investing activities | (4 | ) | (430 | ) | (434 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (180 | ) | 298 | 118 | ||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 88 | $ | 46 | $ | 134 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (21 | ) | 128 | 107 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 20 | (174 | ) | (154 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,061 | ) | $ | 875 | $ | (186 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 890 | 890 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,061 | (1,765 | ) | (704 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | — | (73 | ) | (163 | ) | (380 | ) | — | (616 | ) | ||||||||||||||
Depreciation expense | — | (3 | ) | (20 | ) | (71 | ) | — | (94 | ) | ||||||||||||||
Amortization of intangible assets | — | — | — | (55 | ) | — | (55 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 12 | (10 | ) | 2 | |||||||||||||||||
Total expenses | (1 | ) | (76 | ) | (286 | ) | (2,597 | ) | (10 | ) | (2,970 | ) | ||||||||||||
OPERATING (LOSS) INCOME | (1 | ) | (76 | ) | (278 | ) | 1,050 | (10 | ) | 685 | ||||||||||||||
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 | ) | — | |||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 365 | 417 | (28 | ) | 521 | (898 | ) | 377 | ||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME (LOSS) | 365 | 417 | (28 | ) | 521 | (898 | ) | 377 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | — | (12 | ) | — | (12 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 365 | $ | 417 | $ | (28 | ) | $ | 509 | $ | (898 | ) | $ | 365 | ||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Operations | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | (4 | ) | (82 | ) | (79 | ) | (416 | ) | — | (581 | ) | |||||||||||||
Depreciation expense | — | (1 | ) | (15 | ) | (63 | ) | — | (79 | ) | ||||||||||||||
Amortization of intangible assets | — | — | — | (59 | ) | — | (59 | ) | ||||||||||||||||
Goodwill impairment charge | — | — | — | (492 | ) | — | (492 | ) | ||||||||||||||||
Net loss on disposal of operations | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Total expenses | (6 | ) | (83 | ) | (190 | ) | (3,410 | ) | — | (3,689 | ) | |||||||||||||
OPERATING (LOSS) INCOME | (6 | ) | (83 | ) | (189 | ) | 69 | — | (209 | ) | ||||||||||||||
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 | — | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | (446 | ) | (397 | ) | (228 | ) | (411 | ) | 1,049 | (433 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
NET (LOSS) INCOME | (446 | ) | (397 | ) | (228 | ) | (411 | ) | 1,049 | (433 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | (446 | ) | $ | (397 | ) | $ | (228 | ) | $ | (424 | ) | $ | 1,049 | $ | (446 | ) | |||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Operations | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||||
Investment income | — | — | 2 | 29 | — | 31 | ||||||||||||||||||
Other income | — | — | — | 2 | — | 2 | ||||||||||||||||||
Total revenues | — | — | 2 | 3,445 | — | 3,447 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Salaries and benefits | (3 | ) | — | (69 | ) | (2,015 | ) | — | (2,087 | ) | ||||||||||||||
Other operating expenses | (17 | ) | 32 | (98 | ) | (573 | ) | — | (656 | ) | ||||||||||||||
Depreciation expense | — | — | (14 | ) | (60 | ) | — | (74 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (68 | ) | — | (68 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 4 | — | 4 | ||||||||||||||||||
Total expenses | (20 | ) | 32 | (181 | ) | (2,712 | ) | — | (2,881 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (20 | ) | 32 | (179 | ) | 733 | — | 566 | ||||||||||||||||
Income from Group undertakings | — | 186 | 324 | 119 | (629 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | — | (80 | ) | (134 | ) | (415 | ) | 629 | — | |||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | (171 | ) | — | — | — | (171 | ) | ||||||||||||||||
Interest expense | (34 | ) | (17 | ) | (97 | ) | (8 | ) | — | (156 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | (50 | ) | (86 | ) | 429 | — | 239 | |||||||||||||||
Income taxes | — | 59 | 27 | (117 | ) | (1 | ) | (32 | ) | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 9 | (59 | ) | 312 | (1 | ) | 207 | |||||||||||||||
Interest in earnings of associates, net of tax | — | 8 | — | 4 | — | 12 | ||||||||||||||||||
Equity account for subsidiaries | 258 | 229 | (8 | ) | — | (479 | ) | — | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 204 | 246 | (67 | ) | 316 | (480 | ) | 219 | ||||||||||||||||
Discontinued operations, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
NET INCOME (LOSS) | 204 | 246 | (67 | ) | 317 | (480 | ) | 220 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (16 | ) | — | (16 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | (67 | ) | $ | 301 | $ | (480 | ) | $ | 204 | ||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 1 | $ | 48 | $ | (148 | ) | $ | 114 | $ | 1 | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | (148 | ) | $ | 99 | $ | 1 | $ | 1 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 from 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 from 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 499 | $ | — | $ | 500 | ||||||||||||
Accounts receivable, net | — | — | — | 933 | — | 933 | ||||||||||||||||||
Fiduciary assets | — | — | — | 9,271 | — | 9,271 | ||||||||||||||||||
Deferred tax assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Other current assets | 1 | 31 | 38 | 114 | (3 | ) | 181 | |||||||||||||||||
Amounts due by group undertakings | 4,091 | 993 | 1,292 | 864 | (7,240 | ) | — | |||||||||||||||||
Total current assets | 4,093 | 1,024 | 1,330 | 11,694 | (7,243 | ) | 10,898 | |||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||
Investments in subsidiaries | — | 2,407 | 553 | — | (2,960 | ) | — | |||||||||||||||||
Fixed assets, net | — | 11 | 63 | 394 | — | 468 | ||||||||||||||||||
Goodwill | — | — | — | 2,827 | — | 2,827 | ||||||||||||||||||
Other intangible assets, net | — | — | — | 385 | — | 385 | ||||||||||||||||||
Investments in associates | — | 143 | — | 31 | — | 174 | ||||||||||||||||||
Deferred tax assets | — | — | — | 18 | — | 18 | ||||||||||||||||||
Pension benefits asset | — | — | — | 136 | — | 136 | ||||||||||||||||||
Other non-current assets | 5 | 3 | 41 | 157 | — | 206 | ||||||||||||||||||
Non-current amounts due by group undertakings | — | — | 641 | — | (641 | ) | — | |||||||||||||||||
Total non-current assets | 5 | 2,564 | 1,298 | 3,948 | (3,601 | ) | 4,214 | |||||||||||||||||
TOTAL ASSETS | $ | 4,098 | $ | 3,588 | $ | 2,628 | $ | 15,642 | $ | (10,844 | ) | $ | 15,112 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | — | $ | 9,271 | $ | — | $ | 9,271 | ||||||||||||
Deferred revenue and accrued expenses | 2 | — | — | 539 | — | 541 | ||||||||||||||||||
Income taxes payable | — | 4 | — | 18 | (3 | ) | 19 | |||||||||||||||||
Short-term debt and current portion of long-term debt | — | 15 | — | — | — | 15 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 21 | — | 21 | ||||||||||||||||||
Other current liabilities | 60 | — | 73 | 194 | — | 327 | ||||||||||||||||||
Amounts due to group undertakings | — | 4,951 | 1,246 | 1,043 | (7,240 | ) | — | |||||||||||||||||
Total current liabilities | 62 | 4,970 | 1,319 | 11,086 | (7,243 | ) | 10,194 | |||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||
Investments in subsidiaries | 1,542 | — | — | — | (1,542 | ) | — | |||||||||||||||||
Long-term debt | 795 | 274 | 1,268 | 1 | — | 2,338 | ||||||||||||||||||
Liabilities for pension benefits | — | — | — | 282 | — | 282 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 18 | — | 18 | ||||||||||||||||||
Provisions for liabilities | — | — | — | 180 | — | 180 | ||||||||||||||||||
Other non-current liabilities | — | 5 | 7 | 363 | — | 375 | ||||||||||||||||||
Non-current amounts due to group undertakings | — | — | — | 641 | (641 | ) | — | |||||||||||||||||
Total non-current liabilities | 2,337 | 279 | 1,275 | 1,485 | (2,183 | ) | 3,193 | |||||||||||||||||
TOTAL LIABILITIES | $ | 2,399 | $ | 5,249 | $ | 2,594 | $ | 12,571 | $ | (9,426 | ) | $ | 13,387 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Willis Group Holdings stockholders’ equity | 1,699 | (1,661 | ) | 34 | 3,045 | (1,418 | ) | 1,699 | ||||||||||||||||
Noncontrolling interests | — | — | — | 26 | — | 26 | ||||||||||||||||||
Total equity | 1,699 | (1,661 | ) | 34 | 3,071 | (1,418 | ) | 1,725 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,098 | $ | 3,588 | $ | 2,628 | $ | 15,642 | $ | (10,844 | ) | $ | 15,112 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH (USED IN) 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 intangibles 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 sale of operations, net of cash disposed | — | — | — | — | — | — | ||||||||||||||||||
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 | ) | ||||||||||||||||
Proceeds from intercompany financing activities | — | 81 | — | 328 | (409 | ) | — | |||||||||||||||||
Repayments of intercompany financing activities | — | (1,462 | ) | (134 | ) | (150 | ) | 1,746 | — | |||||||||||||||
Net cash (used in) provided by 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, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 44 | $ | 316 | $ | 134 | $ | 131 | $ | (186 | ) | $ | 439 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Additions to fixed assets | — | (4 | ) | (21 | ) | (86 | ) | — | (111 | ) | ||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||
Acquisitions of investments in associates | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Payments to acquire other investments | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | — | 14 | — | 14 | ||||||||||||||||||
Proceeds from intercompany investing activities | — | — | 128 | 224 | (352 | ) | — | |||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (430 | ) | — | (101 | ) | 1,242 | — | |||||||||||||||
Net cash (used in) provided by investing activities | (711 | ) | (434 | ) | 107 | 47 | 890 | (101 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | — | (90 | ) | — | — | (90 | ) | ||||||||||||||||
Senior notes issued | 794 | — | — | — | — | 794 | ||||||||||||||||||
Debt issuance costs | (7 | ) | (5 | ) | — | — | — | (12 | ) | |||||||||||||||
Repayments of debt | — | (500 | ) | (411 | ) | — | — | (911 | ) | |||||||||||||||
Proceeds from issue of term loan | — | 300 | — | — | — | 300 | ||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | (158 | ) | — | — | — | (158 | ) | ||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | — | 60 | ||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | — | 5 | — | 5 | ||||||||||||||||||
Dividends paid | (180 | ) | — | — | (186 | ) | 186 | (180 | ) | |||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | — | (5 | ) | — | (9 | ) | |||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
Cash received on intercompany financing activities | — | 741 | 347 | 154 | (1,242 | ) | — | |||||||||||||||||
Cash paid on intercompany financing activities | — | (256 | ) | — | (96 | ) | 352 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 667 | 118 | (154 | ) | (141 | ) | (704 | ) | (214 | ) | ||||||||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | — | 87 | 37 | — | 124 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | — | 76 | 240 | — | 316 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | — | $ | 163 | $ | 273 | $ | — | $ | 436 | ||||||||||||
32 | FINANCIAL INFORMATION FOR ISSUER, PARENT GUARANTOR, OTHER GUARANTOR SUBSIDIARIES AND NON-GUARANTOR SUBSIDIARIES | |||||||||||||||||||||||
Trinity Acquisition plc has $525 million senior notes outstanding that were issued on August 15, 2013. | ||||||||||||||||||||||||
All direct obligations under the senior notes were jointly and severally, irrevocably and fully and unconditionally guaranteed by Willis Netherlands Holdings B.V, Willis Investment UK Holdings Limited, TA I Limited, Willis Group Limited and Willis North America, Inc, collectively the 'Other Guarantors', and with Willis Group Holdings, the 'Guarantor Companies'. | ||||||||||||||||||||||||
The guarantor structure described above differs from the guarantor structure associated with the senior notes issued by the Company and Willis North America (the ‘Willis North America Debt Securities’) in that Trinity Acquisition plc is the issuer and not a subsidiary guarantor, and Willis North America, Inc. is a subsidiary guarantor. | ||||||||||||||||||||||||
Presented below is condensed consolidating financial information for: | ||||||||||||||||||||||||
(i) | Willis Group Holdings, which is a guarantor, on a parent company only basis; | |||||||||||||||||||||||
(ii) | the Other Guarantors, which are all 100 percent directly or indirectly owned subsidiaries of the parent. Willis Netherlands Holdings B.V, Willis Investment UK Holdings Limited and TA I Limited are all direct or indirect parents of the issuer and Willis Group Limited and Willis North America Inc., are 100 percent directly or indirectly owned subsidiaries or the issuer; | |||||||||||||||||||||||
(iii) | Trinity Acquisition plc, which is the issuer and is a 100 percent indirectly owned subsidiary of the parent; | |||||||||||||||||||||||
(iv) | Other, which are the non-guarantor subsidiaries, on a combined basis; | |||||||||||||||||||||||
(v) | Consolidating adjustments; and | |||||||||||||||||||||||
(vi) | the Consolidated Company. | |||||||||||||||||||||||
The equity method has been used for investments in subsidiaries in the condensed consolidating balance sheets of Willis Group Holdings, the Other Guarantors and the Issuer. | ||||||||||||||||||||||||
Restatement to 2011 and 2012 financial information | ||||||||||||||||||||||||
Regulation S-X, Article 3, Rule 3-10, allows for the presentation of condensed consolidating financial information. In accordance with these rules, the condensed consolidating financial information should be presented in accordance with U.S. GAAP, except that (i) the guarantor and non-guarantor information is presented on a combined rather than consolidated basis, which requires the elimination of intra-entity activity and (ii) investments in subsidiaries are required to be presented under the equity method of accounting. Subsequent to the issuance of our 2012 financial statements, management determined that certain balances were not presented in accordance with the above principles and have therefore restated our condensed consolidating financial information to reflect (i) gross, rather than net, presentation of intercompany balance sheet positions, (ii) dividends received from subsidiaries as reductions to the equity method investment balances opposed to as component of investment income from group undertakings, and (iii) appropriate push down accounting for goodwill. | ||||||||||||||||||||||||
The impacts of these changes on the previously reported 2012 and 2011 financial statements are shown in the tables below. | ||||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (446 | ) | — | (446 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (262 | ) | $ | (11 | ) | $ | (273 | ) | |||||||||||||||
Net loss attributable to Willis Group Holdings | (389 | ) | (8 | ) | (397 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating income | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Net loss attributable to Willis Group Holdings | (427 | ) | — | (427 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 122 | $ | (53 | ) | $ | 69 | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (118 | ) | (306 | ) | (424 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (64 | ) | $ | 64 | $ | — | |||||||||||||||||
Net income attributable to Willis Group Holdings | 934 | 314 | 1,248 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||||||
Net income attributable to Willis Group Holdings | 204 | — | 204 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (140 | ) | $ | (11 | ) | $ | (151 | ) | |||||||||||||||
Net income attributable to Willis Group Holdings | 174 | 72 | 246 | |||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating income | $ | 4 | $ | — | $ | 4 | ||||||||||||||||||
Net income (loss) attributable to Willis Group Holdings | 218 | (1 | ) | 217 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 754 | $ | (21 | ) | $ | 733 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 137 | 164 | 301 | |||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (32 | ) | $ | 32 | $ | — | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (529 | ) | (235 | ) | (764 | ) | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (528 | ) | $ | — | $ | (528 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1,240 | $ | 314 | $ | 1,554 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 21 | $ | (1 | ) | $ | 20 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 68 | $ | (235 | ) | $ | (167 | ) | ||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating balance sheet at 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Total assets | $ | 2,557 | $ | 1,541 | $ | 4,098 | ||||||||||||||||||
Total liabilities | 858 | 1,541 | 2,399 | |||||||||||||||||||||
Total equity | 1,699 | — | 1,699 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Total assets | $ | (208 | ) | $ | 5,618 | $ | 5,410 | |||||||||||||||||
Total liabilities | 1,367 | 5,704 | 7,071 | |||||||||||||||||||||
Total equity | (1,575 | ) | (86 | ) | (1,661 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Total assets | $ | 2,861 | $ | 408 | $ | 3,269 | ||||||||||||||||||
Total liabilities | 300 | 492 | 792 | |||||||||||||||||||||
Total equity | 2,561 | (84 | ) | 2,477 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Total assets | $ | 17,125 | $ | (1,483 | ) | $ | 15,642 | |||||||||||||||||
Total liabilities | 11,851 | 720 | 12,571 | |||||||||||||||||||||
Total equity | 5,274 | (2,203 | ) | 3,071 | ||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Total assets | $ | (7,223 | ) | $ | (6,084 | ) | $ | (13,307 | ) | |||||||||||||||
Total liabilities | (989 | ) | (8,457 | ) | (9,446 | ) | ||||||||||||||||||
Total equity | (6,234 | ) | 2,373 | (3,861 | ) | |||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,869 | $ | 524 | $ | 2,393 | ||||||||||||||||||
Net cash used in investing activities | (26 | ) | (21 | ) | (47 | ) | ||||||||||||||||||
Net cash used in financing activities | (2,006 | ) | (503 | ) | (2,509 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,269 | $ | 87 | $ | 1,356 | ||||||||||||||||||
Net cash used in investing activities | — | (53 | ) | (53 | ) | |||||||||||||||||||
Net cash (used in) provided by financing activities | (1,269 | ) | (34 | ) | (1,303 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (3,002 | ) | $ | (102 | ) | $ | (3,104 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,331 | ) | (1,331 | ) | |||||||||||||||||||
Net cash provided by financing activities | 3,002 | 1,433 | 4,435 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 209 | $ | (568 | ) | $ | (359 | ) | ||||||||||||||||
Net cash used in investing activities | (25 | ) | (33 | ) | (58 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (97 | ) | 601 | 504 | ||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 110 | $ | 746 | $ | 856 | ||||||||||||||||||
Net cash used in investing activities | — | (292 | ) | (292 | ) | |||||||||||||||||||
Net cash used in financing activities | (110 | ) | (454 | ) | (564 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,108 | ) | $ | 875 | $ | (233 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 913 | 913 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,108 | (1,788 | ) | (680 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | — | (235 | ) | (1 | ) | (380 | ) | — | (616 | ) | ||||||||||||||
Depreciation expense | — | (23 | ) | — | (71 | ) | — | (94 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (55 | ) | — | (55 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 12 | (10 | ) | 2 | |||||||||||||||||
Total expenses | (1 | ) | (361 | ) | (1 | ) | (2,597 | ) | (10 | ) | (2,970 | ) | ||||||||||||
OPERATING (LOSS) INCOME | (1 | ) | (353 | ) | (1 | ) | 1,050 | (10 | ) | 685 | ||||||||||||||
Income from Group undertakings | — | 491 | 68 | 86 | (645 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | (10 | ) | (153 | ) | (26 | ) | (456 | ) | 645 | — | ||||||||||||||
Loss from 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 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 365 | 417 | 361 | 521 | (1,287 | ) | 377 | |||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
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 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | (4 | ) | (162 | ) | 1 | (416 | ) | — | (581 | ) | ||||||||||||||
Depreciation expense | — | (16 | ) | — | (63 | ) | — | (79 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (59 | ) | — | (59 | ) | ||||||||||||||||
Goodwill impairment | — | — | — | (492 | ) | — | (492 | ) | ||||||||||||||||
Net loss on disposal of operations | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Total expenses | (6 | ) | (274 | ) | 1 | (3,410 | ) | — | (3,689 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (6 | ) | (273 | ) | 1 | 69 | — | (209 | ) | |||||||||||||||
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 | — | |||||||||||||||
LOSS FROM CONTINUING OPERATIONS | (446 | ) | (397 | ) | (427 | ) | (411 | ) | 1,248 | (433 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
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 Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Operations | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||||
Investment income | — | 2 | — | 29 | — | 31 | ||||||||||||||||||
Other income | — | — | — | 2 | — | 2 | ||||||||||||||||||
Total revenues | — | 2 | — | 3,445 | — | 3,447 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Salaries and benefits | (3 | ) | (69 | ) | — | (2,015 | ) | — | (2,087 | ) | ||||||||||||||
Other operating expenses | (17 | ) | (70 | ) | 4 | (573 | ) | — | (656 | ) | ||||||||||||||
Depreciation expense | — | (14 | ) | — | (60 | ) | — | (74 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (68 | ) | — | (68 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 4 | — | 4 | ||||||||||||||||||
Total expenses | (20 | ) | (153 | ) | 4 | (2,712 | ) | — | (2,881 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (20 | ) | (151 | ) | 4 | 733 | — | 566 | ||||||||||||||||
Income from Group undertakings | — | 438 | 64 | 119 | (621 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | — | (180 | ) | (26 | ) | (415 | ) | 621 | — | |||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | — | (171 | ) | — | — | (171 | ) | ||||||||||||||||
Interest expense | (34 | ) | (99 | ) | (15 | ) | (8 | ) | — | (156 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 8 | (144 | ) | 429 | — | 239 | ||||||||||||||||
Income taxes | — | 47 | 39 | (117 | ) | (1 | ) | (32 | ) | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 55 | (105 | ) | 312 | (1 | ) | 207 | |||||||||||||||
Interest in earnings of associates, net of tax | — | 8 | — | 4 | — | 12 | ||||||||||||||||||
Equity account for subsidiaries | 258 | 183 | 322 | — | (763 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 204 | 246 | 217 | 316 | (764 | ) | 219 | |||||||||||||||||
Discontinued operations, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
NET INCOME | 204 | 246 | 217 | 317 | (764 | ) | 220 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (16 | ) | — | (16 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | 217 | $ | 301 | $ | (764 | ) | $ | 204 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 20 | $ | 114 | $ | (167 | ) | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 20 | $ | 99 | $ | (167 | ) | $ | 1 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 499 | $ | — | $ | 500 | ||||||||||||
Accounts receivable, net | — | — | — | 933 | — | 933 | ||||||||||||||||||
Fiduciary assets | — | — | — | 9,271 | — | 9,271 | ||||||||||||||||||
Deferred tax assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Other current assets | 1 | 79 | 1 | 114 | (14 | ) | 181 | |||||||||||||||||
Amounts due from group undertakings | 4,091 | 1,070 | 801 | 864 | (6,826 | ) | — | |||||||||||||||||
Total current assets | 4,093 | 1,149 | 802 | 11,694 | (6,840 | ) | 10,898 | |||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||
Investments in subsidiaries | — | 2,939 | 2,464 | — | (5,403 | ) | — | |||||||||||||||||
Fixed assets, net | — | 74 | — | 394 | — | 468 | ||||||||||||||||||
Goodwill | — | — | — | 2,827 | — | 2,827 | ||||||||||||||||||
Other intangible assets, net | — | — | — | 385 | — | 385 | ||||||||||||||||||
Investments in associates | — | 143 | — | 31 | — | 174 | ||||||||||||||||||
Deferred tax assets | — | — | — | 18 | — | 18 | ||||||||||||||||||
Pension benefits asset | — | — | — | 136 | — | 136 | ||||||||||||||||||
Other non-current assets | 5 | 41 | 3 | 157 | — | 206 | ||||||||||||||||||
Non-current amounts due from group undertakings | — | 1,064 | — | — | (1,064 | ) | — | |||||||||||||||||
Total non-current assets | 5 | 4,261 | 2,467 | 3,948 | (6,467 | ) | 4,214 | |||||||||||||||||
TOTAL ASSETS | $ | 4,098 | $ | 5,410 | $ | 3,269 | $ | 15,642 | $ | (13,307 | ) | $ | 15,112 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | — | $ | 9,271 | $ | — | $ | 9,271 | ||||||||||||
Deferred revenue and accrued expenses | 2 | — | — | 539 | — | 541 | ||||||||||||||||||
Income taxes payable | — | 4 | 11 | 18 | (14 | ) | 19 | |||||||||||||||||
Short-term debt and current portion of long-term debt | — | — | 15 | — | — | 15 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 21 | — | 21 | ||||||||||||||||||
Other current liabilities | 60 | 73 | — | 194 | — | 327 | ||||||||||||||||||
Amounts due to group undertakings | — | 5,714 | 69 | 1,043 | (6,826 | ) | — | |||||||||||||||||
Total current liabilities | 62 | 5,791 | 95 | 11,086 | (6,840 | ) | 10,194 | |||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||
Investments in subsidiaries | 1,542 | — | — | — | (1,542 | ) | — | |||||||||||||||||
Long-term debt | 795 | 1,268 | 274 | 1 | — | 2,338 | ||||||||||||||||||
Liabilities for pension benefits | — | — | — | 282 | — | 282 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 18 | — | 18 | ||||||||||||||||||
Provisions for liabilities | — | — | — | 180 | — | 180 | ||||||||||||||||||
Other non-current liabilities | — | 12 | — | 363 | — | 375 | ||||||||||||||||||
Non-current amounts due to group undertakings | — | — | 423 | 641 | (1,064 | ) | — | |||||||||||||||||
Total non-current liabilities | 2,337 | 1,280 | 697 | 1,485 | (2,606 | ) | 3,193 | |||||||||||||||||
TOTAL LIABILITIES | $ | 2,399 | $ | 7,071 | $ | 792 | $ | 12,571 | $ | (9,446 | ) | $ | 13,387 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Willis Group Holdings stockholders’ equity | 1,699 | (1,661 | ) | 2,477 | 3,045 | (3,861 | ) | 1,699 | ||||||||||||||||
Noncontrolling interests | — | — | — | 26 | — | 26 | ||||||||||||||||||
Total equity | 1,699 | (1,661 | ) | 2,477 | 3,071 | (3,861 | ) | 1,725 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,098 | $ | 5,410 | $ | 3,269 | $ | 15,642 | $ | (13,307 | ) | $ | 15,112 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) 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 (DECREASE) 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 sale of operations, net of cash disposed | — | — | — | — | — | — | ||||||||||||||||||
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 arrangement | — | — | — | 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 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 44 | $ | (359 | ) | $ | 856 | $ | 131 | $ | (233 | ) | $ | 439 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Additions to fixed assets | — | (25 | ) | — | (86 | ) | — | (111 | ) | |||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||
Acquisitions of investments in associates | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Payments to acquire other investments | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | — | 14 | — | 14 | ||||||||||||||||||
Proceeds from intercompany investing activities | — | 105 | — | 224 | (329 | ) | — | |||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (138 | ) | (292 | ) | (101 | ) | 1,242 | — | ||||||||||||||
Net cash (used in) investing activities | (711 | ) | (58 | ) | (292 | ) | 47 | 913 | (101 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | (90 | ) | — | — | — | (90 | ) | ||||||||||||||||
Senior notes issued | 794 | — | — | — | — | 794 | ||||||||||||||||||
Debt issuance costs | (7 | ) | — | (5 | ) | — | — | (12 | ) | |||||||||||||||
Repayments of debt | — | (411 | ) | (500 | ) | — | — | (911 | ) | |||||||||||||||
Proceeds from issue of term loan | — | — | 300 | — | — | 300 | ||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | — | (158 | ) | — | — | (158 | ) | ||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | — | 60 | ||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | — | 5 | — | 5 | ||||||||||||||||||
Dividends paid | (180 | ) | (47 | ) | — | (186 | ) | 233 | (180 | ) | ||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | — | (5 | ) | — | (9 | ) | |||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
Proceeds from intercompany financing activities | — | 1,088 | — | 154 | (1,242 | ) | — | |||||||||||||||||
Repayments of intercompany financing activities | — | (32 | ) | (201 | ) | (96 | ) | 329 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 667 | 504 | (564 | ) | (141 | ) | (680 | ) | (214 | ) | ||||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | — | 87 | — | 37 | — | 124 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | 76 | — | 240 | — | 316 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | 163 | $ | — | $ | 273 | $ | — | $ | 436 | ||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||||
33 | QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
Quarterly financial data for 2013 and 2012 were as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
(millions, except per share data) | ||||||||||||||||
2013 | ||||||||||||||||
Total revenues | $ | 1,051 | $ | 890 | $ | 795 | $ | 919 | ||||||||
Total expenses | (764 | ) | (719 | ) | (720 | ) | (767 | ) | ||||||||
Net income (loss) | 223 | 107 | (27 | ) | 74 | |||||||||||
Net income (loss) attributable to Willis Group Holdings | 219 | 105 | (27 | ) | 68 | |||||||||||
Earnings per share — continuing operations | ||||||||||||||||
— Basic | $ | 1.27 | $ | 0.6 | $ | (0.15 | ) | $ | 0.38 | |||||||
— Diluted | $ | 1.24 | $ | 0.59 | $ | (0.15 | ) | $ | 0.37 | |||||||
2012 | ||||||||||||||||
Total revenues | $ | 1,013 | $ | 842 | $ | 754 | $ | 871 | ||||||||
Total expenses | (696 | ) | (663 | ) | (684 | ) | (1,646 | ) | ||||||||
Net income (loss) | 232 | 110 | 26 | (801 | ) | |||||||||||
Net income (loss) attributable to Willis Group Holdings | 225 | 108 | 26 | (805 | ) | |||||||||||
Earnings per share — continuing operations | ||||||||||||||||
— Basic | $ | 1.29 | $ | 0.62 | $ | 0.15 | $ | (4.65 | ) | |||||||
— Diluted | $ | 1.28 | $ | 0.61 | $ | 0.15 | $ | (4.65 | ) | |||||||
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
Other Comprehensive Income | |||
In June 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-05, Presentation of Comprehensive Income to revise the manner in which entities present comprehensive income in their financial statements. These changes require that components of comprehensive income be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income.This guidance is effective for interim and annual periods beginning after December 15, 2011 and has been applied retrospectively. | |||
ASU No. 2011-05 also requires entities to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s) where the components of net income and the components of other comprehensive income are presented. In December 2011, the FASB issued ASU No. 2011-12 in order to defer those changes in ASU No. 2011-05 that relate to the presentation of reclassification adjustments. In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB's deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income but do require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This guidance is effective for interim and annual periods beginning after December 15, 2012 and has been applied retrospectively. | |||
Presentation of Unrecognized Tax Benefits | |||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or a Tax Credit Carryforward Exists a consensus of the FASB Emerging Issues Task Force. The ASU does not affect the recognition or measurement of uncertain tax positions under US GAAP. | |||
However, under the ASU, unrecognized tax benefits, or portions of unrecognised tax benefits, must be presented in the financial statements as a reduction to deferred tax assets when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists except when: | |||
• | a net operating loss carryforward, a similar tax loss or a tax credit carryfoward is not available at the reporting date under the governing tax laws to settle taxes that would result from the disallowance of the tax position; or | ||
• | the entity does not intend to use the deferred tax asset for this purpose, provided that the tax law permits a choice. | ||
If either of these conditions exists, an entity should present an unrecognized tax benefit in the financial statements as a liability and should not net the unrecognized tax benefit with a deferred tax asset. | |||
The amendments under the ASU: | |||
• | are effective prospectively for annual and interim periods beginning after December 15, 2013 although early adoption is permitted; and | ||
• | should be applied to all unrecognized tax benefits that exist as of the effective date although entities may choose to apply the amendments retrospectively to each prior reporting period presented. | ||
The Company has decided to not adopt this guidance early. However, as an indication of the likely balance sheet reclassification based on the position at December 31, 2013, the Company had recognized $22 million of unrecognized tax benefits within Other non-current liabilities that would be reclassified to Non-current deferred tax assets. The Company has not yet determined whether it will apply the amendments to the prior reporting period for its first quarter 2014 reporting. | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The accompanying consolidated financial statements include the accounts of Willis Group Holdings and its subsidiaries, which are controlled through the ownership of a majority voting interest. Intercompany balances and transactions have been eliminated on consolidation. | |||
Foreign Currency Translation | ' | ||
Foreign Currency Translation | |||
Transactions in currencies other than the functional currency of the entity are recorded at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities in currencies other than the functional currency are translated at the rates of exchange prevailing at the balance sheet date and the related transaction gains and losses are reported in the statements of operations. Certain intercompany loans are determined to be of a long-term investment nature. The Company records transaction gains and losses from remeasuring such loans as a component of other comprehensive income. | |||
Upon consolidation, the results of operations of subsidiaries and associates whose functional currency is other than the US dollar are translated into US dollars at the average exchange rate and assets and liabilities are translated at year-end exchange rates. Translation adjustments are presented as a separate component of other comprehensive income in the financial statements and are included in net income only upon sale or liquidation of the underlying foreign subsidiary or associated company. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the year. In the preparation of these consolidated financial statements, estimates and assumptions have been made by management concerning: the valuation of intangible assets and goodwill (including those acquired through business combinations); the selection of useful lives of fixed and intangible assets; impairment testing; provisions necessary for accounts receivable, commitments and contingencies and accrued liabilities; long-term asset returns, discount rates and mortality rates in order to estimate pension liabilities and pension expense; income tax valuation allowances; and other similar evaluations. Actual results could differ from the estimates underlying these consolidated financial statements. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
Cash and cash equivalents primarily consist of time deposits with original maturities of three months or less. | |||
Fiduciary Assets and Fiduciary Liabilities | ' | ||
Fiduciary Assets and Fiduciary Liabilities | |||
In its capacity as an insurance agent or broker, the Company collects premiums from insureds and, after deducting its commissions, remits the premiums to the respective insurers; the Company also collects claims or refunds from insurers which it then remits to insureds. | |||
Fiduciary Receivables | |||
Fiduciary receivables represent uncollected premiums from insureds and uncollected claims or refunds from insurers. | |||
Fiduciary Funds | |||
Fiduciary funds represent unremitted premiums received from insureds and unremitted claims or refunds received from insurers. Fiduciary funds are generally required to be kept in certain regulated bank accounts subject to guidelines which emphasize capital preservation and liquidity. Such funds are not available to service the Company’s debt or for other corporate purposes. Notwithstanding the legal relationships with insureds and insurers, the Company is entitled to retain investment income earned on fiduciary funds in accordance with industry custom and practice and, in some cases, as supported by agreements with insureds. | |||
In certain instances, the Company advances premiums, refunds or claims to insurance underwriters or insureds prior to collection. Such advances are made from fiduciary funds and are reflected in the accompanying consolidated balance sheets as fiduciary assets. | |||
Fiduciary Liabilities | |||
The obligations to remit these funds to insurers or insureds are recorded as fiduciary liabilities on the Company’s consolidated balance sheets. The period for which the Company holds such funds is dependent upon the date the insured remits the payment of the premium to the Company and the date the Company is required to forward such payment to the insurer. Balances arising from insurance brokerage transactions are reported as separate assets or liabilities. | |||
Accounts Receivable | ' | ||
Accounts Receivable | |||
Accounts receivable are stated at estimated net realizable values. Allowances are recorded, when necessary, in an amount considered by management to be sufficient to meet probable future losses related to uncollectible accounts. | |||
Fixed Assets | ' | ||
Fixed Assets | |||
Fixed assets are stated at cost less accumulated depreciation. Expenditures for improvements are capitalized; repairs and maintenance are charged to expenses as incurred. Depreciation is computed using the straight-line method based on the estimated useful lives of assets. | |||
Depreciation on buildings and long leaseholds is calculated over the lesser of 50 years or the lease term. Depreciation on leasehold improvements is calculated over the lesser of the useful life of the assets or the remaining lease term. Depreciation on furniture and equipment is calculated based on a range of 3 to 10 years. Freehold land is not depreciated. | |||
Recoverability of Fixed Assets | ' | ||
Recoverability of Fixed Assets | |||
Long-lived assets are tested for recoverability whenever events or changes in circumstance indicate that their carrying amounts may not be recoverable. An impairment loss is recognized if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. Recoverability is determined based on the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. Long-lived assets and certain identifiable intangible assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. | |||
Operating Leases | ' | ||
Operating Leases | |||
Rentals payable on operating leases are charged straight line to expenses over the lease term as the rentals become payable. | |||
Goodwill and Other Intangible Assets | ' | ||
Goodwill and Other Intangible Assets | |||
Goodwill represents the excess of the cost of businesses acquired over the fair value of identifiable net assets at the dates of acquisition. The Company reviews goodwill for impairment annually and whenever facts or circumstances indicate that the carrying amounts may not be recoverable. In testing for impairment, the fair value of each reporting unit is compared with its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the amount of an impairment loss, if any, is calculated by comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. | |||
Acquired intangible assets are amortized over the following periods: | |||
Expected | |||
Amortization basis | life (years) | ||
Acquired other intangible assets | Straight line | 10 | |
Acquired client relationships | In line with underlying cashflows | 10 to 20 | |
Acquired non-compete agreements | Straight line | 5 | |
Acquired trade names | Straight line | 3 to 4 | |
Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. | |||
Investments in Associates | ' | ||
Investments in Associates | |||
Investments are accounted for using the equity method of accounting if the Company has the ability to exercise significant influence, but not control, over the investee. Significant influence is generally deemed to exist if the Company has an equity ownership in the voting stock of the investee between 20 and 50 percent, although other factors, such as representation on the Board of Directors and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. Under the equity method of accounting the investment is carried at cost of acquisition, plus the Company’s equity in undistributed net income since acquisition, less any dividends received since acquisition. | |||
The Company periodically reviews its investments in associates for which fair value is less than cost to determine if the decline in value is other than temporary. If the decline in value is judged to be other than temporary, the cost basis of the investment is written down to fair value. The amount of any write-down is included in the statements of operations as a realized loss. | |||
All other equity investments where the Company does not have the ability to exercise significant influence are accounted for by the cost method. Such investments are not publicly traded. | |||
Derivative Financial Instruments | ' | ||
Derivative Financial Instruments | |||
The Company uses derivative financial instruments for other than trading purposes to alter the risk profile of an existing underlying exposure. Interest rate swaps are used to manage interest risk exposures. Forward foreign currency exchange contracts are used to manage currency exposures arising from future income and expenses. The fair values of derivative contracts are recorded in other assets and other liabilities. The effective portions of changes in the fair value of derivatives that qualify for hedge accounting as cash flow hedges are recorded in other comprehensive income. Amounts are reclassified from other comprehensive income into earnings when the hedged exposure affects earnings. If the derivative is designated as and qualifies as an effective fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are both recognized in earnings. The amount of hedge ineffectiveness recognized in earnings is based on the extent to which an offset between the fair value of the derivative and hedged item is not achieved. Changes in fair value of derivatives that do not qualify for hedge accounting, together with any hedge ineffectiveness on those that do qualify, are recorded in other operating expenses or interest expense as appropriate. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences of events attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating and capital loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of operations in the period in which the change is enacted. Deferred tax assets are reduced through the establishment of a valuation allowance at such time as, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. The Company adjusts valuation allowances to measure deferred tax assets at the amount considered realizable in future periods if the Company’s facts and assumptions change. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. | |||
Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. The Company recognizes the benefit of uncertain tax positions in the financial statements when it is more likely than not that the position will be sustained on examination by the tax authorities upon lapse of the relevant statute of limitations, or when positions are effectively settled. The benefit recognized is the largest amount of tax benefit that is greater than 50 percent likely to be realized on settlement with the tax authority, assuming full knowledge of the position and all relevant facts. The Company adjusts its recognition of these uncertain tax benefits in the period in which new information is available impacting either the recognition or measurement of its uncertain tax positions. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. | |||
Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. Management is not aware of any such changes that would have a material effect on the Company’s results of operations, cash flows or financial position. | |||
The Company recognizes interest and penalties relating to unrecognized tax benefits within income taxes. | |||
Provisions for Liabilities | ' | ||
Provisions for Liabilities | |||
The Company is subject to various actual and potential claims, lawsuits and other proceedings. The Company records liabilities for such contingencies including legal costs when it is probable that a liability has been incurred before the balance sheet date and the amount can be reasonably estimated. To the extent such losses can be recovered under the Company’s insurance programs, estimated recoveries are recorded when losses for insured events are realized. Significant management judgment is required to estimate the amounts of such contingent liabilities and the related insurance recoveries. The Company analyzes its litigation exposure based on available information, including consultation with outside counsel handling the defense of these matters, to assess its potential liability. Contingent liabilities are not discounted. | |||
Pensions | ' | ||
Pensions | |||
The Company has two principal defined benefit pension plans which cover approximately half of employees in the United States and United Kingdom. Both these plans are now closed to new entrants. New employees in the United Kingdom are offered the opportunity to join a defined contribution plan and in the United States are offered the opportunity to join a 401(k) plan. In addition, there are smaller plans in certain other countries in which the Company operates, including a non-qualified plan in the United States. Elsewhere, pension benefits are typically provided through defined contribution plans. | |||
Defined benefit plans | |||
The net periodic cost of the Company’s defined benefit plans are measured on an actuarial basis using the projected unit credit method and several actuarial assumptions the most significant of which are the discount rate and the expected long-term rate of return on plan assets. Other material assumptions include rates of participant mortality, the expected long-term rate of compensation and pension increases and rates of employee termination. Gains and losses occur when actual experience differs from actuarial assumptions. If such gains or losses exceed ten percent of the greater of plan assets or plan liabilities the Company amortizes those gains or losses over the average remaining service period or average remaining life expectancy as appropriate of the plan participants. | |||
In accordance with US GAAP the Company records on the balance sheet the funded status of its pension plans based on the projected benefit obligation. | |||
Defined contribution plans | |||
Contributions to the Company’s defined contribution plans are recognized as they fall due. Differences between contributions payable in the year and contributions actually paid are shown as either other assets or other liabilities in the consolidated balance sheets. | |||
Share-Based Compensation | ' | ||
Share-Based Compensation | |||
The Company accounts for share-based compensation as follows: | |||
• | the cost resulting from all equity awards is recognized in the financial statements at fair value estimated at the grant date; | ||
• | the fair value is recognized (generally as compensation cost) over the requisite service period for all awards that vest; and | ||
• | compensation cost is not recognized for awards that do not vest because service or performance conditions are not satisfied. | ||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Revenue includes insurance commissions, fees for services rendered, certain commissions receivable from insurance carriers, investment income and other income. | |||
Brokerage income and fees negotiated in lieu of brokerage are recognized at the later of policy inception date or when the policy placement is complete. Commissions on additional premiums and adjustments are recognized when approved by or agreed between the parties and collectability is reasonably assured. | |||
Fees for risk management and other services are recognized as the services are provided. Consideration for negotiated fee arrangements for an agreed period covering multiple insurance placements, the provision of risk management and/or other services are allocated to all deliverables on the basis of their relative selling prices. The Company establishes contract cancellation reserves where appropriate: at December 31, 2013, 2012 and 2011, such amounts were not material. | |||
During the year ended December 31, 2013, the Company aligned the recognition of revenue in China and its North America Personal Lines business with the rest of the Group. The impact of these realignments was not material for prior periods and, consequently, the impacts of the realignments have been made in 2013. | |||
Investment income is recognized as earned. | |||
Other income comprises gains on disposal of intangible assets, which primarily arise on the disposal of books of business. Although the Company is not in the business of selling intangible assets, from time to time the Company will dispose of a book of business (a customer list) or other intangible assets that do not produce adequate margins or fit with the Company’s strategy. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Acquired intangible assets are amortized over the following periods: | ' | ||
Acquired intangible assets are amortized over the following periods: | |||
Expected | |||
Amortization basis | life (years) | ||
Acquired other intangible assets | Straight line | 10 | |
Acquired client relationships | In line with underlying cashflows | 10 to 20 | |
Acquired non-compete agreements | Straight line | 5 | |
Acquired trade names | Straight line | 3 to 4 |
Employees_Tables
Employees (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation Related Costs [Abstract] | ' | |||||||||||
Average number of persons, including Executive Directors, employed by the Company | ' | |||||||||||
The average number of persons, including Executive Directors, employed by the Company is as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Global | 4,545 | 4,304 | 4,042 | |||||||||
North America | 6,334 | 6,323 | 6,479 | |||||||||
International | 7,072 | 6,843 | 6,634 | |||||||||
Total Retail | 13,406 | 13,166 | 13,113 | |||||||||
Total average number of employees for the year | 17,951 | 17,470 | 17,155 | |||||||||
Salaries and benefit expenses | ' | |||||||||||
Salaries and benefits expense comprises the following: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Salaries and other compensation awards including amortization and write-off of cash retention awards of $6 million, $416 million and $185 million (see below) | $ | 1,953 | $ | 2,258 | $ | 1,776 | ||||||
Share-based compensation | 42 | 32 | 41 | |||||||||
Severance costs | 32 | 6 | 89 | |||||||||
Social security costs | 135 | 133 | 130 | |||||||||
Retirement benefits — defined benefit plan (income) expense | (4 | ) | 2 | 11 | ||||||||
Retirement benefits — defined contribution plan expense | 49 | 44 | 40 | |||||||||
Total salaries and benefits expense | $ | 2,207 | $ | 2,475 | $ | 2,087 | ||||||
Cash retention awards | ' | |||||||||||
The following table sets out the amount of cash retention awards made and the related amortization of those awards for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Cash retention awards made | $ | 12 | $ | 221 | $ | 210 | ||||||
Amortization of cash retention awards included in salaries and benefits | 6 | 216 | 185 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Option valuation assumptions | ' | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 24.7 | % | 32.1 | % | 31.4 | % | |||||||
Expected dividends | 2.6 | % | 3.2 | % | 2.5 | % | |||||||
Expected life (years) | 4 | 5 | 6 | ||||||||||
Risk-free interest rate | 1.5 | % | 0.9 | % | 2.2 | % | |||||||
Summary of option activity under share based compensation plans | ' | ||||||||||||
A summary of option activity under the plans at December 31, 2013, and changes during the year then ended is presented below: | |||||||||||||
Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | ||||||||||||
Contractual | |||||||||||||
(Options in thousands) | Options | Price(i) | Term | Value | |||||||||
(millions) | |||||||||||||
Time-based stock options | |||||||||||||
Balance, beginning of year | 10,152 | $ | 33.44 | ||||||||||
Granted | 1,612 | $ | 42.77 | ||||||||||
Exercised | (3,697 | ) | $ | 32.1 | |||||||||
Forfeited | (47 | ) | $ | 38.42 | |||||||||
Expired | (37 | ) | $ | 26.68 | |||||||||
Balance, end of year | 7,983 | $ | 35.95 | 4 years | $ | 71 | |||||||
Options vested or expected to vest at December 31, 2013 | 7,308 | $ | 35.99 | 4 years | $ | 64 | |||||||
Options exercisable at December 31, 2013 | 3,976 | $ | 35.38 | 1 year | $ | 37 | |||||||
Performance-based stock options | |||||||||||||
Balance, beginning of year | 6,517 | $ | 32.19 | ||||||||||
Exercised | (1,111 | ) | $ | 29.27 | |||||||||
Forfeited | (146 | ) | $ | 32.4 | |||||||||
Balance, end of year | 5,260 | $ | 32.8 | 4 years | $ | 63 | |||||||
Options vested or expected to vest at December 31, 2013 | 4,675 | $ | 32.61 | 4 years | $ | 57 | |||||||
Options exercisable at December 31, 2013 | 2,716 | $ | 31.48 | 3 years | $ | 36 | |||||||
_________________________________ | |||||||||||||
(i) | Certain options are exercisable in pounds sterling and are converted to dollars using the exchange rate at December 31, 2013. | ||||||||||||
Summary of restricted stock unit activity under share based compensation plans | ' | ||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
(Units awarded in thousands) | Shares | Fair Value | |||||||||||
Nonvested shares (restricted stock units) | |||||||||||||
Balance, beginning of year | 2,525 | $ | 33.8 | ||||||||||
Granted | 1,377 | $ | 44.33 | ||||||||||
Vested | (874 | ) | $ | 34.02 | |||||||||
Forfeited | (99 | ) | $ | 33.09 | |||||||||
Balance, end of year | 2,929 | $ | 38.71 | ||||||||||
Auditors_Remuneration_Tables
Auditors' Remuneration (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Auditors' Remuneration [Abstract] | ' | |||||||||||
Analysis of auditors' remuneration | ' | |||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Audit of group consolidated financial statements | $ | 4 | $ | 4 | $ | 4 | ||||||
Other assurance services | 3 | 3 | 3 | |||||||||
Other non-audit services | 1 | 1 | 1 | |||||||||
Total auditors’ remuneration | $ | 8 | $ | 8 | $ | 8 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||
Income from continuing operations before income taxes and interest in earnings of associates by location of taxing jurisdiction | ' | |||||||||||||||||||
An analysis of income from continuing operations before income taxes and interest in earnings of associates by location of the taxing jurisdiction is as follows: | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Ireland | $ | (52 | ) | $ | (47 | ) | $ | (39 | ) | |||||||||||
US | (11 | ) | (615 | ) | (25 | ) | ||||||||||||||
UK | 282 | 25 | (58 | ) | ||||||||||||||||
Other jurisdictions | 280 | 300 | 361 | |||||||||||||||||
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $ | 499 | $ | (337 | ) | $ | 239 | |||||||||||||
Provision for income taxes by location of the taxing jurisdiction | ' | |||||||||||||||||||
The provision for income taxes by location of the taxing jurisdiction consisted of the following: | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Current income taxes: | ||||||||||||||||||||
US federal tax | $ | 7 | $ | 3 | $ | 5 | ||||||||||||||
US state and local taxes | 3 | 1 | 1 | |||||||||||||||||
UK corporation tax | 28 | 2 | (37 | ) | ||||||||||||||||
Other jurisdictions | 45 | 41 | 46 | |||||||||||||||||
Total current taxes | 83 | 47 | 15 | |||||||||||||||||
Deferred taxes: | ||||||||||||||||||||
US federal tax | 10 | (44 | ) | (6 | ) | |||||||||||||||
US state and local taxes | 1 | (41 | ) | 1 | ||||||||||||||||
Effect of additional US valuation allowance | 2 | 113 | — | |||||||||||||||||
UK corporation tax | 17 | 27 | 20 | |||||||||||||||||
Other jurisdictions | 9 | (1 | ) | 2 | ||||||||||||||||
Total deferred taxes | 39 | 54 | 17 | |||||||||||||||||
Total income taxes | $ | 122 | $ | 101 | $ | 32 | ||||||||||||||
Reconciliation between US federal income taxes at the statutory rate and the Company's provision for income taxes on continuing operations | ' | |||||||||||||||||||
The reconciliation between US federal income taxes at the statutory rate and the Company’s provision for income taxes on continuing operations is as follows: | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(millions, except percentages) | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $ | 499 | $ | (337 | ) | $ | 239 | |||||||||||||
US federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||||||||||
Income tax expense at US federal tax rate | 175 | (118 | ) | 84 | ||||||||||||||||
Adjustments to derive effective rate: | ||||||||||||||||||||
Non-deductible expenditure | 19 | 15 | 15 | |||||||||||||||||
Tax impact of internal restructurings | 11 | — | — | |||||||||||||||||
Movement in provision for unrecognized tax benefits | (1 | ) | 6 | 3 | ||||||||||||||||
Impairment of non-qualifying goodwill | — | 137 | — | |||||||||||||||||
Impact of change in tax rate on deferred tax balances | (4 | ) | (3 | ) | (3 | ) | ||||||||||||||
Adjustment in respect of prior periods | 1 | 6 | (13 | ) | ||||||||||||||||
Effect of foreign exchange and other differences | 1 | 2 | 1 | |||||||||||||||||
Changes in valuation allowances applied to deferred tax assets | — | 114 | 5 | |||||||||||||||||
Net tax effect of intra-group items | (30 | ) | (31 | ) | (31 | ) | ||||||||||||||
Tax differentials of foreign earnings: | ||||||||||||||||||||
Foreign jurisdictions | (54 | ) | (12 | ) | (31 | ) | ||||||||||||||
US state taxes and local taxes | 4 | (15 | ) | 2 | ||||||||||||||||
Provision for income taxes | $ | 122 | $ | 101 | $ | 32 | ||||||||||||||
Significant components of deferred income tax assets and liabilities and their balance sheet classifications | ' | |||||||||||||||||||
The significant components of deferred income tax assets and liabilities and their balance sheet classifications are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||
Accrued expenses not currently deductible | $ | 153 | $ | 120 | ||||||||||||||||
US state net operating losses | 70 | 64 | ||||||||||||||||||
US federal net operating losses | — | 28 | ||||||||||||||||||
UK net operating losses | 3 | — | ||||||||||||||||||
Other net operating losses | 5 | 8 | ||||||||||||||||||
UK capital losses | 43 | 42 | ||||||||||||||||||
Accrued retirement benefits | 47 | 101 | ||||||||||||||||||
Deferred compensation | 37 | 48 | ||||||||||||||||||
Stock options | 25 | 40 | ||||||||||||||||||
Gross deferred tax assets | 383 | 451 | ||||||||||||||||||
Less: valuation allowance | (196 | ) | (221 | ) | ||||||||||||||||
Net deferred tax assets | $ | 187 | $ | 230 | ||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||
Cost of intangible assets, net of related amortization | $ | 120 | $ | 118 | ||||||||||||||||
Cost of tangible assets, net of related amortization | 44 | 51 | ||||||||||||||||||
Prepaid retirement benefits | 56 | 35 | ||||||||||||||||||
Accrued revenue not currently taxable | 23 | 29 | ||||||||||||||||||
Cash retention award | — | 2 | ||||||||||||||||||
Tax-leasing transactions | — | 1 | ||||||||||||||||||
Financial derivative transactions | 3 | 2 | ||||||||||||||||||
Deferred tax liabilities | 246 | 238 | ||||||||||||||||||
Net deferred tax (liability) asset | $ | (59 | ) | $ | (8 | ) | ||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Balance sheet classifications: | ||||||||||||||||||||
Current: | ||||||||||||||||||||
Deferred tax assets | $ | 15 | $ | 13 | ||||||||||||||||
Deferred tax liabilities | (25 | ) | (21 | ) | ||||||||||||||||
Net current deferred tax liabilities | (10 | ) | (8 | ) | ||||||||||||||||
Non-current: | ||||||||||||||||||||
Deferred tax assets | 7 | 18 | ||||||||||||||||||
Deferred tax liabilities | (56 | ) | (18 | ) | ||||||||||||||||
Net non-current deferred tax liabilities | (49 | ) | — | |||||||||||||||||
Net deferred tax liabilities | $ | (59 | ) | $ | (8 | ) | ||||||||||||||
Summary valuation allowances | ' | |||||||||||||||||||
Balance at | Additions/ | Other movements | Foreign | Balance | ||||||||||||||||
beginning of year | (releases) | exchange differences | at | |||||||||||||||||
charged to | end of year | |||||||||||||||||||
Description | costs and expenses | |||||||||||||||||||
(millions) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Deferred tax valuation allowance | $ | 221 | $ | 15 | $ | (40 | ) | $ | — | $ | 196 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Deferred tax valuation allowance | 102 | 110 | 12 | (3 | ) | 221 | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Deferred tax valuation allowance | 87 | — | 15 | — | 102 | |||||||||||||||
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | |||||||||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(millions) | ||||||||||||||||||||
Balance at January 1 | $ | 37 | $ | 16 | $ | 13 | ||||||||||||||
Reductions due to a lapse of the applicable statute of limitation | (5 | ) | (3 | ) | — | |||||||||||||||
Increases for positions taken in current period | 9 | 8 | — | |||||||||||||||||
Increases for positions taken in prior periods | — | 16 | — | |||||||||||||||||
Other movements | — | — | 3 | |||||||||||||||||
Balance at December 31 | $ | 41 | $ | 37 | $ | 16 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Basic and diluted earnings per share | ' | |||||||||||
Years ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions, except per share data) | ||||||||||||
Net income (loss) attributable to Willis Group Holdings | $ | 365 | $ | (446 | ) | $ | 204 | |||||
Basic average number of shares outstanding | 176 | 173 | 173 | |||||||||
Dilutive effect of potentially issuable shares | 3 | — | 3 | |||||||||
Diluted average number of shares outstanding | 179 | 173 | 176 | |||||||||
Basic earnings per share: | ||||||||||||
Continuing operations | $ | 2.07 | $ | (2.58 | ) | $ | 1.17 | |||||
Discontinued operations | — | — | 0.01 | |||||||||
Net income (loss) attributable to Willis Group Holdings shareholders | $ | 2.07 | $ | (2.58 | ) | $ | 1.18 | |||||
Dilutive effect of potentially issuable shares | (0.03 | ) | — | (0.02 | ) | |||||||
Diluted earnings per share: | ||||||||||||
Continuing operations | $ | 2.04 | $ | (2.58 | ) | $ | 1.15 | |||||
Discontinued operations | — | — | 0.01 | |||||||||
Net income (loss) attributable to Willis Group Holdings shareholders | $ | 2.04 | $ | (2.58 | ) | $ | 1.16 | |||||
Fixed_Assets_Net_Tables
Fixed Assets, Net (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||
Analysis of fixed asset activity | ' | |||||||||||||||
Land and | Leasehold | Furniture and | Total | |||||||||||||
buildings (i) | improvements | equipment | ||||||||||||||
(millions) | ||||||||||||||||
Cost: at January 1, 2012 | $ | 73 | $ | 210 | $ | 509 | $ | 792 | ||||||||
Additions | 3 | 16 | 116 | 135 | ||||||||||||
Disposals | — | (4 | ) | (59 | ) | (63 | ) | |||||||||
Foreign exchange | 2 | 5 | 10 | 17 | ||||||||||||
Cost: at December 31, 2012 | 78 | 227 | 576 | 881 | ||||||||||||
Additions | 10 | 22 | 80 | 112 | ||||||||||||
Disposals | — | (7 | ) | (43 | ) | (50 | ) | |||||||||
Foreign exchange | 1 | — | 5 | 6 | ||||||||||||
Cost: at December 31, 2013 | $ | 89 | $ | 242 | $ | 618 | $ | 949 | ||||||||
Depreciation: at January 1, 2012 | $ | (28 | ) | $ | (61 | ) | $ | (297 | ) | $ | (386 | ) | ||||
Depreciation expense provided | (3 | ) | (17 | ) | (59 | ) | (79 | ) | ||||||||
Disposals | — | 4 | 56 | 60 | ||||||||||||
Foreign exchange | (1 | ) | (1 | ) | (6 | ) | (8 | ) | ||||||||
Depreciation: at December 31, 2012 | (32 | ) | (75 | ) | (306 | ) | (413 | ) | ||||||||
Depreciation expense provided | (3 | ) | (18 | ) | (73 | ) | (94 | ) | ||||||||
Disposals | — | 6 | 36 | 42 | ||||||||||||
Foreign exchange | (1 | ) | — | (2 | ) | (3 | ) | |||||||||
Depreciation: at December 31, 2013 | $ | (36 | ) | $ | (87 | ) | $ | (345 | ) | $ | (468 | ) | ||||
Net book value: | ||||||||||||||||
At December 31, 2012 | $ | 46 | $ | 152 | $ | 270 | $ | 468 | ||||||||
At December 31, 2013 | $ | 53 | $ | 155 | $ | 273 | $ | 481 | ||||||||
_________________________________ | ||||||||||||||||
(i) | Included within land and buildings are assets held under capital leases: At December 31, 2013, cost and accumulated depreciation were $31 million and $6 million respectively (2012: $25 million and $4 million, respectively; 2011: $23 million and $2 million respectively). Depreciation in the year ended December 31, 2013 was $2 million (2012: $1 million; 2011: $1 million). |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Changes in the carrying amount of goodwill by operating segment | ' | |||||||||||||||
The changes in the carrying amount of goodwill by segment for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||
Global | North | International | Total | |||||||||||||
America | ||||||||||||||||
(millions) | ||||||||||||||||
Balance at January 1, 2012 | ||||||||||||||||
Goodwill, gross | $ | 1,122 | $ | 1,782 | $ | 391 | $ | 3,295 | ||||||||
Accumulated impairment losses | — | — | — | — | ||||||||||||
Goodwill, net | 1,122 | 1,782 | 391 | 3,295 | ||||||||||||
Purchase price allocation adjustments | — | — | 2 | 2 | ||||||||||||
Goodwill acquired during the year | — | 10 | 2 | 12 | ||||||||||||
Goodwill disposed of during the year | — | — | (1 | ) | (1 | ) | ||||||||||
Goodwill impairment charge | — | (492 | ) | — | (492 | ) | ||||||||||
Foreign exchange | 5 | — | 6 | 11 | ||||||||||||
Balance at December 31, 2012 | ||||||||||||||||
Goodwill, gross | 1,127 | 1,792 | 400 | 3,319 | ||||||||||||
Accumulated impairment losses | — | (492 | ) | — | (492 | ) | ||||||||||
Goodwill, net | $ | 1,127 | $ | 1,300 | $ | 400 | $ | 2,827 | ||||||||
Purchase price allocation adjustments | — | (1 | ) | — | (1 | ) | ||||||||||
Goodwill acquired during the year | 15 | — | 1 | 16 | ||||||||||||
Goodwill disposed of during the year | — | (14 | ) | — | (14 | ) | ||||||||||
Other movements (i) | — | (1 | ) | — | (1 | ) | ||||||||||
Foreign exchange | 3 | — | 8 | 11 | ||||||||||||
Balance at December 31, 2013 | ||||||||||||||||
Goodwill, gross | 1,145 | 1,776 | 409 | 3,330 | ||||||||||||
Accumulated impairment losses | — | (492 | ) | — | (492 | ) | ||||||||||
Goodwill, net | $ | 1,145 | $ | 1,284 | $ | 409 | $ | 2,838 | ||||||||
_________________________________ | ||||||||||||||||
(i) | North America — $1 million (2012: $nil) tax benefit arising on the exercise of fully vested HRH stock options which were issued as part of the acquisition of HRH in 2008. |
Other_Intangible_Assets_Net_Ta
Other Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Summary of major classes of amortizable intangible assets | ' | |||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross carrying | Accumulated | Net carrying amount | Gross carrying | Accumulated | Net carrying amount | |||||||||||||||||||
amount | amortization | amount | amortization | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Customer and Marketing Related: | ||||||||||||||||||||||||
Client Relationships | $ | 671 | $ | (326 | ) | $ | 345 | $ | 717 | $ | (340 | ) | $ | 377 | ||||||||||
Client Lists | 3 | (1 | ) | 2 | 3 | (1 | ) | 2 | ||||||||||||||||
Non-compete Agreements | 4 | (1 | ) | 3 | 3 | — | 3 | |||||||||||||||||
Trade Names | 2 | (1 | ) | 1 | 11 | (10 | ) | 1 | ||||||||||||||||
Total Customer and Marketing Related | 680 | (329 | ) | 351 | 734 | (351 | ) | 383 | ||||||||||||||||
Contract based, Technology and Other | 5 | (3 | ) | 2 | 4 | (2 | ) | 2 | ||||||||||||||||
Total amortizable intangible assets | $ | 685 | $ | (332 | ) | $ | 353 | $ | 738 | $ | (353 | ) | $ | 385 | ||||||||||
Estimated aggregate amortization of intangible assets for each of the next five years | ' | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
2014 | $ | 50 | ||||||||||||||||||||||
2015 | 43 | |||||||||||||||||||||||
2016 | 38 | |||||||||||||||||||||||
2017 | 33 | |||||||||||||||||||||||
2018 | 29 | |||||||||||||||||||||||
Thereafter | 160 | |||||||||||||||||||||||
Total | $ | 353 | ||||||||||||||||||||||
Investments_in_Associates_Tabl
Investments in Associates (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Approximate interest in the outstanding stock of the more significant associates | ' | |||||||||||
December 31, | ||||||||||||
Country | 2013 | 2012 | ||||||||||
Al-Futtaim Willis Co. L.L.C. | Dubai | 49 | % | 49 | % | |||||||
GS & Cie Groupe | France | 30 | % | 30 | % | |||||||
Condensed financial information for associates | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Condensed statements of operations data (i): | ||||||||||||
Total revenues | $ | 502 | $ | 497 | $ | 527 | ||||||
(Loss) income before income taxes | (48 | ) | (17 | ) | 5 | |||||||
Net loss | (36 | ) | (14 | ) | (2 | ) | ||||||
Condensed balance sheets data (i): | ||||||||||||
Total assets | 1,685 | 1,670 | 1,882 | |||||||||
Total liabilities | 1,611 | 1,559 | 1,736 | |||||||||
Stockholders’ equity | 74 | 111 | 146 | |||||||||
_________________________________ | ||||||||||||
(i) | Disclosure is based on the Company’s best estimate of the results of its associates and is subject to change upon receipt of their financial statements for 2013. |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Analysis of other assets | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Other current assets | ||||||||
Prepayments and accrued income | $ | 73 | $ | 61 | ||||
Income taxes receivable | 32 | 50 | ||||||
Deferred compensation plan assets | 26 | 12 | ||||||
Other receivables | 66 | 58 | ||||||
Total other current assets | $ | 197 | $ | 181 | ||||
Other non-current assets | ||||||||
Prepayments and accrued income | 16 | 24 | ||||||
Deferred compensation plan assets | 88 | 97 | ||||||
Income taxes receivable | 21 | 12 | ||||||
Accounts receivable, net | 28 | 25 | ||||||
Other investments | 19 | 12 | ||||||
Other receivables | 34 | 36 | ||||||
Total other non-current assets | $ | 206 | $ | 206 | ||||
Total other assets | $ | 403 | $ | 387 | ||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Analysis of other liabilities | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(millions) | ||||||||
Other current liabilities | ||||||||
Accounts payable | $ | 123 | $ | 88 | ||||
Accrued dividends payable | 51 | 47 | ||||||
Other taxes payable | 51 | 44 | ||||||
Deferred compensation plan liability | 26 | 12 | ||||||
Incentives from lessors | 12 | 9 | ||||||
Other payables | 152 | 127 | ||||||
Total other current liabilities | $ | 415 | $ | 327 | ||||
Other non-current liabilities | ||||||||
Incentives from lessors | $ | 183 | $ | 173 | ||||
Deferred compensation plan liability | 89 | 101 | ||||||
Income taxes payable | 40 | 33 | ||||||
Other payables | 62 | 68 | ||||||
Total other non-current liabilities | $ | 374 | $ | 375 | ||||
Total other liabilities | $ | 789 | $ | 702 | ||||
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Allowance for Doubtful Accounts [Abstract] | ' | |||||||||||||||||||
Allowance for doubtful accounts | ' | |||||||||||||||||||
Balance at | Additions/ | Deductions | Foreign | Balance at | ||||||||||||||||
beginning of year | (releases) | / Other movements | exchange differences | end of year | ||||||||||||||||
charged to | ||||||||||||||||||||
costs and expenses | ||||||||||||||||||||
Description | ||||||||||||||||||||
(millions) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 14 | $ | 3 | $ | (4 | ) | $ | — | $ | 13 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 13 | $ | 16 | $ | (15 | ) | $ | — | $ | 14 | |||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 12 | $ | 4 | $ | (3 | ) | $ | — | $ | 13 | |||||||||
Pension_Plans_Tables
Pension Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss | ' | |||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Net actuarial loss | $ | 815 | $ | 831 | $ | 233 | $ | 332 | ||||||||||||||||
Prior service gain | (24 | ) | (29 | ) | — | — | ||||||||||||||||||
Components of the net periodic benefit cost and other amounts | ' | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Components of net periodic benefit (income) cost: | ||||||||||||||||||||||||
Service cost | $ | 37 | $ | 35 | $ | 36 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 109 | 108 | 106 | 38 | 41 | 41 | ||||||||||||||||||
Expected return on plan assets | (191 | ) | (181 | ) | (161 | ) | (51 | ) | (46 | ) | (44 | ) | ||||||||||||
Amortization of unrecognized prior service gain | (5 | ) | (6 | ) | (5 | ) | — | — | — | |||||||||||||||
Amortization of unrecognized actuarial loss | 45 | 39 | 30 | 9 | 8 | 3 | ||||||||||||||||||
Net periodic benefit (income) cost | $ | (5 | ) | $ | (5 | ) | $ | 6 | $ | (4 | ) | $ | 3 | $ | — | |||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 15 | $ | 141 | $ | 164 | $ | (90 | ) | $ | 37 | $ | 137 | |||||||||||
Amortization of unrecognized actuarial loss | (45 | ) | (39 | ) | (30 | ) | (9 | ) | (8 | ) | (3 | ) | ||||||||||||
Prior service gain | — | — | (10 | ) | — | — | — | |||||||||||||||||
Amortization of unrecognized prior service gain | 5 | 6 | 5 | — | — | — | ||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (25 | ) | $ | 108 | $ | 129 | $ | (99 | ) | $ | 29 | $ | 134 | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (30 | ) | $ | 103 | $ | 135 | $ | (103 | ) | $ | 32 | $ | 134 | ||||||||||
Estimated net loss and prior service cost to be amortized from accumulated other comprehensive loss into net periodic benefit cost | ' | |||||||||||||||||||||||
UK Pension | US Pension | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Estimated net loss | $ | 42 | $ | 6 | ||||||||||||||||||||
Prior service gain | (3 | ) | — | |||||||||||||||||||||
Schedule of other information concerning defined benefit pension plans | ' | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Weighted-average assumptions to determine benefit obligations: | ||||||||||||||||||||||||
Discount rate | 4.4 | % | 4.4 | % | 4.8 | % | 4.1 | % | ||||||||||||||||
Rate of compensation increase | 3.2 | % | 2.3 | % | N/A | N/A | ||||||||||||||||||
Weighted-average assumptions to determine net periodic benefit cost: | ||||||||||||||||||||||||
Discount rate | 4.4 | % | 4.8 | % | 4.1 | % | 4.6 | % | ||||||||||||||||
Expected return on plan assets | 7.3 | % | 7.5 | % | 7.3 | % | 7.3 | % | ||||||||||||||||
Rate of compensation increase | 2.3 | % | 2.1 | % | N/A | N/A | ||||||||||||||||||
Pension plan asset allocations based on fair values | ' | |||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
Asset Category | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Equity securities | 36 | % | 41 | % | 52 | % | 49 | % | ||||||||||||||||
Debt securities | 38 | % | 37 | % | 46 | % | 50 | % | ||||||||||||||||
Hedge funds | 17 | % | 17 | % | — | % | — | % | ||||||||||||||||
Real estate | 3 | % | 3 | % | — | % | — | % | ||||||||||||||||
Cash | 6 | % | 2 | % | — | % | — | % | ||||||||||||||||
Other | — | % | — | % | 2 | % | 1 | % | ||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||
Changes in the UK pension plan's Level 3 assets | ' | |||||||||||||||||||||||
UK Pension | ||||||||||||||||||||||||
Plan | ||||||||||||||||||||||||
Level 3 | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 476 | ||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (2 | ) | ||||||||||||||||||||||
Unrealized and realized gains relating to instruments still held at end of year | 17 | |||||||||||||||||||||||
Foreign exchange | 16 | |||||||||||||||||||||||
Balance at December 31, 2012 | $ | 507 | ||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 121 | |||||||||||||||||||||||
Unrealized and realized gains relating to instruments still held at end of year | 29 | |||||||||||||||||||||||
Foreign exchange | 12 | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 669 | ||||||||||||||||||||||
Expected future benefit payments | ' | |||||||||||||||||||||||
Expected future benefit payments | UK Pension Benefits | US Pension Benefits | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
2014 | 84 | 38 | ||||||||||||||||||||||
2015 | 88 | 42 | ||||||||||||||||||||||
2016 | 89 | 44 | ||||||||||||||||||||||
2017 | 93 | 46 | ||||||||||||||||||||||
2018 | 94 | 49 | ||||||||||||||||||||||
2019-2023 | 518 | 271 | ||||||||||||||||||||||
UK Pension Plan [Member] | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | |||||||||||||||||||||||
UK Pension Plan | ||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 659 | $ | 81 | $ | — | $ | 740 | ||||||||||||||||
UK equities | 239 | 17 | — | 256 | ||||||||||||||||||||
Other equities | 40 | 63 | — | 103 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
US Government bonds | 31 | — | — | 31 | ||||||||||||||||||||
UK Government bonds | 656 | — | — | 656 | ||||||||||||||||||||
Other Government bonds | 7 | — | 100 | 107 | ||||||||||||||||||||
UK corporate bonds | 75 | — | — | 75 | ||||||||||||||||||||
Other corporate bonds | 151 | — | — | 151 | ||||||||||||||||||||
Derivatives | — | 154 | — | 154 | ||||||||||||||||||||
Real estate | — | — | 92 | 92 | ||||||||||||||||||||
Cash | 163 | — | — | 163 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Hedge funds | — | 28 | 477 | 505 | ||||||||||||||||||||
Other | — | 28 | — | 28 | ||||||||||||||||||||
Total | $ | 2,021 | $ | 371 | $ | 669 | $ | 3,061 | ||||||||||||||||
UK Pension Plan | ||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 492 | $ | 108 | $ | — | $ | 600 | ||||||||||||||||
UK equities | 317 | 59 | — | 376 | ||||||||||||||||||||
Other equities | 28 | 97 | — | 125 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
US Government bonds | 11 | — | — | 11 | ||||||||||||||||||||
UK Government bonds | 625 | — | — | 625 | ||||||||||||||||||||
Other Government bonds | 13 | — | — | 13 | ||||||||||||||||||||
UK corporate bonds | 112 | — | — | 112 | ||||||||||||||||||||
Other corporate bonds | 29 | — | — | 29 | ||||||||||||||||||||
Derivatives | — | 217 | — | 217 | ||||||||||||||||||||
Real estate | — | — | 76 | 76 | ||||||||||||||||||||
Cash | 53 | — | — | 53 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Hedge funds | — | 27 | 431 | 458 | ||||||||||||||||||||
Other | 8 | 13 | — | 21 | ||||||||||||||||||||
Total | $ | 1,688 | $ | 521 | $ | 507 | $ | 2,716 | ||||||||||||||||
US Pension Plan [Member] | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | |||||||||||||||||||||||
US Pension Plan | ||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 120 | $ | 125 | $ | — | $ | 245 | ||||||||||||||||
Non US equities | 116 | 33 | — | 149 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
US Government bonds | — | 55 | — | 55 | ||||||||||||||||||||
US corporate bonds | — | 151 | — | 151 | ||||||||||||||||||||
International fixed income securities | 58 | 42 | — | 100 | ||||||||||||||||||||
Municipal & Non US government bonds | — | 30 | — | 30 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Mortgage backed securities | — | 12 | — | 12 | ||||||||||||||||||||
Other | 9 | 6 | — | 15 | ||||||||||||||||||||
Total | $ | 303 | $ | 454 | $ | — | $ | 757 | ||||||||||||||||
US Pension Plan | ||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 144 | $ | 78 | $ | — | $ | 222 | ||||||||||||||||
Non US equities | 98 | 27 | — | 125 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
US Government bonds | — | 69 | — | 69 | ||||||||||||||||||||
US corporate bonds | — | 144 | — | 144 | ||||||||||||||||||||
International fixed income securities | 52 | 39 | — | 91 | ||||||||||||||||||||
Municipal & Non US government bonds | — | 35 | — | 35 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Mortgage backed securities | — | 13 | — | 13 | ||||||||||||||||||||
Other | 3 | 6 | — | 9 | ||||||||||||||||||||
Total | $ | 297 | $ | 411 | $ | — | $ | 708 | ||||||||||||||||
US and UK Pension Plan [Member] | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Schedule of defined benefit pension plans | ' | |||||||||||||||||||||||
UK Pension Benefits | US Pension Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 2,582 | $ | 2,217 | $ | 958 | $ | 895 | ||||||||||||||||
Service cost | 37 | 35 | — | — | ||||||||||||||||||||
Interest cost | 109 | 108 | 38 | 41 | ||||||||||||||||||||
Employee contributions | 2 | 2 | — | — | ||||||||||||||||||||
Actuarial loss (gain) | 79 | 186 | (81 | ) | 71 | |||||||||||||||||||
Benefits paid | (78 | ) | (77 | ) | (51 | ) | (49 | ) | ||||||||||||||||
Foreign currency changes | 54 | 111 | — | — | ||||||||||||||||||||
Benefit obligations, end of year | 2,785 | 2,582 | 864 | 958 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 2,716 | 2,353 | 708 | 637 | ||||||||||||||||||||
Actual return on plan assets | 255 | 226 | 60 | 80 | ||||||||||||||||||||
Employee contributions | 2 | 2 | — | — | ||||||||||||||||||||
Employer contributions | 100 | 92 | 40 | 40 | ||||||||||||||||||||
Benefits paid | (78 | ) | (77 | ) | (51 | ) | (49 | ) | ||||||||||||||||
Foreign currency changes | 66 | 120 | — | — | ||||||||||||||||||||
Fair value of plan assets, end of year | 3,061 | 2,716 | 757 | 708 | ||||||||||||||||||||
Funded status at end of year | $ | 276 | $ | 134 | $ | (107 | ) | $ | (250 | ) | ||||||||||||||
Components on the Consolidated Balance Sheets: | ||||||||||||||||||||||||
Pension benefits asset | $ | 276 | $ | 134 | $ | — | $ | — | ||||||||||||||||
Liability for pension benefits | — | — | (107 | ) | (250 | ) | ||||||||||||||||||
International Pension Benefits [Member] | ' | |||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||||||||||||||||||
Schedule of defined benefit pension plans | ' | |||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 180 | $ | 131 | ||||||||||||||||||||
Service cost | 3 | 3 | ||||||||||||||||||||||
Interest cost | 7 | 7 | ||||||||||||||||||||||
Actuarial (gain) loss | (5 | ) | 30 | |||||||||||||||||||||
Benefits paid | (6 | ) | (6 | ) | ||||||||||||||||||||
Employee contributions | — | 1 | ||||||||||||||||||||||
Reclassification from other non-current liabilities (i) | 10 | 9 | ||||||||||||||||||||||
Foreign currency changes | 6 | 5 | ||||||||||||||||||||||
Benefit obligations, end of year | 195 | 180 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 150 | 128 | ||||||||||||||||||||||
Actual return on plan assets | 9 | 11 | ||||||||||||||||||||||
Employer contributions | 10 | 11 | ||||||||||||||||||||||
Employee contributions | — | 1 | ||||||||||||||||||||||
Benefits paid | (6 | ) | (6 | ) | ||||||||||||||||||||
Foreign currency changes | 5 | 5 | ||||||||||||||||||||||
Fair value of plan assets, end of year | 168 | 150 | ||||||||||||||||||||||
Funded status at end of year | $ | (27 | ) | $ | (30 | ) | ||||||||||||||||||
Components on the Consolidated Balance Sheets: | ||||||||||||||||||||||||
Pension benefits asset | $ | 2 | $ | 2 | ||||||||||||||||||||
Liability for pension benefits | $ | (29 | ) | $ | (32 | ) | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||
(i) | Transfer in of benefit obligation for UK unfunded and US non-qualified plans from non-current other liabilities. | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss | ' | |||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 3 | $ | 3 | $ | 4 | ||||||||||||||||||
Interest cost | 7 | 7 | 7 | |||||||||||||||||||||
Expected return on plan assets | (6 | ) | (6 | ) | (6 | ) | ||||||||||||||||||
Amortization of unrecognized actuarial loss | 1 | — | 1 | |||||||||||||||||||||
Curtailment gain | — | — | (1 | ) | ||||||||||||||||||||
Net periodic benefit cost | $ | 5 | $ | 4 | $ | 5 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | ||||||||||||||||||||||||
Amortization of unrecognized actuarial loss | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||||||
Net actuarial (gain) loss | (8 | ) | 25 | 2 | ||||||||||||||||||||
Total recognized in other comprehensive (income) loss | (9 | ) | 25 | 1 | ||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (4 | ) | $ | 29 | $ | 6 | |||||||||||||||||
Schedule of other information concerning defined benefit pension plans | ' | |||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Weighted-average assumptions to determine benefit obligations: | ||||||||||||||||||||||||
Discount rate | 3.30% - 4.40% | 2.50% - 3.75% | ||||||||||||||||||||||
Rate of compensation increase | 2.00% - 2.50% | 2.00% | ||||||||||||||||||||||
Weighted-average assumptions to determine net periodic benefit cost: | ||||||||||||||||||||||||
Discount rate | 2.50% - 4.40% | 3.30% - 5.30% | ||||||||||||||||||||||
Expected return on plan assets | 2.00% - 4.66% | 2.00% - 5.73% | ||||||||||||||||||||||
Rate of compensation increase | 2.00% - 2.50% | 2.50% - 3.00% | ||||||||||||||||||||||
Pension plan asset allocations based on fair values | ' | |||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | ||||||||||||||||||||||
Equity securities | 35 | % | 35 | % | ||||||||||||||||||||
Debt securities | 39 | % | 39 | % | ||||||||||||||||||||
Real estate | 3 | % | 3 | % | ||||||||||||||||||||
Derivatives | 14 | % | 16 | % | ||||||||||||||||||||
Other | 9 | % | 7 | % | ||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 29 | $ | — | $ | — | $ | 29 | ||||||||||||||||
UK equities | 5 | — | — | 5 | ||||||||||||||||||||
Overseas equities | 26 | — | — | 26 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Other Government bonds | 61 | — | — | 61 | ||||||||||||||||||||
Corporate bonds | 4 | — | — | 4 | ||||||||||||||||||||
Derivative instruments | — | 23 | — | 23 | ||||||||||||||||||||
Real estate | — | — | 5 | 5 | ||||||||||||||||||||
Cash | 8 | — | — | 8 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Other investments | — | — | 7 | 7 | ||||||||||||||||||||
Total | $ | 133 | $ | 23 | $ | 12 | $ | 168 | ||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US equities | $ | 24 | $ | — | $ | — | $ | 24 | ||||||||||||||||
UK equities | 5 | — | — | 5 | ||||||||||||||||||||
Overseas equities | 22 | — | 1 | 23 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Other Government bonds | 49 | — | — | 49 | ||||||||||||||||||||
Corporate bonds | — | 9 | — | 9 | ||||||||||||||||||||
Derivative instruments | — | 24 | — | 24 | ||||||||||||||||||||
Real estate | — | — | 5 | 5 | ||||||||||||||||||||
Cash | 5 | — | — | 5 | ||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Other investments | — | 1 | 5 | 6 | ||||||||||||||||||||
Total | $ | 105 | $ | 34 | $ | 11 | $ | 150 | ||||||||||||||||
Expected future benefit payments | ' | |||||||||||||||||||||||
Other defined benefit plans | ||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||
Expected future benefit payments | Benefits | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
2014 | $ | 6 | ||||||||||||||||||||||
2015 | 6 | |||||||||||||||||||||||
2016 | 6 | |||||||||||||||||||||||
2017 | 6 | |||||||||||||||||||||||
2018 | 7 | |||||||||||||||||||||||
2019-2023 | 35 | |||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Short term debt and current portion of long-term debt | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(millions) | ||||||||||||
Current portion of 7-year term loan facility expires 2018 | $ | 15 | $ | 15 | ||||||||
Long-term debt | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(millions) | ||||||||||||
7-year term loan facility expires 2018 | $ | 259 | $ | 274 | ||||||||
5.625% senior notes due 2015 | 148 | 350 | ||||||||||
Fair value adjustment on 5.625% senior notes due 2015 | 4 | 18 | ||||||||||
4.125% senior notes due 2016 | 299 | 299 | ||||||||||
6.200% senior notes due 2017 | 394 | 600 | ||||||||||
7.000% senior notes due 2019 | 187 | 300 | ||||||||||
5.750% senior notes due 2021 | 496 | 496 | ||||||||||
4.625% senior notes due 2023 | 249 | — | ||||||||||
6.125% senior notes due 2043 | 274 | — | ||||||||||
3-year term loan facility expires 2015 | 1 | 1 | ||||||||||
$ | 2,311 | $ | 2,338 | |||||||||
Analysis of interest expense | ' | |||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
5.625% senior notes due 2015 | $ | 12 | $ | 12 | $ | 12 | ||||||
12.875% senior notes due 2016 | — | — | 15 | |||||||||
4.125% senior notes due 2016 | 13 | 13 | 10 | |||||||||
6.200% senior notes due 2017 | 33 | 38 | 38 | |||||||||
7.000% senior notes due 2019 | 18 | 21 | 21 | |||||||||
5.750% senior notes due 2021 | 29 | 29 | 23 | |||||||||
4.625% senior notes due 2023 | 4 | — | — | |||||||||
6.125% senior notes due 2043 | 6 | — | — | |||||||||
7-year term loan facility expires 2018 | 6 | 6 | — | |||||||||
5-year term loan facility repaid 2011 | — | — | 14 | |||||||||
Revolving $800 million credit facility | 2 | 1 | — | |||||||||
Revolving $300 million credit facility | — | — | 4 | |||||||||
Other(i) | 3 | 8 | 19 | |||||||||
Total interest expense | $ | 126 | $ | 128 | $ | 156 | ||||||
_________________________________ | ||||||||||||
(i) | In 2013, Other includes $nil (2012: $nil; 2011:$10 million ) relating to the write-off of unamortized debt issuance fees. |
Provisions_for_Liabilities_Tab
Provisions for Liabilities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Provisions for Liabilities [Abstract] | ' | |||||||||||
Analysis of movements on provisions for liabilities | ' | |||||||||||
Claims, | Other | Total | ||||||||||
lawsuits and | provisions(ii) | |||||||||||
other | ||||||||||||
proceedings(i) | ||||||||||||
(millions) | ||||||||||||
Balance at January 1, 2012 | $ | 158 | $ | 38 | $ | 196 | ||||||
Net provisions made during the year | 23 | (2 | ) | 21 | ||||||||
Utilized in the year | (31 | ) | (10 | ) | (41 | ) | ||||||
Foreign currency translation adjustment | 2 | 2 | 4 | |||||||||
Balance at December 31, 2012 | $ | 152 | $ | 28 | $ | 180 | ||||||
Net provisions made during the year | 28 | 6 | 34 | |||||||||
Balances transferred in during the year (iii) | — | 13 | 13 | |||||||||
Utilized in the year | (17 | ) | (6 | ) | (23 | ) | ||||||
Foreign currency translation adjustment | 1 | 1 | 2 | |||||||||
Balance at December 31, 2013 | $ | 164 | $ | 42 | $ | 206 | ||||||
_________________________________ | ||||||||||||
(i) | The claims, lawsuits and other proceedings provision includes E&O cases which represents management’s assessment of liabilities that may arise from asserted and unasserted claims for alleged errors and omissions that arise in the ordinary course of the Group’s business. Where some of the potential liability is recoverable under the Group’s external insurance arrangements, the full assessment of the liability is included in the provision with the associated insurance recovery shown separately as an asset. Insurance recoveries recognized at December 31, 2013 amounted to $nil (2012: $6 million). | |||||||||||
(ii) | The ‘Other’ category includes amounts relating to vacant property provisions of $10 million (2012: $13 million). | |||||||||||
(iii) | Provisions held in the UK for ongoing post placement services, long term disability provisions and legal claim provisions all previously recognized within Deferred Revenue and Accrued Expenses were transferred to Provisions for Liabilities during 2013. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||
Contractual obligations | ' | |||||||||||||||||||
Payments due by | ||||||||||||||||||||
Obligations (iii) | Total | 2014 | 2015-2016 | 2017-2018 | After 2018 | |||||||||||||||
(millions) | ||||||||||||||||||||
7-year term loan facility expires 2018 | $ | 274 | $ | 15 | $ | 39 | $ | 220 | $ | — | ||||||||||
Interest on term loan | 19 | 5 | 9 | 5 | — | |||||||||||||||
Revolving $800 million credit facility commitment fees | 9 | 2 | 4 | 3 | — | |||||||||||||||
5.625% senior notes due 2015 | 148 | — | 148 | — | — | |||||||||||||||
Fair value adjustments on 5.625% senior notes due 2015 | 4 | — | 4 | — | — | |||||||||||||||
4.125% senior notes due 2016 | 300 | — | 300 | — | — | |||||||||||||||
6.200% senior notes due 2017 | 394 | — | — | 394 | — | |||||||||||||||
7.000% senior notes due 2019 | 187 | — | — | — | 187 | |||||||||||||||
5.750% senior notes due 2021 | 500 | — | — | — | 500 | |||||||||||||||
4.625% senior notes due 2023 | 250 | — | — | — | 250 | |||||||||||||||
6.125% senior notes due 2043 | 275 | — | — | — | 275 | |||||||||||||||
Interest on senior notes | 1,011 | 115 | 209 | 146 | 541 | |||||||||||||||
Total debt and related interest | 3,371 | 137 | 713 | 768 | 1,753 | |||||||||||||||
Operating leases(i) | 1,235 | 131 | 213 | 167 | 724 | |||||||||||||||
Pensions | 566 | 122 | 244 | 161 | 39 | |||||||||||||||
Other contractual obligations(ii) | 91 | 24 | 16 | 12 | 39 | |||||||||||||||
Total contractual obligations | $ | 5,263 | $ | 414 | $ | 1,186 | $ | 1,108 | $ | 2,555 | ||||||||||
_________________________________ | ||||||||||||||||||||
(i) | Presented gross of sublease income. | |||||||||||||||||||
(ii) | Other contractual obligations include capital lease commitments, put option obligations and investment fund capital call obligations, the timing of which are included at the earliest point they may fall due. | |||||||||||||||||||
(iii) | The above excludes $41 million of liabilities for unrecognized tax benefits as the Company is unable to reasonably predict the timing of settlement of these liabilities | |||||||||||||||||||
Future minimum rental commitments under all non-cancellable operating lease agreements | ' | |||||||||||||||||||
Gross rental | Rentals from | Net rental | ||||||||||||||||||
commitments | subleases | commitments | ||||||||||||||||||
(millions) | ||||||||||||||||||||
2014 | $ | 131 | $ | (15 | ) | $ | 116 | |||||||||||||
2015 | 114 | (14 | ) | 100 | ||||||||||||||||
2016 | 99 | (13 | ) | 86 | ||||||||||||||||
2017 | 88 | (12 | ) | 76 | ||||||||||||||||
2018 | 79 | (8 | ) | 71 | ||||||||||||||||
Thereafter | 724 | (16 | ) | 708 | ||||||||||||||||
Total | $ | 1,235 | $ | (78 | ) | $ | 1,157 | |||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss, Net of Tax (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Components of comprehensive income (loss) | ' | |||||||||||||||||||||||||||||||||||
The components of other comprehensive income (loss) are as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||||||||
Before tax amount | Tax | Net of tax amount | Before tax amount | Tax | Net of tax amount | Before tax amount | Tax | Net of tax amount | ||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 20 | $ | — | $ | 20 | $ | 46 | $ | — | $ | 46 | $ | (29 | ) | $ | — | $ | (29 | ) | ||||||||||||||||
Pension funding adjustments: | ||||||||||||||||||||||||||||||||||||
Foreign currency translation on pension funding adjustments | (15 | ) | 5 | (10 | ) | (31 | ) | 9 | (22 | ) | 8 | — | 8 | |||||||||||||||||||||||
Net actuarial gain (loss) | 83 | 2 | 85 | (203 | ) | 36 | (167 | ) | (303 | ) | 95 | (208 | ) | |||||||||||||||||||||||
Prior service gain | — | — | — | — | — | — | 10 | (3 | ) | 7 | ||||||||||||||||||||||||||
Amortization of unrecognized actuarial loss | 55 | (9 | ) | 46 | 47 | (9 | ) | 38 | 34 | (9 | ) | 25 | ||||||||||||||||||||||||
Amortization of unrecognized prior service gain | (5 | ) | 1 | (4 | ) | (6 | ) | 1 | (5 | ) | (5 | ) | 1 | (4 | ) | |||||||||||||||||||||
118 | (1 | ) | 117 | (193 | ) | 37 | (156 | ) | (256 | ) | 84 | (172 | ) | |||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||
Gain on interest rate swaps (effective element) | — | — | — | 3 | (1 | ) | 2 | 13 | (3 | ) | 10 | |||||||||||||||||||||||||
Interest rate reclassification adjustment | (5 | ) | 1 | (4 | ) | (5 | ) | 1 | (4 | ) | (14 | ) | 4 | (10 | ) | |||||||||||||||||||||
Gain on forward exchange contracts (effective element) | 10 | (2 | ) | 8 | 11 | (2 | ) | 9 | 3 | (1 | ) | 2 | ||||||||||||||||||||||||
Forward exchange contract reclassification adjustment | 1 | — | 1 | (4 | ) | 1 | (3 | ) | (7 | ) | 2 | (5 | ) | |||||||||||||||||||||||
Gain on treasury lock (effective element) | 19 | (4 | ) | 15 | — | — | — | — | — | — | ||||||||||||||||||||||||||
25 | (5 | ) | 20 | 5 | (1 | ) | 4 | (5 | ) | 2 | (3 | ) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 163 | (6 | ) | 157 | (142 | ) | 36 | (106 | ) | (290 | ) | 86 | (204 | ) | ||||||||||||||||||||||
Less: Other comprehensive income attributable to noncontrolling interests | — | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to Willis Group Holdings | $ | 163 | $ | (6 | ) | $ | 157 | $ | (142 | ) | $ | 36 | $ | (106 | ) | $ | (289 | ) | $ | 86 | $ | (203 | ) | |||||||||||||
Components of accumulated other comprehensive loss, net of tax | ' | |||||||||||||||||||||||||||||||||||
Net foreign currency translation adjustment | Pension funding adjustment | Net unrealized gain on derivative instruments | Total | |||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2010 | $ | (52 | ) | $ | (503 | ) | $ | 14 | $ | (541 | ) | |||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (28 | ) | (193 | ) | 12 | (209 | ) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 21 | (15 | ) | 6 | |||||||||||||||||||||||||||||||
Net current year other comprehensive income (loss), net of tax and noncontrolling interests | (28 | ) | (172 | ) | (3 | ) | (203 | ) | ||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | (80 | ) | $ | (675 | ) | $ | 11 | $ | (744 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 46 | (189 | ) | 11 | (132 | ) | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 33 | (7 | ) | 26 | |||||||||||||||||||||||||||||||
Net current year other comprehensive income (loss), net of tax and noncontrolling interests | 46 | (156 | ) | 4 | (106 | ) | ||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | (34 | ) | $ | (831 | ) | $ | 15 | $ | (850 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 20 | 75 | 23 | 118 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 42 | (3 | ) | 39 | |||||||||||||||||||||||||||||||
Net current year other comprehensive income (loss), net of tax and noncontrolling interests | 20 | 117 | 20 | 157 | ||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | (14 | ) | $ | (714 | ) | $ | 35 | $ | (693 | ) | |||||||||||||||||||||||||
Schedule of amounts reclassified out of accumulated other comprehensive income | ' | |||||||||||||||||||||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income into the statement of operations are as follows: | ||||||||||||||||||||||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the statement of operations | ||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Gains and losses on cash flow hedges (Note 26) | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (5 | ) | $ | (5 | ) | $ | (14 | ) | Investment income | ||||||||||||||||||||||||||
Foreign exchange contracts | 1 | (4 | ) | (7 | ) | Other operating expenses | ||||||||||||||||||||||||||||||
(4 | ) | (9 | ) | (21 | ) | Total before tax | ||||||||||||||||||||||||||||||
Tax | 1 | 2 | 6 | |||||||||||||||||||||||||||||||||
$ | (3 | ) | $ | (7 | ) | $ | (15 | ) | Net of tax | |||||||||||||||||||||||||||
Amortization of defined benefit pension items (Note 19) | ||||||||||||||||||||||||||||||||||||
Prior service gain | $ | (5 | ) | $ | (6 | ) | $ | (5 | ) | Salaries and benefits | ||||||||||||||||||||||||||
Net actuarial loss | 55 | 47 | 34 | Salaries and benefits | ||||||||||||||||||||||||||||||||
50 | 41 | 29 | Total before tax | |||||||||||||||||||||||||||||||||
Tax | (8 | ) | (8 | ) | (8 | ) | ||||||||||||||||||||||||||||||
$ | 42 | $ | 33 | $ | 21 | Net of tax | ||||||||||||||||||||||||||||||
Total reclassifications for the period | $ | 39 | $ | 26 | $ | 6 | ||||||||||||||||||||||||||||||
Equity_and_Noncontrolling_Inte1
Equity and Noncontrolling Interest (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Equity and noncontrolling interests | ' | |||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||||||||
Willis | Noncontrolling | Total | Willis | Noncontrolling | Total | Willis | Noncontrolling | Total | ||||||||||||||||||||||||||||
Group | interests | equity | Group | interests | equity | Group | interests | equity | ||||||||||||||||||||||||||||
Holdings’ | Holdings’ | Holdings’ | ||||||||||||||||||||||||||||||||||
stockholders | stockholders | stockholders | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 1,699 | $ | 26 | $ | 1,725 | $ | 2,486 | $ | 31 | $ | 2,517 | $ | 2,577 | $ | 31 | $ | 2,608 | ||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 365 | 12 | 377 | (446 | ) | 13 | (433 | ) | 204 | 16 | 220 | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 157 | — | 157 | (106 | ) | — | (106 | ) | (203 | ) | (1 | ) | (204 | ) | ||||||||||||||||||||||
Comprehensive income (loss) | 522 | 12 | 534 | (552 | ) | 13 | (539 | ) | 1 | 15 | 16 | |||||||||||||||||||||||||
Dividends | (197 | ) | (10 | ) | (207 | ) | (187 | ) | (11 | ) | (198 | ) | (180 | ) | (15 | ) | (195 | ) | ||||||||||||||||||
Additional paid-in capital | 195 | — | 195 | 81 | — | 81 | 88 | — | 88 | |||||||||||||||||||||||||||
Repurchase of shares (i) | — | — | — | (100 | ) | — | (100 | ) | — | — | — | |||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests | (4 | ) | — | (4 | ) | (31 | ) | (8 | ) | (39 | ) | — | — | — | ||||||||||||||||||||||
Additional noncontrolling interests | — | — | — | 2 | 1 | 3 | — | — | — | |||||||||||||||||||||||||||
Balance at December 31, | $ | 2,215 | $ | 28 | $ | 2,243 | $ | 1,699 | $ | 26 | $ | 1,725 | $ | 2,486 | $ | 31 | $ | 2,517 | ||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||||||||||||||
(i) | Based on settlement date the Company repurchased 2,796,546 shares at an average price of $35.87 in 2012. | |||||||||||||||||||||||||||||||||||
Effects of changes in ownership interest in subsidiaries | ' | |||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Willis Group Holdings | $ | 365 | $ | (446 | ) | $ | 204 | |||||||||||||||||||||||||||||
Transfers from noncontrolling interest: | ||||||||||||||||||||||||||||||||||||
Decrease in Willis Group Holdings’ paid-in capital for purchase of noncontrolling interest | (4 | ) | (31 | ) | — | |||||||||||||||||||||||||||||||
Increase in Willis Group Holdings’ paid-in capital for sale of noncontrolling interest | — | 2 | — | |||||||||||||||||||||||||||||||||
Net transfers from noncontrolling interest | (4 | ) | (29 | ) | — | |||||||||||||||||||||||||||||||
Change from net income (loss) attributable to Willis Group Holdings and transfers from noncontrolling interests | $ | 361 | $ | (475 | ) | $ | 204 | |||||||||||||||||||||||||||||
Supplemental_Disclosures_of_Ca1
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental disclosures regarding cash flow information and non-cash flow investing and financing activities | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(millions) | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash payments for income taxes, net | $ | 61 | $ | 63 | $ | 15 | ||||||
Cash payments for interest | 117 | 118 | 128 | |||||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||||||||
Write-off of unamortized debt issuance costs | $ | (2 | ) | $ | — | $ | (23 | ) | ||||
Write-back of fair value adjustment on 5.625% senior notes due 2015 | 7 | — | — | |||||||||
Assets acquired under capital leases | 7 | 2 | — | |||||||||
Deferred payments on acquisitions of subsidiaries | 2 | 4 | 6 | |||||||||
Acquisitions: | ||||||||||||
Fair value of assets acquired | $ | 47 | $ | 23 | $ | 6 | ||||||
Less: | ||||||||||||
Liabilities assumed | 30 | 3 | 3 | |||||||||
Cash acquired | 1 | — | 3 | |||||||||
Net assets acquired, net of cash acquired | $ | 16 | $ | 20 | $ | — | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Foreign currency risk | ' | |||||||||||||||
December 31, | ||||||||||||||||
Sell | Sell | |||||||||||||||
2013(i) | 2012 | |||||||||||||||
(millions) | ||||||||||||||||
US dollar | $ | 303 | $ | 255 | ||||||||||||
Euro | 97 | 55 | ||||||||||||||
Japanese yen | 35 | 32 | ||||||||||||||
_________________________________ | ||||||||||||||||
(i) | Forward exchange contracts range in maturity from 2014 to 2015. | |||||||||||||||
Derivative financial and hedging instruments | ' | |||||||||||||||
Fair value | ||||||||||||||||
Balance sheet | December 31, | December 31, | ||||||||||||||
Derivative financial instruments designated as hedging instruments: | classification | 2013 | 2012 | |||||||||||||
(millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate swaps (fair value hedges) | Other assets | — | 22 | |||||||||||||
Forward exchange contracts | Other assets | 23 | 9 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 23 | $ | 31 | ||||||||||||
Liabilities: | ||||||||||||||||
Forward exchange contracts | Other liabilities | 2 | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | 2 | $ | — | ||||||||||||
Derivatives in cash flow hedging relationships | ' | |||||||||||||||
Derivatives in cash flow hedging relationships | Amount of | Location of gain (loss) | Amount of | Location of gain (loss) | Amount of | |||||||||||
gain (loss) | reclassified from accumulated OCI(i) into income (effective element) | gain (loss) | recognized in income | gain (loss) | ||||||||||||
recognized | reclassified | on derivative (ineffective hedges and ineffective element of effective hedges) | recognized | |||||||||||||
in OCI(i)on derivative (effective element) | from | in income | ||||||||||||||
accumulated | on derivative | |||||||||||||||
OCI(i) into | (ineffective | |||||||||||||||
income(effective element) | hedges and | |||||||||||||||
ineffective | ||||||||||||||||
element of effective hedges) | ||||||||||||||||
(millions) | (millions) | (millions) | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Interest rate swaps | $ | — | Investment income | $ | (5 | ) | Other operating expenses | $ | — | |||||||
Treasury locks | 19 | Interest expense | — | Interest expense | 2 | |||||||||||
Forward exchange contracts | 10 | Other operating expenses | 1 | Interest expense | 1 | |||||||||||
Total | $ | 29 | $ | (4 | ) | $ | 3 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Interest rate swaps | $ | 3 | Investment income | $ | (5 | ) | Other operating expenses | $ | — | |||||||
Forward exchange contracts | 11 | Other operating expenses | (4 | ) | Interest expense | 1 | ||||||||||
Total | $ | 14 | $ | (9 | ) | $ | 1 | |||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Interest rate swaps | $ | 13 | Investment income | $ | (14 | ) | Other operating expenses | $ | — | |||||||
Forward exchange contracts | 3 | Other operating expenses | (7 | ) | Interest expense | (2 | ) | |||||||||
Total | $ | 16 | $ | (21 | ) | $ | (2 | ) | ||||||||
_________________________________ | ||||||||||||||||
Amounts above shown gross of tax. | ||||||||||||||||
(i) | OCI means other comprehensive income. | |||||||||||||||
Derivative in fair value hedging relationships | ' | |||||||||||||||
Derivatives in fair value hedging relationships | Hedged item in fair value hedging relationship | (Loss) gain | Gain (loss) | Ineffectiveness | ||||||||||||
recognized for derivative | recognized | recognized in | ||||||||||||||
for hedged item | interest expense | |||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | — | $ | — | $ | — | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | (3 | ) | $ | 2 | $ | 1 | ||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | 7 | $ | (8 | ) | $ | 1 | ||||||||
All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. | ||||||||||||||||
The table below presents the effects of derivative financial instruments no longer in fair value hedging relationships on the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||
Derivatives no longer in fair value hedging relationships | Hedged item in fair value hedging relationship | Loss | Amortization or prior loss recognized on hedged item | Net gain recognized (i) | ||||||||||||
recognized for derivative | ||||||||||||||||
(millions) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | (5 | ) | $ | 14 | $ | 9 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | — | $ | — | $ | — | |||||||||
Year Ended December 31, 2011 | ||||||||||||||||
Interest rate swaps | 5.625% senior notes due 2015 | $ | — | $ | — | $ | — | |||||||||
____________________ | ||||||||||||||||
(i) The net gain was included entirely in interest expense, except for $7 million in the year ended December 31, 2013 which formed part of the loss on extinguishment of debt. |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||
prices in | other | other | ||||||||||||||
active | observable | unobservable | ||||||||||||||
markets | inputs | inputs | ||||||||||||||
for | ||||||||||||||||
identical | ||||||||||||||||
assets | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(millions) | ||||||||||||||||
Assets at fair value: | ||||||||||||||||
Cash and cash equivalents | $ | 796 | $ | — | $ | — | $ | 796 | ||||||||
Fiduciary funds (included within Fiduciary assets) | 1,662 | — | — | 1,662 | ||||||||||||
Derivative financial instruments | — | 23 | — | 23 | ||||||||||||
Total assets | $ | 2,458 | $ | 23 | $ | — | $ | 2,481 | ||||||||
Liabilities at fair value: | ||||||||||||||||
Derivative financial instruments | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
Total liabilities | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
31-Dec-12 | ||||||||||||||||
Quoted | Significant | Significant | ||||||||||||||
prices in | other | other | ||||||||||||||
active | observable | unobservable | ||||||||||||||
markets | inputs | inputs | ||||||||||||||
for | ||||||||||||||||
identical | ||||||||||||||||
assets | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(millions) | ||||||||||||||||
Assets at fair value: | ||||||||||||||||
Cash and cash equivalents | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||
Fiduciary funds (included within Fiduciary assets) | 1,796 | — | — | 1,796 | ||||||||||||
Derivative financial instruments | — | 31 | — | 31 | ||||||||||||
Total assets | $ | 2,296 | $ | 31 | $ | — | $ | 2,327 | ||||||||
Liabilities at fair value: | ||||||||||||||||
Changes in fair value of hedged debt(i) | — | 18 | — | 18 | ||||||||||||
Total liabilities | $ | — | $ | 18 | $ | — | $ | 18 | ||||||||
Summary of the estimated fair value of the company's financial instruments held or issued to finance the company's operations | ' | |||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
amount | value | amount | value | |||||||||||||
(millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments | $ | 23 | $ | 23 | $ | 31 | $ | 31 | ||||||||
Liabilities: | ||||||||||||||||
Short-term debt | $ | 15 | $ | 15 | $ | 15 | $ | 15 | ||||||||
Long-term debt | 2,311 | 2,444 | 2,338 | 2,576 | ||||||||||||
Derivative financial instruments | 2 | 2 | — | — | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Information regarding operating segments | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Commissions | Investment | Other | Total | Depreciation | Operating | Interest in | ||||||||||||||||||||||||||||||||||||||||||
and fees | income | income | revenues | and | income (loss) | earnings of | ||||||||||||||||||||||||||||||||||||||||||
amortization | associates, | |||||||||||||||||||||||||||||||||||||||||||||||
net of tax | ||||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Global | $ | 1,188 | $ | 3 | $ | — | $ | 1,191 | $ | 31 | $ | 334 | $ | — | ||||||||||||||||||||||||||||||||||
North America | 1,377 | 2 | 7 | 1,386 | 37 | 269 | — | |||||||||||||||||||||||||||||||||||||||||
International | 1,068 | 10 | — | 1,078 | 21 | 181 | — | |||||||||||||||||||||||||||||||||||||||||
Total Retail | 2,445 | 12 | 7 | 2,464 | 58 | 450 | — | |||||||||||||||||||||||||||||||||||||||||
Total Operating Segments | 3,633 | 15 | 7 | 3,655 | 89 | 784 | — | |||||||||||||||||||||||||||||||||||||||||
Corporate and Other(i) | — | — | — | — | 60 | (99 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Total Consolidated | $ | 3,633 | $ | 15 | $ | 7 | $ | 3,655 | $ | 149 | $ | 685 | $ | — | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Global | $ | 1,124 | $ | 5 | $ | — | $ | 1,129 | $ | 27 | $ | 372 | $ | — | ||||||||||||||||||||||||||||||||||
North America | 1,306 | 3 | 4 | 1,313 | 31 | 240 | — | |||||||||||||||||||||||||||||||||||||||||
International | 1,028 | 10 | — | 1,038 | 21 | 183 | 5 | |||||||||||||||||||||||||||||||||||||||||
Total Retail | 2,334 | 13 | 4 | 2,351 | 52 | 423 | 5 | |||||||||||||||||||||||||||||||||||||||||
Total Operating Segments | 3,458 | 18 | 4 | 3,480 | 79 | 795 | 5 | |||||||||||||||||||||||||||||||||||||||||
Corporate and Other(i) | — | — | — | — | 59 | (1,004 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Total Consolidated | $ | 3,458 | $ | 18 | $ | 4 | $ | 3,480 | $ | 138 | $ | (209 | ) | $ | 5 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Global | $ | 1,073 | $ | 9 | $ | — | $ | 1,082 | $ | 23 | $ | 352 | $ | — | ||||||||||||||||||||||||||||||||||
North America | 1,314 | 7 | 2 | 1,323 | 28 | 271 | — | |||||||||||||||||||||||||||||||||||||||||
International | 1,027 | 15 | — | 1,042 | 18 | 221 | 12 | |||||||||||||||||||||||||||||||||||||||||
Total Retail | 2,341 | 22 | 2 | 2,365 | 46 | 492 | 12 | |||||||||||||||||||||||||||||||||||||||||
Total Operating Segments | 3,414 | 31 | 2 | 3,447 | 69 | 844 | 12 | |||||||||||||||||||||||||||||||||||||||||
Corporate and Other(i) | — | — | — | — | 73 | (278 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Total Consolidated | $ | 3,414 | $ | 31 | $ | 2 | $ | 3,447 | $ | 142 | $ | 566 | $ | 12 | ||||||||||||||||||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(i) | See the following table for an analysis of the ‘Corporate and other’ line. | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate and other information | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | $ | (55 | ) | $ | (59 | ) | $ | (68 | ) | |||||||||||||||||||||||||||||||||||||||
Additional incentive accrual for change in remuneration policy (a) | — | (252 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Write-off of unamortized cash retention awards debtor (b) | — | (200 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charge (c) | — | (492 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
India joint venture settlement (d) | — | (11 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Insurance recovery (e) | — | 10 | — | |||||||||||||||||||||||||||||||||||||||||||||
Write-off of uncollectible accounts receivable balance in Chicago (f) | — | (13 | ) | (22 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on disposal of operations (d) | 2 | (3 | ) | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange hedging | 3 | 8 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange gain (loss) on the UK pension plan asset | 8 | (1 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
2011 Operational Review | — | — | (180 | ) | ||||||||||||||||||||||||||||||||||||||||||||
FSA regulatory settlement | — | — | (11 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Expense Reduction Initiative | (46 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Fees related to the extinguishment of debt (h) | (1 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other(g) | (10 | ) | 9 | (6 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total Corporate and Other | $ | (99 | ) | $ | (1,004 | ) | $ | (278 | ) | |||||||||||||||||||||||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Additional incentive accrual recognized following the replacement of annual incentive awards with annual cash bonuses which will not feature a repayment requirement. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | Write-off of unamortized cash retention award debtor following the decision to eliminate the repayment requirement on past awards. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | Non-cash charge recognized related to the impairment of the carrying value of the North America reporting unit's goodwill. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | $11 million settlement with former partners related to the termination of a joint venture arrangement in India. In addition, a $1 million loss on disposal of operations was recorded related to the termination. | |||||||||||||||||||||||||||||||||||||||||||||||
(e) | Insurance recovery, recorded in Other operating expenses, related to a previously disclosed fraudulent activity in Chicago, discussed above. | |||||||||||||||||||||||||||||||||||||||||||||||
(f) | In early 2012 the Company identified an uncollectible accounts receivable balance of approximately $28 million in Chicago due to fraudulent overstatements of Commissions and fees. For the year ended December 31, 2011, the Company recorded an estimate of the misstatement of Commissions and fees from prior periods by recognizing in the fourth quarter of 2011 a $22 million charge to Other operating expenses to write off the uncollectible receivable at January 1, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||
The Company concluded its internal investigation into these matters in the three months ended March 31, 2012 and identified an additional $12 million in fraudulent overstatement of Commissions and fees, and has corrected the additional misstatement by recognizing a $13 million charge (including legal expenses) to Other operating expenses in the first quarter of 2012. The above amount represents the additional charge taken. | ||||||||||||||||||||||||||||||||||||||||||||||||
(g) | Other includes $7 million (2012: $7 million, 2011: $12 million) from the release of funds and reserves related to potential legal liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||
(h) | $1 million of fees associated with the extinguishment of debt completed on August 15, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||
Total consolidated operating income | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total consolidated operating income | $ | 685 | $ | (209 | ) | $ | 566 | |||||||||||||||||||||||||||||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | — | (171 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (60 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (126 | ) | (128 | ) | (156 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $ | 499 | $ | (337 | ) | $ | 239 | |||||||||||||||||||||||||||||||||||||||||
Operating segment revenue by product | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Global | North America | International | Total | |||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Commissions and fees: | ||||||||||||||||||||||||||||||||||||||||||||||||
Retail insurance services | $ | — | $ | — | $ | — | $ | 1,377 | $ | 1,306 | $ | 1,314 | $ | 1,068 | $ | 1,028 | $ | 1,027 | $ | 2,445 | $ | 2,334 | $ | 2,341 | ||||||||||||||||||||||||
Specialty insurance services | 1,188 | 1,124 | 1,073 | — | — | — | — | — | — | 1,188 | 1,124 | 1,073 | ||||||||||||||||||||||||||||||||||||
Total commissions and fees | 1,188 | 1,124 | 1,073 | 1,377 | 1,306 | 1,314 | 1,068 | 1,028 | 1,027 | 3,633 | 3,458 | 3,414 | ||||||||||||||||||||||||||||||||||||
Investment income | 3 | 5 | 9 | 2 | 3 | 7 | 10 | 10 | 15 | 15 | 18 | 31 | ||||||||||||||||||||||||||||||||||||
Other income | — | — | — | 7 | 4 | 2 | — | — | — | 7 | 4 | 2 | ||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 1,191 | $ | 1,129 | $ | 1,082 | $ | 1,386 | $ | 1,313 | $ | 1,323 | $ | 1,078 | $ | 1,038 | $ | 1,042 | $ | 3,655 | $ | 3,480 | $ | 3,447 | ||||||||||||||||||||||||
Information regarding geographic locations | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Commissions and fees(i) | ||||||||||||||||||||||||||||||||||||||||||||||||
UK | $ | 1,026 | $ | 980 | $ | 963 | ||||||||||||||||||||||||||||||||||||||||||
US | 1,549 | 1,484 | 1,461 | |||||||||||||||||||||||||||||||||||||||||||||
Other(ii) | 1,058 | 994 | 990 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,633 | $ | 3,458 | $ | 3,414 | ||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed assets | ||||||||||||||||||||||||||||||||||||||||||||||||
UK | $ | 233 | $ | 218 | ||||||||||||||||||||||||||||||||||||||||||||
US | 203 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||
Other(ii) | 45 | 43 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 481 | $ | 468 | ||||||||||||||||||||||||||||||||||||||||||||
_________________________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(i) | Commissions and fees are attributed to countries based upon the location of the subsidiary generating the revenue. | |||||||||||||||||||||||||||||||||||||||||||||||
(ii) | Other than in the United Kingdom and the United States, the Company does not conduct business in any country in which its commissions and fees and or fixed assets exceed 10 percent of consolidated commissions and fees and or fixed assets, respectively. |
Subsidiary_Undertakings_Tables
Subsidiary Undertakings (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ||||
List of Group's subsidiary undertakings | ' | ||||
Subsidiary name | Country of registration | Class of share | Percentage ownership | ||
Holding companies | |||||
TAI Limited | England and Wales | Ordinary shares | 100 | % | |
Trinity Acquisition plc | England and Wales | Ordinary shares | 100 | % | |
Willis Faber Limited | England and Wales | Ordinary shares | 100 | % | |
Willis Group Limited | England and Wales | Ordinary shares | 100 | % | |
Willis Investment UK Holdings Limited | England and Wales | Ordinary shares | 100 | % | |
Willis Netherlands Holdings B.V. | Netherlands | Ordinary shares | 100 | % | |
Willis Europe B.V. | England and Wales | Ordinary shares | 100 | % | |
Insurance broking companies | |||||
Willis HRH, Inc. | USA | Common shares | 100 | % | |
Willis Limited | England and Wales | Ordinary shares | 100 | % | |
Willis North America, Inc. | USA | Common shares | 100 | % | |
Willis Re, Inc. | USA | Common shares | 100 | % |
Financial_Information_for_Pare2
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||||
Investment income | — | — | 2 | 29 | — | 31 | ||||||||||||||||||
Other income | — | — | — | 2 | — | 2 | ||||||||||||||||||
Total revenues | — | — | 2 | 3,445 | — | 3,447 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Salaries and benefits | (3 | ) | — | (69 | ) | (2,015 | ) | — | (2,087 | ) | ||||||||||||||
Other operating expenses | (17 | ) | 32 | (98 | ) | (573 | ) | — | (656 | ) | ||||||||||||||
Depreciation expense | — | — | (14 | ) | (60 | ) | — | (74 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (68 | ) | — | (68 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 4 | — | 4 | ||||||||||||||||||
Total expenses | (20 | ) | 32 | (181 | ) | (2,712 | ) | — | (2,881 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (20 | ) | 32 | (179 | ) | 733 | — | 566 | ||||||||||||||||
Income from Group undertakings | — | 186 | 324 | 119 | (629 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | — | (80 | ) | (134 | ) | (415 | ) | 629 | — | |||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | (171 | ) | — | — | — | (171 | ) | ||||||||||||||||
Interest expense | (34 | ) | (17 | ) | (97 | ) | (8 | ) | — | (156 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | (50 | ) | (86 | ) | 429 | — | 239 | |||||||||||||||
Income taxes | — | 59 | 27 | (117 | ) | (1 | ) | (32 | ) | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 9 | (59 | ) | 312 | (1 | ) | 207 | |||||||||||||||
Interest in earnings of associates, net of tax | — | 8 | — | 4 | — | 12 | ||||||||||||||||||
Equity account for subsidiaries | 258 | 229 | (8 | ) | — | (479 | ) | — | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 204 | 246 | (67 | ) | 316 | (480 | ) | 219 | ||||||||||||||||
Discontinued operations, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
NET INCOME (LOSS) | 204 | 246 | (67 | ) | 317 | (480 | ) | 220 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (16 | ) | — | (16 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | (67 | ) | $ | 301 | $ | (480 | ) | $ | 204 | ||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (446 | ) | — | (446 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (72 | ) | $ | (11 | ) | $ | (83 | ) | |||||||||||||||
Net loss attributable to Willis Group Holdings | (389 | ) | (8 | ) | (397 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating loss | $ | (189 | ) | $ | — | $ | (189 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (228 | ) | — | (228 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 122 | $ | (53 | ) | $ | 69 | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (118 | ) | (306 | ) | (424 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (64 | ) | $ | 64 | $ | — | |||||||||||||||||
Net income attributable to Willis Group Holdings | 735 | 314 | 1,049 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||||||
Net income attributable to Willis Group Holdings | 204 | — | 204 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating income (loss) | $ | 43 | $ | (11 | ) | $ | 32 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 174 | 72 | 246 | |||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating loss | $ | (179 | ) | $ | — | $ | (179 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (36 | ) | (31 | ) | (67 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 754 | $ | (21 | ) | $ | 733 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 137 | 164 | 301 | |||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (32 | ) | $ | 32 | $ | — | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (275 | ) | (205 | ) | (480 | ) | ||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | (4 | ) | (82 | ) | (79 | ) | (416 | ) | — | (581 | ) | |||||||||||||
Depreciation expense | — | (1 | ) | (15 | ) | (63 | ) | — | (79 | ) | ||||||||||||||
Amortization of intangible assets | — | — | — | (59 | ) | — | (59 | ) | ||||||||||||||||
Goodwill impairment charge | — | — | — | (492 | ) | — | (492 | ) | ||||||||||||||||
Net loss on disposal of operations | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Total expenses | (6 | ) | (83 | ) | (190 | ) | (3,410 | ) | — | (3,689 | ) | |||||||||||||
OPERATING (LOSS) INCOME | (6 | ) | (83 | ) | (189 | ) | 69 | — | (209 | ) | ||||||||||||||
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 | — | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | (446 | ) | (397 | ) | (228 | ) | (411 | ) | 1,049 | (433 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
NET (LOSS) INCOME | (446 | ) | (397 | ) | (228 | ) | (411 | ) | 1,049 | (433 | ) | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | (446 | ) | $ | (397 | ) | $ | (228 | ) | $ | (424 | ) | $ | 1,049 | $ | (446 | ) | |||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | — | (73 | ) | (163 | ) | (380 | ) | — | (616 | ) | ||||||||||||||
Depreciation expense | — | (3 | ) | (20 | ) | (71 | ) | — | (94 | ) | ||||||||||||||
Amortization of intangible assets | — | — | — | (55 | ) | — | (55 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 12 | (10 | ) | 2 | |||||||||||||||||
Total expenses | (1 | ) | (76 | ) | (286 | ) | (2,597 | ) | (10 | ) | (2,970 | ) | ||||||||||||
OPERATING (LOSS) INCOME | (1 | ) | (76 | ) | (278 | ) | 1,050 | (10 | ) | 685 | ||||||||||||||
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 | ) | — | |||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 365 | 417 | (28 | ) | 521 | (898 | ) | 377 | ||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME (LOSS) | 365 | 417 | (28 | ) | 521 | (898 | ) | 377 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | — | (12 | ) | — | (12 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 365 | $ | 417 | $ | (28 | ) | $ | 509 | $ | (898 | ) | $ | 365 | ||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 1 | $ | 48 | $ | (148 | ) | $ | 114 | $ | 1 | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | (148 | ) | $ | 99 | $ | 1 | $ | 1 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | ) | |||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (263 | ) | $ | — | $ | (263 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 975 | $ | 314 | $ | 1,289 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (117 | ) | $ | (31 | ) | $ | (148 | ) | |||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 206 | $ | (205 | ) | $ | 1 | |||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(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 | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(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 | |||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 712 | $ | 314 | $ | 1,026 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 89 | $ | (236 | ) | $ | (147 | ) | ||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 114 | $ | (147 | ) | $ | 16 | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (15 | ) | — | (15 | ) | |||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 99 | $ | (147 | ) | $ | 1 | |||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (528 | ) | $ | — | $ | (528 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1,240 | $ | 314 | $ | 1,554 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 21 | $ | (1 | ) | $ | 20 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 68 | $ | (235 | ) | $ | (167 | ) | ||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 20 | $ | 114 | $ | (167 | ) | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 20 | $ | 99 | $ | (167 | ) | $ | 1 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Consolidating Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 from 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 from 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 499 | $ | — | $ | 500 | ||||||||||||
Accounts receivable, net | — | — | — | 933 | — | 933 | ||||||||||||||||||
Fiduciary assets | — | — | — | 9,271 | — | 9,271 | ||||||||||||||||||
Deferred tax assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Other current assets | 1 | 31 | 38 | 114 | (3 | ) | 181 | |||||||||||||||||
Amounts due by group undertakings | 4,091 | 993 | 1,292 | 864 | (7,240 | ) | — | |||||||||||||||||
Total current assets | 4,093 | 1,024 | 1,330 | 11,694 | (7,243 | ) | 10,898 | |||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||
Investments in subsidiaries | — | 2,407 | 553 | — | (2,960 | ) | — | |||||||||||||||||
Fixed assets, net | — | 11 | 63 | 394 | — | 468 | ||||||||||||||||||
Goodwill | — | — | — | 2,827 | — | 2,827 | ||||||||||||||||||
Other intangible assets, net | — | — | — | 385 | — | 385 | ||||||||||||||||||
Investments in associates | — | 143 | — | 31 | — | 174 | ||||||||||||||||||
Deferred tax assets | — | — | — | 18 | — | 18 | ||||||||||||||||||
Pension benefits asset | — | — | — | 136 | — | 136 | ||||||||||||||||||
Other non-current assets | 5 | 3 | 41 | 157 | — | 206 | ||||||||||||||||||
Non-current amounts due by group undertakings | — | — | 641 | — | (641 | ) | — | |||||||||||||||||
Total non-current assets | 5 | 2,564 | 1,298 | 3,948 | (3,601 | ) | 4,214 | |||||||||||||||||
TOTAL ASSETS | $ | 4,098 | $ | 3,588 | $ | 2,628 | $ | 15,642 | $ | (10,844 | ) | $ | 15,112 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | — | $ | 9,271 | $ | — | $ | 9,271 | ||||||||||||
Deferred revenue and accrued expenses | 2 | — | — | 539 | — | 541 | ||||||||||||||||||
Income taxes payable | — | 4 | — | 18 | (3 | ) | 19 | |||||||||||||||||
Short-term debt and current portion of long-term debt | — | 15 | — | — | — | 15 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 21 | — | 21 | ||||||||||||||||||
Other current liabilities | 60 | — | 73 | 194 | — | 327 | ||||||||||||||||||
Amounts due to group undertakings | — | 4,951 | 1,246 | 1,043 | (7,240 | ) | — | |||||||||||||||||
Total current liabilities | 62 | 4,970 | 1,319 | 11,086 | (7,243 | ) | 10,194 | |||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||
Investments in subsidiaries | 1,542 | — | — | — | (1,542 | ) | — | |||||||||||||||||
Long-term debt | 795 | 274 | 1,268 | 1 | — | 2,338 | ||||||||||||||||||
Liabilities for pension benefits | — | — | — | 282 | — | 282 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 18 | — | 18 | ||||||||||||||||||
Provisions for liabilities | — | — | — | 180 | — | 180 | ||||||||||||||||||
Other non-current liabilities | — | 5 | 7 | 363 | — | 375 | ||||||||||||||||||
Non-current amounts due to group undertakings | — | — | — | 641 | (641 | ) | — | |||||||||||||||||
Total non-current liabilities | 2,337 | 279 | 1,275 | 1,485 | (2,183 | ) | 3,193 | |||||||||||||||||
TOTAL LIABILITIES | $ | 2,399 | $ | 5,249 | $ | 2,594 | $ | 12,571 | $ | (9,426 | ) | $ | 13,387 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Willis Group Holdings stockholders’ equity | 1,699 | (1,661 | ) | 34 | 3,045 | (1,418 | ) | 1,699 | ||||||||||||||||
Noncontrolling interests | — | — | — | 26 | — | 26 | ||||||||||||||||||
Total equity | 1,699 | (1,661 | ) | 34 | 3,071 | (1,418 | ) | 1,725 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,098 | $ | 3,588 | $ | 2,628 | $ | 15,642 | $ | (10,844 | ) | $ | 15,112 | |||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating balance sheet at 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Total assets | $ | 2,557 | $ | 1,541 | $ | 4,098 | ||||||||||||||||||
Total liabilities | 858 | 1,541 | 2,399 | |||||||||||||||||||||
Total equity | 1,699 | — | 1,699 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Total assets | $ | (1,256 | ) | $ | 4,844 | $ | 3,588 | |||||||||||||||||
Total liabilities | 319 | 4,930 | 5,249 | |||||||||||||||||||||
Total equity | (1,575 | ) | (86 | ) | (1,661 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Total assets | $ | 1,382 | $ | 1,246 | $ | 2,628 | ||||||||||||||||||
Total liabilities | 1,348 | 1,246 | 2,594 | |||||||||||||||||||||
Total equity | 34 | — | 34 | |||||||||||||||||||||
Other | ||||||||||||||||||||||||
Total assets | $ | 17,125 | $ | (1,483 | ) | $ | 15,642 | |||||||||||||||||
Total liabilities | 11,851 | 720 | 12,571 | |||||||||||||||||||||
Total equity | 5,274 | (2,203 | ) | 3,071 | ||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Total assets | $ | (4,696 | ) | $ | (6,148 | ) | $ | (10,844 | ) | |||||||||||||||
Total liabilities | (989 | ) | (8,437 | ) | (9,426 | ) | ||||||||||||||||||
Total equity | (3,707 | ) | 2,289 | (1,418 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 780 | $ | 724 | $ | 1,504 | ||||||||||||||||||
Net cash used in investing activities | (7 | ) | (102 | ) | (109 | ) | ||||||||||||||||||
Net cash used in financing activities | (773 | ) | (622 | ) | (1,395 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 69 | $ | (113 | ) | $ | (44 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (19 | ) | 34 | 15 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (213 | ) | 79 | (134 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (713 | ) | $ | (102 | ) | $ | (815 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,337 | ) | (1,337 | ) | |||||||||||||||||||
Net cash provided by financing activities | 713 | 1,439 | 2,152 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 184 | $ | 132 | $ | 316 | ||||||||||||||||||
Net cash used in investing activities | (4 | ) | (430 | ) | (434 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (180 | ) | 298 | 118 | ||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 88 | $ | 46 | $ | 134 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (21 | ) | 128 | 107 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 20 | (174 | ) | (154 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,061 | ) | $ | 875 | $ | (186 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 890 | 890 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,061 | (1,765 | ) | (704 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH (USED IN) 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 intangibles 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 sale of operations, net of cash disposed | — | — | — | — | — | — | ||||||||||||||||||
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 | ) | ||||||||||||||||
Proceeds from intercompany financing activities | — | 81 | — | 328 | (409 | ) | — | |||||||||||||||||
Repayments of intercompany financing activities | — | (1,462 | ) | (134 | ) | (150 | ) | 1,746 | — | |||||||||||||||
Net cash (used in) provided by 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, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 44 | $ | 316 | $ | 134 | $ | 131 | $ | (186 | ) | $ | 439 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Additions to fixed assets | — | (4 | ) | (21 | ) | (86 | ) | — | (111 | ) | ||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||
Acquisitions of investments in associates | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Payments to acquire other investments | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | — | 14 | — | 14 | ||||||||||||||||||
Proceeds from intercompany investing activities | — | — | 128 | 224 | (352 | ) | — | |||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (430 | ) | — | (101 | ) | 1,242 | — | |||||||||||||||
Net cash (used in) provided by investing activities | (711 | ) | (434 | ) | 107 | 47 | 890 | (101 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | — | (90 | ) | — | — | (90 | ) | ||||||||||||||||
Senior notes issued | 794 | — | — | — | — | 794 | ||||||||||||||||||
Debt issuance costs | (7 | ) | (5 | ) | — | — | — | (12 | ) | |||||||||||||||
Repayments of debt | — | (500 | ) | (411 | ) | — | — | (911 | ) | |||||||||||||||
Proceeds from issue of term loan | — | 300 | — | — | — | 300 | ||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | (158 | ) | — | — | — | (158 | ) | ||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | — | 60 | ||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | — | 5 | — | 5 | ||||||||||||||||||
Dividends paid | (180 | ) | — | — | (186 | ) | 186 | (180 | ) | |||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | — | (5 | ) | — | (9 | ) | |||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
Cash received on intercompany financing activities | — | 741 | 347 | 154 | (1,242 | ) | — | |||||||||||||||||
Cash paid on intercompany financing activities | — | (256 | ) | — | (96 | ) | 352 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 667 | 118 | (154 | ) | (141 | ) | (704 | ) | (214 | ) | ||||||||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | — | 87 | 37 | — | 124 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | — | 76 | 240 | — | 316 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | — | $ | 163 | $ | 273 | $ | — | $ | 436 | ||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,869 | $ | 524 | $ | 2,393 | ||||||||||||||||||
Net cash used in investing activities | (26 | ) | (21 | ) | (47 | ) | ||||||||||||||||||
Net cash used in financing activities | (2,006 | ) | (503 | ) | (2,509 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,269 | $ | 87 | $ | 1,356 | ||||||||||||||||||
Net cash used in investing activities | — | (53 | ) | (53 | ) | |||||||||||||||||||
Net cash (used in) provided by financing activities | (1,269 | ) | (34 | ) | (1,303 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (3,002 | ) | $ | (102 | ) | $ | (3,104 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,331 | ) | (1,331 | ) | |||||||||||||||||||
Net cash provided by financing activities | 3,002 | 1,433 | 4,435 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 209 | $ | (568 | ) | $ | (359 | ) | ||||||||||||||||
Net cash used in investing activities | (25 | ) | (33 | ) | (58 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (97 | ) | 601 | 504 | ||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 110 | $ | 746 | $ | 856 | ||||||||||||||||||
Net cash used in investing activities | — | (292 | ) | (292 | ) | |||||||||||||||||||
Net cash used in financing activities | (110 | ) | (454 | ) | (564 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,108 | ) | $ | 875 | $ | (233 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 913 | 913 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,108 | (1,788 | ) | (680 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) 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 (DECREASE) 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 sale of operations, net of cash disposed | — | — | — | — | — | — | ||||||||||||||||||
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 arrangement | — | — | — | 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 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 44 | $ | (359 | ) | $ | 856 | $ | 131 | $ | (233 | ) | $ | 439 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Additions to fixed assets | — | (25 | ) | — | (86 | ) | — | (111 | ) | |||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||
Acquisitions of investments in associates | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Payments to acquire other investments | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | — | 14 | — | 14 | ||||||||||||||||||
Proceeds from intercompany investing activities | — | 105 | — | 224 | (329 | ) | — | |||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (138 | ) | (292 | ) | (101 | ) | 1,242 | — | ||||||||||||||
Net cash (used in) investing activities | (711 | ) | (58 | ) | (292 | ) | 47 | 913 | (101 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | (90 | ) | — | — | — | (90 | ) | ||||||||||||||||
Senior notes issued | 794 | — | — | — | — | 794 | ||||||||||||||||||
Debt issuance costs | (7 | ) | — | (5 | ) | — | — | (12 | ) | |||||||||||||||
Repayments of debt | — | (411 | ) | (500 | ) | — | — | (911 | ) | |||||||||||||||
Proceeds from issue of term loan | — | — | 300 | — | — | 300 | ||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | — | (158 | ) | — | — | (158 | ) | ||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | — | 60 | ||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | — | 5 | — | 5 | ||||||||||||||||||
Dividends paid | (180 | ) | (47 | ) | — | (186 | ) | 233 | (180 | ) | ||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | — | (5 | ) | — | (9 | ) | |||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
Proceeds from intercompany financing activities | — | 1,088 | — | 154 | (1,242 | ) | — | |||||||||||||||||
Repayments of intercompany financing activities | — | (32 | ) | (201 | ) | (96 | ) | 329 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 667 | 504 | (564 | ) | (141 | ) | (680 | ) | (214 | ) | ||||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | — | 87 | — | 37 | — | 124 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | 76 | — | 240 | — | 316 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | 163 | $ | — | $ | 273 | $ | — | $ | 436 | ||||||||||||
Financial_Information_for_Pare3
Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Financial Information for Parent Issuer Guarantor Subsidiaries and Non-Guarantor Subsidiaries Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidated Statement of Operations | ' | |||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Operating loss | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (446 | ) | — | (446 | ) | |||||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (261 | ) | $ | (11 | ) | $ | (272 | ) | |||||||||||||||
Net loss attributable to Willis Group Holdings | (389 | ) | (8 | ) | (397 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 122 | $ | (53 | ) | $ | 69 | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (118 | ) | (306 | ) | (424 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (64 | ) | $ | 64 | $ | — | |||||||||||||||||
Net income attributable to Willis Group Holdings | 507 | 314 | 821 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Operating loss | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||||||
Net income attributable to Willis Group Holdings | 204 | — | 204 | |||||||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (136 | ) | $ | (11 | ) | $ | (147 | ) | |||||||||||||||
Net income attributable to Willis Group Holdings | 174 | 72 | 246 | |||||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 754 | $ | (21 | ) | $ | 733 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 137 | 164 | 301 | |||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (32 | ) | $ | 32 | $ | — | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (311 | ) | (236 | ) | (547 | ) | ||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(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 | (4 | ) | (161 | ) | (416 | ) | — | (581 | ) | |||||||||||||||
Depreciation expense | — | (16 | ) | (63 | ) | — | (79 | ) | ||||||||||||||||
Amortization of intangible assets | — | — | (59 | ) | — | (59 | ) | |||||||||||||||||
Goodwill impairment charge | — | — | (492 | ) | — | (492 | ) | |||||||||||||||||
Net loss on disposal of operations | — | — | (3 | ) | — | (3 | ) | |||||||||||||||||
Total expenses | (6 | ) | (273 | ) | (3,410 | ) | — | (3,689 | ) | |||||||||||||||
OPERATING (LOSS) INCOME | (6 | ) | (272 | ) | 69 | — | (209 | ) | ||||||||||||||||
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 | — | |||||||||||||||||
LOSS FROM CONTINUING OPERATIONS | (446 | ) | (397 | ) | (411 | ) | 821 | (433 | ) | |||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||||||
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 | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(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 | — | (236 | ) | (380 | ) | — | (616 | ) | ||||||||||||||||
Depreciation expense | — | (23 | ) | (71 | ) | — | (94 | ) | ||||||||||||||||
Amortization of intangible assets | — | — | (55 | ) | — | (55 | ) | |||||||||||||||||
Net gain on disposal of operations | — | — | 12 | (10 | ) | 2 | ||||||||||||||||||
Total expenses | (1 | ) | (362 | ) | (2,597 | ) | (10 | ) | (2,970 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (1 | ) | (354 | ) | 1,050 | (10 | ) | 685 | ||||||||||||||||
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 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 365 | 417 | 521 | (926 | ) | 377 | ||||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | |||||||||||||||||||
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, 2011 | ||||||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||||||
Investment income | — | 2 | 29 | — | 31 | |||||||||||||||||||
Other income | — | — | 2 | — | 2 | |||||||||||||||||||
Total revenues | — | 2 | 3,445 | — | 3,447 | |||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Salaries and benefits | (3 | ) | (69 | ) | (2,015 | ) | — | (2,087 | ) | |||||||||||||||
Other operating expenses | (17 | ) | (66 | ) | (573 | ) | — | (656 | ) | |||||||||||||||
Depreciation expense | — | (14 | ) | (60 | ) | — | (74 | ) | ||||||||||||||||
Amortization of intangible assets | — | — | (68 | ) | — | (68 | ) | |||||||||||||||||
Net gain on disposal of operations | — | — | 4 | — | 4 | |||||||||||||||||||
Total expenses | (20 | ) | (149 | ) | (2,712 | ) | — | (2,881 | ) | |||||||||||||||
OPERATING (LOSS) INCOME | (20 | ) | (147 | ) | 733 | — | 566 | |||||||||||||||||
Income from Group undertakings | — | 412 | 119 | (531 | ) | — | ||||||||||||||||||
Expenses due to Group undertakings | — | (116 | ) | (415 | ) | 531 | — | |||||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | (171 | ) | — | — | (171 | ) | |||||||||||||||||
Interest expense | (34 | ) | (114 | ) | (8 | ) | — | (156 | ) | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | (136 | ) | 429 | — | 239 | |||||||||||||||||
Income taxes | — | 86 | (117 | ) | (1 | ) | (32 | ) | ||||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | (50 | ) | 312 | (1 | ) | 207 | ||||||||||||||||
Interest in earnings of associates, net of tax | — | 8 | 4 | — | 12 | |||||||||||||||||||
Equity account for subsidiaries | 258 | 288 | — | (546 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 204 | 246 | 316 | (547 | ) | 219 | ||||||||||||||||||
Discontinued operations, net of tax | — | — | 1 | — | 1 | |||||||||||||||||||
NET INCOME | 204 | 246 | 317 | (547 | ) | 220 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | (16 | ) | — | (16 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | 301 | $ | (547 | ) | $ | 204 | |||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 1 | $ | 48 | $ | (148 | ) | $ | 114 | $ | 1 | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | (148 | ) | $ | 99 | $ | 1 | $ | 1 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | ) | |||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (263 | ) | $ | — | $ | (263 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 975 | $ | 314 | $ | 1,289 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (117 | ) | $ | (31 | ) | $ | (148 | ) | |||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 206 | $ | (205 | ) | $ | 1 | |||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(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 | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(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 | |||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 712 | $ | 314 | $ | 1,026 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 89 | $ | (236 | ) | $ | (147 | ) | ||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 114 | $ | (147 | ) | $ | 16 | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (15 | ) | — | (15 | ) | |||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 99 | $ | (147 | ) | $ | 1 | |||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (528 | ) | $ | — | $ | (528 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1,240 | $ | 314 | $ | 1,554 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 21 | $ | (1 | ) | $ | 20 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 68 | $ | (235 | ) | $ | (167 | ) | ||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 20 | $ | 114 | $ | (167 | ) | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 20 | $ | 99 | $ | (167 | ) | $ | 1 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Consolidated Balance Sheet | ' | |||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating balance sheet at 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Total assets | $ | 2,557 | $ | 1,541 | $ | 4,098 | ||||||||||||||||||
Total liabilities | 858 | 1,541 | 2,399 | |||||||||||||||||||||
Total equity | 1,699 | — | 1,699 | |||||||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Total assets | $ | 92 | $ | 4,832 | $ | 4,924 | ||||||||||||||||||
Total liabilities | 1,667 | 4,918 | 6,585 | |||||||||||||||||||||
Total equity | (1,575 | ) | (86 | ) | (1,661 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Total assets | $ | 17,125 | $ | (1,483 | ) | $ | 15,642 | |||||||||||||||||
Total liabilities | 11,851 | 720 | 12,571 | |||||||||||||||||||||
Total equity | 5,274 | (2,203 | ) | 3,071 | ||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Total assets | $ | (4,662 | ) | $ | (4,890 | ) | $ | (9,552 | ) | |||||||||||||||
Total liabilities | (989 | ) | (7,179 | ) | (8,168 | ) | ||||||||||||||||||
Total equity | (3,673 | ) | 2,289 | (1,384 | ) | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2013 | ||||||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(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 on 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 | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(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, 2012 | ||||||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 499 | $ | — | $ | 500 | ||||||||||||||
Accounts receivable, net | — | — | 933 | — | 933 | |||||||||||||||||||
Fiduciary assets | — | — | 9,271 | — | 9,271 | |||||||||||||||||||
Deferred tax assets | — | — | 13 | — | 13 | |||||||||||||||||||
Other current assets | 1 | 69 | 114 | (3 | ) | 181 | ||||||||||||||||||
Amounts due from group undertakings | 4,091 | 1,027 | 864 | (5,982 | ) | — | ||||||||||||||||||
Total current assets | 4,093 | 1,096 | 11,694 | (5,985 | ) | 10,898 | ||||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||
Investments in subsidiaries | — | 2,926 | — | (2,926 | ) | — | ||||||||||||||||||
Fixed assets, net | — | 74 | 394 | — | 468 | |||||||||||||||||||
Goodwill | — | — | 2,827 | — | 2,827 | |||||||||||||||||||
Other intangible assets, net | — | — | 385 | — | 385 | |||||||||||||||||||
Investments in associates | — | 143 | 31 | — | 174 | |||||||||||||||||||
Deferred tax assets | — | — | 18 | — | 18 | |||||||||||||||||||
Pension benefits asset | — | — | 136 | — | 136 | |||||||||||||||||||
Other non-current assets | 5 | 44 | 157 | — | 206 | |||||||||||||||||||
Non-current amounts due from group undertakings | — | 641 | — | (641 | ) | — | ||||||||||||||||||
Total non-current assets | 5 | 3,828 | 3,948 | (3,567 | ) | 4,214 | ||||||||||||||||||
TOTAL ASSETS | $ | 4,098 | $ | 4,924 | $ | 15,642 | $ | (9,552 | ) | $ | 15,112 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | 9,271 | $ | — | $ | 9,271 | ||||||||||||||
Deferred revenue and accrued expenses | 2 | — | 539 | — | 541 | |||||||||||||||||||
Income taxes payable | — | 4 | 18 | (3 | ) | 19 | ||||||||||||||||||
Short-term debt and current portion of long-term debt | — | 15 | — | — | 15 | |||||||||||||||||||
Deferred tax liabilities | — | — | 21 | — | 21 | |||||||||||||||||||
Other current liabilities | 60 | 73 | 194 | — | 327 | |||||||||||||||||||
Amounts due to group undertakings | — | 4,939 | 1,043 | (5,982 | ) | — | ||||||||||||||||||
Total current liabilities | 62 | 5,031 | 11,086 | (5,985 | ) | 10,194 | ||||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||
Investments in subsidiaries | 1,542 | — | — | (1,542 | ) | — | ||||||||||||||||||
Long-term debt | 795 | 1,542 | 1 | — | 2,338 | |||||||||||||||||||
Liabilities for pension benefits | — | — | 282 | — | 282 | |||||||||||||||||||
Deferred tax liabilities | — | — | 18 | — | 18 | |||||||||||||||||||
Provisions for liabilities | — | — | 180 | — | 180 | |||||||||||||||||||
Other non-current liabilities | — | 12 | 363 | — | 375 | |||||||||||||||||||
Non-current amounts due to group undertakings | — | — | 641 | (641 | ) | — | ||||||||||||||||||
Total non-current liabilities | 2,337 | 1,554 | 1,485 | (2,183 | ) | 3,193 | ||||||||||||||||||
TOTAL LIABILITIES | $ | 2,399 | $ | 6,585 | $ | 12,571 | $ | (8,168 | ) | $ | 13,387 | |||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Willis Group Holdings stockholders’ equity | 1,699 | (1,661 | ) | 3,045 | (1,384 | ) | 1,699 | |||||||||||||||||
Noncontrolling interests | — | — | 26 | — | 26 | |||||||||||||||||||
Total equity | 1,699 | (1,661 | ) | 3,071 | (1,384 | ) | 1,725 | |||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,098 | $ | 4,924 | $ | 15,642 | $ | (9,552 | ) | $ | 15,112 | |||||||||||||
Condensed Consolidated Statement of Cash Flows | ' | |||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 849 | $ | 611 | $ | 1,460 | ||||||||||||||||||
Net cash used in investing activities | (26 | ) | (178 | ) | (204 | ) | ||||||||||||||||||
Net cash used in financing activities | (986 | ) | (433 | ) | (1,419 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (713 | ) | $ | (102 | ) | $ | (815 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,227 | ) | (1,227 | ) | |||||||||||||||||||
Net cash provided by financing activities | 713 | 1,329 | 2,042 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 272 | $ | 178 | $ | 450 | ||||||||||||||||||
Net cash used in investing activities | (25 | ) | (42 | ) | (67 | ) | ||||||||||||||||||
Net cash used in financing activities | (160 | ) | (136 | ) | (296 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,061 | ) | $ | 875 | $ | (186 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 630 | 630 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,061 | (1,505 | ) | (444 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(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 intangibles 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 disposal 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 (DECREASE) 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 | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(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 issue of other debt | — | 1 | — | — | 1 | |||||||||||||||||||
Repurchase of shares | (100 | ) | — | — | — | (100 | ) | |||||||||||||||||
Proceeds from the 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, 2011 | ||||||||||||||||||||||||
Willis | The | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | Guarantors | adjustments | ||||||||||||||||||||||
Holdings — | ||||||||||||||||||||||||
the Parent | ||||||||||||||||||||||||
Issuer | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING | $ | 44 | $ | 450 | $ | 131 | $ | (186 | ) | $ | 439 | |||||||||||||
ACTIVITIES | ||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | 13 | — | 13 | |||||||||||||||||||
Additions to fixed assets | — | (25 | ) | (86 | ) | — | (111 | ) | ||||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | (10 | ) | — | (10 | ) | |||||||||||||||||
Acquisitions of investments in associates | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||
Payments to acquire other investments | — | — | (5 | ) | — | (5 | ) | |||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | 14 | — | 14 | |||||||||||||||||||
Proceeds from intercompany investing activities | — | 96 | 224 | (320 | ) | — | ||||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (138 | ) | (101 | ) | 950 | — | ||||||||||||||||
Net cash used in investing activities | (711 | ) | (67 | ) | 47 | 630 | (101 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | (90 | ) | — | — | (90 | ) | |||||||||||||||||
Senior notes issued | 794 | — | — | — | 794 | |||||||||||||||||||
Debt issuance costs | (7 | ) | (5 | ) | — | — | (12 | ) | ||||||||||||||||
Repayments of debt | — | (911 | ) | — | — | (911 | ) | |||||||||||||||||
Proceeds from the issue of term loan | — | 300 | — | — | 300 | |||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | (158 | ) | — | — | (158 | ) | |||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | 60 | |||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | 5 | — | 5 | |||||||||||||||||||
Dividends paid | (180 | ) | — | (186 | ) | 186 | (180 | ) | ||||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | (5 | ) | — | (9 | ) | ||||||||||||||||
Dividends paid to noncontrolling interests | — | — | (13 | ) | — | (13 | ) | |||||||||||||||||
Proceeds from intercompany financing activities | — | 796 | 154 | (950 | ) | — | ||||||||||||||||||
Repayments of intercompany financing activities | — | (224 | ) | (96 | ) | 320 | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 667 | (296 | ) | (141 | ) | (444 | ) | (214 | ) | |||||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | — | 87 | 37 | — | 124 | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4 | ) | — | (4 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | 76 | 240 | — | 316 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | 163 | $ | 273 | $ | — | $ | 436 | ||||||||||||||
Financial_Information_for_Issu1
Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||||
Investment income | — | 2 | — | 29 | — | 31 | ||||||||||||||||||
Other income | — | — | — | 2 | — | 2 | ||||||||||||||||||
Total revenues | — | 2 | — | 3,445 | — | 3,447 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Salaries and benefits | (3 | ) | (69 | ) | — | (2,015 | ) | — | (2,087 | ) | ||||||||||||||
Other operating expenses | (17 | ) | (70 | ) | 4 | (573 | ) | — | (656 | ) | ||||||||||||||
Depreciation expense | — | (14 | ) | — | (60 | ) | — | (74 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (68 | ) | — | (68 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 4 | — | 4 | ||||||||||||||||||
Total expenses | (20 | ) | (153 | ) | 4 | (2,712 | ) | — | (2,881 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (20 | ) | (151 | ) | 4 | 733 | — | 566 | ||||||||||||||||
Income from Group undertakings | — | 438 | 64 | 119 | (621 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | — | (180 | ) | (26 | ) | (415 | ) | 621 | — | |||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | — | (171 | ) | — | — | (171 | ) | ||||||||||||||||
Interest expense | (34 | ) | (99 | ) | (15 | ) | (8 | ) | — | (156 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 8 | (144 | ) | 429 | — | 239 | ||||||||||||||||
Income taxes | — | 47 | 39 | (117 | ) | (1 | ) | (32 | ) | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 55 | (105 | ) | 312 | (1 | ) | 207 | |||||||||||||||
Interest in earnings of associates, net of tax | — | 8 | — | 4 | — | 12 | ||||||||||||||||||
Equity account for subsidiaries | 258 | 183 | 322 | — | (763 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 204 | 246 | 217 | 316 | (764 | ) | 219 | |||||||||||||||||
Discontinued operations, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
NET INCOME | 204 | 246 | 217 | 317 | (764 | ) | 220 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (16 | ) | — | (16 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | 217 | $ | 301 | $ | (764 | ) | $ | 204 | |||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | (4 | ) | (162 | ) | 1 | (416 | ) | — | (581 | ) | ||||||||||||||
Depreciation expense | — | (16 | ) | — | (63 | ) | — | (79 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (59 | ) | — | (59 | ) | ||||||||||||||||
Goodwill impairment | — | — | — | (492 | ) | — | (492 | ) | ||||||||||||||||
Net loss on disposal of operations | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Total expenses | (6 | ) | (274 | ) | 1 | (3,410 | ) | — | (3,689 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (6 | ) | (273 | ) | 1 | 69 | — | (209 | ) | |||||||||||||||
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 | — | |||||||||||||||
LOSS FROM CONTINUING OPERATIONS | (446 | ) | (397 | ) | (427 | ) | (411 | ) | 1,248 | (433 | ) | |||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
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 | ) | |||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (6 | ) | $ | — | $ | (6 | ) | ||||||||||||||||
Net loss attributable to Willis Group Holdings | (446 | ) | — | (446 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (262 | ) | $ | (11 | ) | $ | (273 | ) | |||||||||||||||
Net loss attributable to Willis Group Holdings | (389 | ) | (8 | ) | (397 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating income | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Net loss attributable to Willis Group Holdings | (427 | ) | — | (427 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 122 | $ | (53 | ) | $ | 69 | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (118 | ) | (306 | ) | (424 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (64 | ) | $ | 64 | $ | — | |||||||||||||||||
Net income attributable to Willis Group Holdings | 934 | 314 | 1,248 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of operations for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Operating loss | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||||||
Net income attributable to Willis Group Holdings | 204 | — | 204 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Operating loss | $ | (140 | ) | $ | (11 | ) | $ | (151 | ) | |||||||||||||||
Net income attributable to Willis Group Holdings | 174 | 72 | 246 | |||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Operating income | $ | 4 | $ | — | $ | 4 | ||||||||||||||||||
Net income (loss) attributable to Willis Group Holdings | 218 | (1 | ) | 217 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Operating income (loss) | $ | 754 | $ | (21 | ) | $ | 733 | |||||||||||||||||
Net income attributable to Willis Group Holdings | 137 | 164 | 301 | |||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Operating (loss) income | $ | (32 | ) | $ | 32 | $ | — | |||||||||||||||||
Net loss attributable to Willis Group Holdings | (529 | ) | (235 | ) | (764 | ) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | — | (235 | ) | (1 | ) | (380 | ) | — | (616 | ) | ||||||||||||||
Depreciation expense | — | (23 | ) | — | (71 | ) | — | (94 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (55 | ) | — | (55 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 12 | (10 | ) | 2 | |||||||||||||||||
Total expenses | (1 | ) | (361 | ) | (1 | ) | (2,597 | ) | (10 | ) | (2,970 | ) | ||||||||||||
OPERATING (LOSS) INCOME | (1 | ) | (353 | ) | (1 | ) | 1,050 | (10 | ) | 685 | ||||||||||||||
Income from Group undertakings | — | 491 | 68 | 86 | (645 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | (10 | ) | (153 | ) | (26 | ) | (456 | ) | 645 | — | ||||||||||||||
Loss from 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 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 365 | 417 | 361 | 521 | (1,287 | ) | 377 | |||||||||||||||||
Discontinued operations, net of tax | — | — | — | — | — | — | ||||||||||||||||||
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 | |||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||
Commissions and fees | $ | — | $ | — | $ | — | $ | 3,414 | $ | — | $ | 3,414 | ||||||||||||
Investment income | — | 2 | — | 29 | — | 31 | ||||||||||||||||||
Other income | — | — | — | 2 | — | 2 | ||||||||||||||||||
Total revenues | — | 2 | — | 3,445 | — | 3,447 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Salaries and benefits | (3 | ) | (69 | ) | — | (2,015 | ) | — | (2,087 | ) | ||||||||||||||
Other operating expenses | (17 | ) | (70 | ) | 4 | (573 | ) | — | (656 | ) | ||||||||||||||
Depreciation expense | — | (14 | ) | — | (60 | ) | — | (74 | ) | |||||||||||||||
Amortization of intangible assets | — | — | — | (68 | ) | — | (68 | ) | ||||||||||||||||
Net gain on disposal of operations | — | — | — | 4 | — | 4 | ||||||||||||||||||
Total expenses | (20 | ) | (153 | ) | 4 | (2,712 | ) | — | (2,881 | ) | ||||||||||||||
OPERATING (LOSS) INCOME | (20 | ) | (151 | ) | 4 | 733 | — | 566 | ||||||||||||||||
Income from Group undertakings | — | 438 | 64 | 119 | (621 | ) | — | |||||||||||||||||
Expenses due to Group undertakings | — | (180 | ) | (26 | ) | (415 | ) | 621 | — | |||||||||||||||
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | — | — | (171 | ) | — | — | (171 | ) | ||||||||||||||||
Interest expense | (34 | ) | (99 | ) | (15 | ) | (8 | ) | — | (156 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 8 | (144 | ) | 429 | — | 239 | ||||||||||||||||
Income taxes | — | 47 | 39 | (117 | ) | (1 | ) | (32 | ) | |||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (54 | ) | 55 | (105 | ) | 312 | (1 | ) | 207 | |||||||||||||||
Interest in earnings of associates, net of tax | — | 8 | — | 4 | — | 12 | ||||||||||||||||||
Equity account for subsidiaries | 258 | 183 | 322 | — | (763 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 204 | 246 | 217 | 316 | (764 | ) | 219 | |||||||||||||||||
Discontinued operations, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
NET INCOME | 204 | 246 | 217 | 317 | (764 | ) | 220 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (16 | ) | — | (16 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 204 | $ | 246 | $ | 217 | $ | 301 | $ | (764 | ) | $ | 204 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income (loss) | $ | 1 | $ | 48 | $ | (148 | ) | $ | 114 | $ | 1 | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | (148 | ) | $ | 99 | $ | 1 | $ | 1 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | ) | |||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (263 | ) | $ | — | $ | (263 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 975 | $ | 314 | $ | 1,289 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (117 | ) | $ | (31 | ) | $ | (148 | ) | |||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 206 | $ | (205 | ) | $ | 1 | |||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(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 | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(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 | |||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 712 | $ | 314 | $ | 1,026 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings - the Parent Issuer | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 89 | $ | (236 | ) | $ | (147 | ) | ||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Guarantors | Other | Consolidating | Consolidated | ||||||||||||||||||||
Group | adjustments | |||||||||||||||||||||||
Holdings—the Parent Issuer | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 114 | $ | (147 | ) | $ | 16 | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | (15 | ) | — | (15 | ) | |||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 99 | $ | (147 | ) | $ | 1 | |||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (486 | ) | $ | (8 | ) | $ | (494 | ) | |||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (528 | ) | $ | — | $ | (528 | ) | ||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive loss attributable to Willis Group Holdings | $ | (226 | ) | $ | (306 | ) | $ | (532 | ) | |||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1,240 | $ | 314 | $ | 1,554 | ||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of comprehensive income for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (24 | ) | $ | 72 | $ | 48 | |||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 21 | $ | (1 | ) | $ | 20 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (65 | ) | $ | 164 | $ | 99 | |||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Willis Group Holdings | $ | 68 | $ | (235 | ) | $ | (167 | ) | ||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Comprehensive income | $ | 1 | $ | 48 | $ | 20 | $ | 114 | $ | (167 | ) | $ | 16 | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | (15 | ) | — | (15 | ) | ||||||||||||||||
Comprehensive income attributable to Willis Group Holdings | $ | 1 | $ | 48 | $ | 20 | $ | 99 | $ | (167 | ) | $ | 1 | |||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | — | $ | 499 | $ | — | $ | 500 | ||||||||||||
Accounts receivable, net | — | — | — | 933 | — | 933 | ||||||||||||||||||
Fiduciary assets | — | — | — | 9,271 | — | 9,271 | ||||||||||||||||||
Deferred tax assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Other current assets | 1 | 79 | 1 | 114 | (14 | ) | 181 | |||||||||||||||||
Amounts due from group undertakings | 4,091 | 1,070 | 801 | 864 | (6,826 | ) | — | |||||||||||||||||
Total current assets | 4,093 | 1,149 | 802 | 11,694 | (6,840 | ) | 10,898 | |||||||||||||||||
NON-CURRENT ASSETS | ||||||||||||||||||||||||
Investments in subsidiaries | — | 2,939 | 2,464 | — | (5,403 | ) | — | |||||||||||||||||
Fixed assets, net | — | 74 | — | 394 | — | 468 | ||||||||||||||||||
Goodwill | — | — | — | 2,827 | — | 2,827 | ||||||||||||||||||
Other intangible assets, net | — | — | — | 385 | — | 385 | ||||||||||||||||||
Investments in associates | — | 143 | — | 31 | — | 174 | ||||||||||||||||||
Deferred tax assets | — | — | — | 18 | — | 18 | ||||||||||||||||||
Pension benefits asset | — | — | — | 136 | — | 136 | ||||||||||||||||||
Other non-current assets | 5 | 41 | 3 | 157 | — | 206 | ||||||||||||||||||
Non-current amounts due from group undertakings | — | 1,064 | — | — | (1,064 | ) | — | |||||||||||||||||
Total non-current assets | 5 | 4,261 | 2,467 | 3,948 | (6,467 | ) | 4,214 | |||||||||||||||||
TOTAL ASSETS | $ | 4,098 | $ | 5,410 | $ | 3,269 | $ | 15,642 | $ | (13,307 | ) | $ | 15,112 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Fiduciary liabilities | $ | — | $ | — | $ | — | $ | 9,271 | $ | — | $ | 9,271 | ||||||||||||
Deferred revenue and accrued expenses | 2 | — | — | 539 | — | 541 | ||||||||||||||||||
Income taxes payable | — | 4 | 11 | 18 | (14 | ) | 19 | |||||||||||||||||
Short-term debt and current portion of long-term debt | — | — | 15 | — | — | 15 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 21 | — | 21 | ||||||||||||||||||
Other current liabilities | 60 | 73 | — | 194 | — | 327 | ||||||||||||||||||
Amounts due to group undertakings | — | 5,714 | 69 | 1,043 | (6,826 | ) | — | |||||||||||||||||
Total current liabilities | 62 | 5,791 | 95 | 11,086 | (6,840 | ) | 10,194 | |||||||||||||||||
NON-CURRENT LIABILITIES | ||||||||||||||||||||||||
Investments in subsidiaries | 1,542 | — | — | — | (1,542 | ) | — | |||||||||||||||||
Long-term debt | 795 | 1,268 | 274 | 1 | — | 2,338 | ||||||||||||||||||
Liabilities for pension benefits | — | — | — | 282 | — | 282 | ||||||||||||||||||
Deferred tax liabilities | — | — | — | 18 | — | 18 | ||||||||||||||||||
Provisions for liabilities | — | — | — | 180 | — | 180 | ||||||||||||||||||
Other non-current liabilities | — | 12 | — | 363 | — | 375 | ||||||||||||||||||
Non-current amounts due to group undertakings | — | — | 423 | 641 | (1,064 | ) | — | |||||||||||||||||
Total non-current liabilities | 2,337 | 1,280 | 697 | 1,485 | (2,606 | ) | 3,193 | |||||||||||||||||
TOTAL LIABILITIES | $ | 2,399 | $ | 7,071 | $ | 792 | $ | 12,571 | $ | (9,446 | ) | $ | 13,387 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As at December 31, 2012 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Total Willis Group Holdings stockholders’ equity | 1,699 | (1,661 | ) | 2,477 | 3,045 | (3,861 | ) | 1,699 | ||||||||||||||||
Noncontrolling interests | — | — | — | 26 | — | 26 | ||||||||||||||||||
Total equity | 1,699 | (1,661 | ) | 2,477 | 3,071 | (3,861 | ) | 1,725 | ||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,098 | $ | 5,410 | $ | 3,269 | $ | 15,642 | $ | (13,307 | ) | $ | 15,112 | |||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating balance sheet at 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Total assets | $ | 2,557 | $ | 1,541 | $ | 4,098 | ||||||||||||||||||
Total liabilities | 858 | 1,541 | 2,399 | |||||||||||||||||||||
Total equity | 1,699 | — | 1,699 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Total assets | $ | (208 | ) | $ | 5,618 | $ | 5,410 | |||||||||||||||||
Total liabilities | 1,367 | 5,704 | 7,071 | |||||||||||||||||||||
Total equity | (1,575 | ) | (86 | ) | (1,661 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Total assets | $ | 2,861 | $ | 408 | $ | 3,269 | ||||||||||||||||||
Total liabilities | 300 | 492 | 792 | |||||||||||||||||||||
Total equity | 2,561 | (84 | ) | 2,477 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Total assets | $ | 17,125 | $ | (1,483 | ) | $ | 15,642 | |||||||||||||||||
Total liabilities | 11,851 | 720 | 12,571 | |||||||||||||||||||||
Total equity | 5,274 | (2,203 | ) | 3,071 | ||||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Total assets | $ | (7,223 | ) | $ | (6,084 | ) | $ | (13,307 | ) | |||||||||||||||
Total liabilities | (989 | ) | (8,457 | ) | (9,446 | ) | ||||||||||||||||||
Total equity | (6,234 | ) | 2,373 | (3,861 | ) | |||||||||||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | |||||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 780 | $ | 724 | $ | 1,504 | ||||||||||||||||||
Net cash used in investing activities | (7 | ) | (102 | ) | (109 | ) | ||||||||||||||||||
Net cash used in financing activities | (773 | ) | (622 | ) | (1,395 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 69 | $ | (113 | ) | $ | (44 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (19 | ) | 34 | 15 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (213 | ) | 79 | (134 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (713 | ) | $ | (102 | ) | $ | (815 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,337 | ) | (1,337 | ) | |||||||||||||||||||
Net cash provided by financing activities | 713 | 1,439 | 2,152 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 184 | $ | 132 | $ | 316 | ||||||||||||||||||
Net cash used in investing activities | (4 | ) | (430 | ) | (434 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (180 | ) | 298 | 118 | ||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 88 | $ | 46 | $ | 134 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (21 | ) | 128 | 107 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 20 | (174 | ) | (154 | ) | |||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,061 | ) | $ | 875 | $ | (186 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 890 | 890 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,061 | (1,765 | ) | (704 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH (USED IN) 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 intangibles 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 sale of operations, net of cash disposed | — | — | — | — | — | — | ||||||||||||||||||
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 | ) | ||||||||||||||||
Proceeds from intercompany financing activities | — | 81 | — | 328 | (409 | ) | — | |||||||||||||||||
Repayments of intercompany financing activities | — | (1,462 | ) | (134 | ) | (150 | ) | 1,746 | — | |||||||||||||||
Net cash (used in) provided by 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, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 44 | $ | 316 | $ | 134 | $ | 131 | $ | (186 | ) | $ | 439 | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Additions to fixed assets | — | (4 | ) | (21 | ) | (86 | ) | — | (111 | ) | ||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||
Acquisitions of investments in associates | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Payments to acquire other investments | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | — | 14 | — | 14 | ||||||||||||||||||
Proceeds from intercompany investing activities | — | — | 128 | 224 | (352 | ) | — | |||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (430 | ) | — | (101 | ) | 1,242 | — | |||||||||||||||
Net cash (used in) provided by investing activities | (711 | ) | (434 | ) | 107 | 47 | 890 | (101 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | — | (90 | ) | — | — | (90 | ) | ||||||||||||||||
Senior notes issued | 794 | — | — | — | — | 794 | ||||||||||||||||||
Debt issuance costs | (7 | ) | (5 | ) | — | — | — | (12 | ) | |||||||||||||||
Repayments of debt | — | (500 | ) | (411 | ) | — | — | (911 | ) | |||||||||||||||
Proceeds from issue of term loan | — | 300 | — | — | — | 300 | ||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | (158 | ) | — | — | — | (158 | ) | ||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | — | 60 | ||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | — | 5 | — | 5 | ||||||||||||||||||
Dividends paid | (180 | ) | — | — | (186 | ) | 186 | (180 | ) | |||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | — | (5 | ) | — | (9 | ) | |||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
Cash received on intercompany financing activities | — | 741 | 347 | 154 | (1,242 | ) | — | |||||||||||||||||
Cash paid on intercompany financing activities | — | (256 | ) | — | (96 | ) | 352 | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 667 | 118 | (154 | ) | (141 | ) | (704 | ) | (214 | ) | ||||||||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | — | — | 87 | 37 | — | 124 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | — | 76 | 240 | — | 316 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | — | $ | 163 | $ | 273 | $ | — | $ | 436 | ||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2012 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (42 | ) | $ | 19 | $ | (23 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 256 | 256 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 43 | (275 | ) | (232 | ) | |||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,869 | $ | 524 | $ | 2,393 | ||||||||||||||||||
Net cash used in investing activities | (26 | ) | (21 | ) | (47 | ) | ||||||||||||||||||
Net cash used in financing activities | (2,006 | ) | (503 | ) | (2,509 | ) | ||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,269 | $ | 87 | $ | 1,356 | ||||||||||||||||||
Net cash used in investing activities | — | (53 | ) | (53 | ) | |||||||||||||||||||
Net cash (used in) provided by financing activities | (1,269 | ) | (34 | ) | (1,303 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 431 | $ | (528 | ) | $ | (97 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (146 | ) | 1,149 | 1,003 | ||||||||||||||||||||
Net cash used in financing activities | (61 | ) | (621 | ) | (682 | ) | ||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash used in operating activities | $ | (3,002 | ) | $ | (102 | ) | $ | (3,104 | ) | |||||||||||||||
Net cash used in investing activities | — | (1,331 | ) | (1,331 | ) | |||||||||||||||||||
Net cash provided by financing activities | 3,002 | 1,433 | 4,435 | |||||||||||||||||||||
As previously reported | Reclassifications | As Reclassified | ||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Condensed consolidating statement of cash flows for the year ended 31 December 2011 | ||||||||||||||||||||||||
Willis Group Holdings | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (41 | ) | $ | 85 | $ | 44 | |||||||||||||||||
Net cash used in investing activities | — | (711 | ) | (711 | ) | |||||||||||||||||||
Net cash provided by financing activities | 41 | 626 | 667 | |||||||||||||||||||||
The Other Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 209 | $ | (568 | ) | $ | (359 | ) | ||||||||||||||||
Net cash used in investing activities | (25 | ) | (33 | ) | (58 | ) | ||||||||||||||||||
Net cash (used in) provided by financing activities | (97 | ) | 601 | 504 | ||||||||||||||||||||
The Issuer | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | 110 | $ | 746 | $ | 856 | ||||||||||||||||||
Net cash used in investing activities | — | (292 | ) | (292 | ) | |||||||||||||||||||
Net cash used in financing activities | (110 | ) | (454 | ) | (564 | ) | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,269 | $ | (1,138 | ) | $ | 131 | |||||||||||||||||
Net cash (used in) provided by investing activities | (76 | ) | 123 | 47 | ||||||||||||||||||||
Net cash (used in) provided by financing activities | (1,156 | ) | 1,015 | (141 | ) | |||||||||||||||||||
Consolidating adjustments | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (1,108 | ) | $ | 875 | $ | (233 | ) | ||||||||||||||||
Net cash provided by investing activities | — | 913 | 913 | |||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,108 | (1,788 | ) | (680 | ) | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) 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 (DECREASE) 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 | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(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 sale of operations, net of cash disposed | — | — | — | — | — | — | ||||||||||||||||||
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 arrangement | — | — | — | 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 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Willis | The Other | The | Other | Consolidating | Consolidated | |||||||||||||||||||
Group | Guarantors | Issuer | adjustments | |||||||||||||||||||||
Holdings | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 44 | $ | (359 | ) | $ | 856 | $ | 131 | $ | (233 | ) | $ | 439 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||
Proceeds on disposal of fixed and intangible assets | — | — | — | 13 | — | 13 | ||||||||||||||||||
Additions to fixed assets | — | (25 | ) | — | (86 | ) | — | (111 | ) | |||||||||||||||
Acquisitions of subsidiaries, net of cash acquired | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||
Acquisitions of investments in associates | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Payments to acquire other investments | — | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||
Proceeds from sale of operations, net of cash disposed | — | — | — | 14 | — | 14 | ||||||||||||||||||
Proceeds from intercompany investing activities | — | 105 | — | 224 | (329 | ) | — | |||||||||||||||||
Repayments of intercompany investing activities | (711 | ) | (138 | ) | (292 | ) | (101 | ) | 1,242 | — | ||||||||||||||
Net cash (used in) investing activities | (711 | ) | (58 | ) | (292 | ) | 47 | 913 | (101 | ) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||
Repayments of revolving credit facility | — | (90 | ) | — | — | — | (90 | ) | ||||||||||||||||
Senior notes issued | 794 | — | — | — | — | 794 | ||||||||||||||||||
Debt issuance costs | (7 | ) | — | (5 | ) | — | — | (12 | ) | |||||||||||||||
Repayments of debt | — | (411 | ) | (500 | ) | — | — | (911 | ) | |||||||||||||||
Proceeds from issue of term loan | — | — | 300 | — | — | 300 | ||||||||||||||||||
Make-whole on repurchase and redemption of senior notes | — | — | (158 | ) | — | — | (158 | ) | ||||||||||||||||
Proceeds from issue of shares | 60 | — | — | — | — | 60 | ||||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | — | — | 5 | — | 5 | ||||||||||||||||||
Dividends paid | (180 | ) | (47 | ) | — | (186 | ) | 233 | (180 | ) | ||||||||||||||
Acquisition of noncontrolling interests | — | (4 | ) | — | (5 | ) | — | (9 | ) | |||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | (13 | ) | — | (13 | ) | ||||||||||||||||
Proceeds from intercompany financing activities | — | 1,088 | — | 154 | (1,242 | ) | — | |||||||||||||||||
Repayments of intercompany financing activities | — | (32 | ) | (201 | ) | (96 | ) | 329 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 667 | 504 | (564 | ) | (141 | ) | (680 | ) | (214 | ) | ||||||||||||||
INCREASE IN CASH AND CASH EQUIVALENTS | — | 87 | — | 37 | — | 124 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | 76 | — | 240 | — | 316 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | — | $ | 163 | $ | — | $ | 273 | $ | — | $ | 436 | ||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly financial data | ' | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
(millions, except per share data) | ||||||||||||||||
2013 | ||||||||||||||||
Total revenues | $ | 1,051 | $ | 890 | $ | 795 | $ | 919 | ||||||||
Total expenses | (764 | ) | (719 | ) | (720 | ) | (767 | ) | ||||||||
Net income (loss) | 223 | 107 | (27 | ) | 74 | |||||||||||
Net income (loss) attributable to Willis Group Holdings | 219 | 105 | (27 | ) | 68 | |||||||||||
Earnings per share — continuing operations | ||||||||||||||||
— Basic | $ | 1.27 | $ | 0.6 | $ | (0.15 | ) | $ | 0.38 | |||||||
— Diluted | $ | 1.24 | $ | 0.59 | $ | (0.15 | ) | $ | 0.37 | |||||||
2012 | ||||||||||||||||
Total revenues | $ | 1,013 | $ | 842 | $ | 754 | $ | 871 | ||||||||
Total expenses | (696 | ) | (663 | ) | (684 | ) | (1,646 | ) | ||||||||
Net income (loss) | 232 | 110 | 26 | (801 | ) | |||||||||||
Net income (loss) attributable to Willis Group Holdings | 225 | 108 | 26 | (805 | ) | |||||||||||
Earnings per share — continuing operations | ||||||||||||||||
— Basic | $ | 1.29 | $ | 0.62 | $ | 0.15 | $ | (4.65 | ) | |||||||
— Diluted | $ | 1.28 | $ | 0.61 | $ | 0.15 | $ | (4.65 | ) | |||||||
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Depreciation on Buildings and Long Leaseholds, Term | '50 years | ' | ' |
Threshold for Amortization of Gain Loss on Defined Benefit Plan, Percent | 10.00% | ' | ' |
Basis of presentation and significant accounting policies (Textual) [Abstract] | ' | ' | ' |
Depreciation on buildings and long leaseholds | 'calculated over the lesser of 50Â years or the lease term. | ' | ' |
Unrecognized tax benefits that would be reclassified to deferred tax assets | $22 | ' | ' |
Depreciation on furniture and equipment | 'calculated based on a range of 3 to 10Â years. | ' | ' |
Goodwill impairment charge | $0 | ($492) | $0 |
Equity ownership | ' Company has an equity ownership in the voting stock of the investee between 20 and 50Â percent | ' | ' |
Tax benefit | 'greater than 50Â percent likely to be realized on settlement with the tax authority, assuming full knowledge of the position and all relevant facts. | ' | ' |
Minimum [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Depreciation on Furniture and Equipment, Term | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Depreciation on Furniture and Equipment, Term | '10 years | ' | ' |
Acquired client relationships | Minimum [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' |
Acquired client relationships | Maximum [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' | ' |
Non-compete Agreements | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Acquired trade names | Minimum [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | ' | ' |
Acquired trade names | Maximum [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '4 years | ' | ' |
Acquired other intangible assets | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' |
Employees_Details_1
Employees (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Person | Person | Person | |
Entity Number of Employees | 17,951 | 17,470 | 17,155 |
Salaries and benefits expense | ' | ' | ' |
Salaries and other compensation awards | $1,953 | $2,258 | $1,776 |
Share-based Compensation | 42 | 32 | 41 |
Severance costs | 32 | 6 | 89 |
Social security costs | 135 | 133 | 130 |
Retirement benefits — defined benefit plan (income) expense | -4 | 2 | 11 |
Retirement benefits — defined contribution plan expense | 49 | 44 | 40 |
Total salaries benefit expense | 2,207 | 2,475 | 2,087 |
Amortization and write-off of cash retention awards | $6 | $416 | $185 |
Global [Member] | ' | ' | ' |
Entity Number of Employees | 4,545 | 4,304 | 4,042 |
North America [Member] | ' | ' | ' |
Entity Number of Employees | 6,334 | 6,323 | 6,479 |
International [Member] | ' | ' | ' |
Entity Number of Employees | 7,072 | 6,843 | 6,634 |
Total Retail [Member] | ' | ' | ' |
Entity Number of Employees | 13,406 | 13,166 | 13,113 |
Employees_Details_2
Employees (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation Related Costs [Abstract] | ' | ' | ' |
Cash retention awards made | $12 | $221 | $210 |
Cash retention awards | ' | ' | ' |
Amortization of cash retention awards included in salaries and benefits | $6 | $216 | $185 |
Employees_Details_Textual
Employees (Details Textual) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Position | Position | |||||
Write off of unamortized cash retention awards | $0 | [1] | $200 | [1] | $0 | [1] |
Severance cost arising in normal course of business | 32 | 6 | 89 | |||
Operational Review | 29 | ' | ' | |||
Operational Review Severance Costs | 28 | ' | 89 | |||
Operational Review Average Number Of Positions Eliminated | 207 | ' | 1,200 | |||
Accrued annual incentive awards | ' | 252 | ' | |||
Unamortized cash retention awards | 15 | 9 | 196 | |||
Other Expense [Member] | ' | ' | ' | |||
Severance cost arising in normal course of business | $4 | $6 | $0 | |||
[1] | Write-off of unamortized cash retention award debtor following the decision to eliminate the repayment requirement on past awards. |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Option valuation assumptions | ' | ' | ' |
Expected volatility | 24.70% | 32.10% | 31.40% |
Expected dividends | 2.60% | 3.20% | 2.50% |
Expected life (years) | '4 years | '5 years | '6 years |
Risk-free interest rate | 1.50% | 0.90% | 2.20% |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 1) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | |
Summary of restricted stock unit activity under share based compensation plans | ' | ' | |
Shares, Balance beginning of year | 2,525,000 | ' | |
Weighted Average Grant Date Fair Value, Balance beginning of year | $33.80 | ' | |
Shares, Granted | 1,377,000 | ' | |
Weighted Average Grant Date Fair Value, Granted | $44.33 | ' | |
Shares, Vested | -874,000 | ' | |
Weighted Average Grant Date Fair Value, Vested | $34.02 | ' | |
Shares, Forfeited | -99,000 | ' | |
Weighted Average Grant Date Fair Value, Forfeited | $33.09 | ' | |
Shares, Balance end of year | 2,929,000 | ' | |
Weighted Average Grant Date Fair Value, Balance end of year | $38.71 | ' | |
Time Based Stock Options [Member] | ' | ' | |
Summary of option activity under share based compensation plans | ' | ' | |
Shares, Balance beginning of year | 10,152,000 | 9,200,000 | |
Weighted Average Exercise Price, Balance beginning of year | $33.44 | [1] | ' |
Options, Granted | 1,612,000 | ' | |
Weighted Average Exercise Price, Granted | $42.77 | [1] | ' |
Options, Exercised | -3,697,000 | ' | |
Weighted Average Exercise Price, Exercised | $32.10 | [1] | ' |
Options, Forfeited | -47,000 | ' | |
Weighted Average Exercise Price, Forfeited | $38.42 | [1] | ' |
Options, Expired | -37,000 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $26.68 | [1] | ' |
Shares, Balance end of year | 7,983,000 | 9,200,000 | |
Weighted Average Exercise Price, Balance end of year | $35.95 | [1] | ' |
Weighted Average Remaining Contractual Term, end of year | '4 years | ' | |
Aggregate Intrinsic Value, end of year | $71 | ' | |
Options vested or expected to vest at December 31, 2011 | 7,308,000 | ' | |
Weighted Average Exercise Price, Options vested or expected to vest at December 31,2011 | $35.99 | [1] | ' |
Weighted Average Remaining Contractual Term, Options vested or expected to vest at December 31,2011 | '4 years | ' | |
Aggregate Intrinsic Value, Options vested or expected to vest at December 31,2011 | 64 | ' | |
Options exercisable at December 31, 2011 | 3,976,000 | ' | |
Weighted Average Exercise Price, Options exercisable at December 31,2011 | $35.38 | [1] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '1 year | ' | |
Aggregate Intrinsic Value, Options Exercisable at December 31,2011 | 37 | ' | |
Performance Based Stock Options [Member] | ' | ' | |
Summary of option activity under share based compensation plans | ' | ' | |
Shares, Balance beginning of year | 6,517,000 | 7,300,000 | |
Weighted Average Exercise Price, Balance beginning of year | $32.19 | [1] | ' |
Options, Exercised | -1,111,000 | ' | |
Weighted Average Exercise Price, Exercised | $29.27 | [1] | ' |
Options, Forfeited | -146,000 | ' | |
Weighted Average Exercise Price, Forfeited | $32.40 | [1] | ' |
Shares, Balance end of year | 5,260,000 | 7,300,000 | |
Weighted Average Exercise Price, Balance end of year | $32.80 | [1] | ' |
Weighted Average Remaining Contractual Term, end of year | '4 years | ' | |
Aggregate Intrinsic Value, end of year | 63 | ' | |
Options vested or expected to vest at December 31, 2011 | 4,675,000 | ' | |
Weighted Average Exercise Price, Options vested or expected to vest at December 31,2011 | $32.61 | [1] | ' |
Weighted Average Remaining Contractual Term, Options vested or expected to vest at December 31,2011 | '4 years | ' | |
Aggregate Intrinsic Value, Options vested or expected to vest at December 31,2011 | 57 | ' | |
Options exercisable at December 31, 2011 | 2,716,000 | ' | |
Weighted Average Exercise Price, Options exercisable at December 31,2011 | $31.48 | [1] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years | ' | |
Aggregate Intrinsic Value, Options Exercisable at December 31,2011 | $36 | ' | |
[1] | Certain options are exercisable in pounds sterling and are converted to dollars using the exchange rate at December 31, 2013. |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of restricted stock units | 874,000 | ' | ' |
Share-based compensation | $42 | $32 | $41 |
Income tax benefit for share based compensation arrangements | 9 | 9 | 11 |
Cash received from option exercises | 155 | 53 | 60 |
Tax benefit realized from option exercises | 28 | 8 | 18 |
2012 Equity Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for grant under this plan | 13,776,935 | ' | ' |
Plan adoption date | 'April 25, 2012 | ' | ' |
Two Thousand Eight Share Purchase and Option Plan Member | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Plan adoption date | 'April 23, 2008 | ' | ' |
Plan expiry date | 25-Apr-12 | ' | ' |
2001 Share Purchase And Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Plan adoption date | 'May 3, 2001 | ' | ' |
Plan expiry date | 3-May-11 | ' | ' |
Employee Stock Purchase Plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Plan expiry date | 31-May-11 | ' | ' |
Two Thousand Ten North America Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Plan expiry date | 31-May-20 | ' | ' |
Time Based Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant-date fair value | $7.74 | $6.98 | $9.49 |
Intrinsic value of options exercised | 32 | 8 | 17 |
Unrecognized compensation cost related to nonvested share-based compensation | 20 | ' | ' |
Weighted average period in which cost is expected to be recognized | '2 years | ' | ' |
Performance Based Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average grant-date fair value | ' | $7.61 | $10.26 |
Intrinsic value of options exercised | 14 | 5 | 1 |
Unrecognized compensation cost related to nonvested share-based compensation | 7 | ' | ' |
Weighted average period in which cost is expected to be recognized | '1 year | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation cost related to nonvested share-based compensation | $82 | ' | ' |
Weighted average period in which cost is expected to be recognized | '3 years | ' | ' |
Number of restricted stock units | 873,670 | 408,005 | ' |
Average share price | $41.10 | $35.82 | ' |
Auditors_Remuneration_Details
Auditors' Remuneration (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Analysis of auditor's remuneration | ' | ' | ' |
Audit of group consolidated financial statements | $4 | $4 | $4 |
Other assurance services | 3 | 3 | 3 |
Other non-audit services | 1 | 1 | 1 |
Total auditors’ remuneration | $8 | $8 | $8 |
Net_Loss_Gain_on_Disposal_of_O1
Net (Loss) Gain on Disposal of Operations (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Net (loss) gain on disposal of operations | $4 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from continuing operations before income taxes and interest in earnings of associates by location of taxing jurisdiction | ' | ' | ' |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $499 | ($337) | $239 |
Current income taxes: | ' | ' | ' |
US federal tax | 7 | 3 | 5 |
US state and local taxes | 3 | 1 | 1 |
UK corporation tax | 28 | 2 | -37 |
Other jurisdictions | 45 | 41 | 46 |
Total current taxes | 83 | 47 | 15 |
Deferred taxes: | ' | ' | ' |
US federal tax | 10 | -44 | -6 |
US state and local taxes | 1 | -41 | 1 |
Effect of additional US valuation allowance | 2 | 113 | 0 |
UK corporation tax | 17 | 27 | 20 |
Other jurisdictions | 9 | -1 | 2 |
Total deferred taxes | 39 | 54 | 17 |
Total income tax | 122 | 101 | 32 |
Ireland | ' | ' | ' |
Income from continuing operations before income taxes and interest in earnings of associates by location of taxing jurisdiction | ' | ' | ' |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | -52 | -47 | -39 |
US | ' | ' | ' |
Income from continuing operations before income taxes and interest in earnings of associates by location of taxing jurisdiction | ' | ' | ' |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | -11 | -615 | -25 |
UK | ' | ' | ' |
Income from continuing operations before income taxes and interest in earnings of associates by location of taxing jurisdiction | ' | ' | ' |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | 282 | 25 | -58 |
Other jurisdictions | ' | ' | ' |
Income from continuing operations before income taxes and interest in earnings of associates by location of taxing jurisdiction | ' | ' | ' |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $280 | $300 | $361 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation between US federal income taxes at the statutory rate and the Company's provision for income taxes on continuing operations | ' | ' | ' |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $499 | ($337) | $239 |
US federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Income tax expense at US federal tax rate | 175 | -118 | 84 |
Adjustments to derive effective rate: | ' | ' | ' |
Non-deductible expenditure | 19 | 15 | 15 |
Tax impact of internal restructurings | 11 | 0 | 0 |
Movement in provision for non-current taxes | -1 | 6 | 3 |
Impairment of non-qualifying goodwill | 0 | 137 | 0 |
Impact of change in tax rate on deferred tax balances | -4 | -3 | -3 |
Adjustment in respect of prior periods | 1 | 6 | -13 |
Effect of foreign exchange and other differences | 1 | 2 | 1 |
Changes in valuation allowances applied to deferred tax assets | 0 | 114 | 5 |
Net tax effect of intra-group items | -30 | -31 | -31 |
Tax differentials of foreign earnings: | ' | ' | ' |
UK earnings | -54 | -12 | -31 |
Other jurisdictions and US state taxes | 4 | -15 | 2 |
Total income tax | $122 | $101 | $32 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Deferred tax assets: | ' | ' | ' | ' |
Accrued expenses not currently deductible | $153 | $120 | ' | ' |
US state net operating losses | 70 | 64 | ' | ' |
US federal net operating losses | 0 | 28 | ' | ' |
UK net operating losses | 3 | 0 | ' | ' |
Other net operating losses | 5 | 8 | ' | ' |
UK capital losses | 43 | 42 | ' | ' |
Accrued retirement benefits | 47 | 101 | ' | ' |
Deferred compensation | 37 | 48 | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 25 | 40 | ' | ' |
Gross deferred tax assets | 383 | 451 | ' | ' |
Less: valuation allowance | -196 | -221 | -102 | -87 |
Net deferred tax assets | 187 | 230 | ' | ' |
Deferred tax liabilities: | ' | ' | ' | ' |
Cost of intangible assets, net of related amortization | 120 | 118 | ' | ' |
Cost of tangible assets, net of related amortization | 44 | 51 | ' | ' |
Deferred Tax Liabilities, Prepaid Expenses | 56 | 35 | ' | ' |
Accrued revenue not currently taxable | 23 | 29 | ' | ' |
Cash retention award | 0 | 2 | ' | ' |
Tax-leasing transactions | 0 | 1 | ' | ' |
Financial derivative transactions | 3 | 2 | ' | ' |
Deferred tax liabilities | 246 | 238 | ' | ' |
Net deferred tax (liability) asset | -59 | -8 | ' | ' |
Current: | ' | ' | ' | ' |
Deferred tax assets | 15 | 13 | ' | ' |
Deferred tax liabilities | -25 | -21 | ' | ' |
Net current deferred tax assets | -10 | -8 | ' | ' |
Non-current: | ' | ' | ' | ' |
Deferred tax assets | 7 | 18 | ' | ' |
Deferred tax liabilities | -56 | -18 | ' | ' |
Net non-current deferred tax liabilities | -49 | 0 | ' | ' |
Net deferred tax (liability) asset | ($59) | ($8) | ' | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary valuation allowances | ' | ' | ' |
Beginning balance | $221 | $102 | $87 |
Additions/ (releases) charged to costs and expenses | 15 | 110 | 0 |
Other movements | -40 | 12 | 15 |
Foreign exchange differences | 0 | -3 | 0 |
Ending balance | $196 | $221 | $102 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | $9 | $8 | $0 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0 | 16 | 0 |
Reconciliation of the beginning and ending amounts of unrecognized tax benefits | ' | ' | ' |
Beginning balance | 37 | 16 | 13 |
Reductions due to a lapse of the applicable statute of limitation | -5 | -3 | 0 |
Other movements | 0 | 0 | 3 |
Ending balance | $41 | $37 | $16 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $0 | $114 | $5 | ' |
Deferred tax assets from equity compensation greater than compensation recognized for financial reporting | 8 | ' | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 25 | 40 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 12 | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' | ' |
US federal statutory income tax rate | 35.00% | 35.00% | 35.00% | ' |
Valuation allowances to reduce deferred tax assets to estimated realizable value | 196 | 221 | 102 | 87 |
Deferred tax assets net of valuation allowance | 187 | 230 | ' | ' |
Unrecognized Tax Benefits | 41 | 37 | 16 | 13 |
Approximate tax benefits to be recognized relating to release of provisions no longer required | 1 | ' | ' | ' |
Ireland | ' | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' | ' |
Ireland federal statutory income tax rate | 25.00% | ' | ' | ' |
UK | ' | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' | ' |
Valuation allowances relating to deferred tax assets arising from UK other net operating losses | 4 | ' | ' | ' |
Valuation allowances relating to deferred tax assets arising from UK capital loss carryforwards | 43 | ' | ' | ' |
US | ' | ' | ' | ' |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' | ' |
Valuation allowances to reduce deferred tax assets to estimated realizable value | $149 | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (Global Special Risks [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
Global Special Risks [Member] | ' |
Discontinued Operations (Additional Textual) [Abstract] | ' |
Gain net of tax | $2 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic and diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $68 | ($27) | $105 | $219 | ($805) | $26 | $108 | $225 | $365 | ($446) | $204 |
Basic average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 176 | 173 | 173 |
Dilutive effect of potentially issuable shares | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 0 | 3 |
Diluted average number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 179 | 173 | 176 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
— Continuing operations | $0.38 | ($0.15) | $0.60 | $1.27 | ($4.65) | $0.15 | $0.62 | $1.29 | $2.07 | ($2.58) | $1.17 |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.01 |
Dilutive effect of potentially issuable shares | ' | ' | ' | ' | ' | ' | ' | ' | ($0.03) | $0 | ($0.02) |
Net (loss) income attributable to Willis Group Holdings shareholders, Basic | ' | ' | ' | ' | ' | ' | ' | ' | $2.07 | ($2.58) | $1.18 |
Diluted Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
— Continuing operations | $0.37 | ($0.15) | $0.59 | $1.24 | ($4.65) | $0.15 | $0.61 | $1.28 | $2.04 | ($2.58) | $1.15 |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.01 |
Net (loss) income attributable to Willis Group Holdings shareholders, Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $2.04 | ($2.58) | $1.16 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | 12 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Time Based Stock Options [Member] | Time Based Stock Options [Member] | Time Based Stock Options [Member] | Performance Based Stock Options [Member] | Performance Based Stock Options [Member] | Performance Based Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted stock units [Member] | Restricted stock units [Member] | Share options [Member] | Share options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, options outstanding | ' | 7,983 | 10,152 | 9,200 | 5,260 | 6,517 | 7,300 | 2,929 | 1,200 | ' | ' | ' | ' |
Antidilutive stock options | 4,100 | ' | ' | ' | ' | ' | ' | ' | ' | 1,300 | 2,525 | 2,100 | 16,700 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | CBC Broker Srl [Member] [Member] | Prime Professions [Member] | Avalon Actuarial Inc [Member] | Avalon Actuarial Inc [Member] | Acquired trade names | Acquired trade names | Non-compete Agreements | Non-compete Agreements | Non-compete Agreements | Acquired client relationships | Acquired client relationships | |||
Prime Professions [Member] | Avalon Actuarial Inc [Member] | Prime Professions [Member] | Avalon Actuarial Inc [Member] | Prime Professions [Member] | Avalon Actuarial Inc [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | $1 | $29 | $25 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional consideration up to | ' | ' | ' | ' | 2 | 5 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | 17 | ' | 20 | ' | ' | ' | ' | ' | 16 | 17 |
Acquired intangible assets, expected life | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '5 years | '8 years | '5 years | '15 years | '14 years |
Goodwill | $2,838 | $2,827 | $3,295 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | $9 |
Fiduciary_Assets_Details
Fiduciary Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fiduciary Assets [Abstract] | ' | ' |
Time deposits constituting Fiduciary funds | $1,662 | $1,796 |
Fixed_Assets_Net_Details
Fixed Assets, Net (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Depreciation | ($94) | ($79) | ($74) | ||
Analysis of fixed asset activity | ' | ' | ' | ||
Cost : Beginning Balance | 881 | 792 | ' | ||
Additions | 112 | 135 | ' | ||
Disposals | -50 | -63 | ' | ||
Foreign exchange | 6 | 17 | ' | ||
Cost : Ending Balance | 949 | 881 | 792 | ||
Depreciation: Beginning Balance | -413 | -386 | ' | ||
Disposals | -42 | -60 | ' | ||
Foreign exchange | -3 | -8 | ' | ||
Depreciation: Ending Balance | -468 | -413 | -386 | ||
Net book value | 468 | ' | ' | ||
Net book value | 481 | 468 | ' | ||
Land and buildings (i) | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Depreciation | -3 | [1] | -3 | [1] | ' |
Analysis of fixed asset activity | ' | ' | ' | ||
Cost : Beginning Balance | 78 | [1] | 73 | [1] | ' |
Additions | 10 | [1] | 3 | [1] | ' |
Disposals | 0 | [1] | 0 | [1] | ' |
Foreign exchange | 1 | [1] | 2 | [1] | ' |
Cost : Ending Balance | 89 | [1] | 78 | [1] | ' |
Depreciation: Beginning Balance | -32 | [1] | -28 | [1] | ' |
Disposals | 0 | [1] | 0 | [1] | ' |
Foreign exchange | -1 | [1] | -1 | [1] | ' |
Depreciation: Ending Balance | -36 | [1] | -32 | [1] | ' |
Net book value | 46 | [1] | ' | ' | |
Net book value | 53 | [1] | 46 | [1] | ' |
Leasehold improvements | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Depreciation | -18 | -17 | ' | ||
Analysis of fixed asset activity | ' | ' | ' | ||
Cost : Beginning Balance | 227 | 210 | ' | ||
Additions | 22 | 16 | ' | ||
Disposals | -7 | -4 | ' | ||
Foreign exchange | 0 | 5 | ' | ||
Cost : Ending Balance | 242 | 227 | ' | ||
Depreciation: Beginning Balance | -75 | -61 | ' | ||
Disposals | -6 | -4 | ' | ||
Foreign exchange | 0 | -1 | ' | ||
Depreciation: Ending Balance | -87 | -75 | ' | ||
Net book value | 152 | ' | ' | ||
Net book value | 155 | 152 | ' | ||
Furniture and equipment | ' | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ||
Depreciation | -73 | -59 | ' | ||
Analysis of fixed asset activity | ' | ' | ' | ||
Cost : Beginning Balance | 576 | 509 | ' | ||
Additions | 80 | 116 | ' | ||
Disposals | -43 | -59 | ' | ||
Foreign exchange | 5 | 10 | ' | ||
Cost : Ending Balance | 618 | 576 | ' | ||
Depreciation: Beginning Balance | -306 | -297 | ' | ||
Disposals | -36 | -56 | ' | ||
Foreign exchange | -2 | -6 | ' | ||
Depreciation: Ending Balance | -345 | -306 | ' | ||
Net book value | 270 | ' | ' | ||
Net book value | $273 | $270 | ' | ||
[1] | Included within land and buildings are assets held under capital leases: At December 31, 2013, cost and accumulated depreciation were $31 million and $6 million respectively (2012: $25 million and $4 million, respectively; 2011: $23 million and $2 million respectively). Depreciation in the year ended December 31, 2013 was $2 million (2012: $1 million; 2011: $1 million). |
Fixed_Assets_Net_Details_Textu
Fixed Assets, Net (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fixed Assets (Textual) [Abstract] | ' | ' | ' |
Cost | $949 | $881 | $792 |
Accumulated depreciation | 468 | 413 | 386 |
Depreciation expense | 94 | 79 | 74 |
Assets Held under Capital Leases [Member] | ' | ' | ' |
Fixed Assets (Textual) [Abstract] | ' | ' | ' |
Cost | 31 | 25 | 23 |
Accumulated depreciation | 6 | 4 | 2 |
Depreciation, Depletion and Amortization | $2 | $1 | $1 |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Global | Global | Global | North America | North America | North America | North America | International | International | International | ||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Goodwill, Gross | $3,330 | $3,319 | $3,295 | $1,145 | $1,127 | $1,122 | $1,776 | $1,776 | $1,792 | $1,782 | $409 | $400 | $391 | ||||
Accumulated impairment losses | -492 | -492 | 0 | 0 | 0 | 0 | -492 | -492 | -492 | 0 | 0 | 0 | 0 | ||||
Changes in the carrying amount of goodwill by operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Goodwill, Beginning Balance | 2,827 | 3,295 | ' | 1,127 | 1,122 | ' | ' | 1,300 | 1,782 | ' | 400 | 391 | ' | ||||
Purchase price allocation adjustments | -1 | 2 | ' | 0 | 0 | ' | ' | -1 | 0 | ' | 0 | 2 | ' | ||||
Goodwill acquired during the year | 16 | 12 | ' | 15 | 0 | ' | ' | 0 | 10 | ' | 1 | 2 | ' | ||||
Goodwill disposed of during the year | -14 | -1 | ' | 0 | 0 | ' | ' | -14 | 0 | ' | 0 | -1 | ' | ||||
Goodwill impairment charge | 0 | -492 | 0 | ' | 0 | ' | -492 | ' | -492 | ' | ' | 0 | ' | ||||
Foreign exchange | 11 | 11 | ' | 3 | 5 | ' | ' | 0 | 0 | ' | 8 | 6 | ' | ||||
Other movements | -1 | [1] | ' | ' | 0 | [1] | ' | ' | ' | -1 | [1] | ' | ' | 0 | [1] | ' | ' |
Goodwill, Ending Balance | 2,838 | 2,827 | 3,295 | 1,145 | 1,127 | ' | 1,284 | 1,284 | 1,300 | ' | 409 | 400 | ' | ||||
Tax benefit arising on exercise of fully vested stock options | ' | ' | ' | ' | ' | ' | ' | $1 | $0 | ' | ' | ' | ' | ||||
[1] | North America — $1 million (2012: $nil) tax benefit arising on the exercise of fully vested HRH stock options which were issued as part of the acquisition of HRH in 2008. |
Other_Intangible_Assets_Net_De
Other Intangible Assets, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary of major classes of amortizable intangible assets | ' | ' |
Gross carrying amount | $685 | $738 |
Accumulated amortization | -332 | -353 |
Total | 353 | 385 |
Total Customer and Marketing Related [Member] | ' | ' |
Summary of major classes of amortizable intangible assets | ' | ' |
Gross carrying amount | 680 | 734 |
Accumulated amortization | -329 | -351 |
Total | 351 | 383 |
Client Relationships | ' | ' |
Summary of major classes of amortizable intangible assets | ' | ' |
Gross carrying amount | 671 | 717 |
Accumulated amortization | -326 | -340 |
Total | 345 | 377 |
Client Lists | ' | ' |
Summary of major classes of amortizable intangible assets | ' | ' |
Gross carrying amount | 3 | 3 |
Accumulated amortization | -1 | -1 |
Total | 2 | 2 |
Non-compete Agreements | ' | ' |
Summary of major classes of amortizable intangible assets | ' | ' |
Gross carrying amount | 4 | 3 |
Accumulated amortization | -1 | 0 |
Total | 3 | 3 |
Acquired trade names | ' | ' |
Summary of major classes of amortizable intangible assets | ' | ' |
Gross carrying amount | 2 | 11 |
Accumulated amortization | -1 | -10 |
Total | 1 | 1 |
Other Intangible Assets [Member] | ' | ' |
Summary of major classes of amortizable intangible assets | ' | ' |
Gross carrying amount | 5 | 4 |
Accumulated amortization | -3 | -2 |
Total | $2 | $2 |
Other_Intangible_Assets_Net_De1
Other Intangible Assets, Net (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Estimated aggregate amortization of intangible assets for each of the next five years | ' | ' | ' |
2014 | $50 | ' | ' |
2015 | 43 | ' | ' |
2016 | 38 | ' | ' |
2017 | 33 | ' | ' |
2018 | 29 | ' | ' |
Thereafter | 160 | ' | ' |
Total | 353 | 385 | ' |
Aggregate amortization of intangible assets | $55 | $59 | $68 |
Investments_in_Associates_Deta
Investments in Associates (Details) | Dec. 17, 2009 | Dec. 31, 1997 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Al-Futtaim Willis Co. L.L.C. | Al-Futtaim Willis Co. L.L.C. | GS & Cie Groupe | GS & Cie Groupe | |||
The Company's approximate interest in the outstanding stock of the more significant associates | ' | ' | ' | ' | ' | ' |
Percentage owned by Group | 30.00% | 33.00% | 49.00% | 49.00% | 30.00% | 30.00% |
Investments_in_Associates_Deta1
Investments in Associates (Details 1) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed statements of operations data: | ' | ' | ' | |||
Total revenues | $502 | [1] | $497 | [1] | $527 | [1] |
Income (loss) before income taxes | -48 | [1] | -17 | [1] | 5 | [1] |
Net income | -36 | [1] | -14 | [1] | -2 | [1] |
Condensed balance sheets data: | ' | ' | ' | |||
Total assets | 1,685 | [1] | 1,670 | [1] | 1,882 | [1] |
Total liabilities | 1,611 | [1] | 1,559 | [1] | 1,736 | [1] |
Stockholders' equity | $74 | [1] | $111 | [1] | $146 | [1] |
[1] | Disclosure is based on the Company’s best estimate of the results of its associates and is subject to change upon receipt of their financial statements for 2013. |
Recovered_Sheet1
Investments In Associates (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 17, 2009 | Dec. 31, 1997 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage owned by Group | ' | ' | ' | ' | 30.00% | 33.00% |
Goodwill | ' | $2,838 | $2,827 | $3,295 | ' | ' |
Investments in Associates (Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
Resultant equity interest percentage as a result of a series of incremental investments | ' | ' | ' | 49.00% | ' | ' |
Voting rights of Shareholder on its board | ' | ' | ' | ' | 33.00% | ' |
Potential shareholding if put option is exercised | 90.00% | ' | ' | ' | ' | ' |
Potential shareholding if call option is exercised | ' | 100.00% | ' | ' | ' | ' |
Reduction of interest in Gras Savoye | ' | '49 percent to 31 percent | ' | '49 percent to 31 percent | ' | ' |
Gain on disposal of discontinued operations, net of tax | ' | ' | ' | 4 | ' | ' |
Interest bearing vendor loans By Gras Savoye | ' | 46 | 47 | ' | ' | ' |
Convertible Bonds Issued By Gras Savoye | ' | 110 | 96 | ' | ' | ' |
Dividends received from associates | ' | 3 | 3 | 4 | ' | ' |
Gras Savoye [Member] | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage owned by Group | ' | ' | 30.00% | 31.00% | ' | ' |
Goodwill | ' | $84 | $83 | ' | ' | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other current assets | ' | ' |
Prepayments and accrued income | $73 | $61 |
Income taxes receivable | 32 | 50 |
Deferred Compensation Plan Assets Current | 26 | 12 |
Other receivables | 66 | 58 |
Total other current assets | 197 | 181 |
Other non-current assets | ' | ' |
Prepayments and accrued income | 16 | 24 |
Deferred compensation plan assets | 88 | 97 |
Income Taxes Receivable, Noncurrent | 21 | 12 |
Accounts Receivable, Net, Noncurrent | 28 | 25 |
Investments and Other Noncurrent Assets | 19 | 12 |
Other receivables | 34 | 36 |
Total other non-current assets | 206 | 206 |
Total other assets | $403 | $387 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other current liabilities | ' | ' |
Accounts payable | $123 | $88 |
Accrued dividends payable | 51 | 47 |
Other taxes payable | 51 | 44 |
Deferred Compensation Liability, Current | 26 | 12 |
Accrued Rent, Current | 12 | 9 |
Other payables | 152 | 127 |
Total other current liabilities | 415 | 327 |
Other non-current liabilities | ' | ' |
Incentives from lessors | 183 | 173 |
Deferred compensation plan liability | 89 | 101 |
Taxes Payable | 40 | 33 |
Other payables | 62 | 68 |
Total other non-current liabilities | 374 | 375 |
Total other liabilities | $789 | $702 |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Provision for Liabilities | ' | ' | ' |
Beginning balance | $14 | $13 | $12 |
Additions/ (releases) charged to costs and expenses | 3 | 16 | 4 |
Deductions / Other movements | -4 | -15 | -3 |
Foreign exchange differences | ' | ' | ' |
Ending balance | $13 | $14 | $13 |
Pension_Plans_Details
Pension Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in plan assets | ' | ' | ' |
Employer contributions | ($150) | ($143) | ($135) |
Components on the Consolidated Balance Sheets | ' | ' | ' |
Pension benefits asset | 278 | 136 | ' |
Liability for pension benefits | -136 | -282 | ' |
UK Pension Benefits | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation, beginning of year | 2,582 | 2,217 | ' |
Service cost | 37 | 35 | 36 |
Interest cost | 109 | 108 | 106 |
Employee contributions | 2 | 2 | ' |
Actuarial loss (gain) | 79 | 186 | ' |
Benefits paid | -78 | -77 | ' |
Foreign currency changes | 54 | 111 | ' |
Benefit obligations, end of year | 2,785 | 2,582 | 2,217 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 2,716 | 2,353 | ' |
Actual return on plan assets | 255 | 226 | ' |
Employee contributions | 2 | 2 | ' |
Employer contributions | 100 | 92 | ' |
Benefits paid | -78 | -77 | ' |
Foreign currency changes | 66 | 120 | ' |
Fair value of plan assets, end of year | 3,061 | 2,716 | 2,353 |
Funded status at end of year | 276 | 134 | ' |
Components on the Consolidated Balance Sheets | ' | ' | ' |
Pension benefits asset | 276 | 134 | ' |
Liability for pension benefits | 0 | 0 | ' |
US Pension Benefits | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation, beginning of year | 958 | 895 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 38 | 41 | 41 |
Employee contributions | 0 | 0 | ' |
Actuarial loss (gain) | -81 | 71 | ' |
Benefits paid | -51 | -49 | ' |
Foreign currency changes | 0 | 0 | ' |
Benefit obligations, end of year | 864 | 958 | 895 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 708 | 637 | ' |
Actual return on plan assets | 60 | 80 | ' |
Employee contributions | 0 | 0 | ' |
Employer contributions | 40 | 40 | ' |
Benefits paid | -51 | -49 | ' |
Foreign currency changes | 0 | 0 | ' |
Fair value of plan assets, end of year | 757 | 708 | 637 |
Funded status at end of year | -107 | -250 | ' |
Components on the Consolidated Balance Sheets | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Liability for pension benefits | ($107) | ($250) | ' |
Pension_Plans_Details_1
Pension Plans (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
UK Pension Benefits | ' | ' |
Amounts recognized in accumulated other comprehensive loss | ' | ' |
Net actuarial loss | $815 | $831 |
Prior service gain | -24 | -29 |
US Pension Benefits | ' | ' |
Amounts recognized in accumulated other comprehensive loss | ' | ' |
Net actuarial loss | 233 | 332 |
Prior service gain | $0 | $0 |
Pension_Plans_Details_2
Pension Plans (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of net periodic benefit cost | ' | ' | ' |
Net periodic benefit cost (income) | ($4) | $2 | $11 |
Net actuarial loss (gain) | -83 | 203 | 303 |
Amortization of unrecognized actuarial loss, Before tax amount | -55 | -47 | -34 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 0 | 0 | -10 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ' | ' | ' |
Prior service gain | 5 | 6 | 5 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -118 | 193 | 256 |
UK Pension Benefits | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 37 | 35 | 36 |
Interest cost | 109 | 108 | 106 |
Expected return on plan assets | -191 | -181 | -161 |
Amortization of unrecognized prior service gain | -5 | -6 | -5 |
Amortization of unrecognized actuarial loss | 45 | 39 | 30 |
Net periodic benefit cost (income) | -5 | -5 | 6 |
Net actuarial loss (gain) | 15 | 141 | 164 |
Amortization of unrecognized actuarial loss, Before tax amount | -45 | -39 | -30 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 0 | 0 | -10 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ' | ' | ' |
Prior service gain | 5 | 6 | 5 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | -24 | -29 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -25 | 108 | 129 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | -30 | 103 | 135 |
US Pension Benefits | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 38 | 41 | 41 |
Expected return on plan assets | -51 | -46 | -44 |
Amortization of unrecognized prior service gain | 0 | 0 | 0 |
Amortization of unrecognized actuarial loss | 9 | 8 | 3 |
Net periodic benefit cost (income) | -4 | 3 | 0 |
Net actuarial loss (gain) | -90 | 37 | 137 |
Amortization of unrecognized actuarial loss, Before tax amount | -9 | -8 | -3 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Arising During Period, before Tax | 0 | 0 | 0 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ' | ' | ' |
Prior service gain | 0 | 0 | 0 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | 0 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | -99 | 29 | 134 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | ($103) | $32 | $134 |
Pension_Plans_Details_3
Pension Plans (Details 3) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
UK Pension Benefits | ' |
Estimated net loss and prior service cost to be amortized from accumulated other comprehensive loss into net periodic benefit cost | ' |
Estimated net loss | $42 |
Prior service gain | -3 |
US Pension Benefits | ' |
Estimated net loss and prior service cost to be amortized from accumulated other comprehensive loss into net periodic benefit cost | ' |
Estimated net loss | 6 |
Prior service gain | $0 |
Pension_Plans_Details_4
Pension Plans (Details 4) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
UK Pension Benefits | ' | ' |
Weighted-average assumptions to determine benefit obligations: | ' | ' |
Discount rate | 4.40% | 4.40% |
Rate of compensation increase | 3.20% | 2.30% |
Weighted-average assumptions to determine net periodic benefit cost: | ' | ' |
Discount rate | 4.40% | 4.80% |
Expected return on plan assets | 7.30% | 7.50% |
Rate of compensation increase | 2.30% | 2.10% |
US Pension Benefits | ' | ' |
Weighted-average assumptions to determine benefit obligations: | ' | ' |
Discount rate | 4.80% | 4.10% |
Weighted-average assumptions to determine net periodic benefit cost: | ' | ' |
Discount rate | 4.10% | 4.60% |
Expected return on plan assets | 7.30% | 7.30% |
Pension_Plans_Details_5
Pension Plans (Details 5) | Dec. 31, 2013 | Dec. 31, 2012 |
UK Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 100.00% | 100.00% |
US Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 100.00% | 100.00% |
Equity securities | UK Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 36.00% | 41.00% |
Equity securities | US Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 52.00% | 49.00% |
Debt securities | UK Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 38.00% | 37.00% |
Debt securities | US Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 46.00% | 50.00% |
Hedge funds | UK Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 17.00% | 17.00% |
Hedge funds | US Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 0.00% | 0.00% |
Real estate | UK Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 3.00% | 3.00% |
Real estate | US Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 0.00% | 0.00% |
Cash | UK Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 6.00% | 2.00% |
Cash | US Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 0.00% | 0.00% |
Other | UK Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 0.00% | 0.00% |
Other | US Pension Benefits | ' | ' |
Pension plan asset allocations based on fair values: | ' | ' |
Plan assets | 2.00% | 1.00% |
Pension_Plans_Details_6
Pension Plans (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
UK Pension Plan [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | $3,061 | $2,716 | $2,353 |
UK Pension Plan [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 3,061 | 2,716 | ' |
UK Pension Plan [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 2,021 | 1,688 | ' |
UK Pension Plan [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 371 | 521 | ' |
UK Pension Plan [Member] | Level 3 | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 669 | 507 | 476 |
UK Pension Plan [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 669 | 507 | ' |
UK Pension Plan [Member] | US equities | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 740 | 600 | ' |
UK Pension Plan [Member] | US equities | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 659 | 492 | ' |
UK Pension Plan [Member] | US equities | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 81 | 108 | ' |
UK Pension Plan [Member] | US equities | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | UK equities | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 256 | 376 | ' |
UK Pension Plan [Member] | UK equities | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 239 | 317 | ' |
UK Pension Plan [Member] | UK equities | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 17 | 59 | ' |
UK Pension Plan [Member] | UK equities | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Other equities | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 103 | 125 | ' |
UK Pension Plan [Member] | Other equities | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 40 | 28 | ' |
UK Pension Plan [Member] | Other equities | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 63 | 97 | ' |
UK Pension Plan [Member] | Other equities | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | US Government bonds | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 31 | 11 | ' |
UK Pension Plan [Member] | US Government bonds | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 31 | 11 | ' |
UK Pension Plan [Member] | US Government bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | US Government bonds | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | UK Government bonds | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 656 | 625 | ' |
UK Pension Plan [Member] | UK Government bonds | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 656 | 625 | ' |
UK Pension Plan [Member] | UK Government bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | UK Government bonds | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Other Government bonds | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 107 | 13 | ' |
UK Pension Plan [Member] | Other Government bonds | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 7 | 13 | ' |
UK Pension Plan [Member] | Other Government bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Other Government bonds | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 100 | 0 | ' |
UK Pension Plan [Member] | UK corporate bonds | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 75 | 112 | ' |
UK Pension Plan [Member] | UK corporate bonds | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 75 | 112 | ' |
UK Pension Plan [Member] | UK corporate bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | UK corporate bonds | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | All Other Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 151 | 29 | ' |
UK Pension Plan [Member] | All Other Corporate Bonds [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 151 | 29 | ' |
UK Pension Plan [Member] | All Other Corporate Bonds [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | All Other Corporate Bonds [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Derivatives | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 154 | 217 | ' |
UK Pension Plan [Member] | Derivatives | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Derivatives | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 154 | 217 | ' |
UK Pension Plan [Member] | Derivatives | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Real estate | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 92 | 76 | ' |
UK Pension Plan [Member] | Real estate | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Real estate | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Real estate | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 92 | 76 | ' |
UK Pension Plan [Member] | Cash | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 163 | 53 | ' |
UK Pension Plan [Member] | Cash | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 163 | 53 | ' |
UK Pension Plan [Member] | Cash | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Cash | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Hedge funds | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 505 | 458 | ' |
UK Pension Plan [Member] | Hedge funds | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK Pension Plan [Member] | Hedge funds | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 28 | 27 | ' |
UK Pension Plan [Member] | Hedge funds | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 477 | 431 | ' |
UK Pension Plan [Member] | Other Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 28 | 21 | ' |
UK Pension Plan [Member] | Other Other Investments [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 8 | ' |
UK Pension Plan [Member] | Other Other Investments [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 28 | 13 | ' |
UK Pension Plan [Member] | Other Other Investments [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 757 | 708 | 637 |
US Pension Plan [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 757 | 708 | ' |
US Pension Plan [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 303 | 297 | ' |
US Pension Plan [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 454 | 411 | ' |
US Pension Plan [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | US equities | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 245 | 222 | ' |
US Pension Plan [Member] | US equities | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 120 | 144 | ' |
US Pension Plan [Member] | US equities | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 125 | 78 | ' |
US Pension Plan [Member] | US equities | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Other equities | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 149 | 125 | ' |
US Pension Plan [Member] | Other equities | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 116 | 98 | ' |
US Pension Plan [Member] | Other equities | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 33 | 27 | ' |
US Pension Plan [Member] | Other equities | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | US Government bonds | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 55 | 69 | ' |
US Pension Plan [Member] | US Government bonds | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | US Government bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 55 | 69 | ' |
US Pension Plan [Member] | US Government bonds | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Mortgage backed securities | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 12 | 13 | ' |
US Pension Plan [Member] | Mortgage backed securities | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Mortgage backed securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 12 | 13 | ' |
US Pension Plan [Member] | Mortgage backed securities | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Other Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 15 | 9 | ' |
US Pension Plan [Member] | Other Other Investments [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 9 | 3 | ' |
US Pension Plan [Member] | Other Other Investments [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 6 | 6 | ' |
US Pension Plan [Member] | Other Other Investments [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Domestic Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 151 | 144 | ' |
US Pension Plan [Member] | Domestic Corporate Debt Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Domestic Corporate Debt Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 151 | 144 | ' |
US Pension Plan [Member] | Domestic Corporate Debt Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Fixed Income Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 100 | 91 | ' |
US Pension Plan [Member] | Fixed Income Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 58 | 52 | ' |
US Pension Plan [Member] | Fixed Income Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 42 | 39 | ' |
US Pension Plan [Member] | Fixed Income Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Municipal Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 30 | 35 | ' |
US Pension Plan [Member] | Municipal Bonds [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US Pension Plan [Member] | Municipal Bonds [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 30 | 35 | ' |
US Pension Plan [Member] | Municipal Bonds [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | $0 | $0 | ' |
Pension_Plans_Details_7
Pension Plans (Details 7) (UK Pension Plan [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in the UK pension plan's Level 3 assets | ' | ' | ' |
Benefit obligations, end of year | $2,785 | $2,582 | $2,217 |
Foreign currency changes | 66 | 120 | ' |
Level 3 | ' | ' | ' |
Changes in the UK pension plan's Level 3 assets | ' | ' | ' |
Purchases, sales, issuances and settlements, net | 121 | -2 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 29 | 17 | ' |
Foreign currency changes | $12 | $16 | ' |
Pension_Plans_Details_8
Pension Plans (Details 8) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
UK Pension Plan [Member] | ' |
Expected future benefit payments | ' |
2014 | $84 |
2015 | 88 |
2016 | 89 |
2017 | 93 |
2018 | 94 |
2019-2023 | 518 |
US Pension Plan [Member] | ' |
Expected future benefit payments | ' |
2014 | 38 |
2015 | 42 |
2016 | 44 |
2017 | 46 |
2018 | 49 |
2019-2023 | $271 |
Pension_Plans_Details_9
Pension Plans (Details 9) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in plan assets | ' | ' | ' |
Employer contributions | ($150) | ($143) | ($135) |
Components on the Consolidated Balance Sheets | ' | ' | ' |
Pension benefits asset | 278 | 136 | ' |
Liability for pension benefits | -136 | -282 | ' |
International Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation, beginning of year | 180 | 131 | ' |
Service cost | 3 | 3 | 4 |
Interest cost | 7 | 7 | 7 |
Actuarial (gain) loss | -5 | 30 | ' |
Benefits paid | -6 | -6 | ' |
Employee contributions | 0 | 1 | ' |
Reclassification from other non-current liabilities (i) | 10 | 9 | ' |
Foreign currency changes | 6 | 5 | ' |
Benefit obligations, end of year | 195 | 180 | 131 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 150 | 128 | ' |
Actual return on plan assets | 9 | 11 | ' |
Employer contributions | 10 | 11 | ' |
Benefits paid | -6 | -6 | ' |
Employee contributions | 0 | 1 | ' |
Foreign currency changes | 5 | 5 | ' |
Fair value of plan assets, end of year | 168 | 150 | 128 |
Funded status at end of year | -27 | -30 | ' |
Components on the Consolidated Balance Sheets | ' | ' | ' |
Pension benefits asset | 2 | 2 | ' |
Liability for pension benefits | ($29) | ($32) | ' |
Pension_Plans_Details_10
Pension Plans (Details 10) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of net periodic benefit cost | ' | ' | ' |
Net periodic benefit cost (income) | ($4) | $2 | $11 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ' | ' | ' |
Amortization of unrecognized actuarial loss | -55 | -47 | -34 |
Net actuarial loss (gain) | -83 | 203 | 303 |
Domestic Pension Plans of Foreign Entity, Defined Benefit [Member] | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' |
Service cost | 3 | 3 | 4 |
Interest cost | 7 | 7 | 7 |
Expected return on plan assets | -6 | -6 | -6 |
Amortization of unrecognized actuarial loss | 1 | 0 | 1 |
Curtailment (gain) loss | 0 | 0 | -1 |
Net periodic benefit cost (income) | 5 | 4 | 5 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ' | ' | ' |
Amortization of unrecognized actuarial loss | -1 | 0 | -1 |
Net actuarial loss (gain) | -8 | 25 | 2 |
Total recognized in other comprehensive loss (income) | -9 | 25 | 1 |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | ($4) | $29 | $6 |
Pension_Plans_Details_11
Pension Plans (Details 11) (International Pension Benefits [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | ' | ' |
Weighted-average assumptions to determine benefit obligations: | ' | ' |
Discount rate | 3.30% | 2.50% |
Rate of compensation increase | 2.00% | 2.00% |
Weighted-average assumptions to determine net periodic benefit cost: | ' | ' |
Discount rate | 2.50% | 3.30% |
Expected return on plan assets | 2.00% | 2.00% |
Rate of compensation increase | 2.00% | 2.50% |
Maximum [Member] | ' | ' |
Weighted-average assumptions to determine benefit obligations: | ' | ' |
Discount rate | 4.40% | 3.75% |
Rate of compensation increase | 2.50% | 2.00% |
Weighted-average assumptions to determine net periodic benefit cost: | ' | ' |
Discount rate | 4.40% | 5.30% |
Expected return on plan assets | 4.66% | 5.73% |
Rate of compensation increase | 2.50% | 3.00% |
Pension_Plans_Details_12
Pension Plans (Details 12) (International Pension Benefits [Member]) | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Category | ' | ' |
Equity securities | 100.00% | 100.00% |
Equity securities | ' | ' |
Asset Category | ' | ' |
Equity securities | 35.00% | 35.00% |
Debt securities | ' | ' |
Asset Category | ' | ' |
Equity securities | 39.00% | 39.00% |
Real estate [Member] | ' | ' |
Asset Category | ' | ' |
Equity securities | 3.00% | 3.00% |
Derivative instruments [Member] | ' | ' |
Asset Category | ' | ' |
Equity securities | 14.00% | 16.00% |
Other Assets [Member] | ' | ' |
Asset Category | ' | ' |
Equity securities | 9.00% | 7.00% |
Pension_Plans_Details_13
Pension Plans (Details 13) (International Pension Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | $168 | $150 | $128 |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 168 | 150 | ' |
Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 133 | 105 | ' |
Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 23 | 34 | ' |
Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 12 | 11 | ' |
US equities | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 29 | 24 | ' |
US equities | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 29 | 24 | ' |
US equities | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
US equities | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK equities | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 5 | 5 | ' |
UK equities | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 5 | 5 | ' |
UK equities | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
UK equities | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Overseas equities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 26 | 23 | ' |
Overseas equities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 26 | 22 | ' |
Overseas equities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Overseas equities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 1 | ' |
Other Government bonds | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 61 | 49 | ' |
Other Government bonds | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 61 | 49 | ' |
Other Government bonds | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Other Government bonds | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Corporate bonds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 4 | 9 | ' |
Corporate bonds [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 4 | 0 | ' |
Corporate bonds [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 9 | ' |
Corporate bonds [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Derivative instruments [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 23 | 24 | ' |
Derivative instruments [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Derivative instruments [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 23 | 24 | ' |
Derivative instruments [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Real estate [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 5 | 5 | ' |
Real estate [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Real estate [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Real estate [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 5 | 5 | ' |
Cash [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 8 | 5 | ' |
Cash [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 8 | 5 | ' |
Cash [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Cash [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Other Investments [member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 7 | 6 | ' |
Other Investments [member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Other Investments [member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | 0 | 1 | ' |
Other Investments [member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Schedule of defined benefit pension plan assets fair value measured on a recurring basis | ' | ' | ' |
Pension benefits asset | $7 | $5 | ' |
Pension_Plans_Details_14
Pension Plans (Details 14) (International Pension Benefits [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
International Pension Benefits [Member] | ' |
Expected future benefit payments | ' |
2014 | $6 |
2015 | 6 |
2016 | 6 |
2017 | 6 |
2018 | 7 |
2019-2023 | $35 |
Pension_Plans_Details_Textual
Pension Plans (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Pension benefits asset | $278 | $136 | ' |
Liability for pension benefits | 136 | 282 | ' |
Expected contribution to defined pension plan for the full year 2012 | 122 | ' | ' |
Defined benefit plan estimated employer contributions including exceptional contributions in next fiscal year | 83 | ' | ' |
US Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Pension benefits asset | 0 | 0 | ' |
Liability for pension benefits | 107 | 250 | ' |
Expected return on plan assets | 7.30% | 7.30% | ' |
Number of funds invested in assets | 17 | ' | ' |
Expected contribution to defined pension plan for the full year 2012 | 30 | ' | ' |
Accumulated other comprehensive income (loss) net actuarial | 233 | 332 | ' |
Accumulated benefit obligation | 864 | 958 | ' |
US Pension Benefits | US and foreign equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Expected return on plan assets | 10.40% | ' | ' |
Defined benefit plan broad target allocation percentage of assets | 50.00% | ' | ' |
US Pension Benefits | Debt securities | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Expected return on plan assets | 4.10% | ' | ' |
Defined benefit plan broad target allocation percentage of assets | 50.00% | ' | ' |
UK Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Pension benefits asset | 276 | 134 | ' |
Liability for pension benefits | 0 | 0 | ' |
Expected return on plan assets | 7.30% | 7.50% | ' |
Number of portfolios in which plan's assets divided | 13 | ' | ' |
Number of managers managing plan's assets portfolios | 10 | ' | ' |
Expected contribution to defined pension plan for the full year 2012 | 83 | ' | ' |
Defined Benefit Contributions salary sacrifice next fiscal year | 12 | ' | ' |
Accumulated other comprehensive income (loss) net actuarial | 815 | 831 | ' |
Accumulated benefit obligation | 2,701 | 2,519 | ' |
UK Pension Benefits | UK and foreign equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Expected return on plan assets | 9.27% | ' | ' |
Defined benefit plan broad target allocation percentage of assets | 31.50% | ' | ' |
UK Pension Benefits | Real estate [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Expected return on plan assets | 6.53% | ' | ' |
Defined benefit plan broad target allocation percentage of assets | 6.00% | ' | ' |
UK Pension Benefits | Debt securities | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Expected return on plan assets | 4.42% | ' | ' |
Defined benefit plan broad target allocation percentage of assets | 45.00% | ' | ' |
UK Pension Benefits | Hedge funds | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Expected return on plan assets | 7.86% | ' | ' |
Defined benefit plan broad target allocation percentage of assets | 17.50% | ' | ' |
401(k) Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Percentage matching contributions other than for former HRH employees | ' | ' | 75.00% |
Matching contributions under 401 (k) plan | 15 | 10 | 10 |
International Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure (Textual) [Abstract] | ' | ' | ' |
Pension benefits asset | 2 | 2 | ' |
Liability for pension benefits | 29 | 32 | ' |
Expected contribution to defined pension plan for the full year 2012 | 9 | ' | ' |
Net pension benefit liability | 27 | 30 | ' |
Accumulated other comprehensive income (loss) net actuarial | -27 | -35 | ' |
Accumulated benefit obligation | 191 | 177 | ' |
Estimated net loss for the international defined benefit plans amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year | 0 | ' | ' |
Curtailment gain | $0 | $0 | $1 |
Debt_ShortTerm_Debt_Details
Debt (Short-Term Debt) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term debt and current portion of long-term debt | ' | ' |
Short-term debt and current portion of long-term debt | $15 | $15 |
Seven Year Term Loan Facility [Member] | ' | ' |
Short-term debt and current portion of long-term debt | ' | ' |
Current portion of 7-year term loan facility expires 2018 | $15 | $15 |
Maturity period of debt instrument | '7 years | ' |
Debt_LongTerm_Debt_Details
Debt (Long-Term Debt) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | |||
Revolving $300 million credit facility [Member] | Revolving $300 million credit facility [Member] | Revolving $300 million credit facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Seven Year Term Loan Facility [Member] | Seven Year Term Loan Facility [Member] | Seven Year Term Loan Facility [Member] | Term Loan Facility Repaid [Member] | Term Loan Facility Repaid [Member] | Term Loan Facility Repaid [Member] | 5.625% senior notes due 2015 | 5.625% senior notes due 2015 | 5.625% senior notes due 2015 | Twelve Point Eight Seven Five Percent Senior Notes Due Two Thousand Sixteen [Member] | Twelve Point Eight Seven Five Percent Senior Notes Due Two Thousand Sixteen [Member] | Twelve Point Eight Seven Five Percent Senior Notes Due Two Thousand Sixteen [Member] | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | 4.125% senior notes due 2016 [Member] | 4.125% senior notes due 2016 [Member] | 4.125% senior notes due 2016 [Member] | 6.200% senior notes due 2017 [Member] | 6.200% senior notes due 2017 [Member] | 6.200% senior notes due 2017 [Member] | 7.000% senior notes due 2019 [Member] | 7.000% senior notes due 2019 [Member] | 7.000% senior notes due 2019 [Member] | 5.750% senior notes due 2021 [Member] | 5.750% senior notes due 2021 [Member] | 5.750% senior notes due 2021 [Member] | 4.625% Senior Notes Due 2023 [Member] | 4.625% Senior Notes Due 2023 [Member] | 4.625% Senior Notes Due 2023 [Member] | Six Point One Two Five Percent Senior Notes Due Two Thousand Forty Three [Member] | Six Point One Two Five Percent Senior Notes Due Two Thousand Forty Three [Member] | Six Point One Two Five Percent Senior Notes Due Two Thousand Forty Three [Member] | 3-year term loan facility expires 2015 [Member] | 3-year term loan facility expires 2015 [Member] | Other [Member] | Other [Member] | Other [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Level 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long - term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | $259 | $274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $1 | ' | ' | ' | ' | ' | |||
Revolving credit facility | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148 | 350 | ' | ' | ' | ' | 4 | 5 | 18 | 299 | 299 | ' | 394 | 600 | ' | 187 | 300 | ' | 496 | 496 | ' | 249 | 0 | ' | 274 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | [1] | 18 | [1] | |
Long-term debt | 2,311 | 2,338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maturity period of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | |||
Interest rate on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.63% | ' | ' | ' | ' | ' | 5.63% | ' | ' | 4.13% | ' | ' | 6.20% | ' | ' | 7.00% | ' | ' | 5.75% | ' | ' | 4.63% | ' | ' | 6.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Analysis of interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total interest expense | $126 | $128 | $156 | $0 | $0 | $4 | $2 | $1 | $0 | $6 | $6 | $0 | $0 | $0 | $14 | $12 | $12 | $12 | $0 | $0 | $15 | ' | ' | ' | $13 | $13 | $10 | $33 | $38 | $38 | $18 | $21 | $21 | $29 | $29 | $23 | $4 | $0 | $0 | $6 | $0 | $0 | ' | ' | $3 | $8 | [2] | $19 | ' | ' | ||
[1] | Changes in the fair value of the underlying hedged debt instrument since inception of the hedging relationship are included in long-term debt. | |||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | In 2013, Other includes $nil (2012: $nil; 2011:$10 million ) relating to the write-off of unamortized debt issuance fees. |
Debt_Details_Textual
Debt (Details Textual) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 23, 2013 | Dec. 31, 2013 | Jul. 23, 2018 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 23, 2013 | Jul. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | USD ($) | USD ($) | USD ($) | Senior Notes Due 2015 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving $200 million credit facility [Member] | Revolving $20 million credit facility [Member] | Revolving $20 million credit facility [Member] | Other Lines Credit Facility [Member] | Other Lines Credit Facility [Member] | 4.625% Senior Notes Due 2023 [Member] | 4.625% Senior Notes Due 2023 [Member] | 5.625% senior notes due 2015 | 5.625% senior notes due 2015 | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | 4.125% senior notes due 2016 [Member] | 4.125% senior notes due 2016 [Member] | 6.200% senior notes due 2017 [Member] | 6.200% senior notes due 2017 [Member] | 7.000% senior notes due 2019 [Member] | 7.000% senior notes due 2019 [Member] | Seven Year Term Loan Facility [Member] | Seven Year Term Loan Facility [Member] | Seven Year Term Loan Facility [Member] | Seven Year Term Loan Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 5.750% senior notes due 2021 [Member] | Six Point One Two Five Percent Senior Notes Due Two Thousand Forty Three [Member] | Six Point One Two Five Percent Senior Notes Due Two Thousand Forty Three [Member] | China, Yuan Renminbi [Member] | China, Yuan Renminbi [Member] | China, Yuan Renminbi [Member] | US, Dollar [Member] | US, Dollar [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Revolving $2 Million credit facility [Member] | USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | USD ($) | USD ($) | USD ($) | |||||||
USD ($) | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||
JPY (¥) | JPY (¥) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||
Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt | ' | ' | ' | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | 4.63% | ' | 5.63% | ' | 5.63% | ' | ' | 4.13% | ' | 6.20% | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | 110.00% | 5.75% | 6.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement received on close out of interest rate swap | ' | $13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | -60 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment Costs | ' | 65 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of specific notes tendered and accepted for purchase | ' | 525 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202 | ' | ' | ' | ' | ' | ' | 206 | ' | 113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt 5-year term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259 | ' | 274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | ' | 22 | ' | 20 | 4 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800 | 500 | 2 | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Medium-term Notes | 800 | 522 | 0 | 794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | 536 | 15 | 911 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' |
Interest of Loan facility Description | ' | ' | ' | ' | ' | ' | ' | ' | ' LIBOR plus 1.55% until 2014 and LIBOR plus 1.700% thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR plus 1.50% | ' | ' | 'LIBOR plus 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | 6-Nov-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-Dec-16 | 23-Jul-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Term Loan Facility Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final repayment for credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of interest rate over LIBOR Year 2016 | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of interest rate over LIBOR Year One | ' | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of interest rate over LIBOR Thereafter | ' | 1.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of unamortized debt issuance costs associated with debt repurchase | ' | 2 | 0 | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 10 |
Write Down Of The Fair Value Adjustment To The Carrying Value Of Senior Notes In Connection With Interest Rate Swap | ' | 7 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 249 | 0 | 148 | 350 | 4 | 5 | 18 | 299 | 299 | 394 | 600 | 187 | 300 | ' | ' | ' | ' | ' | ' | ' | ' | 274 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Make Whole On Repurchase And Redemption Of Senior Notes | ' | 0 | 0 | 158 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $350 | $350 | ' | ' | ' |
Maturity date of interest rate swaps | ' | 15-Jul-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions_for_Liabilities_Det
Provisions for Liabilities (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Analysis of movements on provisions for liabilities | ' | ' | ' | |||
Beginning Balance | $180 | $196 | ' | |||
Net provisions made during the year | 34 | 21 | ' | |||
Amounts transferred to provisions in year | 13 | ' | ' | |||
Utilized in the year | -23 | -41 | ' | |||
Foreign currency translation adjustment | 2 | 4 | ' | |||
Ending Balance | 206 | 180 | 196 | |||
Insurance recoveries recognized | 0 | [1] | 10 | [1] | 0 | [1] |
Claims, lawsuits and other proceedings | ' | ' | ' | |||
Analysis of movements on provisions for liabilities | ' | ' | ' | |||
Beginning Balance | 152 | [2] | 158 | [2] | ' | |
Net provisions made during the year | 28 | [2] | 23 | [2] | ' | |
Amounts transferred to provisions in year | 0 | ' | ' | |||
Utilized in the year | -17 | [2] | -31 | [2] | ' | |
Foreign currency translation adjustment | 1 | [2] | 2 | [2] | ' | |
Ending Balance | 164 | [2] | 152 | [2] | ' | |
Insurance recoveries recognized | 0 | 6 | ' | |||
Other provisions | ' | ' | ' | |||
Analysis of movements on provisions for liabilities | ' | ' | ' | |||
Beginning Balance | 28 | [3] | 38 | [3] | ' | |
Net provisions made during the year | 6 | [3] | -2 | [3] | ' | |
Amounts transferred to provisions in year | 13 | ' | ' | |||
Utilized in the year | -6 | [3] | -10 | [3] | ' | |
Foreign currency translation adjustment | 1 | [3] | 2 | [3] | ' | |
Ending Balance | 42 | [3] | 28 | [3] | ' | |
Provision for vacant property | $10 | $13 | ' | |||
[1] | Insurance recovery, recorded in Other operating expenses, related to a previously disclosed fraudulent activity in Chicago, discussed above. | |||||
[2] | The claims, lawsuits and other proceedings provision includes E&O cases which represents management’s assessment of liabilities that may arise from asserted and unasserted claims for alleged errors and omissions that arise in the ordinary course of the Group’s business. Where some of the potential liability is recoverable under the Group’s external insurance arrangements, the full assessment of the liability is included in the provision with the associated insurance recovery shown separately as an asset. Insurance recoveries recognized at December 31, 2013 amounted to $nil (2012: $6 million). | |||||
[3] | The ‘Other’ category includes amounts relating to vacant property provisions of $10 million (2012: $13 million). |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Millions, unless otherwise specified | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Capital Lease Obligations | $11 | $0 | ' | ' | |
Unrecognized Tax Benefits | 41 | 37 | 16 | 13 | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 5,263 | ' | ' | ' | |
2014 | 414 | ' | ' | ' | |
Payments due by 2015-2016 | 1,186 | ' | ' | ' | |
Payments due by 2017-2018 | 1,108 | ' | ' | ' | |
After 2018 | 2,555 | ' | ' | ' | |
Unrecognised tax benefits - net liability | 41 | ' | ' | ' | |
Revolving $500 million credit facility [Member] | ' | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 9 | ' | ' | ' | |
2014 | 2 | ' | ' | ' | |
Payments due by 2015-2016 | 4 | ' | ' | ' | |
Payments due by 2017-2018 | 3 | ' | ' | ' | |
After 2018 | 0 | ' | ' | ' | |
5-year term loan facility expires 2016 [Member] | ' | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 274 | ' | ' | ' | |
2014 | 15 | ' | ' | ' | |
Payments due by 2015-2016 | 39 | ' | ' | ' | |
Payments due by 2017-2018 | 220 | ' | ' | ' | |
After 2018 | 0 | ' | ' | ' | |
Interest on term loan [Member] | ' | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 19 | ' | ' | ' | |
2014 | 5 | ' | ' | ' | |
Payments due by 2015-2016 | 9 | ' | ' | ' | |
Payments due by 2017-2018 | 5 | ' | ' | ' | |
After 2018 | 0 | ' | ' | ' | |
5.625% senior notes due 2015 | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate on debt | 5.63% | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 148 | ' | ' | ' | |
2014 | 0 | ' | ' | ' | |
Payments due by 2015-2016 | 148 | ' | ' | ' | |
Payments due by 2017-2018 | 0 | ' | ' | ' | |
After 2018 | 0 | ' | ' | ' | |
Fair Value adjustment on 5.625% senior notes due 2015 [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate on debt | 5.63% | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 4 | ' | ' | ' | |
2014 | 0 | ' | ' | ' | |
Payments due by 2015-2016 | 4 | ' | ' | ' | |
Payments due by 2017-2018 | 0 | ' | ' | ' | |
After 2018 | 0 | ' | ' | ' | |
4.125% senior notes due 2016 [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate on debt | 4.13% | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 300 | ' | ' | ' | |
2014 | 0 | ' | ' | ' | |
Payments due by 2015-2016 | 300 | ' | ' | ' | |
Payments due by 2017-2018 | 0 | ' | ' | ' | |
After 2018 | 0 | ' | ' | ' | |
6.200% senior notes due 2017 [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate on debt | 6.20% | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 394 | ' | ' | ' | |
2014 | 0 | ' | ' | ' | |
Payments due by 2015-2016 | 0 | ' | ' | ' | |
Payments due by 2017-2018 | 394 | ' | ' | ' | |
After 2018 | 0 | ' | ' | ' | |
7.000% senior notes due 2019 [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate on debt | 7.00% | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 187 | ' | ' | ' | |
2014 | 0 | ' | ' | ' | |
Payments due by 2015-2016 | 0 | ' | ' | ' | |
Payments due by 2017-2018 | 0 | ' | ' | ' | |
After 2018 | 187 | ' | ' | ' | |
5.750% senior notes due 2021 [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate on debt | 5.75% | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 500 | ' | ' | ' | |
2014 | 0 | ' | ' | ' | |
Payments due by 2015-2016 | 0 | ' | ' | ' | |
Payments due by 2017-2018 | 0 | ' | ' | ' | |
After 2018 | 500 | ' | ' | ' | |
4.625% Senior Notes Due 2023 [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate on debt | 4.63% | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 250 | ' | ' | ' | |
2014 | 0 | ' | ' | ' | |
Payments due by 2015-2016 | 0 | ' | ' | ' | |
Payments due by 2017-2018 | 0 | ' | ' | ' | |
After 2018 | 250 | ' | ' | ' | |
Six Point One Two Five Percent Senior Notes Due Two Thousand Forty Three [Member] | ' | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | ' | |
Interest rate on debt | 6.13% | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 275 | ' | ' | ' | |
2014 | 0 | ' | ' | ' | |
Payments due by 2015-2016 | 0 | ' | ' | ' | |
Payments due by 2017-2018 | 0 | ' | ' | ' | |
After 2018 | 275 | ' | ' | ' | |
Interest on Senior Notes [Member] | ' | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 1,011 | ' | ' | ' | |
2014 | 115 | ' | ' | ' | |
Payments due by 2015-2016 | 209 | ' | ' | ' | |
Payments due by 2017-2018 | 146 | ' | ' | ' | |
After 2018 | 541 | ' | ' | ' | |
Total debt and related interest [Member] | ' | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 3,371 | ' | ' | ' | |
2014 | 137 | ' | ' | ' | |
Payments due by 2015-2016 | 713 | ' | ' | ' | |
Payments due by 2017-2018 | 768 | ' | ' | ' | |
After 2018 | 1,753 | ' | ' | ' | |
Operating leases [Member] | ' | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 1,235 | [1] | ' | ' | ' |
2014 | 131 | [1] | ' | ' | ' |
Payments due by 2015-2016 | 213 | [1] | ' | ' | ' |
Payments due by 2017-2018 | 167 | [1] | ' | ' | ' |
After 2018 | 724 | [1] | ' | ' | ' |
Pensions [Member] | ' | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 566 | ' | ' | ' | |
2014 | 122 | ' | ' | ' | |
Payments due by 2015-2016 | 244 | ' | ' | ' | |
Payments due by 2017-2018 | 161 | ' | ' | ' | |
After 2018 | 39 | ' | ' | ' | |
Other contractual obligations [Member] | ' | ' | ' | ' | |
Contractual obligations | ' | ' | ' | ' | |
Contractual Obligation | 91 | [2] | ' | ' | ' |
2014 | 24 | [2] | ' | ' | ' |
Payments due by 2015-2016 | 16 | [2] | ' | ' | ' |
Payments due by 2017-2018 | 12 | [2] | ' | ' | ' |
After 2018 | $39 | [2] | ' | ' | ' |
[1] | Presented gross of sublease income. | ||||
[2] | Other contractual obligations include capital lease commitments, put option obligations and investment fund capital call obligations, the timing of which are included at the earliest point they may fall due. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Future minimum rental commitments under all non-cancellable operating lease agreements | ' |
2014 | $414 |
Thereafter | 2,555 |
Contractual Obligation | 5,263 |
Gross rental commitments | ' |
Future minimum rental commitments under all non-cancellable operating lease agreements | ' |
2014 | 131 |
2015 | 114 |
2016 | 99 |
2017 | 88 |
2018 | 79 |
Thereafter | 724 |
Contractual Obligation | 1,235 |
Rentals from subleases | ' |
Future minimum rental commitments under all non-cancellable operating lease agreements | ' |
2014 | -15 |
2015 | -14 |
2016 | -13 |
2017 | -12 |
2018 | -8 |
Thereafter | -16 |
Contractual Obligation | -78 |
Net rental commitments | ' |
Future minimum rental commitments under all non-cancellable operating lease agreements | ' |
2014 | 116 |
2015 | 100 |
2016 | 86 |
2017 | 76 |
2018 | 71 |
Thereafter | 708 |
Contractual Obligation | $1,157 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Jul. 31, 2010 | Dec. 31, 2013 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2009 | Aug. 06, 2009 | Sep. 14, 2009 | Sep. 16, 2010 | Mar. 11, 2011 | Feb. 08, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jul. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Trident V LP [Member] | Trident V Parallel Fund [Member] | Trident V Parallel Fund [Member] | Dowling Capital Partners I [Member] | Dowling Capital Partners I [Member] | Nashville property [Member] | Nashville property [Member] | Troice [Member] | Canabal [Member] | Rupert [Member] | Casanova [Member] | Rishmague [Member] | MacArthur [Member] | Barbar [Member] | de Gadala-Maria [Member] | Ranni et ano [Member] | Tisminesky [Member] | Zacarias [Member] | Janvey [Member] | UK Pension Benefits | London headquarters building [Member] | London headquarters building [Member] | London headquarters building [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility Two and Three [Member] | 5-year term loan facility expires 2016 [Member] | United Kingdom, Pounds | US, Dollar [Member] | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | Revolving $2 Million credit facility [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | Revolving Credit Facility [Member] | China, Yuan Renminbi [Member] | China, Yuan Renminbi [Member] | China, Yuan Renminbi [Member] | US, Dollar [Member] | US, Dollar [Member] | |||||
USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||||
JPY (¥) | JPY (¥) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ¥ 0 | ¥ 0 | ' | $0 | $0 |
Remaining credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800 | 500 | ' | ' | ' | ' | 2 | ' | ' | 15 | ' | ' |
Total repayments on the 5-year term loan due over the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of operating lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross rental commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 719 | 730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual rentals per year | ' | 141 | 135 | 127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subleased premises | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.00% | 29.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of sublease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount received from sublease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 76 | 82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected contribution to defined pension plan for the full year 2012 | ' | 122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contributions | ' | 7 | 7 | 5 | ' | ' | 15 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other contractual obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63 | 53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital commitments | ' | ' | ' | ' | 25 | 25 | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum damage sought | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | 300 | 5 | 37 | 4 | 30 | 83.5 | 3 | 6.5 | 12.5 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, On-going Contribution, Percent | 15.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, On-going Contribution, Funding Deficit | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Pension Commitment Profit | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Before Interest Tax Depreciation and Amortization | ' | 900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent Pension Commitment Exceptional Shareholder Returns | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Contributions Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312 | 517 | ' | ' | ' | ' | ' | ' |
Defined Benefit Contributions salary sacrifice next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original non cancellable lease term | ' | 'Original non-cancellable lease terms typically are between 10 and 20Â years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income from subleases | ' | 15 | 17 | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease obligations subject to guarantees | ' | 828 | 829 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | ' | 11 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees to bankers and other third parties | ' | 11 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount payable from options | ' | 12 | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, On-going Contribution, Pensionable Salary | ' | $23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss, Net of Tax (Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Foreign currency translation adjustments, Before tax amount | $20 | $46 | ($29) |
Foreign currency translation adjustments, Tax | 0 | 0 | 0 |
Foreign currency translation adjustment, Net of tax amount | 20 | 46 | -29 |
Foreign currency translation on pension funding adjustments, Before tax amount | -15 | -31 | 8 |
Foreign currency translation on pension funding adjustments, Tax | 5 | 9 | 0 |
Foreign currency translation on pension funding adjustments, Net of tax amount | -10 | -22 | 8 |
Net actuarial (loss) gain, Before tax amount | 83 | -203 | -303 |
Net actuarial (loss) gain, Tax | 2 | 36 | 95 |
Net actuarial (loss) gain, Net of tax amount | 85 | -167 | -208 |
Prior service gain, Before tax amount | 0 | 0 | 10 |
Prior service gain, Tax | 0 | 0 | -3 |
Prior service gain, Net of tax amount | 0 | 0 | 7 |
Amortization of unrecognized actuarial loss, Before tax amount | 55 | 47 | 34 |
Amortization of unrecognized actuarial loss, Tax | -9 | -9 | -9 |
Amortization of unrecognized actuarial loss, Net of tax amount | 46 | 38 | 25 |
Amortization of unrecognized prior service gain, Before tax amount | -5 | -6 | -5 |
Amortization of unrecognized prior service gain, Tax | 1 | 1 | 1 |
Amortization of unrecognized prior service gain, Net of tax amount | -4 | -5 | -4 |
Pension funding adjustments, Before tax amount | 118 | -193 | -256 |
Pension funding adjustments, Tax | -1 | 37 | 84 |
Pension funding adjustments, Net of tax amount | -117 | 156 | 172 |
Gain on derivatives (effective element), Before tax amount | 23 | 11 | 12 |
Reclassification adjustment on derivatives, Net of tax amount | 3 | 7 | 15 |
Derivative instruments adjustment, Before tax amount | 25 | 5 | -5 |
Derivative instruments adjustment, Tax | -5 | -1 | 2 |
Derivative instruments adjustment, net of tax | 20 | 4 | -3 |
Other comprehensive income, Before tax amount | 163 | -142 | -290 |
Other comprehensive income, Tax | -6 | 36 | 86 |
Other comprehensive income (loss), net of tax | 157 | -106 | -204 |
Less: Other comprehensive income attributable to noncontrolling interests, Before tax amount | 0 | 0 | 1 |
Less: Other comprehensive income attributable to noncontrolling interests, Tax | 0 | 0 | 0 |
Less: Other comprehensive income attributable to noncontrolling interests, Net of tax amount | 0 | 0 | 1 |
Other comprehensive income attributable to Willis Group Holdings, Before tax amount | 163 | -142 | -289 |
Other comprehensive income attributable to Willis Group Holdings, Tax | -6 | 36 | 86 |
Comprehensive income attributable to Willis Group Holdings, Net of tax amount | 157 | -106 | -203 |
Interest Rate Swaps [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Gain on derivatives (effective element), Before tax amount | 0 | 3 | 13 |
Gain on derivatives (effecitve element), Tax | 0 | -1 | -3 |
Gain on derivatives (effecitve element), Net of tax amount | 0 | 2 | 10 |
Reclassification adjustment on derivatives, Before tax amount | -5 | -5 | -14 |
Reclassification adjustment on derivatives, Tax | 1 | 1 | 4 |
Reclassification adjustment on derivatives, Net of tax amount | 4 | 4 | 10 |
Forward Exchange Contracts [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Gain on derivatives (effective element), Before tax amount | 10 | 11 | 3 |
Gain on derivatives (effecitve element), Tax | -2 | -2 | -1 |
Gain on derivatives (effecitve element), Net of tax amount | 8 | 9 | 2 |
Reclassification adjustment on derivatives, Before tax amount | 1 | -4 | -7 |
Reclassification adjustment on derivatives, Tax | 0 | 1 | 2 |
Reclassification adjustment on derivatives, Net of tax amount | -1 | 3 | 5 |
Treasury Lock [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Gain on derivatives (effective element), Before tax amount | 19 | 0 | 0 |
Gain on derivatives (effecitve element), Tax | -4 | 0 | 0 |
Gain on derivatives (effecitve element), Net of tax amount | $15 | $0 | $0 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss, Net of Tax (Accumuulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net foreign currency translation adjustment | ' | ' | ' |
Net foreign currency translation adjustment, beginning balance | ($34) | ($80) | ($52) |
Net foreign currency translation adjustment, Other comprehensive (loss) income before reclassifications | 20 | 46 | -28 |
Net foreign currency translation adjustment, Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Net foreign currency translation adjustment, Net current year other comprehensive income (loss), net of tax and noncontrolling interest | 20 | 46 | -28 |
Net foreign currency translation adjustment, ending balance | -14 | -34 | -80 |
Pension funding adjustment | ' | ' | ' |
Pension funding adjustment, beginning balance | -831 | -675 | -503 |
Pension funding adjustment, Other comprehensive (loss) income before reclassifications | 75 | -189 | -193 |
Pension funding adjustment, Amounts reclassified from accumulated other comprehensive income | 42 | 33 | 21 |
Pension funding adjustment, Net current year other comprehensive income (loss), net of tax and noncontrolling interest | 117 | -156 | -172 |
Pension funding adjustment, ending balance | -714 | -831 | -675 |
Net unrealized gain on derivative instruments | ' | ' | ' |
Net unrealized gain on derivative instruments, beginning balance | 15 | 11 | 14 |
Net unrealized gain on derivative instruments, Other comprehensive (loss) income before reclassifications | 23 | 11 | 12 |
Net unrealized gain on derivative instruments, Amounts reclassified from accumulated other comprehensive income | -3 | -7 | -15 |
Net unrealized gain on derivative instruments, Net current year other comprehensive income (loss), net of tax and noncontrolling interest | 20 | 4 | -3 |
Net unrealized gain on derivative instruments, ending balance | 35 | 15 | 11 |
Total | ' | ' | ' |
Accumulated other comprehensive loss, net of tax, beginning balance | -850 | -744 | -541 |
Accumulated other comprehensive loss, net of tax, Other comprehensive (loss) income before reclassifications | 118 | -132 | -209 |
Accumulated other comprehensive loss, net of tax, Amounts reclassified from accumulated other comprehensive income | 39 | 26 | 6 |
Accumulated other comprehensive loss, net of tax, Net current year other comprehensive income (loss), net of tax and noncontrolling interest | 157 | -106 | -203 |
Accumulated other comprehensive loss, net of tax, ending balance | ($693) | ($850) | ($744) |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss, Net of Tax (Reclassification from AOCI) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Prior service gain | ' | ' | ' | ' | ' | ' | ' | ' | ($5) | ($6) | ($5) | |||
Net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 47 | 34 | |||
Total income tax | ' | ' | ' | ' | ' | ' | ' | ' | -122 | -101 | -32 | |||
Net income (loss) | 74 | -27 | 107 | 223 | -801 | 26 | 110 | 232 | 377 | -433 | 220 | |||
Reclassification out of AOCI [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 26 | 6 | |||
Reclassification out of AOCI [Member] | Gains and Losses on Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -9 | -21 | |||
Total income tax | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 6 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -7 | -15 | |||
Reclassification out of AOCI [Member] | Gains and Losses on Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amount of gain (loss) reclassified from accumulated OCI into income (effective element) | ' | ' | ' | ' | ' | ' | ' | ' | -5 | [1] | -5 | [1] | -14 | [1] |
Reclassification out of AOCI [Member] | Gains and Losses on Cash Flow Hedges [Member] | Forward Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amount of gain (loss) reclassified from accumulated OCI into income (effective element) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [1] | -4 | [1] | -7 | [1] |
Reclassification out of AOCI [Member] | Amortization of Defined Benefit Pension Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Prior service gain | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -6 | -5 | |||
Net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 47 | 34 | |||
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 50 | 41 | 29 | |||
Total income tax | ' | ' | ' | ' | ' | ' | ' | ' | -8 | -8 | -8 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $42 | $33 | $21 | |||
[1] | OCI means other comprehensive income. |
Equity_and_Noncontrolling_Inte2
Equity and Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Equity and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Balance, beginning of year | ' | ' | ' | $1,699 | ' | ' | ' | ' | $1,699 | ' | ' | |||
Balance, beginning of year, noncontrolling interest | ' | ' | ' | 26 | ' | ' | ' | ' | 26 | ' | ' | |||
Balance, beginning of year | ' | ' | ' | 1,725 | ' | ' | ' | 2,517 | 1,725 | 2,517 | 2,608 | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Income (Loss) Attributable to Parent | 68 | -27 | 105 | 219 | -805 | 26 | 108 | 225 | 365 | -446 | 204 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 13 | 16 | |||
Net income (loss) | 74 | -27 | 107 | 223 | -801 | 26 | 110 | 232 | 377 | -433 | 220 | |||
Other comprehensive (loss) income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 157 | -106 | -203 | |||
Other comprehensive (loss) income, net of tax, portion attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 | |||
Other comprehensive (loss) income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 157 | -106 | -204 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 522 | -552 | 1 | |||
Comprehensive income attributable noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 13 | 15 | |||
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 534 | -539 | 16 | |||
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -207 | -198 | -195 | |||
Additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | 195 | 81 | 88 | |||
Repurchase of shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | -100 | [1] | 0 | [1] |
Purchase of subsidiary shares from noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -39 | 0 | |||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3 | 0 | |||
Balance, end of year | 2,215 | ' | ' | ' | 1,699 | ' | ' | ' | 2,215 | 1,699 | ' | |||
Balance, end of year, noncontrolling interest | 28 | ' | ' | ' | 26 | ' | ' | ' | 28 | 26 | ' | |||
Balance, end of year | 2,243 | ' | ' | ' | 1,725 | ' | ' | ' | 2,243 | 1,725 | 2,517 | |||
Average price of repurchased shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35.87 | ' | |||
Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of shares repurchased in the period | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,796,546 | 0 | |||
Willis Group Holdings shareholders [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Balance, beginning of year | ' | ' | ' | 1,699 | ' | ' | ' | 2,486 | 1,699 | 2,486 | 2,577 | |||
Balance, beginning of year | ' | ' | ' | 1,699 | ' | ' | ' | 2,486 | 1,699 | 2,486 | ' | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Income (Loss) Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 | |||
Other comprehensive (loss) income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 157 | ' | ' | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 522 | ' | ' | |||
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -197 | -187 | -180 | |||
Additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | 195 | 81 | 88 | |||
Repurchase of shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -100 | 0 | |||
Purchase of subsidiary shares from noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -31 | 0 | |||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | 0 | |||
Balance, end of year | 2,215 | ' | ' | ' | 1,699 | ' | ' | ' | 2,215 | 1,699 | 2,486 | |||
Balance, end of year | 2,215 | ' | ' | ' | 1,699 | ' | ' | ' | 2,215 | 1,699 | 2,486 | |||
Noncontrolling Interest [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Balance, beginning of year, noncontrolling interest | ' | ' | ' | 26 | ' | ' | ' | 31 | 26 | 31 | 31 | |||
Balance, beginning of year | ' | ' | ' | 26 | ' | ' | ' | 31 | 26 | 31 | 31 | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 13 | 16 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 13 | 16 | |||
Other comprehensive (loss) income, net of tax, portion attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 | |||
Comprehensive income attributable noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 13 | 15 | |||
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -10 | -11 | -15 | |||
Purchase of subsidiary shares from noncontrolling interests, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -8 | 0 | |||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 0 | |||
Balance, end of year, noncontrolling interest | 28 | ' | ' | ' | 26 | ' | ' | ' | 28 | 26 | 31 | |||
Balance, end of year | $28 | ' | ' | ' | $26 | ' | ' | ' | $28 | $26 | $31 | |||
[1] | Based on settlement date the Company repurchased 2,796,546 shares at an average price of $35.87 in 2012. |
Equity_and_Noncontrolling_Inte3
Equity and Noncontrolling Interests (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income (Loss) Attributable to Parent | $68 | ($27) | $105 | $219 | ($805) | $26 | $108 | $225 | $365 | ($446) | $204 |
Transfers from Noncontrolling Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in Willis Group Holdings’ paid-in capital for purchase of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -31 | 0 |
Increase in Willis Group Holdings’ paid-in capital for sale of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | 0 |
Net transfers from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -4 | -29 | 0 |
Change from net income attributable to Willis Group Holdings and transfers from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 361 | -475 | 204 |
Willis Group Holdings shareholders [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | $365 | ($446) | $204 |
Supplemental_Disclosures_of_Ca2
Supplemental Disclosures of Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash payments for income taxes, net | $61 | $63 | $15 |
Cash payments for interest | 117 | 118 | 128 |
Supplemental disclosures of non-cash flow investing and financing activities: | ' | ' | ' |
Write-off of unamortized debt issuance costs | -2 | 0 | -23 |
Write Down Of The Fair Value Adjustment To The Carrying Value Of Senior Notes In Connection With Interest Rate Swap | 7 | 0 | 0 |
Assets acquired under capital leases | 7 | 2 | 0 |
Deferred payments on acquisitions of subsidiaries | 2 | 4 | 6 |
Acquisitions: | ' | ' | ' |
Fair value of assets acquired | 47 | 23 | 6 |
Less: | ' | ' | ' |
Liabilities assumed | 30 | 3 | 3 |
Cash acquired | 1 | 0 | 3 |
Net assets acquired, net of cash acquired | $16 | $20 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities (Details 1) (Foreign Exchange Contract [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
US dollar [Member] | ' | ' | |
Derivative [Line Items] | ' | ' | |
Derivative, Notional Amount | $303 | [1] | $255 |
Euro [Member] | ' | ' | |
Derivative [Line Items] | ' | ' | |
Derivative, Notional Amount | 97 | [1] | 55 |
Japanese yen [Member] | ' | ' | |
Derivative [Line Items] | ' | ' | |
Derivative, Notional Amount | $35 | [1] | $32 |
[1] | Forward exchange contracts range in maturity from 2014 to 2015. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Activities (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | ||
Cash Flow Hedging [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Liabilities [Member] | Other Liabilities [Member] | |||
Fair Value Hedging [Member] | Fair Value Hedging [Member] | ||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets financial and hedging instruments, fair value | $23 | $31 | $16 | $0 | $22 | $23 | $9 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities financial and hedging instruments, fair value | $2 | $0 | ' | ' | ' | ' | ' | $2 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Hedging Activities (Details 3) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||||||||
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Treasury Lock [Member] | Treasury Lock [Member] | Treasury Lock [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | ||||||||||||||||||||||
Investment Income [Member] | Investment Income [Member] | Investment Income [Member] | Other Operating Expense [Member] | Other Operating Expense [Member] | Other Operating Expense [Member] | Interest Expense [Member] | Other Operating Expense [Member] | Other Operating Expense [Member] | Other Operating Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | ||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Amount of gain (loss) recognized in OCI on derivative (effective element) | $29 | [1] | $3 | [1] | $16 | [1] | $0 | [1] | $14 | [1] | $13 | [1] | ' | ' | ' | ' | ' | ' | $19 | [1] | $19 | [1] | ' | $10 | [1] | $11 | [1] | $3 | [1] | ' | ' | ' | ' | ' | ' | |||||||
Amount of gain (loss) reclassified from accumulated OCI into income (effective element) | -4 | [1] | -9 | [1] | -21 | [1] | ' | ' | ' | -5 | [1] | -5 | [1] | -14 | [1] | ' | ' | ' | ' | ' | 0 | [1] | ' | ' | ' | 1 | [1] | -4 | [1] | -7 | [1] | ' | ' | ' | ||||||||
Amount of gain (loss) recognized in income on derivative (ineffective hedges and ineffective element of effective hedges) | $3 | $1 | ($2) | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | ' | $2 | ' | ' | ' | ' | ' | ' | $1 | $1 | ($2) | ||||||||||||||||||
[1] | OCI means other comprehensive income. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments and Hedging Activities (Details 4) (Interest Rate Swaps [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Change in unrecognized Gain (Loss) From Derivatives No Longer In Fair Value Hedging Relationships | ($5) | $0 | $0 |
Amortization Of Prior Loss Recognized On Item No Longer In Hedging Relationship | 14 | 0 | 0 |
Derivative in fair value hedging relationships [Abstract] | ' | ' | ' |
Hedged item in fair value hedging relationship | '5.625%Â senior notes due 2015 | '5.625%Â senior notes due 2015 | '5.625%Â senior notes due 2015 |
Ineffectiveness recognized in interest expense | -9 | 0 | 0 |
Fair Value Hedging [Member] | ' | ' | ' |
Derivative in fair value hedging relationships [Abstract] | ' | ' | ' |
(Loss) gain recognized for derivative | 0 | -3 | 7 |
Gain (loss) recognized for hedged item | 0 | 2 | -8 |
Ineffectiveness recognized in interest expense | $0 | $1 | $1 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments and Hedging Activities (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||
Senior Notes [Member] | Senior Notes Due 2015 [Member] | Seven Year Term Loan Facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving $200 million credit facility [Member] | Currency Swap [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Other Assets [Member] | Other Assets [Member] | 4.625% Senior Notes Due 2023 [Member] | 4.625% Senior Notes Due 2023 [Member] | Six Point One Two Five Percent Senior Notes Due Two Thousand Forty Three [Member] | Six Point One Two Five Percent Senior Notes Due Two Thousand Forty Three [Member] | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | Fair Value adjustment on 5.625% senior notes due 2015 [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | ||||||||||||
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Treasury Lock [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Treasury Lock [Member] | Treasury Lock [Member] | Interest Expense [Member] | ||||||||||||||||||||||||||||||
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Treasury Lock [Member] | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29 | [1] | $3 | [1] | $16 | [1] | $0 | [1] | $14 | [1] | $13 | [1] | $19 | [1] | $19 | [1] | ' |
Net derivative (gains) reclassified from accumulated comprehensive income into earnings within the next twelve months | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | -2 | ' | ' | ' | ' | ' | 2 | ||||||||
Derivative Financial Instruments and Hedging Activities (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Offer to repurchase 5.125% senior notes due July 2010 | ' | ' | ' | 2,054 | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' | 275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of loan notes | ' | ' | ' | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.63% | ' | 6.13% | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
5-year term loan facility balance | ' | ' | ' | ' | ' | 274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Maturity period of term loan | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revolving credit facility | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revolving credit facilities available | ' | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Description of variable rate basis | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basis spread on variable rate | ' | ' | ' | ' | ' | 1.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative Asset, Fair Value, Gross Asset | 23 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ' | 0 | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228 | 63 | ' | ' | ' | ' | 350 | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Settlement received on close out of interest rate swap | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gain on derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Write Down Of The Fair Value Adjustment To The Carrying Value Of Senior Notes In Connection With Interest Rate Swap | 7 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Expected gain to be recognized in income, next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $249 | $0 | $274 | $0 | $4 | $5 | $18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Maturity date of interest rate swaps | 15-Jul-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | OCI means other comprehensive income. |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Assets at fair value: | ' | ' | |
Cash and cash equivalents | $796 | $500 | |
Fiduciary funds (included within Fiduciary assets) | 1,662 | 1,796 | |
Derivative financial instruments | 23 | 31 | |
Total assets | 2,481 | 2,327 | |
Liabilities at fair value: | ' | ' | |
Changes in fair value of hedged debt | ' | 18 | [1] |
Derivative Liability | 2 | ' | |
Liabilities | 2 | 18 | |
Quoted prices in active markets for identical assets Level 1 [Member] | ' | ' | |
Assets at fair value: | ' | ' | |
Cash and cash equivalents | 796 | 500 | |
Fiduciary funds (included within Fiduciary assets) | 1,662 | 1,796 | |
Derivative financial instruments | 0 | 0 | |
Total assets | 2,458 | 2,296 | |
Liabilities at fair value: | ' | ' | |
Changes in fair value of hedged debt | ' | 0 | [1] |
Derivative Liability | 0 | ' | |
Liabilities | 0 | 0 | |
Significant other observable inputs Level 2 [Member] | ' | ' | |
Assets at fair value: | ' | ' | |
Cash and cash equivalents | 0 | 0 | |
Fiduciary funds (included within Fiduciary assets) | 0 | 0 | |
Derivative financial instruments | 23 | 31 | |
Total assets | 23 | 31 | |
Liabilities at fair value: | ' | ' | |
Changes in fair value of hedged debt | ' | 18 | [1] |
Derivative Liability | 2 | ' | |
Liabilities | 2 | 18 | |
Significant other unobservable inputs Level 3 [Member] | ' | ' | |
Assets at fair value: | ' | ' | |
Cash and cash equivalents | 0 | 0 | |
Fiduciary funds (included within Fiduciary assets) | 0 | 0 | |
Derivative financial instruments | 0 | 0 | |
Total assets | 0 | 0 | |
Liabilities at fair value: | ' | ' | |
Changes in fair value of hedged debt | ' | 0 | [1] |
Derivative Liability | 0 | ' | |
Liabilities | $0 | $0 | |
[1] | Changes in the fair value of the underlying hedged debt instrument since inception of the hedging relationship are included in long-term debt. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Liabilities [Abstract] | ' | ' |
Shot-term debt | $15 | $15 |
Long-term debt | 2,311 | 2,338 |
Carrying Amount [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Derivative financial instruments | 23 | 31 |
Liabilities [Abstract] | ' | ' |
Shot-term debt | 15 | 15 |
Long-term debt | 2,311 | 2,338 |
Derivative financial instruments | 2 | 0 |
Fair Value [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Derivative financial instruments | 23 | 31 |
Liabilities [Abstract] | ' | ' |
Short-term debt, Fair Value | 15 | 15 |
Long-term debt, Fair Value | 2,444 | 2,576 |
Derivative financial instruments | $2 | $0 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurements (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Asset impairment charges | ' | ' | ' | $492 |
Goodwill, fair value | 2,838 | 2,827 | 3,295 | 1,782 |
Goodwill, carry value | ' | ' | ' | $1,290 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Information regarding operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | $3,633 | $3,458 | $3,414 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 18 | 31 | |||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 | |||
Total Revenues | 919 | 795 | 890 | 1,051 | 871 | 754 | 842 | 1,013 | 3,655 | 3,480 | 3,447 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 149 | 138 | 142 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 685 | -209 | 566 | |||
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | 12 | |||
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Information regarding operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,068 | 1,028 | 1,027 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 10 | 15 | |||
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,078 | 1,038 | 1,042 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 21 | 21 | 18 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 181 | 183 | 221 | |||
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | 12 | |||
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Information regarding operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,377 | 1,306 | 1,314 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | 7 | |||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 | |||
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,386 | 1,313 | 1,323 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 37 | 31 | 28 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 269 | 240 | 271 | |||
Global [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Information regarding operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,188 | 1,124 | 1,073 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 5 | 9 | |||
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,191 | 1,129 | 1,082 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 31 | 27 | 23 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 334 | 372 | 352 | |||
Total Retail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Information regarding operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 2,445 | 2,334 | 2,341 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 13 | 22 | |||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 | |||
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,464 | 2,351 | 2,365 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 58 | 52 | 46 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 450 | 423 | 492 | |||
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | 12 | |||
Total Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Information regarding operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 3,633 | 3,458 | 3,414 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 18 | 31 | |||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 | |||
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,655 | 3,480 | 3,447 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 89 | 79 | 69 | |||
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 784 | 795 | 844 | |||
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | 12 | |||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Information regarding operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 60 | [1] | 59 | [1] | 73 | [1] |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($99) | [1] | ($1,004) | [1] | ($278) | [1] |
[1] | See the following table for an analysis of the ‘Corporate and other’ line. |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Corporate and other information | ' | ' | ' | |||
Amortization of intangible assets | ($55) | ($59) | ($68) | |||
Additional incentive accrual, change in remuneration policy | 0 | [1] | -252 | [1] | 0 | [1] |
Write off of unamortized cash retention awards | 0 | [2] | -200 | [2] | 0 | [2] |
Goodwill and intangible asset impairment | 0 | [3] | -492 | [3] | 0 | [3] |
Joint venture settlement | 0 | [4] | -11 | [4] | 0 | [4] |
Insurance recoveries | 0 | [5] | 10 | [5] | 0 | [5] |
Write-off of uncollectible accounts receivable | 28 | 22 | ' | |||
Net gain (loss) on disposal of operations | 2 | -3 | 4 | |||
Operational Review | -29 | ' | ' | |||
OPERATING (LOSS) INCOME | 685 | -209 | 566 | |||
All Other Segments [Member] | ' | ' | ' | |||
Corporate and other information | ' | ' | ' | |||
Amortization of intangible assets | -55 | -59 | -68 | |||
Write-off of uncollectible accounts receivable | 0 | [6] | -13 | [6] | -22 | [6] |
Net gain (loss) on disposal of operations | 2 | [4] | -3 | [4] | 4 | [4] |
Foreign exchange hedging | 3 | 8 | 5 | |||
Foreign exchange gain (loss) on the UK pension plan asset | 8 | -1 | 0 | |||
Operational Review | 0 | 0 | -180 | |||
FSA regulatory settlement | 0 | 0 | -11 | |||
Expense Reduction Initiative | -46 | 0 | 0 | |||
Fees Related To The Extinguishment Of Debt | -1 | [7] | 0 | 0 | ||
Other | -10 | [8] | 9 | [8] | -6 | [8] |
Corporate [Member] | ' | ' | ' | |||
Corporate and other information | ' | ' | ' | |||
OPERATING (LOSS) INCOME | ($99) | [9] | ($1,004) | [9] | ($278) | [9] |
[1] | Additional incentive accrual recognized following the replacement of annual incentive awards with annual cash bonuses which will not feature a repayment requirement. | |||||
[2] | Write-off of unamortized cash retention award debtor following the decision to eliminate the repayment requirement on past awards. | |||||
[3] | Non-cash charge recognized related to the impairment of the carrying value of the North America reporting unit's goodwill. | |||||
[4] | $11 million settlement with former partners related to the termination of a joint venture arrangement in India. In addition, a $1 million loss on disposal of operations was recorded related to the termination. | |||||
[5] | Insurance recovery, recorded in Other operating expenses, related to a previously disclosed fraudulent activity in Chicago, discussed above. | |||||
[6] | In early 2012 the Company identified an uncollectible accounts receivable balance of approximately $28 million in Chicago due to fraudulent overstatements of Commissions and fees. For the year ended December 31, 2011, the Company recorded an estimate of the misstatement of Commissions and fees from prior periods by recognizing in the fourth quarter of 2011 a $22 million charge to Other operating expenses to write off the uncollectible receivable at January 1, 2011. The Company concluded its internal investigation into these matters in the three months ended March 31, 2012 and identified an additional $12 million in fraudulent overstatement of Commissions and fees, and has corrected the additional misstatement by recognizing a $13 million charge (including legal expenses) to Other operating expenses in the first quarter of 2012. The above amount represents the additional charge taken. | |||||
[7] | $1 million of fees associated with the extinguishment of debt completed on August 15, 2013. | |||||
[8] | Other includes $7 million (2012: $7 million, 2011: $12 million) from the release of funds and reserves related to potential legal liabilities. | |||||
[9] | See the following table for an analysis of the ‘Corporate and other’ line. |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total consolidated operating income | ' | ' | ' |
Total consolidated operating income | $685 | ($209) | $566 |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | 0 | 0 | -171 |
Loss on extinguishment of debt | -60 | 0 | 0 |
Interest expense | -126 | -128 | -156 |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | $499 | ($337) | $239 |
Segment_Information_Details_3
Segment Information (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commissions and fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retail insurance services | ' | ' | ' | ' | ' | ' | ' | ' | $2,445 | $2,334 | $2,341 |
Specialty insurance services | ' | ' | ' | ' | ' | ' | ' | ' | 1,188 | 1,124 | 1,073 |
Total commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 3,633 | 3,458 | 3,414 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 18 | 31 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 |
Total Revenues | 919 | 795 | 890 | 1,051 | 871 | 754 | 842 | 1,013 | 3,655 | 3,480 | 3,447 |
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retail insurance services | ' | ' | ' | ' | ' | ' | ' | ' | 1,068 | 1,028 | 1,027 |
Total commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,068 | 1,028 | 1,027 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 10 | 15 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,078 | 1,038 | 1,042 |
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retail insurance services | ' | ' | ' | ' | ' | ' | ' | ' | 1,377 | 1,306 | 1,314 |
Total commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,377 | 1,306 | 1,314 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | 7 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,386 | 1,313 | 1,323 |
Global [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Specialty insurance services | ' | ' | ' | ' | ' | ' | ' | ' | 1,188 | 1,124 | 1,073 |
Total commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,188 | 1,124 | 1,073 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 5 | 9 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $1,191 | $1,129 | $1,082 |
Segment_Information_Details_4
Segment Information (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Commissions and fees for foreign country | $919 | $795 | $890 | $1,051 | $871 | $754 | $842 | $1,013 | $3,655 | $3,480 | $3,447 | |||||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 3,633 | 3,458 | 3,414 | |||||
Fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fixed assets | 481 | ' | ' | ' | 468 | ' | ' | ' | 481 | 468 | ' | |||||
UNITED KINGDOM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Commissions and fees for foreign country | ' | ' | ' | ' | ' | ' | ' | ' | 1,026 | [1] | 980 | [1] | 963 | [1] | ||
Fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fixed assets for foreign country | 233 | ' | ' | ' | 218 | ' | ' | ' | 233 | 218 | ' | |||||
US [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Commissions and fees for foreign country | ' | ' | ' | ' | ' | ' | ' | ' | 1,549 | [1] | 1,484 | [1] | 1,461 | [1] | ||
Fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fixed assets for foreign country | 203 | ' | ' | ' | 207 | ' | ' | ' | 203 | 207 | ' | |||||
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Commissions and fees for foreign country | ' | ' | ' | ' | ' | ' | ' | ' | 1,058 | [1],[2] | 994 | [1],[2] | 990 | [1],[2] | ||
Fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fixed assets for foreign country | $45 | [2] | ' | ' | ' | $43 | [2] | ' | ' | ' | $45 | [2] | $43 | [2] | ' | |
[1] | Commissions and fees are attributed to countries based upon the location of the subsidiary generating the revenue. | |||||||||||||||
[2] | Other than in the United Kingdom and the United States, the Company does not conduct business in any country in which its commissions and fees and or fixed assets exceed 10 percent of consolidated commissions and fees and or fixed assets, respectively. |
Segment_Information_Details_Te
Segment Information (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Number of customers representing more than ten percent of consolidated commissions and fees | ' | 0.00% | 0.00% | 0.00% | |||
Segment information (Textual) [Abstract] | ' | ' | ' | ' | |||
Joint venture settlement | ' | $0 | [1] | $11 | [1] | $0 | [1] |
Net (loss) gain on disposal of operations | ' | 1 | ' | ' | |||
Write-off of uncollectible trade receivable balance | ' | -28 | -22 | ' | |||
Commissions and fees adjustment | 12 | ' | ' | ' | |||
The release of funds related to potential legal liabilities | ' | 7 | 7 | 12 | |||
Commissions & fees and fixed assets from countries other than the UK and the US | ' | 10.00% | ' | ' | |||
Overstatement of Additional Commisions and Fees | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |||
Quantifying Misstatement in Current Year Financial Statements, Amount | $13 | ' | ' | ' | |||
[1] | $11 million settlement with former partners related to the termination of a joint venture arrangement in India. In addition, a $1 million loss on disposal of operations was recorded related to the termination. |
Subsidiary_Undertakings_Detail
Subsidiary Undertakings (Details) | 12 Months Ended |
Dec. 31, 2013 | |
TAI Limited [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'England and Wales |
Class of share | 'Ordinary shares |
Percentage ownership | 100.00% |
Trinity Acquisition plc. [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'England and Wales |
Class of share | 'Ordinary shares |
Percentage ownership | 100.00% |
Willis Faber Limited [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'England and Wales |
Class of share | 'Ordinary shares |
Percentage ownership | 100.00% |
Willis Group Limited [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'England and Wales |
Class of share | 'Ordinary shares |
Percentage ownership | 100.00% |
Willis Investment UK Holdings Limited Member | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'England and Wales |
Class of share | 'Ordinary shares |
Percentage ownership | 100.00% |
Willis Netherlands Holdings B.V. [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'Netherlands |
Class of share | 'Ordinary shares |
Percentage ownership | 100.00% |
Willis Europe B.V. [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'England and Wales |
Class of share | 'Ordinary shares |
Percentage ownership | 100.00% |
Willis HRH, Inc. [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'USA |
Class of share | 'Common shares |
Percentage ownership | 100.00% |
Willis Limited [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'England and Wales |
Class of share | 'Ordinary shares |
Percentage ownership | 100.00% |
Willis North America, Inc. [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'USA |
Class of share | 'Common shares |
Percentage ownership | 100.00% |
Willis Re, Inc. [Member] | ' |
Schedule of Investments [Line Items] | ' |
Country of registration | 'USA |
Class of share | 'Common shares |
Percentage ownership | 100.00% |
Financial_Information_for_Pare4
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Income Statement Disclosures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | $3,633 | $3,458 | $3,414 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 18 | 31 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 |
Total Revenues | 919 | 795 | 890 | 1,051 | 871 | 754 | 842 | 1,013 | 3,655 | 3,480 | 3,447 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -2,207 | -2,475 | -2,087 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -616 | -581 | -656 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -94 | -79 | -74 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -55 | -59 | -68 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -492 | 0 |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 2 | -3 | 4 |
Total expenses | -767 | -720 | -719 | -764 | -1,646 | -684 | -663 | -696 | -2,970 | -3,689 | -2,881 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 685 | -209 | 566 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -60 | 0 | 0 |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -171 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -126 | -128 | -156 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | 499 | -337 | 239 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -122 | -101 | -32 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | 377 | -438 | 207 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | 12 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 377 | -433 | 219 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
NET (LOSS) INCOME | 74 | -27 | 107 | 223 | -801 | 26 | 110 | 232 | 377 | -433 | 220 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -13 | -16 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | 68 | -27 | 105 | 219 | -805 | 26 | 108 | 225 | 365 | -446 | 204 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | -3 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4 | -17 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -6 | -20 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -6 | -20 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -42 | -43 | -34 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -49 | -54 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -49 | -54 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 418 | -397 | 258 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
Other Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -73 | -82 | 32 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -1 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -76 | -83 | 32 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -76 | -83 | 32 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 191 | 201 | 186 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -34 | -67 | -80 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -171 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -16 | -7 | -17 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | 65 | 44 | -50 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 31 | 59 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | 88 | 75 | 9 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 8 | 8 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 320 | -480 | 229 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
The Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 2 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 1 | 2 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -103 | -96 | -69 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -163 | -79 | -98 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -20 | -15 | -14 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -286 | -190 | -181 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -278 | -189 | -179 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 364 | 316 | 324 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -141 | -147 | -134 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -60 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -63 | -70 | -97 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -178 | -90 | -86 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 34 | 27 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -178 | -56 | -59 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 150 | -172 | -8 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -28 | -228 | -67 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -28 | -228 | -67 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | -28 | -228 | -67 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 3,625 | 3,458 | 3,414 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 17 | 29 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,647 | 3,479 | 3,445 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -2,103 | -2,377 | -2,015 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -380 | -416 | -573 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -71 | -63 | -60 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -55 | -59 | -68 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -492 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 12 | -3 | 4 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -2,597 | -3,410 | -2,712 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 1,050 | 69 | 733 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 86 | 111 | 119 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -456 | -414 | -415 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -8 | -8 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | 675 | -242 | 429 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -145 | -166 | -117 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | 530 | -408 | 312 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -3 | 4 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 521 | -411 | 316 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
NET (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 521 | -411 | 317 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -13 | -16 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 509 | -424 | 301 |
Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -641 | -628 | -629 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 641 | 628 | 629 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | -1 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | -888 | 1,049 | -479 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -898 | 1,049 | -480 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -898 | 1,049 | -480 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | -898 | 1,049 | -480 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -446 | ' |
Scenario, Previously Reported [Member] | Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | -20 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -446 | 204 |
Scenario, Previously Reported [Member] | Other Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -72 | 43 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -389 | 174 |
Scenario, Previously Reported [Member] | The Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -189 | -179 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -228 | -36 |
Scenario, Previously Reported [Member] | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 754 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -118 | 137 |
Scenario, Previously Reported [Member] | Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64 | -32 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 735 | -275 |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Restatement Adjustment [Member] | Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Restatement Adjustment [Member] | Other Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11 | -11 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8 | 72 |
Restatement Adjustment [Member] | The Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -31 |
Restatement Adjustment [Member] | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -21 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -306 | 164 |
Restatement Adjustment [Member] | Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64 | 32 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | $314 | ($205) |
Financial_Information_for_Pare5
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Comprehensive Income Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | $534 | ($539) | $16 |
Less: Comprehensive income attributable to noncontrolling interests | -12 | -13 | -15 |
Comprehensive income attributable to Willis Group Holdings | 522 | -552 | 1 |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 522 | -552 | 1 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | 522 | -552 | 1 |
Other Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 565 | -494 | 48 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | 565 | -494 | 48 |
The Issuer | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 74 | -263 | -148 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | 74 | -263 | -148 |
Other | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 636 | -519 | 114 |
Less: Comprehensive income attributable to noncontrolling interests | -12 | -13 | -15 |
Comprehensive income attributable to Willis Group Holdings | 624 | -532 | 99 |
Consolidating adjustments | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | -1,263 | 1,289 | 1 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | -1,263 | 1,289 | 1 |
Scenario, Previously Reported [Member] | Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -552 | 1 |
Scenario, Previously Reported [Member] | Other Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -486 | -24 |
Scenario, Previously Reported [Member] | The Issuer | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -263 | -117 |
Scenario, Previously Reported [Member] | Other | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -226 | -65 |
Scenario, Previously Reported [Member] | Consolidating adjustments | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | 975 | 206 |
Restatement Adjustment [Member] | Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | 0 | 0 |
Restatement Adjustment [Member] | Other Guarantors [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -8 | 72 |
Restatement Adjustment [Member] | The Issuer | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | 0 | -31 |
Restatement Adjustment [Member] | Other | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -306 | 164 |
Restatement Adjustment [Member] | Consolidating adjustments | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | $314 | ($205) |
Financial_Information_for_Pare6
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Balance Sheet Disclosures) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $796 | $500 | $436 | $316 |
Accounts receivable, net | 1,041 | 933 | ' | ' |
Fiduciary assets | 8,412 | 9,271 | ' | ' |
Deferred tax assets | 15 | 13 | ' | ' |
Other current assets | 197 | 181 | ' | ' |
Amounts owed by group undertakings | 0 | 0 | ' | ' |
Total current assets | 10,461 | 10,898 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 481 | 468 | ' | ' |
Goodwill | 2,838 | 2,827 | 3,295 | ' |
Other intangible assets, net | 353 | 385 | ' | ' |
Investments in associates | 176 | 174 | ' | ' |
Deferred tax assets | 7 | 18 | ' | ' |
Pension benefits asset | 278 | 136 | ' | ' |
Other non-current assets | 206 | 206 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4,339 | 4,214 | ' | ' |
TOTAL ASSETS | 14,800 | 15,112 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 8,412 | 9,271 | ' | ' |
Deferred revenue and accrued expenses | 586 | 541 | ' | ' |
Income taxes payable | 21 | 19 | ' | ' |
Short-term debt and current portion of long-term debt | 15 | 15 | ' | ' |
Deferred tax liabilities | 25 | 21 | ' | ' |
Other current liabilities | 415 | 327 | ' | ' |
Amounts due to group undertakings | 0 | 0 | ' | ' |
Total current liabilities | 9,474 | 10,194 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 2,311 | 2,338 | ' | ' |
Liability for pension benefits | 136 | 282 | ' | ' |
Deferred tax liabilities | 56 | 18 | ' | ' |
Provisions for liabilities | 206 | 180 | 196 | ' |
Other non-current liabilities | 374 | 375 | ' | ' |
Noncurrent amounts due to group undertakings | 0 | 0 | ' | ' |
Total non-current liabilities | 3,083 | 3,193 | ' | ' |
Total liabilities | 12,557 | 13,387 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total Willis Group Holdings shareholders' equity | 2,215 | 1,699 | ' | ' |
Noncontrolling interests | 28 | 26 | ' | ' |
Total equity | 2,243 | 1,725 | 2,517 | 2,608 |
TOTAL LIABILITIES AND EQUITY | 14,800 | 15,112 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 3 | 1 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other current assets | 1 | 1 | ' | ' |
Amounts owed by group undertakings | 4,051 | 4,091 | ' | ' |
Total current assets | 4,055 | 4,093 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 4 | 5 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4 | 5 | ' | ' |
TOTAL ASSETS | 4,059 | 4,098 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 2 | 2 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 62 | 60 | ' | ' |
Amounts due to group undertakings | 0 | 0 | ' | ' |
Total current liabilities | 64 | 62 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 985 | 1,542 | ' | ' |
Long-term debt | 795 | 795 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Noncurrent amounts due to group undertakings | 0 | 0 | ' | ' |
Total non-current liabilities | 1,780 | 2,337 | ' | ' |
Total liabilities | 1,844 | 2,399 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total Willis Group Holdings shareholders' equity | 2,215 | 1,699 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,215 | 1,699 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 4,059 | 4,098 | ' | ' |
Other Guarantors [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 3 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other current assets | 21 | 31 | ' | ' |
Amounts owed by group undertakings | 903 | 993 | ' | ' |
Total current assets | 927 | 1,024 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 2,838 | 2,407 | ' | ' |
Fixed assets, net | 15 | 11 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 156 | 143 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 9 | 3 | ' | ' |
Noncurrent amounts owed by group undertakings | 518 | 0 | ' | ' |
Total non-current assets | 3,536 | 2,564 | ' | ' |
TOTAL ASSETS | 4,463 | 3,588 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 1 | 0 | ' | ' |
Income taxes payable | 3 | 4 | ' | ' |
Short-term debt and current portion of long-term debt | 15 | 15 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 15 | 0 | ' | ' |
Amounts due to group undertakings | 4,760 | 4,951 | ' | ' |
Total current liabilities | 4,794 | 4,970 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 782 | 274 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 1 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 5 | ' | ' |
Noncurrent amounts due to group undertakings | 0 | 0 | ' | ' |
Total non-current liabilities | 783 | 279 | ' | ' |
Total liabilities | 5,577 | 5,249 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total Willis Group Holdings shareholders' equity | -1,114 | -1,661 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -1,114 | -1,661 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 4,463 | 3,588 | ' | ' |
The Issuer | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 163 | 76 |
Accounts receivable, net | 4 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other current assets | 10 | 38 | ' | ' |
Amounts owed by group undertakings | 1,317 | 1,292 | ' | ' |
Total current assets | 1,331 | 1,330 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 1,021 | 553 | ' | ' |
Fixed assets, net | 51 | 63 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 5 | 41 | ' | ' |
Noncurrent amounts owed by group undertakings | 690 | 641 | ' | ' |
Total non-current assets | 1,767 | 1,298 | ' | ' |
TOTAL ASSETS | 3,098 | 2,628 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 28 | 0 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 38 | 73 | ' | ' |
Amounts due to group undertakings | 1,662 | 1,246 | ' | ' |
Total current liabilities | 1,728 | 1,319 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 733 | 1,268 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 48 | 7 | ' | ' |
Noncurrent amounts due to group undertakings | 518 | 0 | ' | ' |
Total non-current liabilities | 1,299 | 1,275 | ' | ' |
Total liabilities | 3,027 | 2,594 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total Willis Group Holdings shareholders' equity | 71 | 34 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 71 | 34 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 3,098 | 2,628 | ' | ' |
Other | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 790 | 499 | 273 | 240 |
Accounts receivable, net | 1,037 | 933 | ' | ' |
Fiduciary assets | 8,412 | 9,271 | ' | ' |
Deferred tax assets | 16 | 13 | ' | ' |
Other current assets | 186 | 114 | ' | ' |
Amounts owed by group undertakings | 1,484 | 864 | ' | ' |
Total current assets | 11,925 | 11,694 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 415 | 394 | ' | ' |
Goodwill | 2,838 | 2,827 | ' | ' |
Other intangible assets, net | 353 | 385 | ' | ' |
Investments in associates | 20 | 31 | ' | ' |
Deferred tax assets | 7 | 18 | ' | ' |
Pension benefits asset | 278 | 136 | ' | ' |
Other non-current assets | 188 | 157 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4,099 | 3,948 | ' | ' |
TOTAL ASSETS | 16,024 | 15,642 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 8,412 | 9,271 | ' | ' |
Deferred revenue and accrued expenses | 555 | 539 | ' | ' |
Income taxes payable | 39 | 18 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 25 | 21 | ' | ' |
Other current liabilities | 300 | 194 | ' | ' |
Amounts due to group undertakings | 1,333 | 1,043 | ' | ' |
Total current liabilities | 10,664 | 11,086 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 1 | 1 | ' | ' |
Liability for pension benefits | 136 | 282 | ' | ' |
Deferred tax liabilities | 55 | 18 | ' | ' |
Provisions for liabilities | 206 | 180 | ' | ' |
Other non-current liabilities | 326 | 363 | ' | ' |
Noncurrent amounts due to group undertakings | 690 | 641 | ' | ' |
Total non-current liabilities | 1,414 | 1,485 | ' | ' |
Total liabilities | 12,078 | 12,571 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total Willis Group Holdings shareholders' equity | 3,918 | 3,045 | ' | ' |
Noncontrolling interests | 28 | 26 | ' | ' |
Total equity | 3,946 | 3,071 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 16,024 | 15,642 | ' | ' |
Consolidating adjustments | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | -1 | 0 | ' | ' |
Other current assets | -21 | -3 | ' | ' |
Amounts owed by group undertakings | -7,755 | -7,240 | ' | ' |
Total current assets | -7,777 | -7,243 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | -3,859 | -2,960 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Noncurrent amounts owed by group undertakings | -1,208 | -641 | ' | ' |
Total non-current assets | -5,067 | -3,601 | ' | ' |
TOTAL ASSETS | -12,844 | -10,844 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 0 | 0 | ' | ' |
Income taxes payable | -21 | -3 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Amounts due to group undertakings | -7,755 | -7,240 | ' | ' |
Total current liabilities | -7,776 | -7,243 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | -985 | -1,542 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Noncurrent amounts due to group undertakings | -1,208 | -641 | ' | ' |
Total non-current liabilities | -2,193 | -2,183 | ' | ' |
Total liabilities | -9,969 | -9,426 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total Willis Group Holdings shareholders' equity | -2,875 | -1,418 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -2,875 | -1,418 | ' | ' |
TOTAL LIABILITIES AND EQUITY | -12,844 | -10,844 | ' | ' |
Scenario, Previously Reported [Member] | Parent Company [Member] | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 2,557 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 858 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | 1,699 | ' | ' |
Scenario, Previously Reported [Member] | Other Guarantors [Member] | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | -1,256 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 319 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | -1,575 | ' | ' |
Scenario, Previously Reported [Member] | The Issuer | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 1,382 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 1,348 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | 34 | ' | ' |
Scenario, Previously Reported [Member] | Other | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 17,125 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 11,851 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | 5,274 | ' | ' |
Scenario, Previously Reported [Member] | Consolidating adjustments | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | -4,696 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | -989 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | -3,707 | ' | ' |
Restatement Adjustment [Member] | Parent Company [Member] | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 1,541 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 1,541 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | 0 | ' | ' |
Restatement Adjustment [Member] | Other Guarantors [Member] | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 4,844 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 4,930 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | -86 | ' | ' |
Restatement Adjustment [Member] | The Issuer | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 1,246 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 1,246 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | 0 | ' | ' |
Restatement Adjustment [Member] | Other | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | -1,483 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 720 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | -2,203 | ' | ' |
Restatement Adjustment [Member] | Consolidating adjustments | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | -6,148 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | -8,437 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | $2,289 | ' | ' |
Financial_Information_for_Pare7
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Cash Flow Disclosures) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | $561 | $525 | $439 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 12 | 5 | 13 |
Additions to fixed assets | ' | -112 | -135 | -111 |
Additions to intangible assets | ' | -7 | -2 | 0 |
Acquisitions of subsidiaries, net of cash acquired | ' | -30 | -33 | -10 |
Acquisition of investments in associates | ' | 0 | 0 | -2 |
Payments to acquire other investments | ' | -7 | -7 | -5 |
Proceeds from Sale of Equity Method Investments | ' | 4 | 0 | 0 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 20 | 0 | 14 |
Cash received on intercompany investing activities | ' | 0 | 0 | 0 |
Cash paid on intercompany investing activities | ' | 0 | 0 | 0 |
Net cash (used in) provided by continuing investing activities | ' | -120 | -172 | -101 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | 0 | 0 | -90 |
Senior notes issued | 800 | 522 | 0 | 794 |
Debt issuance costs | ' | -8 | 0 | -12 |
Repayments of debt | ' | -536 | -15 | -911 |
Payments of Debt Extinguishment Costs | ' | -65 | 0 | 0 |
Proceeds from Issuance of Long-term Debt | ' | 0 | 0 | 300 |
Proceeds from issue of other debt | ' | 0 | 1 | 0 |
Make-whole on repurchase and redemption of senior notes | ' | 0 | 0 | -158 |
Repurchase of shares | ' | 0 | -100 | 0 |
Proceeds from issue of shares | ' | 155 | 53 | 60 |
Excess tax benefits from share-based payment arrangements | ' | 2 | 2 | 5 |
Dividends paid | ' | -193 | -185 | -180 |
Proceeds from Noncontrolling Interests | ' | 0 | 3 | 0 |
Acquisition of noncontrolling interests | ' | -4 | -39 | -9 |
Dividends paid to noncontrolling interests | ' | -10 | -11 | -13 |
Cash received on intercompany financing activities | ' | 0 | 0 | 0 |
Cash paid on intercompany financing activities | ' | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | ' | -137 | -291 | -214 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 304 | 62 | 124 |
Effect of exchange rate changes on cash and cash equivalents | ' | -8 | 2 | -4 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 500 | 436 | 316 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 796 | 500 | 436 |
Parent Company [Member] | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 4 | -23 | 44 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 0 | 0 | 0 |
Additions to fixed assets | ' | 0 | 0 | 0 |
Additions to intangible assets | ' | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | 0 | 0 | 0 |
Acquisition of investments in associates | ' | ' | ' | 0 |
Payments to acquire other investments | ' | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | ' | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 0 | 0 | 0 |
Cash received on intercompany investing activities | ' | 383 | 256 | 0 |
Cash paid on intercompany investing activities | ' | -347 | 0 | -711 |
Net cash (used in) provided by continuing investing activities | ' | 36 | 256 | -711 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | 0 |
Senior notes issued | ' | 0 | ' | 794 |
Debt issuance costs | ' | 0 | ' | -7 |
Repayments of debt | ' | 0 | 0 | 0 |
Payments of Debt Extinguishment Costs | ' | 0 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 0 |
Proceeds from issue of other debt | ' | ' | 0 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | 0 |
Repurchase of shares | ' | ' | -100 | ' |
Proceeds from issue of shares | ' | 155 | 53 | 60 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 | 0 |
Dividends paid | ' | -193 | -185 | -180 |
Proceeds from Noncontrolling Interests | ' | ' | 0 | ' |
Acquisition of noncontrolling interests | ' | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | ' | 0 | 0 | 0 |
Cash received on intercompany financing activities | ' | 0 | 0 | 0 |
Cash paid on intercompany financing activities | ' | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | ' | -38 | -232 | 667 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 2 | 1 | 0 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 1 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 3 | 1 | 0 |
Other Guarantors [Member] | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 125 | 1,504 | 316 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 0 | 0 | 0 |
Additions to fixed assets | ' | -7 | -7 | -4 |
Additions to intangible assets | ' | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | -237 | 0 | 0 |
Acquisition of investments in associates | ' | ' | ' | 0 |
Payments to acquire other investments | ' | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | ' | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 0 | 0 | 0 |
Cash received on intercompany investing activities | ' | 211 | 216 | 0 |
Cash paid on intercompany investing activities | ' | -442 | -318 | -430 |
Net cash (used in) provided by continuing investing activities | ' | -475 | -109 | -434 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | 0 |
Senior notes issued | ' | 522 | ' | 0 |
Debt issuance costs | ' | -8 | ' | -5 |
Repayments of debt | ' | -15 | -15 | -500 |
Payments of Debt Extinguishment Costs | ' | 0 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 300 |
Proceeds from issue of other debt | ' | ' | 1 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | -158 |
Repurchase of shares | ' | ' | 0 | ' |
Proceeds from issue of shares | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 | 0 |
Dividends paid | ' | 0 | 0 | 0 |
Proceeds from Noncontrolling Interests | ' | ' | 0 | ' |
Acquisition of noncontrolling interests | ' | 0 | 0 | -4 |
Dividends paid to noncontrolling interests | ' | 0 | 0 | 0 |
Cash received on intercompany financing activities | ' | 321 | 81 | 741 |
Cash paid on intercompany financing activities | ' | -467 | -1,462 | -256 |
Net cash provided by (used in) financing activities | ' | 353 | -1,395 | 118 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 3 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 3 | 0 | 0 |
The Issuer | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 7 | -44 | 134 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 3 | 0 | 0 |
Additions to fixed assets | ' | -11 | -19 | -21 |
Additions to intangible assets | ' | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | -230 | 0 | 0 |
Acquisition of investments in associates | ' | ' | ' | 0 |
Payments to acquire other investments | ' | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | ' | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 230 | 0 | 0 |
Cash received on intercompany investing activities | ' | 36 | 44 | 128 |
Cash paid on intercompany investing activities | ' | -120 | -10 | 0 |
Net cash (used in) provided by continuing investing activities | ' | -92 | 15 | 107 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | -90 |
Senior notes issued | ' | 0 | ' | 0 |
Debt issuance costs | ' | 0 | ' | 0 |
Repayments of debt | ' | -521 | 0 | -411 |
Payments of Debt Extinguishment Costs | ' | -65 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 0 |
Proceeds from issue of other debt | ' | ' | 0 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | 0 |
Repurchase of shares | ' | ' | 0 | ' |
Proceeds from issue of shares | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 | 0 |
Dividends paid | ' | -230 | 0 | 0 |
Proceeds from Noncontrolling Interests | ' | ' | 0 | ' |
Acquisition of noncontrolling interests | ' | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | ' | 0 | 0 | 0 |
Cash received on intercompany financing activities | ' | 901 | 0 | 347 |
Cash paid on intercompany financing activities | ' | 0 | -134 | 0 |
Net cash provided by (used in) financing activities | ' | 85 | -134 | -154 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 0 | -163 | 87 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 0 | 163 | 76 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 0 | 0 | 163 |
Other | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 662 | -97 | 131 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 9 | 5 | 13 |
Additions to fixed assets | ' | -94 | -109 | -86 |
Additions to intangible assets | ' | -7 | -2 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | -30 | -33 | -10 |
Acquisition of investments in associates | ' | ' | ' | -2 |
Payments to acquire other investments | ' | -7 | -7 | -5 |
Proceeds from Sale of Equity Method Investments | ' | 4 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 257 | 0 | 14 |
Cash received on intercompany investing activities | ' | 60 | 1,230 | 224 |
Cash paid on intercompany investing activities | ' | -780 | -81 | -101 |
Net cash (used in) provided by continuing investing activities | ' | -588 | 1,003 | 47 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | 0 |
Senior notes issued | ' | 0 | ' | 0 |
Debt issuance costs | ' | 0 | ' | 0 |
Repayments of debt | ' | 0 | 0 | 0 |
Payments of Debt Extinguishment Costs | ' | 0 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 0 |
Proceeds from issue of other debt | ' | ' | 0 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | 0 |
Repurchase of shares | ' | ' | 0 | ' |
Proceeds from issue of shares | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | ' | 2 | 2 | 5 |
Dividends paid | ' | -7 | -815 | -186 |
Proceeds from Noncontrolling Interests | ' | ' | 3 | ' |
Acquisition of noncontrolling interests | ' | -4 | -39 | -5 |
Dividends paid to noncontrolling interests | ' | -10 | -11 | -13 |
Cash received on intercompany financing activities | ' | 467 | 328 | 154 |
Cash paid on intercompany financing activities | ' | -223 | -150 | -96 |
Net cash provided by (used in) financing activities | ' | 225 | -682 | -141 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 299 | 224 | 37 |
Effect of exchange rate changes on cash and cash equivalents | ' | -8 | 2 | -4 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 499 | 273 | 240 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 790 | 499 | 273 |
Consolidating adjustments | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | -237 | -815 | -186 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 0 | 0 | 0 |
Additions to fixed assets | ' | 0 | 0 | 0 |
Additions to intangible assets | ' | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | 467 | 0 | 0 |
Acquisition of investments in associates | ' | ' | ' | 0 |
Payments to acquire other investments | ' | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | ' | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | -467 | 0 | 0 |
Cash received on intercompany investing activities | ' | -690 | -1,746 | -352 |
Cash paid on intercompany investing activities | ' | 1,689 | 409 | 1,242 |
Net cash (used in) provided by continuing investing activities | ' | 999 | -1,337 | 890 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | 0 |
Senior notes issued | ' | 0 | ' | 0 |
Debt issuance costs | ' | 0 | ' | 0 |
Repayments of debt | ' | 0 | 0 | 0 |
Payments of Debt Extinguishment Costs | ' | 0 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 0 |
Proceeds from issue of other debt | ' | ' | 0 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | 0 |
Repurchase of shares | ' | ' | 0 | ' |
Proceeds from issue of shares | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 | 0 |
Dividends paid | ' | 237 | 815 | 186 |
Proceeds from Noncontrolling Interests | ' | ' | 0 | ' |
Acquisition of noncontrolling interests | ' | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | ' | 0 | 0 | 0 |
Cash received on intercompany financing activities | ' | -1,689 | -409 | -1,242 |
Cash paid on intercompany financing activities | ' | 690 | 1,746 | 352 |
Net cash provided by (used in) financing activities | ' | -762 | 2,152 | -704 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 0 | 0 | 0 |
Scenario, Previously Reported [Member] | Parent Company [Member] | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -42 | -41 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | 43 | 41 |
Scenario, Previously Reported [Member] | Other Guarantors [Member] | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 780 | 184 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -7 | -4 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -773 | -180 |
Scenario, Previously Reported [Member] | The Issuer | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 69 | 88 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -19 | -21 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -213 | 20 |
Scenario, Previously Reported [Member] | Other | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 431 | 1,269 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -146 | -76 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -61 | -1,156 |
Scenario, Previously Reported [Member] | Consolidating adjustments | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -713 | -1,061 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | 713 | 1,061 |
Restatement Adjustment [Member] | Parent Company [Member] | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 19 | 85 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 256 | -711 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -275 | 626 |
Restatement Adjustment [Member] | Other Guarantors [Member] | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 724 | 132 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -102 | -430 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -622 | 298 |
Restatement Adjustment [Member] | The Issuer | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -113 | 46 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 34 | 128 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | 79 | -174 |
Restatement Adjustment [Member] | Other | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -528 | -1,138 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 1,149 | 123 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -621 | 1,015 |
Restatement Adjustment [Member] | Consolidating adjustments | ' | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -102 | 875 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -1,337 | 890 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | $1,439 | ($1,765) |
Financial_Information_for_Pare8
Financial Information for Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Details Textual) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 29, 2009 | Mar. 28, 2007 | Jul. 01, 2005 |
Willis North America, Inc. [Member] | Willis North America, Inc. [Member] | Willis North America, Inc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Senior notes, outstanding balance | ' | $187 | $394 | $148 |
Percentage of ownership in wholly on subsidiary by parent | 100.00% | ' | ' | ' |
Financial_Information_for_Pare9
Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Income Statement Disclosures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | $3,633 | $3,458 | $3,414 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 18 | 31 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 |
Total Revenues | 919 | 795 | 890 | 1,051 | 871 | 754 | 842 | 1,013 | 3,655 | 3,480 | 3,447 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -2,207 | -2,475 | -2,087 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -616 | -581 | -656 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -94 | -79 | -74 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -55 | -59 | -68 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -492 | 0 |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 2 | -3 | 4 |
Total expenses | -767 | -720 | -719 | -764 | -1,646 | -684 | -663 | -696 | -2,970 | -3,689 | -2,881 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 685 | -209 | 566 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -60 | 0 | 0 |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -171 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -126 | -128 | -156 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | 499 | -337 | 239 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -122 | -101 | -32 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | 377 | -438 | 207 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | 12 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 377 | -433 | 219 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
Net income (loss) | 74 | -27 | 107 | 223 | -801 | 26 | 110 | 232 | 377 | -433 | 220 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -13 | -16 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | 68 | -27 | 105 | 219 | -805 | 26 | 108 | 225 | 365 | -446 | 204 |
Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | -3 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4 | -17 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -6 | -20 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -6 | -20 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -42 | -43 | -34 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -49 | -54 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -49 | -54 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 418 | -397 | 258 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
The Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 2 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 1 | 2 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -103 | -96 | -69 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -236 | -161 | -66 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -23 | -16 | -14 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -362 | -273 | -149 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -354 | -272 | -147 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 466 | 409 | 412 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -86 | -106 | -116 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -60 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -171 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -79 | -77 | -114 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -113 | -46 | -136 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 65 | 86 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -90 | 19 | -50 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 8 | 8 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 498 | -424 | 288 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 3,625 | 3,458 | 3,414 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 17 | 29 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,647 | 3,479 | 3,445 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -2,103 | -2,377 | -2,015 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -380 | -416 | -573 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -71 | -63 | -60 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -55 | -59 | -68 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -492 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 12 | -3 | 4 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -2,597 | -3,410 | -2,712 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 1,050 | 69 | 733 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 86 | 111 | 119 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -456 | -414 | -415 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -8 | -8 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | 675 | -242 | 429 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -145 | -166 | -117 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | 530 | -408 | 312 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -3 | 4 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 521 | -411 | 316 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 521 | -411 | 317 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -13 | -16 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 509 | -424 | 301 |
Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -552 | -520 | -531 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 552 | 520 | 531 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(Loss) Income from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | -1 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | -916 | 821 | -546 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -926 | 821 | -547 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -926 | 821 | -547 |
Less: net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | -926 | 821 | -547 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -446 | ' |
Scenario, Previously Reported [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | -20 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -446 | 204 |
Scenario, Previously Reported [Member] | The Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -261 | -136 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -389 | 174 |
Scenario, Previously Reported [Member] | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 754 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -118 | 137 |
Scenario, Previously Reported [Member] | Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64 | -32 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 507 | -311 |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Restatement Adjustment [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Restatement Adjustment [Member] | The Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11 | -11 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8 | 72 |
Restatement Adjustment [Member] | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -21 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -306 | 164 |
Restatement Adjustment [Member] | Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64 | 32 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | $314 | ($236) |
Recovered_Sheet2
Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Comprehensive Income Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | $534 | ($539) | $16 |
Less: Comprehensive income attributable to noncontrolling interests | -12 | -13 | -15 |
Comprehensive income attributable to Willis Group Holdings | 522 | -552 | 1 |
Willis Group Holdings — the Parent Issuer | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 522 | -552 | 1 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | 522 | -552 | 1 |
The Guarantors | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 565 | -494 | 48 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | 565 | -494 | 48 |
Other | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 636 | -519 | 114 |
Less: Comprehensive income attributable to noncontrolling interests | -12 | -13 | -15 |
Comprehensive income attributable to Willis Group Holdings | 624 | -532 | 99 |
Consolidating adjustments | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | -1,189 | 1,026 | -147 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | -1,189 | 1,026 | -147 |
Scenario, Previously Reported [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -552 | 1 |
Scenario, Previously Reported [Member] | The Guarantors | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -486 | -24 |
Scenario, Previously Reported [Member] | Other | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -226 | -65 |
Scenario, Previously Reported [Member] | Consolidating adjustments | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | 712 | 89 |
Restatement Adjustment [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | 0 | 0 |
Restatement Adjustment [Member] | The Guarantors | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -8 | 72 |
Restatement Adjustment [Member] | Other | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -306 | 164 |
Restatement Adjustment [Member] | Consolidating adjustments | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | $314 | ($236) |
Recovered_Sheet3
Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Balance Sheet Disclosures) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $796 | $500 | $436 | $316 |
Accounts receivable, net | 1,041 | 933 | ' | ' |
Fiduciary assets | 8,412 | 9,271 | ' | ' |
Deferred tax assets | 15 | 13 | ' | ' |
Other current assets | 197 | 181 | ' | ' |
Amounts owed by group undertakings | 0 | 0 | ' | ' |
Total current assets | 10,461 | 10,898 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 481 | 468 | ' | ' |
Goodwill | 2,838 | 2,827 | 3,295 | ' |
Other intangible assets, net | 353 | 385 | ' | ' |
Investments in associates | 176 | 174 | ' | ' |
Deferred tax assets | 7 | 18 | ' | ' |
Pension benefits asset | 278 | 136 | ' | ' |
Other non-current assets | 206 | 206 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4,339 | 4,214 | ' | ' |
TOTAL ASSETS | 14,800 | 15,112 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 8,412 | 9,271 | ' | ' |
Deferred revenue and accrued expenses | 586 | 541 | ' | ' |
Income taxes payable | 21 | 19 | ' | ' |
Short-term debt and current portion of long-term debt | 15 | 15 | ' | ' |
Deferred tax liabilities | 25 | 21 | ' | ' |
Other current liabilities | 415 | 327 | ' | ' |
Amounts due to group undertakings | 0 | 0 | ' | ' |
Total current liabilities | 9,474 | 10,194 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 2,311 | 2,338 | ' | ' |
Liability for pension benefits | 136 | 282 | ' | ' |
Deferred tax liabilities | 56 | 18 | ' | ' |
Provisions for liabilities | 206 | 180 | 196 | ' |
Other non-current liabilities | 374 | 375 | ' | ' |
Noncurrent amounts due to group undertakings | 0 | 0 | ' | ' |
Total non-current liabilities | 3,083 | 3,193 | ' | ' |
Total liabilities | 12,557 | 13,387 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total of Willis Group Holdings shareholders' equity | 2,215 | 1,699 | ' | ' |
Noncontrolling interests | 28 | 26 | ' | ' |
Total equity | 2,243 | 1,725 | 2,517 | 2,608 |
TOTAL LIABILITIES AND EQUITY | 14,800 | 15,112 | ' | ' |
Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 3 | 1 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other current assets | 1 | 1 | ' | ' |
Amounts owed by group undertakings | 4,051 | 4,091 | ' | ' |
Total current assets | 4,055 | 4,093 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 4 | 5 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4 | 5 | ' | ' |
TOTAL ASSETS | 4,059 | 4,098 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 2 | 2 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 62 | 60 | ' | ' |
Amounts due to group undertakings | 0 | 0 | ' | ' |
Total current liabilities | 64 | 62 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 985 | 1,542 | ' | ' |
Long-term debt | 795 | 795 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Noncurrent amounts due to group undertakings | 0 | 0 | ' | ' |
Total non-current liabilities | 1,780 | 2,337 | ' | ' |
Total liabilities | 1,844 | 2,399 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total of Willis Group Holdings shareholders' equity | 2,215 | 1,699 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,215 | 1,699 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 4,059 | 4,098 | ' | ' |
The Guarantors | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 3 | 0 | 163 | 76 |
Accounts receivable, net | 4 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other current assets | 31 | 69 | ' | ' |
Amounts owed by group undertakings | 975 | 1,027 | ' | ' |
Total current assets | 1,013 | 1,096 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 3,788 | 2,926 | ' | ' |
Fixed assets, net | 66 | 74 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 156 | 143 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 14 | 44 | ' | ' |
Noncurrent amounts owed by group undertakings | 690 | 641 | ' | ' |
Total non-current assets | 4,714 | 3,828 | ' | ' |
TOTAL ASSETS | 5,727 | 4,924 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 29 | 0 | ' | ' |
Income taxes payable | 3 | 4 | ' | ' |
Short-term debt and current portion of long-term debt | 15 | 15 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 53 | 73 | ' | ' |
Amounts due to group undertakings | 5,177 | 4,939 | ' | ' |
Total current liabilities | 5,277 | 5,031 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 1,515 | 1,542 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 1 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 48 | 12 | ' | ' |
Noncurrent amounts due to group undertakings | 0 | 0 | ' | ' |
Total non-current liabilities | 1,564 | 1,554 | ' | ' |
Total liabilities | 6,841 | 6,585 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total of Willis Group Holdings shareholders' equity | -1,114 | -1,661 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -1,114 | -1,661 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 5,727 | 4,924 | ' | ' |
Other | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 790 | 499 | 273 | 240 |
Accounts receivable, net | 1,037 | 933 | ' | ' |
Fiduciary assets | 8,412 | 9,271 | ' | ' |
Deferred tax assets | 16 | 13 | ' | ' |
Other current assets | 186 | 114 | ' | ' |
Amounts owed by group undertakings | 1,484 | 864 | ' | ' |
Total current assets | 11,925 | 11,694 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 415 | 394 | ' | ' |
Goodwill | 2,838 | 2,827 | ' | ' |
Other intangible assets, net | 353 | 385 | ' | ' |
Investments in associates | 20 | 31 | ' | ' |
Deferred tax assets | 7 | 18 | ' | ' |
Pension benefits asset | 278 | 136 | ' | ' |
Other non-current assets | 188 | 157 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4,099 | 3,948 | ' | ' |
TOTAL ASSETS | 16,024 | 15,642 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 8,412 | 9,271 | ' | ' |
Deferred revenue and accrued expenses | 555 | 539 | ' | ' |
Income taxes payable | 39 | 18 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 25 | 21 | ' | ' |
Other current liabilities | 300 | 194 | ' | ' |
Amounts due to group undertakings | 1,333 | 1,043 | ' | ' |
Total current liabilities | 10,664 | 11,086 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 1 | 1 | ' | ' |
Liability for pension benefits | 136 | 282 | ' | ' |
Deferred tax liabilities | 55 | 18 | ' | ' |
Provisions for liabilities | 206 | 180 | ' | ' |
Other non-current liabilities | 326 | 363 | ' | ' |
Noncurrent amounts due to group undertakings | 690 | 641 | ' | ' |
Total non-current liabilities | 1,414 | 1,485 | ' | ' |
Total liabilities | 12,078 | 12,571 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total of Willis Group Holdings shareholders' equity | 3,918 | 3,045 | ' | ' |
Noncontrolling interests | 28 | 26 | ' | ' |
Total equity | 3,946 | 3,071 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 16,024 | 15,642 | ' | ' |
Consolidating adjustments | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | -1 | 0 | ' | ' |
Other current assets | -21 | -3 | ' | ' |
Amounts owed by group undertakings | -6,510 | -5,982 | ' | ' |
Total current assets | -6,532 | -5,985 | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
Investments in subsidiaries | -3,788 | -2,926 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Noncurrent amounts owed by group undertakings | -690 | -641 | ' | ' |
Total non-current assets | -4,478 | -3,567 | ' | ' |
TOTAL ASSETS | -11,010 | -9,552 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 0 | 0 | ' | ' |
Income taxes payable | -21 | -3 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Amounts due to group undertakings | -6,510 | -5,982 | ' | ' |
Total current liabilities | -6,531 | -5,985 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Net liability investments in subsidiaries | -985 | -1,542 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Noncurrent amounts due to group undertakings | -690 | -641 | ' | ' |
Total non-current liabilities | -1,675 | -2,183 | ' | ' |
Total liabilities | -8,206 | -8,168 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total of Willis Group Holdings shareholders' equity | -2,804 | -1,384 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -2,804 | -1,384 | ' | ' |
TOTAL LIABILITIES AND EQUITY | -11,010 | -9,552 | ' | ' |
Scenario, Previously Reported [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 2,557 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 858 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | 1,699 | ' | ' |
Scenario, Previously Reported [Member] | The Guarantors | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 92 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 1,667 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | -1,575 | ' | ' |
Scenario, Previously Reported [Member] | Other | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 17,125 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 11,851 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | 5,274 | ' | ' |
Scenario, Previously Reported [Member] | Consolidating adjustments | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | -4,662 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | -989 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | -3,673 | ' | ' |
Restatement Adjustment [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 1,541 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 1,541 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | 0 | ' | ' |
Restatement Adjustment [Member] | The Guarantors | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | 4,832 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 4,918 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | -86 | ' | ' |
Restatement Adjustment [Member] | Other | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | -1,483 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | 720 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | -2,203 | ' | ' |
Restatement Adjustment [Member] | Consolidating adjustments | ' | ' | ' | ' |
NON-CURRENT ASSETS | ' | ' | ' | ' |
TOTAL ASSETS | ' | -4,890 | ' | ' |
NON-CURRENT LIABILITIES | ' | ' | ' | ' |
Total liabilities | ' | -7,179 | ' | ' |
EQUITY | ' | ' | ' | ' |
Total equity | ' | $2,289 | ' | ' |
Recovered_Sheet4
Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Cash Flow Disclosures) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | $561 | $525 | $439 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 12 | 5 | 13 |
Additions to fixed assets | ' | -112 | -135 | -111 |
Additions to intangible assets | ' | -7 | -2 | 0 |
Acquisitions of subsidiaries, net of cash acquired | ' | -30 | -33 | -10 |
Acquisition of investments in associates | ' | 0 | 0 | -2 |
Payments to acquire other investments | ' | -7 | -7 | -5 |
Proceeds from Sale of Equity Method Investments | ' | 4 | 0 | 0 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 20 | 0 | 14 |
Cash received on intercompany investing activities | ' | 0 | 0 | 0 |
Cash paid on intercompany investing activities | ' | 0 | 0 | 0 |
Net cash (used in) provided by continuing investing activities | ' | -120 | -172 | -101 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | 0 | 0 | -90 |
Senior notes issued | 800 | 522 | 0 | 794 |
Debt issuance costs | ' | -8 | 0 | -12 |
Repayments of debt | ' | -536 | -15 | -911 |
Proceeds from issue of other debt | ' | 0 | 1 | 0 |
Proceeds from Issuance of Long-term Debt | ' | 0 | 0 | 300 |
Payments of Debt Extinguishment Costs | ' | -65 | 0 | 0 |
Make-whole on repurchase and redemption of senior notes | ' | 0 | 0 | -158 |
Repurchase of shares | ' | 0 | -100 | 0 |
Proceeds from issue of shares | ' | 155 | 53 | 60 |
Excess tax benefits from share-based payment arrangements | ' | 2 | 2 | 5 |
Dividends paid | ' | -193 | -185 | -180 |
Proceeds from Noncontrolling Interests | ' | 0 | 3 | 0 |
Acquisition of noncontrolling interests | ' | -4 | -39 | -9 |
Dividends paid to noncontrolling interests | ' | -10 | -11 | -13 |
Cash received on intercompany financing activities | ' | 0 | 0 | 0 |
Cash paid on intercompany financing activities | ' | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | ' | -137 | -291 | -214 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 304 | 62 | 124 |
Effect of exchange rate changes on cash and cash equivalents | ' | -8 | 2 | -4 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 500 | 436 | 316 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 796 | 500 | 436 |
Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 4 | -23 | 44 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 0 | 0 | 0 |
Additions to fixed assets | ' | 0 | 0 | 0 |
Additions to intangible assets | ' | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | 0 | 0 | 0 |
Acquisition of investments in associates | ' | ' | ' | 0 |
Payments to acquire other investments | ' | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | ' | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 0 | 0 | 0 |
Cash received on intercompany investing activities | ' | 383 | 256 | 0 |
Cash paid on intercompany investing activities | ' | -347 | 0 | -711 |
Net cash (used in) provided by continuing investing activities | ' | 36 | 256 | -711 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | 0 |
Senior notes issued | ' | 0 | ' | 794 |
Debt issuance costs | ' | 0 | ' | -7 |
Repayments of debt | ' | 0 | 0 | 0 |
Proceeds from issue of other debt | ' | ' | 0 | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 0 |
Payments of Debt Extinguishment Costs | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | 0 |
Repurchase of shares | ' | ' | -100 | ' |
Proceeds from issue of shares | ' | 155 | 53 | 60 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 | 0 |
Dividends paid | ' | -193 | -185 | -180 |
Proceeds from Noncontrolling Interests | ' | ' | 0 | ' |
Acquisition of noncontrolling interests | ' | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | ' | 0 | 0 | 0 |
Cash received on intercompany financing activities | ' | 0 | 0 | 0 |
Cash paid on intercompany financing activities | ' | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | ' | -38 | -232 | 667 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 2 | 1 | 0 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 1 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 3 | 1 | 0 |
The Guarantors | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | -98 | 1,460 | 450 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 3 | 0 | 0 |
Additions to fixed assets | ' | -18 | -26 | -25 |
Additions to intangible assets | ' | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | -237 | 0 | 0 |
Acquisition of investments in associates | ' | ' | ' | 0 |
Payments to acquire other investments | ' | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | ' | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 0 | ' | 0 |
Cash received on intercompany investing activities | ' | 223 | 150 | 96 |
Cash paid on intercompany investing activities | ' | -120 | -328 | -138 |
Net cash (used in) provided by continuing investing activities | ' | -149 | -204 | -67 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | -90 |
Senior notes issued | ' | 522 | ' | 0 |
Debt issuance costs | ' | -8 | ' | -5 |
Repayments of debt | ' | -536 | -15 | -911 |
Proceeds from issue of other debt | ' | ' | 1 | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 300 |
Payments of Debt Extinguishment Costs | ' | -65 | ' | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | -158 |
Repurchase of shares | ' | ' | 0 | ' |
Proceeds from issue of shares | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 | 0 |
Dividends paid | ' | 0 | 0 | 0 |
Proceeds from Noncontrolling Interests | ' | ' | 0 | ' |
Acquisition of noncontrolling interests | ' | 0 | 0 | -4 |
Dividends paid to noncontrolling interests | ' | 0 | 0 | 0 |
Cash received on intercompany financing activities | ' | 780 | 81 | 796 |
Cash paid on intercompany financing activities | ' | -443 | -1,486 | -224 |
Net cash provided by (used in) financing activities | ' | 250 | -1,419 | -296 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 3 | -163 | 87 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 0 | 163 | 76 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 3 | 0 | 163 |
Other | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 662 | -97 | 131 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 9 | 5 | 13 |
Additions to fixed assets | ' | -94 | -109 | -86 |
Additions to intangible assets | ' | -7 | -2 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | -30 | -33 | -10 |
Acquisition of investments in associates | ' | ' | ' | -2 |
Payments to acquire other investments | ' | -7 | -7 | -5 |
Proceeds from Sale of Equity Method Investments | ' | 4 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 257 | 0 | 14 |
Cash received on intercompany investing activities | ' | 60 | 1,230 | 224 |
Cash paid on intercompany investing activities | ' | -780 | -81 | -101 |
Net cash (used in) provided by continuing investing activities | ' | -588 | 1,003 | 47 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | 0 |
Senior notes issued | ' | 0 | ' | 0 |
Debt issuance costs | ' | 0 | ' | 0 |
Repayments of debt | ' | 0 | 0 | 0 |
Proceeds from issue of other debt | ' | ' | 0 | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 0 |
Payments of Debt Extinguishment Costs | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | 0 |
Repurchase of shares | ' | ' | 0 | ' |
Proceeds from issue of shares | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | ' | 2 | 2 | 5 |
Dividends paid | ' | -7 | -815 | -186 |
Proceeds from Noncontrolling Interests | ' | ' | 3 | ' |
Acquisition of noncontrolling interests | ' | -4 | -39 | -5 |
Dividends paid to noncontrolling interests | ' | -10 | -11 | -13 |
Cash received on intercompany financing activities | ' | 467 | 328 | 154 |
Cash paid on intercompany financing activities | ' | -223 | -150 | -96 |
Net cash provided by (used in) financing activities | ' | 225 | -682 | -141 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 299 | 224 | 37 |
Effect of exchange rate changes on cash and cash equivalents | ' | -8 | 2 | -4 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 499 | 273 | 240 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 790 | 499 | 273 |
Consolidating adjustments | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | -7 | -815 | -186 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Proceeds on disposal of fixed and intangible assets | ' | 0 | 0 | 0 |
Additions to fixed assets | ' | 0 | 0 | 0 |
Additions to intangible assets | ' | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | ' | 237 | 0 | 0 |
Acquisition of investments in associates | ' | ' | ' | 0 |
Payments to acquire other investments | ' | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | ' | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | -237 | ' | 0 |
Cash received on intercompany investing activities | ' | -666 | -1,636 | -320 |
Cash paid on intercompany investing activities | ' | 1,247 | 409 | 950 |
Net cash (used in) provided by continuing investing activities | ' | 581 | -1,227 | 630 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Repayments of Lines of Credit | ' | ' | ' | 0 |
Senior notes issued | ' | 0 | ' | 0 |
Debt issuance costs | ' | 0 | ' | 0 |
Repayments of debt | ' | 0 | 0 | 0 |
Proceeds from issue of other debt | ' | ' | 0 | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | 0 |
Payments of Debt Extinguishment Costs | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | ' | 0 |
Repurchase of shares | ' | ' | 0 | ' |
Proceeds from issue of shares | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | ' | 0 | 0 | 0 |
Dividends paid | ' | 7 | 815 | 186 |
Proceeds from Noncontrolling Interests | ' | ' | 0 | ' |
Acquisition of noncontrolling interests | ' | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | ' | 0 | 0 | 0 |
Cash received on intercompany financing activities | ' | -1,247 | -409 | -950 |
Cash paid on intercompany financing activities | ' | 666 | 1,636 | 320 |
Net cash provided by (used in) financing activities | ' | -574 | 2,042 | -444 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ' | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | ' | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF YEAR | ' | 0 | 0 | 0 |
Scenario, Previously Reported [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -42 | -41 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | 43 | 41 |
Scenario, Previously Reported [Member] | The Guarantors | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 849 | 272 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -26 | -25 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -986 | -160 |
Scenario, Previously Reported [Member] | Other | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 431 | 1,269 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -146 | -76 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -61 | -1,156 |
Scenario, Previously Reported [Member] | Consolidating adjustments | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -713 | -1,061 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | 713 | 1,061 |
Restatement Adjustment [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 19 | 85 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 256 | -711 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -275 | 626 |
Restatement Adjustment [Member] | The Guarantors | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | 611 | 178 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -178 | -42 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -433 | -136 |
Restatement Adjustment [Member] | Other | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -528 | -1,138 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | 1,149 | 123 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | -621 | 1,015 |
Restatement Adjustment [Member] | Consolidating adjustments | ' | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | ' | -102 | 875 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' |
Net cash (used in) provided by continuing investing activities | ' | ' | -1,227 | 630 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | $1,329 | ($1,505) |
Recovered_Sheet5
Financial Information for Parent Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financial Information for Parent Issuer Guarantor Subsidiaries and Non-Guarantor Subsidiaries Disclosure [Abstract] | ' | ' | ' | ' |
Senior notes issued | $800 | $522 | $0 | $794 |
Percentage of ownership in wholly on subsidiary by parent | ' | 100.00% | ' | ' |
Financial_Information_for_Issu2
Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Income Statement Disclosures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | $3,633 | $3,458 | $3,414 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 18 | 31 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 |
Total Revenues | 919 | 795 | 890 | 1,051 | 871 | 754 | 842 | 1,013 | 3,655 | 3,480 | 3,447 |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -2,207 | -2,475 | -2,087 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -616 | -581 | -656 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -94 | -79 | -74 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -55 | -59 | -68 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -492 | 0 |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 2 | -3 | 4 |
Total expenses | -767 | -720 | -719 | -764 | -1,646 | -684 | -663 | -696 | -2,970 | -3,689 | -2,881 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 685 | -209 | 566 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -60 | 0 | 0 |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -171 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -126 | -128 | -156 |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | 499 | -337 | 239 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -122 | -101 | -32 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | 377 | -438 | 207 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | 12 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 377 | -433 | 219 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
Net income (loss) | 74 | -27 | 107 | 223 | -801 | 26 | 110 | 232 | 377 | -433 | 220 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -13 | -16 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | 68 | -27 | 105 | 219 | -805 | 26 | 108 | 225 | 365 | -446 | 204 |
Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | -3 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4 | -17 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -6 | -20 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -6 | -20 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -42 | -43 | -34 |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -49 | -54 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -49 | -54 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 418 | -397 | 258 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 365 | -446 | 204 |
Guarantor Companies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 2 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 1 | 2 |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -103 | -96 | -69 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -235 | -162 | -70 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -23 | -16 | -14 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -361 | -274 | -153 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -353 | -273 | -151 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 491 | 436 | 438 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -153 | -185 | -180 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -60 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -61 | -69 | -99 |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -136 | -91 | 8 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 29 | 76 | 47 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -107 | -15 | 55 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 8 | 8 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 515 | -390 | 183 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -397 | 246 |
Trinity Acquisition plc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | 4 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | 4 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | 4 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 79 | 64 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -26 | -27 | -26 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -171 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -18 | -8 | -15 |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 45 | -144 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -6 | -11 | 39 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 34 | -105 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 344 | -461 | 322 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 361 | -427 | 217 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 361 | -427 | 217 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 361 | -427 | 217 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 3,625 | 3,458 | 3,414 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 17 | 29 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 4 | 2 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,647 | 3,479 | 3,445 |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | -2,103 | -2,377 | -2,015 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -380 | -416 | -573 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | -71 | -63 | -60 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | -55 | -59 | -68 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | -492 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | 12 | -3 | 4 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -2,597 | -3,410 | -2,712 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 1,050 | 69 | 733 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 86 | 111 | 119 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -456 | -414 | -415 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -8 | -8 |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | 675 | -242 | 429 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -145 | -166 | -117 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | 530 | -408 | 312 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -9 | -3 | 4 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 521 | -411 | 316 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 521 | -411 | 317 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -13 | -16 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | 509 | -424 | 301 |
Consolidation entries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commissions and fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Salaries and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Net gain (loss) on disposal of operations | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Income from group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | -645 | -626 | -621 |
Expenses due to group undertakings | ' | ' | ' | ' | ' | ' | ' | ' | 645 | 626 | 621 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Make-whole on repurchase and redemption of senior notes and write-off of unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes and interest in earnings of associates | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | 0 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | ' | ' | ' | ' | ' | ' | ' | ' | -10 | 0 | -1 |
Interest in earnings of associates, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY ACCOUNT FOR SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | -1,277 | 1,248 | -763 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -1,287 | 1,248 | -764 |
Discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,287 | 1,248 | -764 |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | -1,287 | 1,248 | -764 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -446 | ' |
Scenario, Previously Reported [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | -20 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -446 | 204 |
Scenario, Previously Reported [Member] | Guarantor Companies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -262 | -140 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -389 | 174 |
Scenario, Previously Reported [Member] | Trinity Acquisition plc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 4 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -427 | 218 |
Scenario, Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122 | 754 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -118 | 137 |
Scenario, Previously Reported [Member] | Consolidation entries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64 | -32 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 934 | -529 |
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Restatement Adjustment [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Restatement Adjustment [Member] | Guarantor Companies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11 | -11 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8 | 72 |
Restatement Adjustment [Member] | Trinity Acquisition plc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 |
Restatement Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -21 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | -306 | 164 |
Restatement Adjustment [Member] | Consolidation entries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OPERATING (LOSS) INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64 | 32 |
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | ' | ' | ' | ' | ' | ' | ' | ' | ' | $314 | ($235) |
Financial_Information_for_Issu3
Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Comprehensive Income Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | $534 | ($539) | $16 |
Less: Comprehensive income attributable to noncontrolling interests | -12 | -13 | -15 |
Comprehensive income attributable to Willis Group Holdings | 522 | -552 | 1 |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 522 | -552 | 1 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | 522 | -552 | 1 |
Guarantor Companies [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 565 | -494 | 48 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | 565 | -494 | 48 |
Trinity Acquisition plc. [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 504 | -528 | 20 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | 504 | -528 | 20 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | 636 | -519 | 114 |
Less: Comprehensive income attributable to noncontrolling interests | -12 | -13 | -15 |
Comprehensive income attributable to Willis Group Holdings | 624 | -532 | 99 |
Consolidation entries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive (loss) income | -1,693 | 1,554 | -167 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income attributable to Willis Group Holdings | -1,693 | 1,554 | -167 |
Scenario, Previously Reported [Member] | Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -552 | 1 |
Scenario, Previously Reported [Member] | Guarantor Companies [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -486 | -24 |
Scenario, Previously Reported [Member] | Trinity Acquisition plc. [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -528 | 21 |
Scenario, Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -226 | -65 |
Scenario, Previously Reported [Member] | Consolidation entries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | 1,240 | 68 |
Restatement Adjustment [Member] | Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | 0 | 0 |
Restatement Adjustment [Member] | Guarantor Companies [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -8 | 72 |
Restatement Adjustment [Member] | Trinity Acquisition plc. [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | 0 | -1 |
Restatement Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | -306 | 164 |
Restatement Adjustment [Member] | Consolidation entries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Comprehensive income attributable to Willis Group Holdings | ' | $314 | ($235) |
Financial_Information_for_Issu4
Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $796 | $500 | $436 | $316 |
Accounts receivable, net | 1,041 | 933 | ' | ' |
Fiduciary assets | 8,412 | 9,271 | ' | ' |
Deferred tax assets | 15 | 13 | ' | ' |
Other current assets | 197 | 181 | ' | ' |
Amounts owed by group undertakings | 0 | 0 | ' | ' |
Total current assets | 10,461 | 10,898 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 481 | 468 | ' | ' |
Goodwill | 2,838 | 2,827 | 3,295 | ' |
Other intangible assets, net | 353 | 385 | ' | ' |
Investments in associates | 176 | 174 | ' | ' |
Deferred tax assets | 7 | 18 | ' | ' |
Pension benefits asset | 278 | 136 | ' | ' |
Other non-current assets | 206 | 206 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4,339 | 4,214 | ' | ' |
TOTAL ASSETS | 14,800 | 15,112 | ' | ' |
Fiduciary liabilities | 8,412 | 9,271 | ' | ' |
Deferred revenue and accrued expenses | 586 | 541 | ' | ' |
Income taxes payable | 21 | 19 | ' | ' |
Short-term debt and current portion of long-term debt | 15 | 15 | ' | ' |
Deferred tax liabilities | 25 | 21 | ' | ' |
Other current liabilities | 415 | 327 | ' | ' |
Amounts due to group undertakings | 0 | 0 | ' | ' |
Total current liabilities | 9,474 | 10,194 | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 2,311 | 2,338 | ' | ' |
Liability for pension benefits | 136 | 282 | ' | ' |
Deferred tax liabilities | 56 | 18 | ' | ' |
Provisions for liabilities | 206 | 180 | 196 | ' |
Other non-current liabilities | 374 | 375 | ' | ' |
Noncurrent amounts due to group undertakings | 0 | 0 | ' | ' |
Total non-current liabilities | 3,083 | 3,193 | ' | ' |
Total liabilities | 12,557 | 13,387 | ' | ' |
Total Willis Group Holdings shareholders' equity | 2,215 | 1,699 | ' | ' |
Noncontrolling interests | 28 | 26 | ' | ' |
Total equity | 2,243 | 1,725 | 2,517 | 2,608 |
TOTAL LIABILITIES AND EQUITY | 14,800 | 15,112 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 790 | 499 | 273 | 240 |
Accounts receivable, net | 1,037 | 933 | ' | ' |
Fiduciary assets | 8,412 | 9,271 | ' | ' |
Deferred tax assets | 16 | 13 | ' | ' |
Other current assets | 186 | 114 | ' | ' |
Amounts owed by group undertakings | 1,484 | 864 | ' | ' |
Total current assets | 11,925 | 11,694 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 415 | 394 | ' | ' |
Goodwill | 2,838 | 2,827 | ' | ' |
Other intangible assets, net | 353 | 385 | ' | ' |
Investments in associates | 20 | 31 | ' | ' |
Deferred tax assets | 7 | 18 | ' | ' |
Pension benefits asset | 278 | 136 | ' | ' |
Other non-current assets | 188 | 157 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4,099 | 3,948 | ' | ' |
TOTAL ASSETS | 16,024 | 15,642 | ' | ' |
Fiduciary liabilities | 8,412 | 9,271 | ' | ' |
Deferred revenue and accrued expenses | 555 | 539 | ' | ' |
Income taxes payable | 39 | 18 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 25 | 21 | ' | ' |
Other current liabilities | 300 | 194 | ' | ' |
Amounts due to group undertakings | 1,333 | 1,043 | ' | ' |
Total current liabilities | 10,664 | 11,086 | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 1 | 1 | ' | ' |
Liability for pension benefits | 136 | 282 | ' | ' |
Deferred tax liabilities | 55 | 18 | ' | ' |
Provisions for liabilities | 206 | 180 | ' | ' |
Other non-current liabilities | 326 | 363 | ' | ' |
Noncurrent amounts due to group undertakings | 690 | 641 | ' | ' |
Total non-current liabilities | 1,414 | 1,485 | ' | ' |
Total liabilities | 12,078 | 12,571 | ' | ' |
Total Willis Group Holdings shareholders' equity | 3,918 | 3,045 | ' | ' |
Noncontrolling interests | 28 | 26 | ' | ' |
Total equity | 3,946 | 3,071 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 16,024 | 15,642 | ' | ' |
Consolidation entries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | -1 | 0 | ' | ' |
Other current assets | -27 | -14 | ' | ' |
Amounts owed by group undertakings | -7,303 | -6,826 | ' | ' |
Total current assets | -7,331 | -6,840 | ' | ' |
Investments in subsidiaries | -6,421 | -5,403 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Noncurrent amounts owed by group undertakings | -1,631 | -1,064 | ' | ' |
Total non-current assets | -8,052 | -6,467 | ' | ' |
TOTAL ASSETS | -15,383 | -13,307 | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 0 | 0 | ' | ' |
Income taxes payable | -27 | -14 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Amounts due to group undertakings | -7,303 | -6,826 | ' | ' |
Total current liabilities | -7,330 | -6,840 | ' | ' |
Net liability investments in subsidiaries | -985 | -1,542 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Noncurrent amounts due to group undertakings | -1,631 | -1,064 | ' | ' |
Total non-current liabilities | -2,616 | -2,606 | ' | ' |
Total liabilities | -9,946 | -9,446 | ' | ' |
Total Willis Group Holdings shareholders' equity | -5,437 | -3,861 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -5,437 | -3,861 | ' | ' |
TOTAL LIABILITIES AND EQUITY | -15,383 | -13,307 | ' | ' |
Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3 | 1 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other current assets | 1 | 1 | ' | ' |
Amounts owed by group undertakings | 4,051 | 4,091 | ' | ' |
Total current assets | 4,055 | 4,093 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 4 | 5 | ' | ' |
Noncurrent amounts owed by group undertakings | 0 | 0 | ' | ' |
Total non-current assets | 4 | 5 | ' | ' |
TOTAL ASSETS | 4,059 | 4,098 | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 2 | 2 | ' | ' |
Income taxes payable | 0 | 0 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 62 | 60 | ' | ' |
Amounts due to group undertakings | 0 | 0 | ' | ' |
Total current liabilities | 64 | 62 | ' | ' |
Net liability investments in subsidiaries | 985 | 1,542 | ' | ' |
Long-term debt | 795 | 795 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Noncurrent amounts due to group undertakings | 0 | 0 | ' | ' |
Total non-current liabilities | 1,780 | 2,337 | ' | ' |
Total liabilities | 1,844 | 2,399 | ' | ' |
Total Willis Group Holdings shareholders' equity | 2,215 | 1,699 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,215 | 1,699 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 4,059 | 4,098 | ' | ' |
Guarantor Companies [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 3 | 0 | 163 | 76 |
Accounts receivable, net | 4 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other current assets | 36 | 79 | ' | ' |
Amounts owed by group undertakings | 975 | 1,070 | ' | ' |
Total current assets | 1,018 | 1,149 | ' | ' |
Investments in subsidiaries | 3,716 | 2,939 | ' | ' |
Fixed assets, net | 66 | 74 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 156 | 143 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 5 | 41 | ' | ' |
Noncurrent amounts owed by group undertakings | 1,113 | 1,064 | ' | ' |
Total non-current assets | 5,056 | 4,261 | ' | ' |
TOTAL ASSETS | 6,074 | 5,410 | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 29 | 0 | ' | ' |
Income taxes payable | 4 | 4 | ' | ' |
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 42 | 73 | ' | ' |
Amounts due to group undertakings | 5,813 | 5,714 | ' | ' |
Total current liabilities | 5,888 | 5,791 | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 733 | 1,268 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 1 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 48 | 12 | ' | ' |
Noncurrent amounts due to group undertakings | 518 | 0 | ' | ' |
Total non-current liabilities | 1,300 | 1,280 | ' | ' |
Total liabilities | 7,188 | 7,071 | ' | ' |
Total Willis Group Holdings shareholders' equity | -1,114 | -1,661 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | -1,114 | -1,661 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 6,074 | 5,410 | ' | ' |
Trinity Acquisition plc. [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Fiduciary assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Other current assets | 1 | 1 | ' | ' |
Amounts owed by group undertakings | 793 | 801 | ' | ' |
Total current assets | 794 | 802 | ' | ' |
Investments in subsidiaries | 2,705 | 2,464 | ' | ' |
Fixed assets, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Investments in associates | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Pension benefits asset | 0 | 0 | ' | ' |
Other non-current assets | 9 | 3 | ' | ' |
Noncurrent amounts owed by group undertakings | 518 | 0 | ' | ' |
Total non-current assets | 3,232 | 2,467 | ' | ' |
TOTAL ASSETS | 4,026 | 3,269 | ' | ' |
Fiduciary liabilities | 0 | 0 | ' | ' |
Deferred revenue and accrued expenses | 0 | 0 | ' | ' |
Income taxes payable | 5 | 11 | ' | ' |
Short-term debt and current portion of long-term debt | 15 | 15 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other current liabilities | 11 | 0 | ' | ' |
Amounts due to group undertakings | 157 | 69 | ' | ' |
Total current liabilities | 188 | 95 | ' | ' |
Net liability investments in subsidiaries | 0 | 0 | ' | ' |
Long-term debt | 782 | 274 | ' | ' |
Liability for pension benefits | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Provisions for liabilities | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Noncurrent amounts due to group undertakings | 423 | 423 | ' | ' |
Total non-current liabilities | 1,205 | 697 | ' | ' |
Total liabilities | 1,393 | 792 | ' | ' |
Total Willis Group Holdings shareholders' equity | 2,633 | 2,477 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 2,633 | 2,477 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 4,026 | 3,269 | ' | ' |
Scenario, Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | 17,125 | ' | ' |
Total liabilities | ' | 11,851 | ' | ' |
Total equity | ' | 5,274 | ' | ' |
Scenario, Previously Reported [Member] | Consolidation entries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | -7,223 | ' | ' |
Total liabilities | ' | -989 | ' | ' |
Total equity | ' | -6,234 | ' | ' |
Scenario, Previously Reported [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | 2,557 | ' | ' |
Total liabilities | ' | 858 | ' | ' |
Total equity | ' | 1,699 | ' | ' |
Scenario, Previously Reported [Member] | Guarantor Companies [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | -208 | ' | ' |
Total liabilities | ' | 1,367 | ' | ' |
Total equity | ' | -1,575 | ' | ' |
Scenario, Previously Reported [Member] | Trinity Acquisition plc. [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | 2,861 | ' | ' |
Total liabilities | ' | 300 | ' | ' |
Total equity | ' | 2,561 | ' | ' |
Restatement Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | -1,483 | ' | ' |
Total liabilities | ' | 720 | ' | ' |
Total equity | ' | -2,203 | ' | ' |
Restatement Adjustment [Member] | Consolidation entries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | -6,084 | ' | ' |
Total liabilities | ' | -8,457 | ' | ' |
Total equity | ' | 2,373 | ' | ' |
Restatement Adjustment [Member] | Willis Group Holdings — the Parent Issuer | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | 1,541 | ' | ' |
Total liabilities | ' | 1,541 | ' | ' |
Total equity | ' | 0 | ' | ' |
Restatement Adjustment [Member] | Guarantor Companies [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | 5,618 | ' | ' |
Total liabilities | ' | 5,704 | ' | ' |
Total equity | ' | -86 | ' | ' |
Restatement Adjustment [Member] | Trinity Acquisition plc. [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
TOTAL ASSETS | ' | 408 | ' | ' |
Total liabilities | ' | 492 | ' | ' |
Total equity | ' | ($84) | ' | ' |
Financial_Information_for_Issu5
Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Cash Flow Statement) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | $561 | $525 | $439 |
Proceeds on disposal of fixed and intangible assets | 12 | 5 | 13 |
Additions to fixed assets | -112 | -135 | -111 |
Additions to intangible assets | -7 | -2 | 0 |
Acquisitions of subsidiaries, net of cash acquired | -30 | -33 | -10 |
Acquisition of investments in associates | 0 | 0 | -2 |
Payments to acquire other investments | -7 | -7 | -5 |
Proceeds from Sale of Equity Method Investments | 4 | 0 | 0 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 20 | 0 | 14 |
Cash received on intercompany investing activities | 0 | 0 | 0 |
Cash paid on intercompany investing activities | 0 | 0 | 0 |
Net cash (used in) provided by continuing investing activities | -120 | -172 | -101 |
Repayments of Lines of Credit | 0 | 0 | -90 |
Senior notes issued | 522 | 0 | 794 |
Debt issuance costs | -8 | 0 | -12 |
Repayments of debt | -536 | -15 | -911 |
Payments of Debt Extinguishment Costs | -65 | 0 | 0 |
Proceeds from Issuance of Long-term Debt | 0 | 0 | 300 |
Proceeds from issue of other debt | 0 | 1 | 0 |
Make-whole on repurchase and redemption of senior notes | 0 | 0 | -158 |
Repurchase of shares | 0 | -100 | 0 |
Proceeds from issue of shares | 155 | 53 | 60 |
Excess tax benefits from share-based payment arrangements | 2 | 2 | 5 |
Dividends paid | -193 | -185 | -180 |
Proceeds from Noncontrolling Interests | 0 | 3 | 0 |
Acquisition of noncontrolling interests | -4 | -39 | -9 |
Dividends paid to noncontrolling interests | -10 | -11 | -13 |
Cash received on intercompany financing activities | 0 | 0 | 0 |
Cash paid on intercompany financing activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -137 | -291 | -214 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 304 | 62 | 124 |
Effect of exchange rate changes on cash and cash equivalents | -8 | 2 | -4 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 500 | 436 | 316 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 796 | 500 | 436 |
Parent Company [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | 4 | -23 | 44 |
Proceeds on disposal of fixed and intangible assets | 0 | 0 | 0 |
Additions to fixed assets | 0 | 0 | 0 |
Additions to intangible assets | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | 0 | 0 | 0 |
Acquisition of investments in associates | ' | ' | 0 |
Payments to acquire other investments | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | 0 | 0 |
Cash received on intercompany investing activities | 383 | 256 | 0 |
Cash paid on intercompany investing activities | -347 | 0 | -711 |
Net cash (used in) provided by continuing investing activities | 36 | 256 | -711 |
Repayments of Lines of Credit | ' | ' | 0 |
Senior notes issued | 0 | ' | 794 |
Debt issuance costs | 0 | ' | -7 |
Repayments of debt | 0 | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 0 |
Proceeds from issue of other debt | ' | 0 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | 0 |
Repurchase of shares | ' | -100 | ' |
Proceeds from issue of shares | 155 | 53 | 60 |
Excess tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Dividends paid | -193 | -185 | -180 |
Proceeds from Noncontrolling Interests | ' | 0 | ' |
Acquisition of noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Cash received on intercompany financing activities | 0 | 0 | 0 |
Cash paid on intercompany financing activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -38 | -232 | 667 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2 | 1 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 3 | 1 | 0 |
Guarantor Companies [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | 399 | 2,393 | -359 |
Proceeds on disposal of fixed and intangible assets | 3 | 0 | 0 |
Additions to fixed assets | -18 | -26 | -25 |
Additions to intangible assets | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | -237 | 0 | 0 |
Acquisition of investments in associates | ' | ' | 0 |
Payments to acquire other investments | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | 0 | 0 |
Cash received on intercompany investing activities | 160 | 176 | 105 |
Cash paid on intercompany investing activities | -120 | -197 | -138 |
Net cash (used in) provided by continuing investing activities | -212 | -47 | -58 |
Repayments of Lines of Credit | ' | ' | -90 |
Senior notes issued | 0 | ' | 0 |
Debt issuance costs | 0 | ' | 0 |
Repayments of debt | -521 | -4 | -411 |
Payments of Debt Extinguishment Costs | -65 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 0 |
Proceeds from issue of other debt | ' | 0 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | 0 |
Repurchase of shares | ' | 0 | ' |
Proceeds from issue of shares | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Dividends paid | -230 | -1,220 | -47 |
Proceeds from Noncontrolling Interests | ' | 0 | ' |
Acquisition of noncontrolling interests | 0 | 0 | -4 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Cash received on intercompany financing activities | 1,075 | 81 | 1,088 |
Cash paid on intercompany financing activities | -443 | -1,366 | -32 |
Net cash provided by (used in) financing activities | -184 | -2,509 | 504 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3 | -163 | 87 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 0 | 163 | 76 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 3 | 0 | 163 |
Trinity Acquisition plc. [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | 63 | 1,356 | 856 |
Proceeds on disposal of fixed and intangible assets | 0 | 0 | 0 |
Additions to fixed assets | 0 | 0 | 0 |
Additions to intangible assets | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | 0 | 0 | 0 |
Acquisition of investments in associates | ' | ' | 0 |
Payments to acquire other investments | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 0 | 0 | 0 |
Cash received on intercompany investing activities | 132 | 78 | 0 |
Cash paid on intercompany investing activities | -442 | -131 | -292 |
Net cash (used in) provided by continuing investing activities | -310 | -53 | -292 |
Repayments of Lines of Credit | ' | ' | 0 |
Senior notes issued | 522 | ' | 0 |
Debt issuance costs | -8 | ' | -5 |
Repayments of debt | -15 | -11 | -500 |
Payments of Debt Extinguishment Costs | 0 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 300 |
Proceeds from issue of other debt | ' | 1 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | -158 |
Repurchase of shares | ' | 0 | ' |
Proceeds from issue of shares | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Dividends paid | -330 | -1,069 | 0 |
Proceeds from Noncontrolling Interests | ' | 0 | ' |
Acquisition of noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Cash received on intercompany financing activities | 147 | 0 | 0 |
Cash paid on intercompany financing activities | -69 | -224 | -201 |
Net cash provided by (used in) financing activities | 247 | -1,303 | -564 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | 662 | -97 | 131 |
Proceeds on disposal of fixed and intangible assets | 9 | 5 | 13 |
Additions to fixed assets | -94 | -109 | -86 |
Additions to intangible assets | -7 | -2 | ' |
Acquisitions of subsidiaries, net of cash acquired | -30 | -33 | -10 |
Acquisition of investments in associates | ' | ' | -2 |
Payments to acquire other investments | -7 | -7 | -5 |
Proceeds from Sale of Equity Method Investments | 4 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 257 | 0 | 14 |
Cash received on intercompany investing activities | 60 | 1,230 | 224 |
Cash paid on intercompany investing activities | -780 | -81 | -101 |
Net cash (used in) provided by continuing investing activities | -588 | 1,003 | 47 |
Repayments of Lines of Credit | ' | ' | 0 |
Senior notes issued | 0 | ' | 0 |
Debt issuance costs | 0 | ' | 0 |
Repayments of debt | 0 | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 0 |
Proceeds from issue of other debt | ' | 0 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | 0 |
Repurchase of shares | ' | 0 | ' |
Proceeds from issue of shares | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 2 | 2 | 5 |
Dividends paid | -7 | -815 | -186 |
Proceeds from Noncontrolling Interests | ' | 3 | ' |
Acquisition of noncontrolling interests | -4 | -39 | -5 |
Dividends paid to noncontrolling interests | -10 | -11 | -13 |
Cash received on intercompany financing activities | 467 | 328 | 154 |
Cash paid on intercompany financing activities | -223 | -150 | -96 |
Net cash provided by (used in) financing activities | 225 | -682 | -141 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 299 | 224 | 37 |
Effect of exchange rate changes on cash and cash equivalents | -8 | 2 | -4 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 499 | 273 | 240 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 790 | 499 | 273 |
Consolidation entries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | -567 | -3,104 | -233 |
Proceeds on disposal of fixed and intangible assets | 0 | 0 | 0 |
Additions to fixed assets | 0 | 0 | 0 |
Additions to intangible assets | 0 | 0 | ' |
Acquisitions of subsidiaries, net of cash acquired | 237 | 0 | 0 |
Acquisition of investments in associates | ' | ' | 0 |
Payments to acquire other investments | 0 | 0 | 0 |
Proceeds from Sale of Equity Method Investments | 0 | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | -237 | 0 | 0 |
Cash received on intercompany investing activities | -735 | -1,740 | -329 |
Cash paid on intercompany investing activities | 1,689 | 409 | 1,242 |
Net cash (used in) provided by continuing investing activities | 954 | -1,331 | 913 |
Repayments of Lines of Credit | ' | ' | 0 |
Senior notes issued | 0 | ' | 0 |
Debt issuance costs | 0 | ' | 0 |
Repayments of debt | 0 | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | 0 |
Proceeds from issue of other debt | ' | 0 | ' |
Make-whole on repurchase and redemption of senior notes | ' | ' | 0 |
Repurchase of shares | ' | 0 | ' |
Proceeds from issue of shares | 0 | 0 | 0 |
Excess tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Dividends paid | 567 | 3,104 | 233 |
Proceeds from Noncontrolling Interests | ' | 0 | ' |
Acquisition of noncontrolling interests | 0 | 0 | 0 |
Dividends paid to noncontrolling interests | 0 | 0 | 0 |
Cash received on intercompany financing activities | -1,689 | -409 | -1,242 |
Cash paid on intercompany financing activities | 735 | 1,740 | 329 |
Net cash provided by (used in) financing activities | -387 | 4,435 | -680 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 0 | 0 | 0 |
Scenario, Previously Reported [Member] | Parent Company [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | -42 | -41 |
Net cash (used in) provided by continuing investing activities | ' | 0 | 0 |
Net cash provided by (used in) financing activities | ' | 43 | 41 |
Scenario, Previously Reported [Member] | Guarantor Companies [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 1,869 | 209 |
Net cash (used in) provided by continuing investing activities | ' | -26 | -25 |
Net cash provided by (used in) financing activities | ' | -2,006 | -97 |
Scenario, Previously Reported [Member] | Trinity Acquisition plc. [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 1,269 | 110 |
Net cash (used in) provided by continuing investing activities | ' | 0 | 0 |
Net cash provided by (used in) financing activities | ' | -1,269 | -110 |
Scenario, Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 431 | 1,269 |
Net cash (used in) provided by continuing investing activities | ' | -146 | -76 |
Net cash provided by (used in) financing activities | ' | -61 | -1,156 |
Scenario, Previously Reported [Member] | Consolidation entries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | -3,002 | -1,108 |
Net cash (used in) provided by continuing investing activities | ' | 0 | 0 |
Net cash provided by (used in) financing activities | ' | 3,002 | 1,108 |
Restatement Adjustment [Member] | Parent Company [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 19 | 85 |
Net cash (used in) provided by continuing investing activities | ' | 256 | -711 |
Net cash provided by (used in) financing activities | ' | -275 | 626 |
Restatement Adjustment [Member] | Guarantor Companies [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 524 | -568 |
Net cash (used in) provided by continuing investing activities | ' | -21 | -33 |
Net cash provided by (used in) financing activities | ' | -503 | 601 |
Restatement Adjustment [Member] | Trinity Acquisition plc. [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | 87 | 746 |
Net cash (used in) provided by continuing investing activities | ' | -53 | -292 |
Net cash provided by (used in) financing activities | ' | -34 | -454 |
Restatement Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | -528 | -1,138 |
Net cash (used in) provided by continuing investing activities | ' | 1,149 | 123 |
Net cash provided by (used in) financing activities | ' | -621 | 1,015 |
Restatement Adjustment [Member] | Consolidation entries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED BY) PROVIDED BY OPERATING ACTIVITIES | ' | -102 | 875 |
Net cash (used in) provided by continuing investing activities | ' | -1,331 | 913 |
Net cash provided by (used in) financing activities | ' | $1,433 | ($1,788) |
Financial_Information_for_Issu6
Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Details Textual) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Aug. 15, 2013 |
Trinity Acquisition plc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Senior notes, outstanding balance | ' | $525 |
Percentage of Ownership in Wholly on Subsidiary by Parent | 100.00% | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Revenues | $919 | $795 | $890 | $1,051 | $871 | $754 | $842 | $1,013 | $3,655 | $3,480 | $3,447 |
Total expenses | -767 | -720 | -719 | -764 | -1,646 | -684 | -663 | -696 | -2,970 | -3,689 | -2,881 |
Net income (loss) | 74 | -27 | 107 | 223 | -801 | 26 | 110 | 232 | 377 | -433 | 220 |
Net Income (Loss) Attributable to Parent | $68 | ($27) | $105 | $219 | ($805) | $26 | $108 | $225 | $365 | ($446) | $204 |
Earnings per share - continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.38 | ($0.15) | $0.60 | $1.27 | ($4.65) | $0.15 | $0.62 | $1.29 | $2.07 | ($2.58) | $1.17 |
Diluted | $0.37 | ($0.15) | $0.59 | $1.24 | ($4.65) | $0.15 | $0.61 | $1.28 | $2.04 | ($2.58) | $1.15 |
Earnings per share - discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.01 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.01 |