Financial Information for Issuer, Parent Guarantor, Other Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
REVENUES | | | | | | | | | | | | | | | | | |
|
Commissions and fees | $ | — | | | $ | — | | | $ | 8 | | | $ | 3,759 | | | $ | — | | | $ | 3,767 | |
|
Investment income | — | | | — | | | — | | | 16 | | | — | | | 16 | |
|
Other income | — | | | — | | | — | | | 19 | | | — | | | 19 | |
|
Total revenues | — | | | — | | | 8 | | | 3,794 | | | — | | | 3,802 | |
|
EXPENSES | | | | | | | | | | | | | | | | | |
|
Salaries and benefits | (1 | ) | | — | | | (81 | ) | | (2,232 | ) | | — | | | (2,314 | ) |
|
Other operating expenses | (16 | ) | | (95 | ) | | (38 | ) | | (510 | ) | | — | | | (659 | ) |
|
Depreciation expense | — | | | (4 | ) | | (17 | ) | | (71 | ) | | — | | | (92 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (54 | ) | | — | | | (54 | ) |
|
Restructuring costs | — | | | (11 | ) | | (3 | ) | | (22 | ) | | — | | | (36 | ) |
|
Total expenses | (17 | ) | | (110 | ) | | (139 | ) | | (2,889 | ) | | — | | | (3,155 | ) |
|
OPERATING (LOSS) INCOME | (17 | ) | | (110 | ) | | (131 | ) | | 905 | | | — | | | 647 | |
|
Other (expense) income, net | (15 | ) | | (220 | ) | | — | | | 11 | | | 230 | | | 6 | |
|
Income from Group undertakings | — | | | 221 | | | 313 | | | 102 | | | (636 | ) | | — | |
|
Expenses due to Group undertakings | — | | | (33 | ) | | (179 | ) | | (424 | ) | | 636 | | | — | |
|
Interest expense | (43 | ) | | (35 | ) | | (45 | ) | | (12 | ) | | — | | | (135 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (75 | ) | | (177 | ) | | (42 | ) | | 582 | | | 230 | | | 518 | |
|
Income taxes | — | | | 25 | | | 24 | | | (208 | ) | | — | | | (159 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (75 | ) | | (152 | ) | | (18 | ) | | 374 | | | 230 | | | 359 | |
|
Interest in earnings of associates, net of tax | — | | | 10 | | | — | | | 4 | | | — | | | 14 | |
|
Equity account for subsidiaries | 437 | | | 570 | | | 76 | | | — | | | (1,083 | ) | | — | |
|
NET INCOME | 362 | | | 428 | | | 58 | | | 378 | | | (853 | ) | | 373 | |
|
Less: Net loss attributable to noncontrolling interests | — | | | — | | | — | | | (11 | ) | | — | | | (11 | ) |
|
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 362 | | | $ | 428 | | | $ | 58 | | | $ | 367 | | | $ | (853 | ) | | $ | 362 | |
|
Condensed Consolidating Statement of Operations |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 |
| Willis | | 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 | (6 | ) | | (80 | ) | | (78 | ) | | (436 | ) | | — | | | (600 | ) |
|
Depreciation expense | — | | | (1 | ) | | (15 | ) | | (63 | ) | | — | | | (79 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (59 | ) | | — | | | (59 | ) |
|
Goodwill impairment charge | — | | | — | | | — | | | (492 | ) | | — | | | (492 | ) |
|
Total expenses | (8 | ) | | (81 | ) | | (189 | ) | | (3,427 | ) | | — | | | (3,705 | ) |
|
OPERATING (LOSS) INCOME | (8 | ) | | (81 | ) | | (188 | ) | | 52 | | | — | | | (225 | ) |
|
Other income (expense), net | 2 | | | (2 | ) | | (1 | ) | | 17 | | | — | | | 16 | |
|
Income from Group undertakings | — | | | 201 | | | 316 | | | 111 | | | (628 | ) | | — | |
|
Expenses due to Group undertakings | — | | | (67 | ) | | (147 | ) | | (414 | ) | | 628 | | | — | |
|
Interest expense | (43 | ) | | (7 | ) | | (70 | ) | | (8 | ) | | — | | | (128 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (49 | ) | | 44 | | | (90 | ) | | (242 | ) | | — | | | (337 | ) |
|
Income taxes | — | | | 31 | | | 34 | | | (166 | ) | | — | | | (101 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (49 | ) | | 75 | | | (56 | ) | | (408 | ) | | — | | | (438 | ) |
|
Interest in earnings of associates, net of tax | — | | | 8 | | | — | | | (3 | ) | | — | | | 5 | |
|
Equity account for subsidiaries | (397 | ) | | (480 | ) | | (172 | ) | | — | | | 1,049 | | | — | |
|
NET LOSS | (446 | ) | | (397 | ) | | (228 | ) | | (411 | ) | | 1,049 | | | (433 | ) |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (13 | ) | | — | | | (13 | ) |
|
NET LOSS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | (446 | ) | | $ | (397 | ) | | $ | (228 | ) | | $ | (424 | ) | | $ | 1,049 | | | $ | (446 | ) |
|
Condensed Consolidating Statement of Operations |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 |
| Willis | | 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 | (5 | ) | | (69 | ) | | (163 | ) | | (399 | ) | | — | | | (636 | ) |
|
Depreciation expense | — | | | (3 | ) | | (20 | ) | | (71 | ) | | — | | | (94 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (55 | ) | | — | | | (55 | ) |
|
Total expenses | (6 | ) | | (72 | ) | | (286 | ) | | (2,628 | ) | | — | | | (2,992 | ) |
|
OPERATING (LOSS) INCOME | (6 | ) | | (72 | ) | | (278 | ) | | 1,019 | | | — | | | 663 | |
|
Other income (expense), net | 5 | | | (4 | ) | | — | | | 31 | | | (10 | ) | | 22 | |
|
Income from Group undertakings | — | | | 191 | | | 364 | | | 86 | | | (641 | ) | | — | |
|
Expenses due to Group undertakings | (10 | ) | | (34 | ) | | (141 | ) | | (456 | ) | | 641 | | | — | |
|
Loss on extinguishment of debt | — | | | — | | | (60 | ) | | — | | | — | | | (60 | ) |
|
Interest expense | (42 | ) | | (16 | ) | | (63 | ) | | (5 | ) | | — | | | (126 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (53 | ) | | 65 | | | (178 | ) | | 675 | | | (10 | ) | | 499 | |
|
Income taxes | — | | | 23 | | | — | | | (145 | ) | | — | | | (122 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (53 | ) | | 88 | | | (178 | ) | | 530 | | | (10 | ) | | 377 | |
|
Interest in earnings of associates, net of tax | — | | | 9 | | | — | | | (9 | ) | | — | | | — | |
|
Equity account for subsidiaries | 418 | | | 320 | | | 150 | | | — | | | (888 | ) | | — | |
|
NET INCOME (LOSS) | 365 | | | 417 | | | (28 | ) | | 521 | | | (898 | ) | | 377 | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (12 | ) | | — | | | (12 | ) |
|
NET INCOME (LOSS) ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 365 | | | $ | 417 | | | $ | (28 | ) | | $ | 509 | | | $ | (898 | ) | | $ | 365 | |
|
Condensed Consolidating Statement of Operations |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings — | | | | | | |
the Parent | | | | | | |
Issuer | | | | | | |
| (millions) | | | | |
REVENUES | | | | | | | | | | | | | | | | | | |
| | | |
Commissions and fees | $ | — | | | $ | 8 | | | $ | 3,759 | | | $ | — | | | $ | 3,767 | | | | | |
| | | |
Investment income | — | | | — | | | 16 | | | — | | | 16 | | | | | |
| | | |
Other income | — | | | — | | | 19 | | | — | | | 19 | | | | | |
| | | |
Total revenues | — | | | 8 | | | 3,794 | | | — | | | 3,802 | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | | | | | | | |
| | | |
Salaries and benefits | (1 | ) | | (81 | ) | | (2,232 | ) | | — | | | (2,314 | ) | | | | |
| | | |
Other operating expenses | (16 | ) | | (133 | ) | | (510 | ) | | — | | | (659 | ) | | | | |
| | | |
Depreciation expense | — | | | (21 | ) | | (71 | ) | | — | | | (92 | ) | | | | |
| | | |
Amortization of intangible assets | — | | | — | | | (54 | ) | | — | | | (54 | ) | | | | |
| | | |
Restructuring expenses | — | | | (14 | ) | | (22 | ) | | — | | | (36 | ) | | | | |
| | | |
Total expenses | (17 | ) | | (249 | ) | | (2,889 | ) | | — | | | (3,155 | ) | | | | |
| | | |
OPERATING (LOSS) INCOME | (17 | ) | | (241 | ) | | 905 | | | — | | | 647 | | | | | |
| | | |
Other (expense) income, net | (15 | ) | | (220 | ) | | 11 | | | 230 | | | 6 | | | | | |
| | | |
Income from Group undertakings | — | | | 424 | | | 102 | | | (526 | ) | | — | | | | | |
| | | |
Expenses due to Group undertakings | — | | | (102 | ) | | (424 | ) | | 526 | | | — | | | | | |
| | | |
Interest expense | (43 | ) | | (80 | ) | | (12 | ) | | — | | | (135 | ) | | | | |
| | | |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (75 | ) | | (219 | ) | | 582 | | | 230 | | | 518 | | | | | |
| | | |
Income taxes | — | | | 49 | | | (208 | ) | | — | | | (159 | ) | | | | |
| | | |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (75 | ) | | (170 | ) | | 374 | | | 230 | | | 359 | | | | | |
| | | |
Interest in earnings of associates, net of tax | — | | | 10 | | | 4 | | | — | | | 14 | | | | | |
| | | |
Equity account for subsidiaries | 437 | | | 588 | | | — | | | (1,025 | ) | | — | | | | | |
| | | |
NET INCOME | 362 | | | 428 | | | 378 | | | (795 | ) | | 373 | | | | | |
| | | |
Less: Net income attributable to noncontrolling interests | — | | | — | | | (11 | ) | | — | | | (11 | ) | | | | |
| | | |
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 362 | | | $ | 428 | | | $ | 367 | | | $ | (795 | ) | | $ | 362 | | | | | |
| | | |
Condensed Consolidating Statement of Operations |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 | | | | |
| Willis | | 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 | (6 | ) | | (158 | ) | | (436 | ) | | — | | | (600 | ) | | | | |
| | | |
Depreciation expense | — | | | (16 | ) | | (63 | ) | | — | | | (79 | ) | | | | |
| | | |
Amortization of intangible assets | — | | | — | | | (59 | ) | | — | | | (59 | ) | | | | |
| | | |
Goodwill impairment charge | — | | | — | | | (492 | ) | | — | | | (492 | ) | | | | |
| | | |
Total expenses | (8 | ) | | (270 | ) | | (3,427 | ) | | — | | | (3,705 | ) | | | | |
| | | |
OPERATING (LOSS) INCOME | (8 | ) | | (269 | ) | | 52 | | | — | | | (225 | ) | | | | |
| | | |
Other income (expense), net | 2 | | | (3 | ) | | 17 | | | — | | | 16 | | | | | |
| | | |
Income from Group undertakings | — | | | 409 | | | 111 | | | (520 | ) | | — | | | | | |
| | | |
Expenses due to Group undertakings | — | | | (106 | ) | | (414 | ) | | 520 | | | — | | | | | |
| | | |
Interest expense | (43 | ) | | (77 | ) | | (8 | ) | | — | | | (128 | ) | | | | |
| | | |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (49 | ) | | (46 | ) | | (242 | ) | | — | | | (337 | ) | | | | |
| | | |
Income taxes | — | | | 65 | | | (166 | ) | | — | | | (101 | ) | | | | |
| | | |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (49 | ) | | 19 | | | (408 | ) | | — | | | (438 | ) | | | | |
| | | |
Interest in earnings of associates, net of tax | — | | | 8 | | | (3 | ) | | — | | | 5 | | | | | |
| | | |
Equity account for subsidiaries | (397 | ) | | (424 | ) | | — | | | 821 | | | — | | | | | |
| | | |
NET LOSS | (446 | ) | | (397 | ) | | (411 | ) | | 821 | | | (433 | ) | | | | |
| | | |
Less: Net income attributable to noncontrolling interests | — | | | — | | | (13 | ) | | — | | | (13 | ) | | | | |
| | | |
NET LOSS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | (446 | ) | | $ | (397 | ) | | $ | (424 | ) | | $ | 821 | | | $ | (446 | ) | | | | |
| | | |
Condensed Consolidating Statement of Operations |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 | | | | |
| Willis | | 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 | (5 | ) | | (232 | ) | | (399 | ) | | — | | | (636 | ) | | | | |
| | | |
Depreciation expense | — | | | (23 | ) | | (71 | ) | | — | | | (94 | ) | | | | |
| | | |
Amortization of intangible assets | — | | | — | | | (55 | ) | | — | | | (55 | ) | | | | |
| | | |
Total expenses | (6 | ) | | (358 | ) | | (2,628 | ) | | — | | | (2,992 | ) | | | | |
| | | |
OPERATING (LOSS) INCOME | (6 | ) | | (350 | ) | | 1,019 | | | — | | | 663 | | | | | |
| | | |
Other income (expense), net | 5 | | | (4 | ) | | 31 | | | (10 | ) | | 22 | | | | | |
| | | |
Income from Group undertakings | — | | | 466 | | | 86 | | | (552 | ) | | — | | | | | |
| | | |
Expenses due to Group undertakings | (10 | ) | | (86 | ) | | (456 | ) | | 552 | | | — | | | | | |
| | | |
Loss on extinguishment of debt | — | | | (60 | ) | | — | | | — | | | (60 | ) | | | | |
| | | |
Interest expense | (42 | ) | | (79 | ) | | (5 | ) | | — | | | (126 | ) | | | | |
| | | |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (53 | ) | | (113 | ) | | 675 | | | (10 | ) | | 499 | | | | | |
| | | |
Income taxes | — | | | 23 | | | (145 | ) | | — | | | (122 | ) | | | | |
| | | |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (53 | ) | | (90 | ) | | 530 | | | (10 | ) | | 377 | | | | | |
| | | |
Interest in earnings of associates, net of tax | — | | | 9 | | | (9 | ) | | — | | | — | | | | | |
| | | |
Equity account for subsidiaries | 418 | | | 498 | | | — | | | (916 | ) | | — | | | | | |
| | | |
NET INCOME | 365 | | | 417 | | | 521 | | | (926 | ) | | 377 | | | | | |
| | | |
Less: Net income attributable to noncontrolling interests | — | | | — | | | (12 | ) | | — | | | (12 | ) | | | | |
| | | |
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 365 | | | $ | 417 | | | $ | 509 | | | $ | (926 | ) | | $ | 365 | | | | | |
| | | |
Condensed Consolidating Statement of Operations |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 |
| Willis | | 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 | (6 | ) | | (158 | ) | | — | | | (436 | ) | | — | | | (600 | ) |
|
Depreciation expense | — | | | (16 | ) | | — | | | (63 | ) | | — | | | (79 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (59 | ) | | — | | | (59 | ) |
|
Goodwill impairment | — | | | — | | | — | | | (492 | ) | | — | | | (492 | ) |
|
Total expenses | (8 | ) | | (270 | ) | | — | | | (3,427 | ) | | — | | | (3,705 | ) |
|
OPERATING (LOSS) INCOME | (8 | ) | | (269 | ) | | — | | | 52 | | | — | | | (225 | ) |
|
Other income (expense), net | 2 | | | (4 | ) | | 1 | | | 17 | | | — | | | 16 | |
|
Income from Group undertakings | — | | | 436 | | | 79 | | | 111 | | | (626 | ) | | — | |
|
Expenses due to Group undertakings | — | | | (185 | ) | | (27 | ) | | (414 | ) | | 626 | | | — | |
|
Interest expense | (43 | ) | | (69 | ) | | (8 | ) | | (8 | ) | | — | | | (128 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (49 | ) | | (91 | ) | | 45 | | | (242 | ) | | — | | | (337 | ) |
|
Income taxes | — | | | 76 | | | (11 | ) | | (166 | ) | | — | | | (101 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (49 | ) | | (15 | ) | | 34 | | | (408 | ) | | — | | | (438 | ) |
|
Interest in earnings of associates, net of tax | — | | | 8 | | | — | | | (3 | ) | | — | | | 5 | |
|
Equity account for subsidiaries | (397 | ) | | (390 | ) | | (461 | ) | | — | | | 1,248 | | | — | |
|
NET LOSS | (446 | ) | | (397 | ) | | (427 | ) | | (411 | ) | | 1,248 | | | (433 | ) |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (13 | ) | | — | | | (13 | ) |
|
NET LOSS ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | (446 | ) | | $ | (397 | ) | | $ | (427 | ) | | $ | (424 | ) | | $ | 1,248 | | | $ | (446 | ) |
|
Condensed Consolidating Statement of Operations |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 |
| Willis | | 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 | (5 | ) | | (231 | ) | | (1 | ) | | (399 | ) | | — | | | (636 | ) |
|
Depreciation expense | — | | | (23 | ) | | — | | | (71 | ) | | — | | | (94 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (55 | ) | | — | | | (55 | ) |
|
Total expenses | (6 | ) | | (357 | ) | | (1 | ) | | (2,628 | ) | | — | | | (2,992 | ) |
|
OPERATING (LOSS) INCOME | (6 | ) | | (349 | ) | | (1 | ) | | 1,019 | | | — | | | 663 | |
|
Other income (expense), net | 5 | | | (4 | ) | | — | | | 31 | | | (10 | ) | | 22 | |
|
Income from Group undertakings | — | | | 491 | | | 68 | | | 86 | | | (645 | ) | | — | |
|
Expenses due to Group undertakings | (10 | ) | | (153 | ) | | (26 | ) | | (456 | ) | | 645 | | | — | |
|
Loss on extinguishment of debt | — | | | (60 | ) | | — | | | — | | | — | | | (60 | ) |
|
Interest expense | (42 | ) | | (61 | ) | | (18 | ) | | (5 | ) | | — | | | (126 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (53 | ) | | (136 | ) | | 23 | | | 675 | | | (10 | ) | | 499 | |
|
Income taxes | — | | | 29 | | | (6 | ) | | (145 | ) | | — | | | (122 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (53 | ) | | (107 | ) | | 17 | | | 530 | | | (10 | ) | | 377 | |
|
Interest in earnings of associates, net of tax | — | | | 9 | | | — | | | (9 | ) | | — | | | — | |
|
Equity account for subsidiaries | 418 | | | 515 | | | 344 | | | — | | | (1,277 | ) | | — | |
|
NET INCOME | 365 | | | 417 | | | 361 | | | 521 | | | (1,287 | ) | | 377 | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (12 | ) | | — | | | (12 | ) |
|
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 365 | | | $ | 417 | | | $ | 361 | | | $ | 509 | | | $ | (1,287 | ) | | $ | 365 | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
REVENUES | | | | | | | | | | | | | | | | | |
|
Commissions and fees | $ | — | | | $ | 8 | | | $ | — | | | $ | 3,759 | | | $ | — | | | $ | 3,767 | |
|
Investment income | — | | | — | | | — | | | 16 | | | — | | | 16 | |
|
Other income | — | | | — | | | — | | | 19 | | | — | | | 19 | |
|
Total revenues | — | | | 8 | | | — | | | 3,794 | | | — | | | 3,802 | |
|
EXPENSES | | | | | | | | | | | | | | | | | |
|
Salaries and benefits | (1 | ) | | (81 | ) | | — | | | (2,232 | ) | | — | | | (2,314 | ) |
|
Other operating expenses | (16 | ) | | (133 | ) | | — | | | (510 | ) | | — | | | (659 | ) |
|
Depreciation expense | — | | | (21 | ) | | — | | | (71 | ) | | — | | | (92 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (54 | ) | | — | | | (54 | ) |
|
Restructuring expenses | — | | | (14 | ) | | — | | | (22 | ) | | — | | | (36 | ) |
|
Total expenses | (17 | ) | | (249 | ) | | — | | | (2,889 | ) | | — | | | (3,155 | ) |
|
OPERATING (LOSS) INCOME | (17 | ) | | (241 | ) | | — | | | 905 | | | — | | | 647 | |
|
Other (expense) income, net | (15 | ) | | (220 | ) | | — | | | 11 | | | 230 | | | 6 | |
|
Income from Group undertakings | — | | | 450 | | | 91 | | | 102 | | | (643 | ) | | — | |
|
Expenses due to Group undertakings | — | | | (190 | ) | | (29 | ) | | (424 | ) | | 643 | | | — | |
|
Interest expense | (43 | ) | | (44 | ) | | (36 | ) | | (12 | ) | | — | | | (135 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (75 | ) | | (245 | ) | | 26 | | | 582 | | | 230 | | | 518 | |
|
Income taxes | — | | | 54 | | | (5 | ) | | (208 | ) | | — | | | (159 | ) |
|
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (75 | ) | | (191 | ) | | 21 | | | 374 | | | 230 | | | 359 | |
|
Interest in earnings of associates, net of tax | — | | | 10 | | | — | | | 4 | | | — | | | 14 | |
|
Equity account for subsidiaries | 437 | | | 609 | | | 314 | | | — | | | (1,360 | ) | | — | |
|
NET INCOME | 362 | | | 428 | | | 335 | | | 378 | | | (1,130 | ) | | 373 | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (11 | ) | | — | | | (11 | ) |
|
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 362 | | | $ | 428 | | | $ | 335 | | | $ | 367 | | | $ | (1,130 | ) | | $ | 362 | |
|
Condensed Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statement of Comprehensive Income |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
Comprehensive (loss) income | $ | (11 | ) | | $ | 69 | | | $ | (110 | ) | | $ | 49 | | | $ | (3 | ) | | $ | (6 | ) |
|
Less: Comprehensive income attributable to noncontrolling interests | — | | | — | | | — | | | (5 | ) | | — | | | (5 | ) |
|
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (11 | ) | | $ | 69 | | | $ | (110 | ) | | $ | 44 | | | $ | (3 | ) | | $ | (11 | ) |
|
Condensed Consolidating Statement of Comprehensive Income |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 |
| Willis | | 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 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, 2014 | | | | |
| Willis | | The Guarantors | | Other | | Consolidating | | Consolidated | | | | |
Group | adjustments | | | | |
Holdings—the Parent Issuer | | | | | |
| (millions) | | | | |
Comprehensive (loss) income | $ | (11 | ) | | $ | 69 | | | $ | 49 | | | $ | (113 | ) | | $ | (6 | ) | | | | |
| | | |
Less: Comprehensive income attributable to noncontrolling interests | — | | | — | | | (5 | ) | | — | | | (5 | ) | | | | |
| | | |
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (11 | ) | | $ | 69 | | | $ | 44 | | | $ | (113 | ) | | $ | (11 | ) | | | | |
| | | |
Condensed Consolidating Statement of Comprehensive Income |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 | | | | |
| Willis | | 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 | | | | | |
| | | |
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, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
Comprehensive (loss) income | $ | (11 | ) | | $ | 69 | | | $ | (5 | ) | | $ | 49 | | | $ | (108 | ) | | $ | (6 | ) |
|
Less: Comprehensive income attributable to noncontrolling interests | — | | | — | | | — | | | (5 | ) | | — | | | (5 | ) |
|
Comprehensive (loss) income attributable to Willis Group Holdings | $ | (11 | ) | | $ | 69 | | | $ | (5 | ) | | $ | 44 | | | $ | (108 | ) | | $ | (11 | ) |
|
Condensed Consolidating Statement of Comprehensive Income |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 |
| Willis | | 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, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
ASSETS | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents | $ | 9 | | | $ | 2 | | | $ | — | | | $ | 624 | | | $ | — | | | $ | 635 | |
|
Accounts receivable, net | — | | | — | | | 4 | | | 1,040 | | | — | | | 1,044 | |
|
Fiduciary assets | — | | | — | | | — | | | 8,948 | | | — | | | 8,948 | |
|
Deferred tax assets | — | | | — | | | — | | | 12 | | | — | | | 12 | |
|
Other current assets | 1 | | | 27 | | | 10 | | | 205 | | | (29 | ) | | 214 | |
|
Amounts due from Group undertakings | 3,674 | | | 924 | | | 1,057 | | | 1,114 | | | (6,769 | ) | | — | |
|
Total current assets | 3,684 | | | 953 | | | 1,071 | | | 11,943 | | | (6,798 | ) | | 10,853 | |
|
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | |
|
Investments in subsidiaries | — | | | 2,536 | | | 721 | | | — | | | (3,257 | ) | | — | |
|
Fixed assets, net | — | | | 20 | | | 42 | | | 421 | | | — | | | 483 | |
|
Goodwill | — | | | — | | | — | | | 2,937 | | | — | | | 2,937 | |
|
Other intangible assets, net | — | | | — | | | — | | | 450 | | | — | | | 450 | |
|
Investments in associates | — | | | 147 | | | — | | | 22 | | | — | | | 169 | |
|
Deferred tax assets | — | | | — | | | — | | | 9 | | | — | | | 9 | |
|
Pension benefits asset | — | | | — | | | — | | | 314 | | | — | | | 314 | |
|
Other non-current assets | 3 | | | 8 | | | 2 | | | 207 | | | — | | | 220 | |
|
Non-current amounts due from Group undertakings | — | | | 518 | | | 740 | | | — | | | (1,258 | ) | | — | |
|
Total non-current assets | 3 | | | 3,229 | | | 1,505 | | | 4,360 | | | (4,515 | ) | | 4,582 | |
|
TOTAL ASSETS | $ | 3,687 | | | $ | 4,182 | | | $ | 2,576 | | | $ | 16,303 | | | $ | (11,313 | ) | | $ | 15,435 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | |
|
Fiduciary liabilities | $ | — | | | $ | — | | | $ | — | | | $ | 8,948 | | | $ | — | | | $ | 8,948 | |
|
Deferred revenue and accrued expenses | 1 | | | 4 | | | 30 | | | 584 | | | — | | | 619 | |
|
Income taxes payable | — | | | — | | | 7 | | | 55 | | | (29 | ) | | 33 | |
|
Short-term debt and current portion of long-term debt | — | | | 17 | | | 149 | | | 1 | | | — | | | 167 | |
|
Deferred tax liabilities | — | | | — | | | — | | | 21 | | | — | | | 21 | |
|
Other current liabilities | 67 | | | 11 | | | 46 | | | 320 | | | — | | | 444 | |
|
Amounts due to Group undertakings | — | | | 4,374 | | | 1,499 | | | 896 | | | (6,769 | ) | | — | |
|
Total current liabilities | 68 | | | 4,406 | | | 1,731 | | | 10,825 | | | (6,798 | ) | | 10,232 | |
|
NON-CURRENT LIABILITIES | | | | | | | | | | | | | | | | | |
|
Investments in subsidiaries | 838 | | | — | | | — | | | — | | | (838 | ) | | — | |
|
Long-term debt | 796 | | | 765 | | | 581 | | | — | | | — | | | 2,142 | |
|
Liabilities for pension benefits | — | | | — | | | — | | | 284 | | | — | | | 284 | |
|
Deferred tax liabilities | — | | | — | | | — | | | 128 | | | — | | | 128 | |
|
Provisions for liabilities | — | | | — | | | — | | | 194 | | | — | | | 194 | |
|
Other non-current liabilities | — | | | — | | | 17 | | | 372 | | | — | | | 389 | |
|
Non-current amounts due to Group undertakings | — | | | — | | | 518 | | | 740 | | | (1,258 | ) | | — | |
|
Total non-current liabilities | 1,634 | | | 765 | | | 1,116 | | | 1,718 | | | (2,096 | ) | | 3,137 | |
|
TOTAL LIABILITIES | $ | 1,702 | | | $ | 5,171 | | | $ | 2,847 | | | $ | 12,543 | | | $ | (8,894 | ) | | $ | 13,369 | |
|
Condensed Consolidating Balance Sheet |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| As at December 31, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
REDEEMABLE NONCONTROLLING INTEREST | — | | | — | | | — | | | 59 | | | — | | | 59 | |
|
| | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | |
|
Total Willis Group Holdings stockholders’ equity | 1,985 | | | (989 | ) | | (271 | ) | | 3,679 | | | (2,419 | ) | | 1,985 | |
|
Noncontrolling interests | — | | | — | | | — | | | 22 | | | — | | | 22 | |
|
Total equity | 1,985 | | | (989 | ) | | (271 | ) | | 3,701 | | | (2,419 | ) | | 2,007 | |
|
TOTAL LIABILITIES AND EQUITY | $ | 3,687 | | | $ | 4,182 | | | $ | 2,576 | | | $ | 16,303 | | | $ | (11,313 | ) | | $ | 15,435 | |
|
|
Condensed Consolidating Balance Sheet |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| As at December 31, 2013 |
| Willis | | 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 by group undertakings | 4,051 | | | 903 | | | 1,317 | | | 1,484 | | | (7,755 | ) | | — | |
|
Total current assets | 4,055 | | | 927 | | | 1,331 | | | 11,925 | | | (7,777 | ) | | 10,461 | |
|
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | |
|
Investments in subsidiaries | — | | | 2,838 | | | 1,021 | | | — | | | (3,859 | ) | | — | |
|
Fixed assets, net | — | | | 15 | | | 51 | | | 415 | | | — | | | 481 | |
|
Goodwill | — | | | — | | | — | | | 2,838 | | | — | | | 2,838 | |
|
Other intangible assets, net | — | | | — | | | — | | | 353 | | | — | | | 353 | |
|
Investments in associates | — | | | 156 | | | — | | | 20 | | | — | | | 176 | |
|
Deferred tax assets | — | | | — | | | — | | | 7 | | | — | | | 7 | |
|
Pension benefits asset | — | | | — | | | — | | | 278 | | | — | | | 278 | |
|
Other non-current assets | 4 | | | 9 | | | 5 | | | 188 | | | — | | | 206 | |
|
Non-current amounts due by group undertakings | — | | | 518 | | | 690 | | | — | | | (1,208 | ) | | — | |
|
Total non-current assets | 4 | | | 3,536 | | | 1,767 | | | 4,099 | | | (5,067 | ) | | 4,339 | |
|
TOTAL ASSETS | $ | 4,059 | | | $ | 4,463 | | | $ | 3,098 | | | $ | 16,024 | | | $ | (12,844 | ) | | $ | 14,800 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | |
|
Fiduciary liabilities | $ | — | | | $ | — | | | $ | — | | | $ | 8,412 | | | $ | — | | | $ | 8,412 | |
|
Deferred revenue and accrued expenses | 2 | | | 1 | | | 28 | | | 555 | | | — | | | 586 | |
|
Income taxes payable | — | | | 3 | | | — | | | 39 | | | (21 | ) | | 21 | |
|
Short-term debt and current portion of long-term debt | — | | | 15 | | | — | | | — | | | — | | | 15 | |
|
Deferred tax liabilities | — | | | — | | | — | | | 25 | | | — | | | 25 | |
|
Other current liabilities | 62 | | | 15 | | | 38 | | | 300 | | | — | | | 415 | |
|
Amounts due to group undertakings | — | | | 4,760 | | | 1,662 | | | 1,333 | | | (7,755 | ) | | — | |
|
Total current liabilities | 64 | | | 4,794 | | | 1,728 | | | 10,664 | | | (7,776 | ) | | 9,474 | |
|
NON-CURRENT LIABILITIES | | | | | | | | | | | | | | | | | |
|
Investments in subsidiaries | 985 | | | — | | | — | | | — | | | (985 | ) | | — | |
|
Long-term debt | 795 | | | 782 | | | 733 | | | 1 | | | — | | | 2,311 | |
|
Liabilities for pension benefits | — | | | — | | | — | | | 136 | | | — | | | 136 | |
|
Deferred tax liabilities | — | | | 1 | | | — | | | 55 | | | — | | | 56 | |
|
Provisions for liabilities | — | | | — | | | — | | | 206 | | | — | | | 206 | |
|
Other non-current liabilities | — | | | — | | | 48 | | | 326 | | | — | | | 374 | |
|
Non-current amounts due to group undertakings | — | | | — | | | 518 | | | 690 | | | (1,208 | ) | | — | |
|
Total non-current liabilities | 1,780 | | | 783 | | | 1,299 | | | 1,414 | | | (2,193 | ) | | 3,083 | |
|
TOTAL LIABILITIES | $ | 1,844 | | | $ | 5,577 | | | $ | 3,027 | | | $ | 12,078 | | | $ | (9,969 | ) | | $ | 12,557 | |
|
Condensed Consolidating Balance Sheet |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| As at December 31, 2013 |
| Willis | | 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, 2014 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings — | | | | | | |
the Parent | | | | | | |
Issuer | | | | | | |
| (millions) | | | | |
ASSETS | | | | | | | | | | | | | | | | | | |
| | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | | |
| | | |
Cash and cash equivalents | $ | 9 | | | $ | 2 | | | $ | 624 | | | $ | — | | | $ | 635 | | | | | |
| | | |
Accounts receivable, net | — | | | 4 | | | 1,040 | | | — | | | 1,044 | | | | | |
| | | |
Fiduciary assets | — | | | — | | | 8,948 | | | — | | | 8,948 | | | | | |
| | | |
Deferred tax assets | — | | | — | | | 12 | | | — | | | 12 | | | | | |
| | | |
Other current assets | 1 | | | 37 | | | 205 | | | (29 | ) | | 214 | | | | | |
| | | |
Amounts due from group undertakings | 3,674 | | | 731 | | | 1,114 | | | (5,519 | ) | | — | | | | | |
| | | |
Total current assets | 3,684 | | | 774 | | | 11,943 | | | (5,548 | ) | | 10,853 | | | | | |
| | | |
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | | |
| | | |
Investments in subsidiaries | — | | | 3,528 | | | — | | | (3,528 | ) | | — | | | | | |
| | | |
Fixed assets, net | — | | | 62 | | | 421 | | | — | | | 483 | | | | | |
| | | |
Goodwill | — | | | — | | | 2,937 | | | — | | | 2,937 | | | | | |
| | | |
Other intangible assets, net | — | | | — | | | 450 | | | — | | | 450 | | | | | |
| | | |
Investments in associates | — | | | 147 | | | 22 | | | — | | | 169 | | | | | |
| | | |
Deferred tax assets | — | | | — | | | 9 | | | — | | | 9 | | | | | |
| | | |
Pension benefits asset | — | | | — | | | 314 | | | — | | | 314 | | | | | |
| | | |
Other non-current assets | 3 | | | 10 | | | 207 | | | — | | | 220 | | | | | |
| | | |
Non-current amounts due from group undertakings | — | | | 740 | | | — | | | (740 | ) | | — | | | | | |
| | | |
Total non-current assets | 3 | | | 4,487 | | | 4,360 | | | (4,268 | ) | | 4,582 | | | | | |
| | | |
TOTAL ASSETS | $ | 3,687 | | | $ | 5,261 | | | $ | 16,303 | | | $ | (9,816 | ) | | $ | 15,435 | | | | | |
| | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | |
| | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | |
| | | |
Fiduciary liabilities | $ | — | | | $ | — | | | $ | 8,948 | | | $ | — | | | $ | 8,948 | | | | | |
| | | |
Deferred revenue and accrued expenses | 1 | | | 34 | | | 584 | | | — | | | 619 | | | | | |
| | | |
Income taxes payable | — | | | 7 | | | 55 | | | (29 | ) | | 33 | | | | | |
| | | |
Short-term debt and current portion on long-term debt | — | | | 166 | | | 1 | | | — | | | 167 | | | | | |
| | | |
Deferred tax liabilities | — | | | — | | | 21 | | | — | | | 21 | | | | | |
| | | |
Other current liabilities | 67 | | | 57 | | | 320 | | | — | | | 444 | | | | | |
| | | |
Amounts due to group undertakings | — | | | 4,623 | | | 896 | | | (5,519 | ) | | — | | | | | |
| | | |
Total current liabilities | 68 | | | 4,887 | | | 10,825 | | | (5,548 | ) | | 10,232 | | | | | |
| | | |
NON-CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | |
| | | |
Investments in subsidiaries | 838 | | | — | | | — | | | (838 | ) | | — | | | | | |
| | | |
Long-term debt | 796 | | | 1,346 | | | — | | | — | | | 2,142 | | | | | |
| | | |
Liabilities for pension benefits | — | | | — | | | 284 | | | — | | | 284 | | | | | |
| | | |
Deferred tax liabilities | — | | | — | | | 128 | | | — | | | 128 | | | | | |
| | | |
Provisions for liabilities | — | | | — | | | 194 | | | — | | | 194 | | | | | |
| | | |
Other non-current liabilities | — | | | 17 | | | 372 | | | — | | | 389 | | | | | |
| | | |
Non-current amounts due to group undertakings | — | | | — | | | 740 | | | (740 | ) | | — | | | | | |
| | | |
Total non-current liabilities | 1,634 | | | 1,363 | | | 1,718 | | | (1,578 | ) | | 3,137 | | | | | |
| | | |
TOTAL LIABILITIES | $ | 1,702 | | | $ | 6,250 | | | $ | 12,543 | | | $ | (7,126 | ) | | $ | 13,369 | | | | | |
| | | |
Condensed Consolidating Balance Sheet |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| As at December 31, 2014 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings — | | | | | | |
the Parent | | | | | | |
Issuer | | | | | | |
| (millions) | | | | |
REDEEMABLE NONCONTROLLING INTEREST | — | | | — | | | 59 | | | — | | | 59 | | | | | |
| | | |
| | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | | |
| | | |
Total Willis Group Holdings stockholders’ equity | 1,985 | | | (989 | ) | | 3,679 | | | (2,690 | ) | | 1,985 | | | | | |
| | | |
Noncontrolling interests | — | | | — | | | 22 | | | — | | | 22 | | | | | |
| | | |
Total equity | 1,985 | | | (989 | ) | | 3,701 | | | (2,690 | ) | | 2,007 | | | | | |
| | | |
TOTAL LIABILITIES AND EQUITY | $ | 3,687 | | | $ | 5,261 | | | $ | 16,303 | | | $ | (9,816 | ) | | $ | 15,435 | | | | | |
| | | |
Condensed Consolidating Balance Sheet |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| As at December 31, 2013 | | | | |
| Willis | | 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 of long-term debt | — | | | 15 | | | — | | | — | | | 15 | | | | | |
| | | |
Deferred tax liabilities | — | | | — | | | 25 | | | — | | | 25 | | | | | |
| | | |
Other current liabilities | 62 | | | 53 | | | 300 | | | — | | | 415 | | | | | |
| | | |
Amounts due to group undertakings | — | | | 5,177 | | | 1,333 | | | (6,510 | ) | | — | | | | | |
| | | |
Total current liabilities | 64 | | | 5,277 | | | 10,664 | | | (6,531 | ) | | 9,474 | | | | | |
| | | |
NON-CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | |
| | | |
Investments in subsidiaries | 985 | | | — | | | — | | | (985 | ) | | — | | | | | |
| | | |
Long-term debt | 795 | | | 1,515 | | | 1 | | | — | | | 2,311 | | | | | |
| | | |
Liabilities for pension benefits | — | | | — | | | 136 | | | — | | | 136 | | | | | |
| | | |
Deferred tax liabilities | — | | | 1 | | | 55 | | | — | | | 56 | | | | | |
| | | |
Provisions for liabilities | — | | | — | | | 206 | | | — | | | 206 | | | | | |
| | | |
Other non-current liabilities | — | | | 48 | | | 326 | | | — | | | 374 | | | | | |
| | | |
Non-current amounts due to group undertakings | — | | | — | | | 690 | | | (690 | ) | | — | | | | | |
| | | |
Total non-current liabilities | 1,780 | | | 1,564 | | | 1,414 | | | (1,675 | ) | | 3,083 | | | | | |
| | | |
TOTAL LIABILITIES | $ | 1,844 | | | $ | 6,841 | | | $ | 12,078 | | | $ | (8,206 | ) | | $ | 12,557 | | | | | |
| | | |
|
|
|
Condensed Consolidating Balance Sheet |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| As at December 31, 2013 | | | | |
| Willis | | 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, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
ASSETS | | | | | | | | | | | | | | | | | |
|
CURRENT ASSETS | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents | $ | 9 | | | $ | 2 | | | $ | — | | | $ | 624 | | | $ | — | | | $ | 635 | |
|
Accounts receivable, net | — | | | 4 | | | — | | | 1,040 | | | — | | | 1,044 | |
|
Fiduciary assets | — | | | — | | | — | | | 8,948 | | | — | | | 8,948 | |
|
Deferred tax assets | — | | | — | | | — | | | 12 | | | — | | | 12 | |
|
Other current assets | 1 | | | 41 | | | 1 | | | 205 | | | (34 | ) | | 214 | |
|
Amounts due from group undertakings | 3,674 | | | 1,154 | | | 797 | | | 1,114 | | | (6,739 | ) | | — | |
|
Total current assets | 3,684 | | | 1,201 | | | 798 | | | 11,943 | | | (6,773 | ) | | 10,853 | |
|
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | |
|
Investments in subsidiaries | — | | | 3,478 | | | 2,578 | | | — | | | (6,056 | ) | | — | |
|
Fixed assets, net | — | | | 62 | | | — | | | 421 | | | — | | | 483 | |
|
Goodwill | — | | | — | | | — | | | 2,937 | | | — | | | 2,937 | |
|
Other intangible assets, net | — | | | — | | | — | | | 450 | | | — | | | 450 | |
|
Investments in associates | — | | | 147 | | | — | | | 22 | | | — | | | 169 | |
|
Deferred tax assets | — | | | — | | | — | | | 9 | | | — | | | 9 | |
|
Pension benefits asset | — | | | — | | | — | | | 314 | | | — | | | 314 | |
|
Other non-current assets | 3 | | | 2 | | | 8 | | | 207 | | | — | | | 220 | |
|
Non-current amounts due from group undertakings | — | | | 740 | | | 518 | | | — | | | (1,258 | ) | | — | |
|
Total non-current assets | 3 | | | 4,429 | | | 3,104 | | | 4,360 | | | (7,314 | ) | | 4,582 | |
|
TOTAL ASSETS | $ | 3,687 | | | $ | 5,630 | | | $ | 3,902 | | | $ | 16,303 | | | $ | (14,087 | ) | | $ | 15,435 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | |
|
Fiduciary liabilities | $ | — | | | $ | — | | | $ | — | | | $ | 8,948 | | | $ | — | | | $ | 8,948 | |
|
Deferred revenue and accrued expenses | 1 | | | 34 | | | — | | | 584 | | | — | | | 619 | |
|
Income taxes payable | — | | | 7 | | | 5 | | | 55 | | | (34 | ) | | 33 | |
|
Short-term debt and current portion of long-term debt | — | | | 149 | | | 17 | | | 1 | | | — | | | 167 | |
|
Deferred tax liabilities | — | | | — | | | — | | | 21 | | | — | | | 21 | |
|
Other current liabilities | 67 | | | 46 | | | 11 | | | 320 | | | — | | | 444 | |
|
Amounts due to group undertakings | — | | | 5,267 | | | 576 | | | 896 | | | (6,739 | ) | | — | |
|
Total current liabilities | 68 | | | 5,503 | | | 609 | | | 10,825 | | | (6,773 | ) | | 10,232 | |
|
NON-CURRENT LIABILITIES | | | | | | | | | | | | | | | | | |
|
Investments in subsidiaries | 838 | | | — | | | — | | | — | | | (838 | ) | | — | |
|
Long-term debt | 796 | | | 581 | | | 765 | | | — | | | — | | | 2,142 | |
|
Liabilities for pension benefits | — | | | — | | | — | | | 284 | | | — | | | 284 | |
|
Deferred tax liabilities | — | | | — | | | — | | | 128 | | | — | | | 128 | |
|
Provisions for liabilities | — | | | — | | | — | | | 194 | | | — | | | 194 | |
|
Other non-current liabilities | — | | | 17 | | | — | | | 372 | | | — | | | 389 | |
|
Non-current amounts due to group undertakings | — | | | 518 | | | — | | | 740 | | | (1,258 | ) | | — | |
|
Total non-current liabilities | 1,634 | | | 1,116 | | | 765 | | | 1,718 | | | (2,096 | ) | | 3,137 | |
|
TOTAL LIABILITIES | $ | 1,702 | | | $ | 6,619 | | | $ | 1,374 | | | $ | 12,543 | | | $ | (8,869 | ) | | $ | 13,369 | |
|
Condensed Consolidating Balance Sheet |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| As at December 31, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
REDEEMABLE NONCONTROLLING INTEREST | — | | | — | | | — | | | 59 | | | — | | | 59 | |
|
| | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | |
|
Total Willis Group Holdings stockholders’ equity | 1,985 | | | (989 | ) | | 2,528 | | | 3,679 | | | (5,218 | ) | | 1,985 | |
|
Noncontrolling interests | — | | | — | | | — | | | 22 | | | — | | | 22 | |
|
Total equity | 1,985 | | | (989 | ) | | 2,528 | | | 3,701 | | | (5,218 | ) | | 2,007 | |
|
TOTAL LIABILITIES AND EQUITY | $ | 3,687 | | | $ | 5,630 | | | $ | 3,902 | | | $ | 16,303 | | | $ | (14,087 | ) | | $ | 15,435 | |
|
|
Condensed Consolidating Balance Sheet |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| As at December 31, 2013 |
| Willis | | 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 Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (35 | ) | | $ | 387 | | | $ | 265 | | | $ | 212 | | | $ | (352 | ) | | $ | 477 | |
|
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Proceeds on disposal of fixed and intangible assets | — | | | — | | | 1 | | | 6 | | | (1 | ) | | 6 | |
|
Additions to fixed assets | — | | | (9 | ) | | (10 | ) | | (95 | ) | | 1 | | | (113 | ) |
|
Additions to intangibles assets | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
Acquisitions of subsidiaries, net of cash acquired | — | | | — | | | — | | | (241 | ) | | — | | | (241 | ) |
|
Payments to acquire other investments | — | | | — | | | — | | | (10 | ) | | — | | | (10 | ) |
|
Proceeds from sale of operations, net of cash disposed | — | | | — | | | — | | | 86 | | | — | | | 86 | |
|
Proceeds from intercompany investing activities | 361 | | | — | | | 120 | | | 435 | | | (916 | ) | | — | |
|
Repayments of intercompany investing activities | — | | | (53 | ) | | (131 | ) | | (46 | ) | | 230 | | | — | |
|
Additional investment in subsidiaries | (31 | ) | | — | | | — | | | — | | | 31 | | | — | |
|
Net cash provided by (used in) investing activities | 330 | | | (62 | ) | | (20 | ) | | 131 | | | (655 | ) | | (276 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Debt issuance costs | — | | | — | | | — | | | (3 | ) | | — | | | (3 | ) |
|
Repayments of debt | — | | | (15 | ) | | — | | | — | | | — | | | (15 | ) |
|
Repurchase of shares | (213 | ) | | — | | | — | | | — | | | — | | | (213 | ) |
|
Proceeds from issue of shares | 134 | | | — | | | — | | | 31 | | | (31 | ) | | 134 | |
|
Excess tax benefits from share-based payment arrangements | — | | | — | | | — | | | 5 | | | — | | | 5 | |
|
Dividends paid | (210 | ) | | — | | | — | | | (352 | ) | | 352 | | | (210 | ) |
|
Acquisition of noncontrolling interests | — | | | (4 | ) | | — | | | — | | | — | | | (4 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (17 | ) | | — | | | (17 | ) |
|
Proceeds from intercompany financing activities | — | | | 46 | | | 4 | | | 180 | | | (230 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (353 | ) | | (249 | ) | | (314 | ) | | 916 | | | — | |
|
Net cash used in financing activities | (289 | ) | | (326 | ) | | (245 | ) | | (470 | ) | | 1,007 | | | (323 | ) |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6 | | | (1 | ) | | — | | | (127 | ) | | — | | | (122 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (39 | ) | | — | | | (39 | ) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3 | | | 3 | | | — | | | 790 | | | — | | | 796 | |
|
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 9 | | | $ | 2 | | | $ | — | | | $ | 624 | | | $ | — | | | $ | 635 | |
|
|
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 4 | | | $ | 125 | | | $ | 7 | | | $ | 662 | | | $ | (237 | ) | | $ | 561 | |
|
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Proceeds on disposal of fixed and intangible assets | — | | | — | | | 3 | | | 9 | | | — | | | 12 | |
|
Additions to fixed assets | — | | | (7 | ) | | (11 | ) | | (94 | ) | | — | | | (112 | ) |
|
Additions to intangible assets | — | | | — | | | — | | | (7 | ) | | — | | | (7 | ) |
|
Acquisitions of subsidiaries, net of cash acquired | — | | | (237 | ) | | (230 | ) | | (30 | ) | | 467 | | | (30 | ) |
|
Payments to acquire other investments | — | | | — | | | — | | | (7 | ) | | — | | | (7 | ) |
|
Proceeds from sale of associates | — | | | — | | | — | | | 4 | | | — | | | 4 | |
|
Proceeds from sale of operations, net of cash disposed | — | | | — | | | 230 | | | 257 | | | (467 | ) | | 20 | |
|
Proceeds from intercompany investing activities | 383 | | | 211 | | | 36 | | | 60 | | | (690 | ) | | — | |
|
Repayments of intercompany investing activities | (347 | ) | | (442 | ) | | (120 | ) | | (780 | ) | | 1,689 | | | — | |
|
Net cash provided by (used in) investing activities | 36 | | | (475 | ) | | (92 | ) | | (588 | ) | | 999 | | | (120 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Senior notes issued | — | | | 522 | | | — | | | — | | | — | | | 522 | |
|
Debt issuance costs | — | | | (8 | ) | | — | | | — | | | — | | | (8 | ) |
|
Repayments of debt | — | | | (15 | ) | | (521 | ) | | — | | | — | | | (536 | ) |
|
Tender premium on extinguishment of senior notes | — | | | — | | | (65 | ) | | — | | | — | | | (65 | ) |
|
Proceeds from issue of shares | 155 | | | — | | | — | | | — | | | — | | | 155 | |
|
Excess tax benefits from share-based payment arrangements | — | | | — | | | — | | | 2 | | | — | | | 2 | |
|
Dividends paid | (193 | ) | | — | | | (230 | ) | | (7 | ) | | 237 | | | (193 | ) |
|
Acquisition of noncontrolling interests | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (10 | ) | | — | | | (10 | ) |
|
Proceeds from intercompany financing activities | — | | | 321 | | | 901 | | | 467 | | | (1,689 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (467 | ) | | — | | | (223 | ) | | 690 | | | — | |
|
Net cash (used in) provided by financing activities | (38 | ) | | 353 | | | 85 | | | 225 | | | (762 | ) | | (137 | ) |
|
INCREASE IN CASH AND CASH EQUIVALENTS | 2 | | | 3 | | | — | | | 299 | | | — | | | 304 | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (8 | ) | | — | | | (8 | ) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1 | | | — | | | — | | | 499 | | | — | | | 500 | |
|
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 3 | | | $ | 3 | | | $ | — | | | $ | 790 | | | $ | — | | | $ | 796 | |
|
|
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 |
| Willis | | 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 intercompany investing activities | 256 | | | 216 | | | 44 | | | 1,230 | | | (1,746 | ) | | — | |
|
Repayments of intercompany investing activities | — | | | (318 | ) | | (10 | ) | | (81 | ) | | 409 | | | — | |
|
Net cash provided by (used in) investing activities | 256 | | | (109 | ) | | 15 | | | 1,003 | | | (1,337 | ) | | (172 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Repayments of debt | — | | | (15 | ) | | — | | | — | | | — | | | (15 | ) |
|
Proceeds from issue of other debt | — | | | 1 | | | — | | | — | | | — | | | 1 | |
|
Repurchase of shares | (100 | ) | | — | | | — | | | — | | | — | | | (100 | ) |
|
Proceeds from issue of shares | 53 | | | — | | | — | | | — | | | — | | | 53 | |
|
Excess tax benefits from share-based payment arrangements | — | | | — | | | — | | | 2 | | | — | | | 2 | |
|
Dividends paid | (185 | ) | | — | | | — | | | (815 | ) | | 815 | | | (185 | ) |
|
Proceeds from sale of noncontrolling interest | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Acquisition of noncontrolling interests | — | | | — | | | — | | | (39 | ) | | — | | | (39 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (11 | ) | | — | | | (11 | ) |
|
Cash received on intercompany financing activities | — | | | 81 | | | — | | | 328 | | | (409 | ) | | — | |
|
Cash paid on intercompany financing activities | — | | | (1,462 | ) | | (134 | ) | | (150 | ) | | 1,746 | | | — | |
|
Net cash used in financing activities | (232 | ) | | (1,395 | ) | | (134 | ) | | (682 | ) | | 2,152 | | | (291 | ) |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1 | | | — | | | (163 | ) | | 224 | | | — | | | 62 | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | 2 | | | — | | | 2 | |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | | | — | | | 163 | | | 273 | | | — | | | 436 | |
|
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 1 | | | $ | — | | | $ | — | | | $ | 499 | | | $ | — | | | $ | 500 | |
|
Condensed Consolidating Statement of Cash Flows |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings — | | | | | | |
the Parent | | | | | | |
Issuer | | | | | | |
| (millions) | | | | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (35 | ) | | $ | 652 | | | $ | 212 | | | $ | (352 | ) | | $ | 477 | | | | | |
| | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | |
| | | |
Proceeds on disposal of fixed and intangible assets | — | | | 1 | | | 6 | | | (1 | ) | | 6 | | | | | |
| | | |
Additions to fixed assets | — | | | (19 | ) | | (95 | ) | | 1 | | | (113 | ) | | | | |
| | | |
Additions to intangibles assets | — | | | — | | | (4 | ) | | — | | | (4 | ) | | | | |
| | | |
Acquisitions of subsidiaries, net of cash acquired | — | | | — | | | (241 | ) | | — | | | (241 | ) | | | | |
| | | |
Payments to acquire other investments | — | | | — | | | (10 | ) | | — | | | (10 | ) | | | | |
| | | |
Proceeds from disposal of operations, net of cash disposed | — | | | — | | | 86 | | | — | | | 86 | | | | | |
| | | |
Proceeds from intercompany investing activities | 361 | | | 120 | | | 435 | | | (916 | ) | | — | | | | | |
| | | |
Repayments of intercompany investing activities | — | | | (180 | ) | | (46 | ) | | 226 | | | — | | | | | |
| | | |
Additional investment in subsidiaries | (31 | ) | | — | | | — | | | 31 | | | — | | | | | |
| | | |
Net cash provided by (used in) investing activities | 330 | | | (78 | ) | | 131 | | | (659 | ) | | (276 | ) | | | | |
| | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | |
| | | |
Debt issuance costs | — | | | — | | | (3 | ) | | — | | | (3 | ) | | | | |
| | | |
Repayments of debt | — | | | (15 | ) | | — | | | — | | | (15 | ) | | | | |
| | | |
Repurchase of shares | (213 | ) | | — | | | — | | | — | | | (213 | ) | | | | |
| | | |
Proceeds from the issue of shares | 134 | | | — | | | 31 | | | (31 | ) | | 134 | | | | | |
| | | |
Excess tax benefits from share-based payment arrangements | — | | | — | | | 5 | | | — | | | 5 | | | | | |
| | | |
Dividends paid | (210 | ) | | — | | | (352 | ) | | 352 | | | (210 | ) | | | | |
| | | |
Acquisition of noncontrolling interests | — | | | (4 | ) | | — | | | — | | | (4 | ) | | | | |
| | | |
Dividends paid to noncontrolling interests | — | | | — | | | (17 | ) | | — | | | (17 | ) | | | | |
| | | |
Proceeds from intercompany financing activities | — | | | 46 | | | 180 | | | (226 | ) | | — | | | | | |
| | | |
Repayments of intercompany financing activities | — | | | (602 | ) | | (314 | ) | | 916 | | | — | | | | | |
| | | |
Net cash used in financing activities | (289 | ) | | (575 | ) | | (470 | ) | | 1,011 | | | (323 | ) | | | | |
| | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6 | | | (1 | ) | | (127 | ) | | — | | | (122 | ) | | | | |
| | | |
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | (39 | ) | | — | | | (39 | ) | | | | |
| | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3 | | | 3 | | | 790 | | | — | | | 796 | | | | | |
| | | |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 9 | | | $ | 2 | | | $ | 624 | | | $ | — | | | $ | 635 | | | | | |
| | | |
|
Condensed Consolidating Statement of Cash Flows |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 | | | | |
| Willis | | 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 intangible assets | — | | | — | | | (7 | ) | | — | | | (7 | ) | | | | |
| | | |
Acquisitions of subsidiaries, net of cash acquired | — | | | (237 | ) | | (30 | ) | | 237 | | | (30 | ) | | | | |
| | | |
Payments to acquire other investments | — | | | — | | | (7 | ) | | — | | | (7 | ) | | | | |
| | | |
Proceeds from sale of associates | — | | | — | | | 4 | | | — | | | 4 | | | | | |
| | | |
Proceeds from sale of operations, net of cash disposed | — | | | — | | | 257 | | | (237 | ) | | 20 | | | | | |
| | | |
Proceeds from intercompany investing activities | 383 | | | 223 | | | 60 | | | (666 | ) | | — | | | | | |
| | | |
Repayments of intercompany investing activities | (347 | ) | | (120 | ) | | (780 | ) | | 1,247 | | | — | | | | | |
| | | |
Net cash provided by (used in) investing activities | 36 | | | (149 | ) | | (588 | ) | | 581 | | | (120 | ) | | | | |
| | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | |
| | | |
Senior notes issued | — | | | 522 | | | — | | | — | | | 522 | | | | | |
| | | |
Debt issuance costs | — | | | (8 | ) | | — | | | — | | | (8 | ) | | | | |
| | | |
Repayments of debt | — | | | (536 | ) | | — | | | — | | | (536 | ) | | | | |
| | | |
Tender premium on extinguishment of senior notes | — | | | (65 | ) | | — | | | — | | | (65 | ) | | | | |
| | | |
Proceeds from the issue of shares | 155 | | | — | | | — | | | — | | | 155 | | | | | |
| | | |
Excess tax benefits from share-based payment arrangements | — | | | — | | | 2 | | | — | | | 2 | | | | | |
| | | |
Dividends paid | (193 | ) | | — | | | (7 | ) | | 7 | | | (193 | ) | | | | |
| | | |
Acquisition of noncontrolling interests | — | | | — | | | (4 | ) | | — | | | (4 | ) | | | | |
| | | |
Dividends paid to noncontrolling interests | — | | | — | | | (10 | ) | | — | | | (10 | ) | | | | |
| | | |
Proceeds from intercompany financing activities | — | | | 780 | | | 467 | | | (1,247 | ) | | — | | | | | |
| | | |
Repayments of intercompany financing activities | — | | | (443 | ) | | (223 | ) | | 666 | | | — | | | | | |
| | | |
Net cash (used in) provided by financing activities | (38 | ) | | 250 | | | 225 | | | (574 | ) | | (137 | ) | | | | |
| | | |
INCREASE IN CASH AND CASH EQUIVALENTS | 2 | | | 3 | | | 299 | | | — | | | 304 | | | | | |
| | | |
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | (8 | ) | | — | | | (8 | ) | | | | |
| | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1 | | | — | | | 499 | | | — | | | 500 | | | | | |
| | | |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 3 | | | $ | 3 | | | $ | 790 | | | $ | — | | | $ | 796 | | | | | |
| | | |
|
Condensed Consolidating Statement of Cash Flows |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings — | | | | | | |
the Parent | | | | | | |
Issuer | | | | | | |
| (millions) | | | | |
NET CASH (USED IN) PROVIDED BY OPERATING | $ | (23 | ) | | $ | 1,460 | | | $ | (97 | ) | | $ | (815 | ) | | $ | 525 | | | | | |
ACTIVITIES | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | |
| | | |
Proceeds on disposal of fixed and intangible assets | — | | | — | | | 5 | | | — | | | 5 | | | | | |
| | | |
Additions to fixed assets | — | | | (26 | ) | | (109 | ) | | — | | | (135 | ) | | | | |
| | | |
Additions to intangible assets | — | | | — | | | (2 | ) | | — | | | (2 | ) | | | | |
| | | |
Acquisitions of subsidiaries, net of cash acquired | — | | | — | | | (33 | ) | | — | | | (33 | ) | | | | |
| | | |
Payments to acquire other investments | — | | | — | | | (7 | ) | | — | | | (7 | ) | | | | |
| | | |
Proceeds from intercompany investing activities | 256 | | | 150 | | | 1,230 | | | (1,636 | ) | | — | | | | | |
| | | |
Repayments of intercompany investing activities | — | | | (328 | ) | | (81 | ) | | 409 | | | — | | | | | |
| | | |
Net cash provided by (used in) investing activities | 256 | | | (204 | ) | | 1,003 | | | (1,227 | ) | | (172 | ) | | | | |
| | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | |
| | | |
Repayments of debt | — | | | (15 | ) | | — | | | — | | | (15 | ) | | | | |
| | | |
Proceeds from the issue of other debt | — | | | 1 | | | — | | | — | | | 1 | | | | | |
| | | |
Repurchase of shares | (100 | ) | | — | | | — | | | — | | | (100 | ) | | | | |
| | | |
Proceeds from issue of shares | 53 | | | — | | | — | | | — | | | 53 | | | | | |
| | | |
Excess tax benefits from share-based payment arrangements | — | | | — | | | 2 | | | — | | | 2 | | | | | |
| | | |
Dividends paid | (185 | ) | | — | | | (815 | ) | | 815 | | | (185 | ) | | | | |
| | | |
Proceeds from sale of noncontrolling interest | — | | | — | | | 3 | | | — | | | 3 | | | | | |
| | | |
Acquisition of noncontrolling interests | — | | | — | | | (39 | ) | | — | | | (39 | ) | | | | |
| | | |
Dividends paid to noncontrolling interests | — | | | — | | | (11 | ) | | — | | | (11 | ) | | | | |
| | | |
Proceeds from intercompany financing activities | — | | | 81 | | | 328 | | | (409 | ) | | — | | | | | |
| | | |
Repayments of intercompany financing activities | — | | | (1,486 | ) | | (150 | ) | | 1,636 | | | — | | | | | |
| | | |
Net cash used in financing activities | (232 | ) | | (1,419 | ) | | (682 | ) | | 2,042 | | | (291 | ) | | | | |
| | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1 | | | (163 | ) | | 224 | | | — | | | 62 | | | | | |
| | | |
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | 2 | | | — | | | 2 | | | | | |
| | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | | | 163 | | | 273 | | | — | | | 436 | | | | | |
| | | |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 1 | | | $ | — | | | $ | 499 | | | $ | — | | | $ | 500 | | | | | |
| | | |
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2014 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (35 | ) | | $ | 781 | | | $ | 181 | | | $ | 212 | | | $ | (662 | ) | | $ | 477 | |
|
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Proceeds on disposal of fixed and intangible assets | — | | | 1 | | | — | | | 6 | | | (1 | ) | | 6 | |
|
Additions to fixed assets | — | | | (19 | ) | | — | | | (95 | ) | | 1 | | | (113 | ) |
|
Additions to intangible assets | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
Acquisitions of subsidiaries, net of cash acquired | — | | | — | | | — | | | (241 | ) | | — | | | (241 | ) |
|
Payments to acquire other investments | — | | | — | | | — | | | (10 | ) | | — | | | (10 | ) |
|
Proceeds from sale of operations, net of cash disposed | — | | | — | | | — | | | 86 | | | — | | | 86 | |
|
Proceeds from intercompany investing activities | 361 | | | 120 | | | — | | | 435 | | | (916 | ) | | — | |
|
Repayments of intercompany investing activities | — | | | (180 | ) | | (4 | ) | | (46 | ) | | 230 | | | — | |
|
Additional investment in subsidiaries | (31 | ) | | — | | | — | | | — | | | 31 | | | — | |
|
Net cash provided by (used in) investing activities | 330 | | | (78 | ) | | (4 | ) | | 131 | | | (655 | ) | | (276 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Debt issuance costs | — | | | — | | | — | | | (3 | ) | | — | | | (3 | ) |
|
Repayments of debt | — | | | — | | | (15 | ) | | — | | | — | | | (15 | ) |
|
Repurchase of shares | (213 | ) | | — | | | — | | | — | | | — | | | (213 | ) |
|
Proceeds from issue of shares | 134 | | | — | | | — | | | 31 | | | (31 | ) | | 134 | |
|
Excess tax benefits from share-based payment arrangement | — | | | — | | | — | | | 5 | | | — | | | 5 | |
|
Dividends paid | (210 | ) | | (155 | ) | | (155 | ) | | (352 | ) | | 662 | | | (210 | ) |
|
Acquisition of noncontrolling interests | — | | | (4 | ) | | — | | | — | | | — | | | (4 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (17 | ) | | — | | | (17 | ) |
|
Proceeds from intercompany financing activities | — | | | 50 | | | — | | | 180 | | | (230 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (595 | ) | | (7 | ) | | (314 | ) | | 916 | | | — | |
|
Net cash used in financing activities | (289 | ) | | (704 | ) | | (177 | ) | | (470 | ) | | 1,317 | | | (323 | ) |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 6 | | | (1 | ) | | — | | | (127 | ) | | — | | | (122 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (39 | ) | | — | | | (39 | ) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3 | | | 3 | | | — | | | 790 | | | — | | | 796 | |
|
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 9 | | | $ | 2 | | | $ | — | | | $ | 624 | | | $ | — | | | $ | 635 | |
|
|
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2013 |
| Willis | | The Other | | The | | Other | | Consolidating | | Consolidated |
Group | Guarantors | Issuer | adjustments |
Holdings | | | |
| | | | | (millions) | | | | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 4 | | | $ | 399 | | | $ | 63 | | | $ | 662 | | | $ | (567 | ) | | $ | 561 | |
|
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Proceeds on disposal of fixed and intangible assets | — | | | 3 | | | — | | | 9 | | | — | | | 12 | |
|
Additions to fixed assets | — | | | (18 | ) | | — | | | (94 | ) | | — | | | (112 | ) |
|
Additions to intangible assets | — | | | — | | | — | | | (7 | ) | | — | | | (7 | ) |
|
Acquisitions of subsidiaries, net of cash acquired | — | | | (237 | ) | | — | | | (30 | ) | | 237 | | | (30 | ) |
|
Payments to acquire other investments | — | | | — | | | — | | | (7 | ) | | — | | | (7 | ) |
|
Proceeds from sale of associates | — | | | — | | | — | | | 4 | | | — | | | 4 | |
|
Proceeds from sale of operations, net of cash disposed | — | | | — | | | — | | | 257 | | | (237 | ) | | 20 | |
|
Proceeds from intercompany investing activities | 383 | | | 160 | | | 132 | | | 60 | | | (735 | ) | | — | |
|
Repayments of intercompany investing activities | (347 | ) | | (120 | ) | | (442 | ) | | (780 | ) | | 1,689 | | | — | |
|
Net cash provided by (used in) investing activities | 36 | | | (212 | ) | | (310 | ) | | (588 | ) | | 954 | | | (120 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Senior notes issued | — | | | — | | | 522 | | | — | | | — | | | 522 | |
|
Debt issuance costs | — | | | — | | | (8 | ) | | — | | | — | | | (8 | ) |
|
Repayments of debt | — | | | (521 | ) | | (15 | ) | | — | | | — | | | (536 | ) |
|
Tender premium on extinguishment of senior notes | — | | | (65 | ) | | — | | | — | | | — | | | (65 | ) |
|
Proceeds from issue of shares | 155 | | | — | | | — | | | — | | | — | | | 155 | |
|
Excess tax benefits from share-based payment arrangement | — | | | — | | | — | | | 2 | | | — | | | 2 | |
|
Dividends paid | (193 | ) | | (230 | ) | | (330 | ) | | (7 | ) | | 567 | | | (193 | ) |
|
Acquisition of noncontrolling interests | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (10 | ) | | — | | | (10 | ) |
|
Proceeds from intercompany financing activities | — | | | 1,075 | | | 147 | | | 467 | | | (1,689 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (443 | ) | | (69 | ) | | (223 | ) | | 735 | | | — | |
|
Net cash (used in) provided by financing activities | (38 | ) | | (184 | ) | | 247 | | | 225 | | | (387 | ) | | (137 | ) |
|
INCREASE IN CASH AND CASH EQUIVALENTS | 2 | | | 3 | | | — | | | 299 | | | — | | | 304 | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (8 | ) | | — | | | (8 | ) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1 | | | — | | | — | | | 499 | | | — | | | 500 | |
|
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 3 | | | $ | 3 | | | $ | — | | | $ | 790 | | | $ | — | | | $ | 796 | |
|
|
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2012 |
| Willis | | 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 intercompany investing activities | 256 | | | 176 | | | 78 | | | 1,230 | | | (1,740 | ) | | — | |
|
Repayments of intercompany investing activities | — | | | (197 | ) | | (131 | ) | | (81 | ) | | 409 | | | — | |
|
Net cash provided by (used in) investing activities | 256 | | | (47 | ) | | (53 | ) | | 1,003 | | | (1,331 | ) | | (172 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Repayments of debt | — | | | (4 | ) | | (11 | ) | | — | | | — | | | (15 | ) |
|
Proceeds from issue of other debt | — | | | — | | | 1 | | | — | | | — | | | 1 | |
|
Repurchase of shares | (100 | ) | | — | | | — | | | — | | | — | | | (100 | ) |
|
Proceeds from issue of shares | 53 | | | — | | | — | | | — | | | — | | | 53 | |
|
Excess tax benefits from share-based payment arrangements | — | | | — | | | — | | | 2 | | | — | | | 2 | |
|
Dividends paid | (185 | ) | | (1,220 | ) | | (1,069 | ) | | (815 | ) | | 3,104 | | | (185 | ) |
|
Proceeds from sale of noncontrolling interests | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Acquisition of noncontrolling interests | — | | | — | | | — | | | (39 | ) | | — | | | (39 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (11 | ) | | — | | | (11 | ) |
|
Proceeds from intercompany financing activities | — | | | 81 | | | — | | | 328 | | | (409 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (1,366 | ) | | (224 | ) | | (150 | ) | | 1,740 | | | — | |
|
Net cash used in financing activities | (232 | ) | | (2,509 | ) | | (1,303 | ) | | (682 | ) | | 4,435 | | | (291 | ) |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1 | | | (163 | ) | | — | | | 224 | | | — | | | 62 | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | 2 | | | — | | | 2 | |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | — | | | 163 | | | — | | | 273 | | | — | | | 436 | |
|
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 1 | | | $ | — | | | $ | — | | | $ | 499 | | | $ | — | | | $ | 500 | |
|
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