FINANCIAL INFORMATION FOR ISSUER, PARENT GUARANTOR, OTHER GUARANTOR SUBSIDIARIES AND NON-GUARANTOR SUBSIDIARIES (Tables) | 3 Months Ended |
Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | | |
Condensed Consolidated Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income | |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
| | | | | | | | | | | |
Comprehensive income | $ | 324 | | | $ | 354 | | | $ | 51 | | | $ | 370 | | | $ | (778 | ) | | $ | 321 | |
|
Less: comprehensive loss attributable to noncontrolling interests | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 324 | | | $ | 354 | | | $ | 51 | | | $ | 373 | | | $ | (778 | ) | | $ | 324 | |
|
Unaudited Condensed Consolidating Statement of Comprehensive Income |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
| | | | | | | | | | | |
Comprehensive income | $ | 254 | | | $ | 264 | | | $ | 51 | | | $ | 281 | | | $ | (592 | ) | | $ | 258 | |
|
Less: comprehensive income attributable to noncontrolling interests | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 254 | | | $ | 264 | | | $ | 51 | | | $ | 277 | | | $ | (592 | ) | | $ | 254 | |
|
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings - the Parent Issuer | | | | | | |
| (millions) | | | | |
| | | | | | | | | | | | | |
Comprehensive income | $ | 254 | | | $ | 264 | | | $ | 281 | | | $ | (541 | ) | | $ | 258 | | | | | |
| | | |
Less: comprehensive income attributable to noncontrolling interests | — | | | — | | | (4 | ) | | — | | | (4 | ) | | | | |
| | | |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 254 | | | $ | 264 | | | $ | 277 | | | $ | (541 | ) | | $ | 254 | | | | | |
| | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings - the Parent Issuer | | | | | | |
| (millions) | | | | |
| | | | | | | | | | | | | |
Comprehensive income | $ | 324 | | | $ | 354 | | | $ | 370 | | | $ | (727 | ) | | $ | 321 | | | | | |
| | | |
Less: comprehensive loss attributable to noncontrolling interests | — | | | — | | | 3 | | | — | | | 3 | | | | | |
| | | |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 324 | | | $ | 354 | | | $ | 373 | | | $ | (727 | ) | | $ | 324 | | | | | |
| | | |
Condensed Consolidating Statement of Comprehensive Income |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
| | | | | | | | | | | |
Comprehensive income | $ | 324 | | | $ | 354 | | | $ | 347 | | | $ | 370 | | | $ | (1,074 | ) | | $ | 321 | |
|
Less: comprehensive loss attributable to noncontrolling interests | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 324 | | | $ | 354 | | | $ | 347 | | | $ | 373 | | | $ | (1,074 | ) | | $ | 324 | |
|
|
|
Unaudited Condensed Consolidating Statement of Comprehensive Income |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
| | | | | | | | | | | |
Comprehensive income | $ | 254 | | | $ | 264 | | | $ | 228 | | | $ | 281 | | | $ | (769 | ) | | $ | 258 | |
|
Less: comprehensive income attributable to noncontrolling interests | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 254 | | | $ | 264 | | | $ | 228 | | | $ | 277 | | | $ | (769 | ) | | $ | 254 | |
|
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
REVENUES | | | | | | | | | | | |
Commissions and fees | $ | — | | | $ | — | | | $ | 4 | | | $ | 1,077 | | | $ | — | | | $ | 1,081 | |
|
Investment income | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Other income | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Total revenues | — | | | — | | | 4 | | | 1,083 | | | — | | | 1,087 | |
|
EXPENSES | | | | | | | | | | | |
Salaries and benefits | — | | | — | | | (20 | ) | | (547 | ) | | — | | | (567 | ) |
|
Other operating expenses | (9 | ) | | (14 | ) | | (2 | ) | | (135 | ) | | — | | | (160 | ) |
|
Depreciation expense | — | | | (1 | ) | | (4 | ) | | (17 | ) | | — | | | (22 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (14 | ) | | — | | | (14 | ) |
|
Restructuring costs | — | | | (14 | ) | | (5 | ) | | (12 | ) | | | | | (31 | ) |
|
Total expenses | (9 | ) | | (29 | ) | | (31 | ) | | (725 | ) | | — | | | (794 | ) |
|
OPERATING (LOSS) INCOME | (9 | ) | | (29 | ) | | (27 | ) | | 358 | | | — | | | 293 | |
|
Other (expense) income, net | (12 | ) | | 6 | | | — | | | (1 | ) | | 1 | | | (6 | ) |
|
Income from group undertakings | — | | | 54 | | | 56 | | | 25 | | | (135 | ) | | — | |
|
Expenses due to group undertakings | — | | | (8 | ) | | (44 | ) | | (83 | ) | | 135 | | | — | |
|
Interest expense | (11 | ) | | (9 | ) | | (11 | ) | | (2 | ) | | — | | | (33 | ) |
|
(LOSS) INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (32 | ) | | 14 | | | (26 | ) | | 297 | | | 1 | | | 254 | |
|
Income taxes | — | | | 6 | | | 8 | | | (70 | ) | | — | | | (56 | ) |
|
(LOSS) INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (32 | ) | | 20 | | | (18 | ) | | 227 | | | 1 | | | 198 | |
|
Interest in earnings of associates, net of tax | — | | | 2 | | | — | | | 14 | | | — | | | 16 | |
|
Equity account for subsidiaries | 242 | | | 215 | | | 66 | | | — | | | (523 | ) | | — | |
|
NET INCOME | 210 | | | 237 | | | 48 | | | 241 | | | (522 | ) | | 214 | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 210 | | | $ | 237 | | | $ | 48 | | | $ | 237 | | | $ | (522 | ) | | $ | 210 | |
|
|
Condensed Consolidating Statement of Operations |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
REVENUES | | | | | | | | | | | |
Commissions and fees | $ | — | | | $ | — | | | $ | 2 | | | $ | 1,088 | | | $ | — | | | $ | 1,090 | |
|
Investment income | — | | | — | | | — | | | 4 | | | — | | | 4 | |
|
Other income | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Total revenues | — | | | — | | | 2 | | | 1,095 | | | — | | | 1,097 | |
|
EXPENSES | | | | | | | | | | | |
Salaries and benefits | — | | | — | | | (19 | ) | | (551 | ) | | — | | | (570 | ) |
|
Other operating expenses | (4 | ) | | (24 | ) | | (17 | ) | | (120 | ) | | — | | | (165 | ) |
|
Depreciation expense | — | | | (1 | ) | | (4 | ) | | (18 | ) | | — | | | (23 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (13 | ) | | — | | | (13 | ) |
|
Total expenses | (4 | ) | | (25 | ) | | (40 | ) | | (702 | ) | | — | | | (771 | ) |
|
OPERATING (LOSS) INCOME | (4 | ) | | (25 | ) | | (38 | ) | | 393 | | | — | | | 326 | |
|
Other income (expense), net | — | | | 1 | | | — | | | (1 | ) | | — | | | — | |
|
Income from group undertakings | — | | | 59 | | | 43 | | | 27 | | | (129 | ) | | — | |
|
Expenses due to group undertakings | — | | | (8 | ) | | (46 | ) | | (75 | ) | | 129 | | | — | |
|
Interest expense | (11 | ) | | (9 | ) | | (11 | ) | | (1 | ) | | — | | | (32 | ) |
|
(LOSS) INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (15 | ) | | 18 | | | (52 | ) | | 343 | | | — | | | 294 | |
|
Income taxes | — | | | 5 | | | 19 | | | (87 | ) | | — | | | (63 | ) |
|
(LOSS) INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (15 | ) | | 23 | | | (33 | ) | | 256 | | | — | | | 231 | |
|
Interest in earnings of associates, net of tax | — | | | 3 | | | — | | | 16 | | | — | | | 19 | |
|
Equity account for subsidiaries | 261 | | | 230 | | | 83 | | | — | | | (574 | ) | | — | |
|
NET INCOME | 246 | | | 256 | | | 50 | | | 272 | | | (574 | ) | | 250 | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 246 | | | $ | 256 | | | $ | 50 | | | $ | 268 | | | $ | (574 | ) | | $ | 246 | |
|
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings - the Parent Issuer | | | | | | |
| (millions) | | | | |
REVENUES | | | | | | | | | | | | | |
Commissions and fees | $ | — | | | $ | 2 | | | $ | 1,088 | | | $ | — | | | $ | 1,090 | | | | | |
| | | |
Investment income | — | | | — | | | 4 | | | — | | | 4 | | | | | |
| | | |
Other income | — | | | — | | | 3 | | | — | | | 3 | | | | | |
| | | |
Total revenues | — | | | 2 | | | 1,095 | | | — | | | 1,097 | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | | |
Salaries and benefits | — | | | (19 | ) | | (551 | ) | | — | | | (570 | ) | | | | |
| | | |
Other operating expenses | (4 | ) | | (41 | ) | | (120 | ) | | — | | | (165 | ) | | | | |
| | | |
Depreciation expense | — | | | (5 | ) | | (18 | ) | | — | | | (23 | ) | | | | |
| | | |
Amortization of intangible assets | — | | | — | | | (13 | ) | | — | | | (13 | ) | | | | |
| | | |
Total expenses | (4 | ) | | (65 | ) | | (702 | ) | | — | | | (771 | ) | | | | |
| | | |
OPERATING (LOSS) INCOME | (4 | ) | | (63 | ) | | 393 | | | — | | | 326 | | | | | |
| | | |
Other income (expense), net | — | | | 1 | | | (1 | ) | | — | | | — | | | | | |
| | | |
Income from group undertakings | — | | | 75 | | | 27 | | | (102 | ) | | — | | | | | |
| | | |
Expenses due to group undertakings | — | | | (27 | ) | | (75 | ) | | 102 | | | — | | | | | |
| | | |
Interest expense | (11 | ) | | (20 | ) | | (1 | ) | | — | | | (32 | ) | | | | |
| | | |
(LOSS) INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (15 | ) | | (34 | ) | | 343 | | | — | | | 294 | | | | | |
| | | |
Income taxes | — | | | 24 | | | (87 | ) | | — | | | (63 | ) | | | | |
| | | |
(LOSS) INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (15 | ) | | (10 | ) | | 256 | | | — | | | 231 | | | | | |
| | | |
Interest in earnings of associates, net of tax | — | | | 3 | | | 16 | | | — | | | 19 | | | | | |
| | | |
Equity account for subsidiaries | 261 | | | 263 | | | — | | | (524 | ) | | — | | | | | |
| | | |
NET INCOME | 246 | | | 256 | | | 272 | | | (524 | ) | | 250 | | | | | |
| | | |
Less: Net income attributable to noncontrolling interests | — | | | — | | | (4 | ) | | — | | | (4 | ) | | | | |
| | | |
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 246 | | | $ | 256 | | | $ | 268 | | | $ | (524 | ) | | $ | 246 | | | | | |
| | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 | | | | |
| Willis | | The | | Other | | Consolidating | | Consolidated | | | | |
Group | Guarantors | adjustments | | | | |
Holdings - the Parent Issuer | | | | | | |
| (millions) | | | | |
REVENUES | | | | | | | | | | | | | |
Commissions and fees | $ | — | | | $ | 4 | | | $ | 1,077 | | | $ | — | | | $ | 1,081 | | | | | |
| | | |
Investment income | — | | | — | | | 3 | | | — | | | 3 | | | | | |
| | | |
Other income | — | | | — | | | 3 | | | — | | | 3 | | | | | |
| | | |
Total revenues | — | | | 4 | | | 1,083 | | | — | | | 1,087 | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | | |
Salaries and benefits | — | | | (20 | ) | | (547 | ) | | — | | | (567 | ) | | | | |
| | | |
Other operating expenses | (9 | ) | | (16 | ) | | (135 | ) | | — | | | (160 | ) | | | | |
| | | |
Depreciation expense | — | | | (5 | ) | | (17 | ) | | — | | | (22 | ) | | | | |
| | | |
Amortization of intangible assets | — | | | — | | | (14 | ) | | — | | | (14 | ) | | | | |
| | | |
Restructuring costs | — | | | (19 | ) | | (12 | ) | | — | | | (31 | ) | | | | |
| | | |
Total expenses | (9 | ) | | (60 | ) | | (725 | ) | | — | | | (794 | ) | | | | |
| | | |
OPERATING (LOSS) INCOME | (9 | ) | | (56 | ) | | 358 | | | — | | | 293 | | | | | |
| | | |
Other (expense) income, net | (12 | ) | | 6 | | | (1 | ) | | 1 | | | (6 | ) | | | | |
| | | |
Income from group undertakings | — | | | 83 | | | 25 | | | (108 | ) | | — | | | | | |
| | | |
Expenses due to group undertakings | — | | | (25 | ) | | (83 | ) | | 108 | | | — | | | | | |
| | | |
Interest expense | (11 | ) | | (20 | ) | | (2 | ) | | — | | | (33 | ) | | | | |
| | | |
(LOSS) INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (32 | ) | | (12 | ) | | 297 | | | 1 | | | 254 | | | | | |
| | | |
Income taxes | — | | | 14 | | | (70 | ) | | — | | | (56 | ) | | | | |
| | | |
(LOSS) INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (32 | ) | | 2 | | | 227 | | | 1 | | | 198 | | | | | |
| | | |
Interest in earnings of associates, net of tax | — | | | 2 | | | 14 | | | — | | | 16 | | | | | |
| | | |
Equity account for subsidiaries | 242 | | | 233 | | | — | | | (475 | ) | | — | | | | | |
| | | |
NET INCOME | 210 | | | 237 | | | 241 | | | (474 | ) | | 214 | | | | | |
| | | |
Less: Net income attributable to noncontrolling interests | — | | | — | | | (4 | ) | | — | | | (4 | ) | | | | |
| | | |
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 210 | | | $ | 237 | | | $ | 237 | | | $ | (474 | ) | | $ | 210 | | | | | |
| | | |
Condensed Consolidating Statement of Operations |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
REVENUES | | | | | | | | | | | |
Commissions and fees | $ | — | | | $ | 2 | | | $ | — | | | $ | 1,088 | | | $ | — | | | $ | 1,090 | |
|
Investment income | — | | | — | | | — | | | 4 | | | — | | | 4 | |
|
Other income | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Total revenues | — | | | 2 | | | — | | | 1,095 | | | — | | | 1,097 | |
|
EXPENSES | | | | | | | | | | | |
Salaries and benefits | — | | | (19 | ) | | — | | | (551 | ) | | — | | | (570 | ) |
|
Other operating expenses | (4 | ) | | (41 | ) | | — | | | (120 | ) | | — | | | (165 | ) |
|
Depreciation expense | — | | | (5 | ) | | — | | | (18 | ) | | — | | | (23 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (13 | ) | | — | | | (13 | ) |
|
Total expenses | (4 | ) | | (65 | ) | | — | | | (702 | ) | | — | | | (771 | ) |
|
OPERATING (LOSS) INCOME | (4 | ) | | (63 | ) | | — | | | 393 | | | — | | | 326 | |
|
Other income (expense), net | — | | | 1 | | | — | | | (1 | ) | | — | | | — | |
|
Income from group undertakings | — | | | 82 | | | 22 | | | 27 | | | (131 | ) | | — | |
|
Expenses due to group undertakings | — | | | (49 | ) | | (7 | ) | | (75 | ) | | 131 | | | — | |
|
Interest expense | (11 | ) | | (11 | ) | | (9 | ) | | (1 | ) | | — | | | (32 | ) |
|
(LOSS) INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (15 | ) | | (40 | ) | | 6 | | | 343 | | | — | | | 294 | |
|
Income taxes | — | | | 25 | | | (1 | ) | | (87 | ) | | — | | | (63 | ) |
|
(LOSS) INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (15 | ) | | (15 | ) | | 5 | | | 256 | | | — | | | 231 | |
|
Interest in earnings of associates, net of tax | — | | | 3 | | | — | | | 16 | | | — | | | 19 | |
|
Equity account for subsidiaries | 261 | | | 268 | | | 215 | | | — | | | (744 | ) | | — | |
|
NET INCOME | 246 | | | 256 | | | 220 | | | 272 | | | (744 | ) | | 250 | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 246 | | | $ | 256 | | | $ | 220 | | | $ | 268 | | | $ | (744 | ) | | $ | 246 | |
|
Condensed Consolidating Statement of Operations |
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
REVENUES | | | | | | | | | | | |
Commissions and fees | $ | — | | | $ | 4 | | | $ | — | | | $ | 1,077 | | | $ | — | | | $ | 1,081 | |
|
Investment income | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Other income | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Total revenues | — | | | 4 | | | — | | | 1,083 | | | — | | | 1,087 | |
|
EXPENSES | | | | | | | | | | | |
Salaries and benefits | — | | | (20 | ) | | — | | | (547 | ) | | — | | | (567 | ) |
|
Other operating expenses | (9 | ) | | (16 | ) | | — | | | (135 | ) | | — | | | (160 | ) |
|
Depreciation expense | — | | | (5 | ) | | — | | | (17 | ) | | — | | | (22 | ) |
|
Amortization of intangible assets | — | | | — | | | — | | | (14 | ) | | — | | | (14 | ) |
|
Restructuring costs | — | | | (19 | ) | | — | | | (12 | ) | | — | | | (31 | ) |
|
Total expenses | (9 | ) | | (60 | ) | | — | | | (725 | ) | | — | | | (794 | ) |
|
OPERATING (LOSS) INCOME | (9 | ) | | (56 | ) | | — | | | 358 | | | — | | | 293 | |
|
Other (expense) income, net | (12 | ) | | 6 | | | — | | | (1 | ) | | 1 | | | (6 | ) |
|
Income from group undertakings | — | | | 90 | | | 22 | | | 25 | | | (137 | ) | | — | |
|
Expenses due to group undertakings | — | | | (47 | ) | | (7 | ) | | (83 | ) | | 137 | | | — | |
|
Interest expense | (11 | ) | | (11 | ) | | (9 | ) | | (2 | ) | | — | | | (33 | ) |
|
(LOSS) INCOME BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES | (32 | ) | | (18 | ) | | 6 | | | 297 | | | 1 | | | 254 | |
|
Income taxes | — | | | 15 | | | (1 | ) | | (70 | ) | | — | | | (56 | ) |
|
(LOSS) INCOME BEFORE INTEREST IN EARNINGS OF ASSOCIATES | (32 | ) | | (3 | ) | | 5 | | | 227 | | | 1 | | | 198 | |
|
Interest in earnings of associates, net of tax | — | | | 2 | | | — | | | 14 | | | — | | | 16 | |
|
Equity account for subsidiaries | 242 | | | 238 | | | 209 | | | — | | | (689 | ) | | — | |
|
NET INCOME | 210 | | | 237 | | | 214 | | | 241 | | | (688 | ) | | 214 | |
|
Less: Net income attributable to noncontrolling interests | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
NET INCOME ATTRIBUTABLE TO WILLIS GROUP HOLDINGS | $ | 210 | | | $ | 237 | | | $ | 214 | | | $ | 237 | | | $ | (688 | ) | | $ | 210 | |
|
Condensed Consolidated Balance Sheet | Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of March 31, 2015 | | As of December 31, 2014 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated | | Willis | | The Guarantors | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments | Group | adjustments |
Holdings | | | Holdings - the Parent Issuer | |
| (millions) | | (millions) |
ASSETS | | | | | | | | | | | | ASSETS | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | CURRENT ASSETS | | | | | | | | | |
Cash and cash equivalents | $ | 6 | | | $ | — | | | $ | — | | | $ | 497 | | | $ | — | | | $ | 503 | | Cash and cash equivalents | $ | 9 | | | $ | 2 | | | $ | 624 | | | $ | — | | | $ | 635 | |
|
Accounts receivable, net | — | | | — | | | 6 | | | 1,144 | | | — | | | 1,150 | | Accounts receivable, net | — | | | 4 | | | 1,040 | | | — | | | 1,044 | |
|
Fiduciary assets | — | | | — | | | — | | | 9,444 | | | — | | | 9,444 | | Fiduciary assets | — | | | — | | | 8,948 | | | — | | | 8,948 | |
|
Deferred tax assets | — | | | — | | | — | | | 13 | | | — | | | 13 | | Deferred tax assets | — | | | — | | | 12 | | | — | | | 12 | |
|
Other current assets | 1 | | | 37 | | | 21 | | | 192 | | | (33 | ) | | 218 | | Other current assets | 1 | | | 37 | | | 205 | | | (29 | ) | | 214 | |
|
Amounts due from group undertakings | 3,611 | | | 936 | | | 971 | | | 1,137 | | | (6,655 | ) | | — | | Amounts due to group undertakings | 3,674 | | | 731 | | | 1,114 | | | (5,519 | ) | | — | |
|
Total current assets | 3,618 | | | 973 | | | 998 | | | 12,427 | | | (6,688 | ) | | 11,328 | | Total current assets | 3,684 | | | 774 | | | 11,943 | | | (5,548 | ) | | 10,853 | |
|
NON-CURRENT ASSETS | | | | | | | | | | | | NON-CURRENT ASSETS | | | | | | | | | |
Investments in subsidiaries | — | | | 3,528 | | | — | | | (3,528 | ) | | — | |
Investments in subsidiaries | — | | | 2,910 | | | 787 | | | — | | | (3,697 | ) | | — | |
Fixed assets, net | — | | | 62 | | | 421 | | | — | | | 483 | |
Fixed assets, net | — | | | 21 | | | 40 | | | 401 | | | — | | | 462 | |
Goodwill | — | | | — | | | 2,937 | | | — | | | 2,937 | |
Goodwill | — | | | — | | | — | | | 2,889 | | | — | | | 2,889 | |
Other intangible assets, net | — | | | — | | | 450 | | | — | | | 450 | |
Other intangible assets, net | — | | | — | | | — | | | 418 | | | — | | | 418 | |
Investments in associates | — | | | 147 | | | 22 | | | — | | | 169 | |
Investments in associates | — | | | 133 | | | — | | | 34 | | | — | | | 167 | |
Deferred tax assets | — | | | — | | | 9 | | | — | | | 9 | |
Deferred tax assets | — | | | — | | | — | | | 6 | | | — | | | 6 | |
Pension benefits asset | — | | | — | | | 314 | | | — | | | 314 | |
Pension benefits asset | — | | | — | | | — | | | 606 | | | — | | | 606 | |
Other non-current assets | 3 | | | 10 | | | 207 | | | — | | | 220 | |
Other non-current assets | 2 | | | 8 | | | 2 | | | 217 | | | — | | | 229 | |
Non-current amounts due to group undertakings | — | | | 740 | | | — | | | (740 | ) | | — | |
Non-current amounts due from group undertakings | — | | | 518 | | | 752 | | | — | | | (1,270 | ) | | — | |
Total non-current assets | 3 | | | 4,487 | | | 4,360 | | | (4,268 | ) | | 4,582 | |
Total non-current assets | 2 | | | 3,590 | | | 1,581 | | | 4,571 | | | (4,967 | ) | | 4,777 | |
TOTAL ASSETS | $ | 3,687 | | | $ | 5,261 | | | $ | 16,303 | | | $ | (9,816 | ) | | $ | 15,435 | |
TOTAL ASSETS | $ | 3,620 | | | $ | 4,563 | | | $ | 2,579 | | | $ | 16,998 | | | $ | (11,655 | ) | | $ | 16,105 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | CURRENT LIABILITIES | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | Fiduciary liabilities | $ | — | | | $ | — | | | $ | 8,948 | | | $ | — | | | $ | 8,948 | |
Fiduciary liabilities | $ | — | | | $ | — | | | $ | — | | | $ | 9,444 | | | $ | — | | | $ | 9,444 | |
Deferred revenue and accrued expenses | 1 | | | 34 | | | 584 | | | — | | | 619 | |
Deferred revenue and accrued expenses | 1 | | | 12 | | | 24 | | | 371 | | | — | | | 408 | |
Income taxes payable | — | | | 7 | | | 55 | | | (29 | ) | | 33 | |
Income taxes payable | — | | | — | | | — | | | 82 | | | (33 | ) | | 49 | |
Short-term debt and current portion of long-term debt | — | | | 166 | | | 1 | | | — | | | 167 | |
Short-term debt and current portion of long-term debt | — | | | 18 | | | 149 | | | 1 | | | — | | | 168 | |
Deferred tax liabilities | — | | | — | | | 21 | | | — | | | 21 | |
Deferred tax liabilities | — | | | — | | | — | | | 18 | | | — | | | 18 | |
Other current liabilities | 67 | | | 57 | | | 320 | | | — | | | 444 | |
Other current liabilities | 60 | | | 4 | | | 16 | | | 381 | | | — | | | 461 | |
Amounts due to group undertakings | — | | | 4,623 | | | 896 | | | (5,519 | ) | | — | |
Amounts due to group undertakings | — | | | 4,373 | | | 1,497 | | | 785 | | | (6,655 | ) | | — | |
Total current liabilities | 68 | | | 4,887 | | | 10,825 | | | (5,548 | ) | | 10,232 | |
Total current liabilities | 61 | | | 4,407 | | | 1,686 | | | 11,082 | | | (6,688 | ) | | 10,548 | |
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 | |
Unaudited Condensed Consolidating Balance Sheet (continued) |
| Provisions for liabilities | — | | | — | | | 194 | | | — | | | 194 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| As of March 31, 2015 | Other non-current liabilities | — | | | 17 | | | 372 | | | — | | | 389 | |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments | Non-current amounts due to group undertakings | — | | | — | | | 740 | | | (740 | ) | | — | |
Holdings | | |
| (millions) | Total non-current liabilities | 1,634 | | | 1,363 | | | 1,718 | | | (1,578 | ) | | 3,137 | |
NON-CURRENT LIABILITIES | | | | | | | | | | | |
Investments in subsidiaries | 465 | | | — | | | — | | | — | | | (465 | ) | | — | | TOTAL LIABILITIES | $ | 1,702 | | | $ | 6,250 | | | $ | 12,543 | | | $ | (7,126 | ) | | $ | 13,369 | |
|
Long-term debt | 796 | | | 760 | | | 581 | | | — | | | — | | | 2,137 | | |
|
Liabilities for pension benefits | — | | | — | | | — | | | 277 | | | — | | | 277 | | Condensed Consolidating Balance Sheet (continued) |
|
Deferred tax liabilities | — | | | — | | | — | | | 185 | | | — | | | 185 | | |
| | | | | | | | | | | | | | | | | | | |
Provisions for liabilities | — | | | — | | | — | | | 188 | | | — | | | 188 | | | As of December 31, 2014 |
| Willis | | The Guarantors | | Other | | Consolidating | | Consolidated |
Other non-current liabilities | — | | | — | | | 16 | | | 382 | | | — | | | 398 | | Group | adjustments |
Holdings - the Parent Issuer | |
Non-current amounts due to group undertakings | — | | | — | | | 518 | | | 752 | | | (1,270 | ) | | — | | | (millions) |
REDEEMABLE NONCONTROLLING INTEREST | — | | | — | | | 59 | | | — | | | 59 | |
Total non-current liabilities | 1,261 | | | 760 | | | 1,115 | | | 1,784 | | | (1,735 | ) | | 3,185 | |
| | | | | | | | | |
TOTAL LIABILITIES | $ | 1,322 | | | $ | 5,167 | | | $ | 2,801 | | | $ | 12,866 | | | $ | (8,423 | ) | | $ | 13,733 | | EQUITY | | | | | | | | | |
Total Willis Group Holdings stockholders’ equity | 1,985 | | | (989 | ) | | 3,679 | | | (2,690 | ) | | 1,985 | |
| | | | | | | | | | | |
REDEEMABLE NONCONTROLLING INTEREST | — | | | — | | | — | | | 51 | | | — | | | 51 | | Noncontrolling interests | — | | | — | | | 22 | | | — | | | 22 | |
|
| | | | | | | | | | | | Total equity | 1,985 | | | (989 | ) | | 3,701 | | | (2,690 | ) | | 2,007 | |
EQUITY | | | | | | | | | | | |
Total Willis Group Holdings stockholders’ equity | 2,298 | | | (604 | ) | | (222 | ) | | 4,058 | | | (3,232 | ) | | 2,298 | | TOTAL LIABILITIES AND EQUITY | $ | 3,687 | | | $ | 5,261 | | | $ | 16,303 | | | $ | (9,816 | ) | | $ | 15,435 | |
|
Noncontrolling interests | — | | | — | | | — | | | 23 | | | — | | | 23 | | |
|
Total equity | 2,298 | | | (604 | ) | | (222 | ) | | 4,081 | | | (3,232 | ) | | 2,321 | | |
|
TOTAL LIABILITIES AND EQUITY | $ | 3,620 | | | $ | 4,563 | | | $ | 2,579 | | | $ | 16,998 | | | $ | (11,655 | ) | | $ | 16,105 | | |
|
Condensed Consolidating Balance Sheet | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2014 | |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated | |
Group | Guarantors | 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 (continued) | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2014 | |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated | |
Group | Guarantors | 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 of March 31, 2015 | | | | | | | | | | | | | | | | | | | | | | | | |
| Willis | | The Guarantors | | Other | | Consolidating | | Consolidated | | | | | | | | | | | | | | | | | | | | | | | | |
Group | adjustments | | | | | | | | | | | | | | | | | | | | | | | | |
Holdings - the Parent Issuer | | | | | | | | | | | | | | | | | | | | | | | | | |
| (millions) | | | | | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 6 | | | $ | — | | | $ | 497 | | | $ | — | | | $ | 503 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | — | | | 6 | | | 1,144 | | | — | | | 1,150 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Fiduciary assets | — | | | — | | | 9,444 | | | — | | | 9,444 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Deferred tax assets | — | | | — | | | 13 | | | — | | | 13 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Other current assets | 1 | | | 58 | | | 192 | | | (33 | ) | | 218 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Amounts due from group undertakings | 3,611 | | | 648 | | | 1,137 | | | (5,396 | ) | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | 3,618 | | | 712 | | | 12,427 | | | (5,429 | ) | | 11,328 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries | — | | | 3,919 | | | — | | | (3,919 | ) | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Fixed assets, net | — | | | 61 | | | 401 | | | — | | | 462 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Goodwill | — | | | — | | | 2,889 | | | — | | | 2,889 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | — | | | — | | | 418 | | | — | | | 418 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Investments in associates | — | | | 133 | | | 34 | | | — | | | 167 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Deferred tax assets | — | | | — | | | 6 | | | — | | | 6 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Pension benefits asset | — | | | — | | | 606 | | | — | | | 606 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Other non-current assets | 2 | | | 10 | | | 217 | | | — | | | 229 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Non-current amounts due from group undertakings | — | | | 752 | | | — | | | (752 | ) | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total non-current assets | 2 | | | 4,875 | | | 4,571 | | | (4,671 | ) | | 4,777 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | $ | 3,620 | | | $ | 5,587 | | | $ | 16,998 | | | $ | (10,100 | ) | | $ | 16,105 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiduciary liabilities | $ | — | | | $ | — | | | $ | 9,444 | | | $ | — | | | $ | 9,444 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Deferred revenue and accrued expenses | 1 | | | 36 | | | 371 | | | — | | | 408 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Income taxes payable | — | | | — | | | 82 | | | (33 | ) | | 49 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Short-term debt and current portion of long-term debt | — | | | 167 | | | 1 | | | — | | | 168 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Deferred tax liabilities | — | | | — | | | 18 | | | — | | | 18 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Other current liabilities | 60 | | | 20 | | | 381 | | | — | | | 461 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Amounts due to group undertakings | — | | | 4,611 | | | 785 | | | (5,396 | ) | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | 61 | | | 4,834 | | | 11,082 | | | (5,429 | ) | | 10,548 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Unaudited Condensed Consolidating Balance Sheet (continued) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of March 31, 2015 | | | | | | | | | | | | | | | | | | | | | | | | |
| Willis | | The Guarantors | | Other | | Consolidating | | Consolidated | | | | | | | | | | | | | | | | | | | | | | | | |
Group | adjustments | | | | | | | | | | | | | | | | | | | | | | | | |
Holdings - the Parent Issuer | | | | | | | | | | | | | | | | | | | | | | | | | |
| (millions) | | | | | | | | | | | | | | | | | | | | | | | | |
NON-CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries | 465 | | | — | | | — | | | (465 | ) | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | 796 | | | 1,341 | | | — | | | — | | | 2,137 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Liabilities for pension benefits | — | | | — | | | 277 | | | — | | | 277 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Deferred tax liabilities | — | | | — | | | 185 | | | — | | | 185 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Provisions for liabilities | — | | | — | | | 188 | | | — | | | 188 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Other non-current liabilities | — | | | 16 | | | 382 | | | — | | | 398 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Non-current amounts due to group undertakings | — | | | — | | | 752 | | | (752 | ) | | — | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total non-current liabilities | 1,261 | | | 1,357 | | | 1,784 | | | (1,217 | ) | | 3,185 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES | $ | 1,322 | | | $ | 6,191 | | | $ | 12,866 | | | $ | (6,646 | ) | | $ | 13,733 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
REDEEMABLE NONCONTROLLING INTEREST | — | | | — | | | 51 | | | — | | | 51 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Willis Group Holdings stockholders’ equity | 2,298 | | | (604 | ) | | 4,058 | | | (3,454 | ) | | 2,298 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Noncontrolling interests | — | | | — | | | 23 | | | — | | | 23 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Total equity | 2,298 | | | (604 | ) | | 4,081 | | | (3,454 | ) | | 2,321 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND EQUITY | $ | 3,620 | | | $ | 5,587 | | | $ | 16,998 | | | $ | (10,100 | ) | | $ | 16,105 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of March 31, 2015 | | | | | | | | | | | | | | | | | | | | |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated | | | | | | | | | | | | | | | | | | | | |
Group | Guarantors | adjustments | | | | | | | | | | | | | | | | | | | | |
Holdings | | | | | | | | | | | | | | | | | | | | | | |
| (millions) | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 6 | | | $ | — | | | $ | — | | | $ | 497 | | | $ | — | | | $ | 503 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Accounts receivable, net | — | | | 6 | | | — | | | 1,144 | | | — | | | 1,150 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Fiduciary assets | — | | | — | | | — | | | 9,444 | | | — | | | 9,444 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Deferred tax assets | — | | | — | | | — | | | 13 | | | — | | | 13 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Other current assets | 1 | | | 63 | | | 2 | | | 192 | | | (40 | ) | | 218 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Amounts due from group undertakings | 3,611 | | | 1,076 | | | 803 | | | 1,137 | | | (6,627 | ) | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total current assets | 3,618 | | | 1,145 | | | 805 | | | 12,427 | | | (6,667 | ) | | 11,328 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries | — | | | 3,875 | | | 2,949 | | | — | | | (6,824 | ) | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Fixed assets, net | — | | | 61 | | | — | | | 401 | | | — | | | 462 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Goodwill | — | | | — | | | — | | | 2,889 | | | — | | | 2,889 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | — | | | — | | | — | | | 418 | | | — | | | 418 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Investments in associates | — | | | 133 | | | — | | | 34 | | | — | | | 167 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Deferred tax assets | — | | | — | | | — | | | 6 | | | — | | | 6 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Pension benefits asset | — | | | — | | | — | | | 606 | | | — | | | 606 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Other non-current assets | 2 | | | 2 | | | 8 | | | 217 | | | — | | | 229 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Non-current amounts due from group undertakings | — | | | 752 | | | 518 | | | — | | | (1,270 | ) | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total non-current assets | 2 | | | 4,823 | | | 3,475 | | | 4,571 | | | (8,094 | ) | | 4,777 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | $ | 3,620 | | | $ | 5,968 | | | $ | 4,280 | | | $ | 16,998 | | | $ | (14,761 | ) | | $ | 16,105 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fiduciary liabilities | $ | — | | | $ | — | | | $ | — | | | $ | 9,444 | | | $ | — | | | $ | 9,444 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Deferred revenue and accrued expenses | 1 | | | 36 | | | — | | | 371 | | | — | | | 408 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Income taxes payable | — | | | — | | | 7 | | | 82 | | | (40 | ) | | 49 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Short-term debt and current portion of long-term debt | — | | | 149 | | | 18 | | | 1 | | | — | | | 168 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Deferred tax liabilities | — | | | — | | | — | | | 18 | | | — | | | 18 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Other current liabilities | 60 | | | 16 | | | 4 | | | 381 | | | — | | | 461 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Amounts due to group undertakings | — | | | 5,256 | | | 586 | | | 785 | | | (6,627 | ) | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total current liabilities | 61 | | | 5,457 | | | 615 | | | 11,082 | | | (6,667 | ) | | 10,548 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Unaudited Condensed Consolidating Balance Sheet (continued) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of March 31, 2015 | | | | | | | | | | | | | | | | | | | | |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated | | | | | | | | | | | | | | | | | | | | |
Group | Guarantors | adjustments | | | | | | | | | | | | | | | | | | | | |
Holdings | | | | | | | | | | | | | | | | | | | | | | |
| (millions) | | | | | | | | | | | | | | | | | | | | |
NON-CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries | 465 | | | — | | | — | | | — | | | (465 | ) | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Long-term debt | 796 | | | 581 | | | 760 | | | — | | | — | | | 2,137 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Liabilities for pension benefits | — | | | — | | | — | | | 277 | | | — | | | 277 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Deferred tax liabilities | — | | | — | | | — | | | 185 | | | — | | | 185 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Provisions for liabilities | — | | | — | | | — | | | 188 | | | — | | | 188 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Other non-current liabilities | — | | | 16 | | | — | | | 382 | | | — | | | 398 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Non-current amounts due to group undertakings | — | | | 518 | | | — | | | 752 | | | (1,270 | ) | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total non-current liabilities | 1,261 | | | 1,115 | | | 760 | | | 1,784 | | | (1,735 | ) | | 3,185 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES | $ | 1,322 | | | $ | 6,572 | | | $ | 1,375 | | | $ | 12,866 | | | $ | (8,402 | ) | | $ | 13,733 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
REDEEMABLE NONCONTROLLING INTEREST | — | | | — | | | — | | | 51 | | | — | | | 51 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Willis Group Holdings stockholders’ equity | 2,298 | | | (604 | ) | | 2,905 | | | 4,058 | | | (6,359 | ) | | 2,298 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Noncontrolling interests | — | | | — | | | — | | | 23 | | | — | | | 23 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total equity | 2,298 | | | (604 | ) | | 2,905 | | | 4,081 | | | (6,359 | ) | | 2,321 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND EQUITY | $ | 3,620 | | | $ | 5,968 | | | $ | 4,280 | | | $ | 16,998 | | | $ | (14,761 | ) | | $ | 16,105 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Balance Sheet | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2014 | | | | | | | | | | | | | | | | | | | | |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated | | | | | | | | | | | | | | | | | | | | |
Group | Guarantors | 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 (continued) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2014 | | | | | | | | | | | | | | | | | | | | |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated | | | | | | | | | | | | | | | | | | | | |
Group | Guarantors | 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 Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (23 | ) | | $ | 25 | | | $ | (21 | ) | | $ | 25 | | | $ | (1 | ) | | $ | 5 | |
|
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | |
Proceeds on disposal of fixed and intangible assets | — | | | — | | | 1 | | | 1 | | | (1 | ) | | 1 | |
|
Additions to fixed assets | — | | | (2 | ) | | (2 | ) | | (19 | ) | | 1 | | | (22 | ) |
|
Additions to intangible assets | — | | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Payments to acquire other investments | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
Proceeds from sale of operations, net of cash disposed | — | | | — | | | — | | | 5 | | | — | | | 5 | |
|
Proceeds from intercompany investing activities | 65 | | | 12 | | | 120 | | | 115 | | | (312 | ) | | — | |
|
Repayments of intercompany investing activities | — | | | — | | | — | | | (16 | ) | | 16 | | | — | |
|
Net cash provided by (used in) investing activities | 65 | | | 10 | | | 119 | | | 81 | | | (296 | ) | | (21 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | |
Debt issuance costs | — | | | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Repayments of debt | — | | | (4 | ) | | — | | | — | | | — | | | (4 | ) |
|
Repurchase of shares | (35 | ) | | — | | | — | | | — | | | — | | | (35 | ) |
|
Proceeds from issue of shares | 43 | | | — | | | — | | | — | | | — | | | 43 | |
|
Excess tax benefits from share-based payment arrangements | — | | | — | | | — | | | 1 | | | — | | | 1 | |
|
Dividends paid | (50 | ) | | — | | | — | | | (1 | ) | | 1 | | | (50 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Proceeds from intercompany financing activities | — | | | 16 | | | — | | | — | | | (16 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (47 | ) | | (98 | ) | | (167 | ) | | 312 | | | — | |
|
Net cash used in financing activities | (42 | ) | | (35 | ) | | (98 | ) | | (171 | ) | | 297 | | | (49 | ) |
|
DECREASE IN CASH AND CASH EQUIVALENTS | — | | | — | | | — | | | (65 | ) | | — | | | (65 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3 | | | 3 | | | — | | | 790 | | | — | | | 796 | |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 3 | | | $ | 3 | | | $ | — | | | $ | 728 | | | $ | — | | | $ | 734 | |
|
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (20 | ) | | $ | 13 | | | $ | (47 | ) | | $ | (10 | ) | | $ | — | | | $ | (64 | ) |
|
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | |
Proceeds on disposal of fixed and intangible assets | — | | | — | | | — | | | 4 | | | — | | | 4 | |
|
Additions to fixed assets | — | | | (3 | ) | | (1 | ) | | (12 | ) | | — | | | (16 | ) |
|
Additions to intangible assets | — | | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Acquisitions of operations, net of cash acquired | — | | | — | | | — | | | (8 | ) | | — | | | (8 | ) |
|
Proceeds from disposal of operations, net of cash disposed | — | | | — | | | — | | | 13 | | | — | | | 13 | |
|
Proceeds from intercompany investing activities | 51 | | | — | | | 48 | | | — | | | (99 | ) | | — | |
|
Repayments of intercompany investing activities | — | | | (11 | ) | | — | | | (26 | ) | | 37 | | | — | |
|
Net cash provided by (used in) investing activities | 51 | | | (14 | ) | | 47 | | | (30 | ) | | (62 | ) | | (8 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | |
|
Debt issuance costs | — | | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Repayments of debt | — | | | (4 | ) | | — | | | — | | | — | | | (4 | ) |
|
Repurchase of shares | (15 | ) | | — | | | — | | | — | | | — | | | (15 | ) |
|
Proceeds from issue of shares | 35 | | | — | | | — | | | — | | | — | | | 35 | |
|
Excess tax benefits from share-based payment arrangements | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Dividends paid | (54 | ) | | — | | | — | | | — | | | — | | | (54 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (3 | ) | | — | | | (3 | ) |
|
Proceeds from intercompany financing activities | — | | | 26 | | | — | | | 11 | | | (37 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (23 | ) | | — | | | (76 | ) | | 99 | | | — | |
|
Net cash used in financing activities | (34 | ) | | (1 | ) | | — | | | (66 | ) | | 62 | | | (39 | ) |
|
DECREASE IN CASH AND CASH EQUIVALENTS | (3 | ) | | (2 | ) | | — | | | (106 | ) | | — | | | (111 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (21 | ) | | — | | | (21 | ) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 9 | | | 2 | | | — | | | 624 | | | — | | | 635 | |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 6 | | | $ | — | | | $ | — | | | $ | 497 | | | $ | — | | | $ | 503 | |
|
Condensed Consolidating Statement of Cash Flows |
|
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 | | | | |
| Willis | | The Guarantors | | Other | | Consolidating | | Consolidated | | | | |
Group | adjustments | | | | |
Holdings - the Parent Issuer | | | | | |
| (millions) | | | | |
NET CASH USED IN OPERATING ACTIVITIES | $ | (20 | ) | | $ | (34 | ) | | $ | (10 | ) | | $ | — | | | $ | (64 | ) | | | | |
| | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Proceeds on disposal of fixed and intangible assets | — | | | — | | | 4 | | | — | | | 4 | | | | | |
| | | |
Additions to fixed assets | — | | | (4 | ) | | (12 | ) | | — | | | (16 | ) | | | | |
| | | |
Additions to intangible assets | — | | | — | | | (1 | ) | | — | | | (1 | ) | | | | |
| | | |
Acquisitions of operations, net of cash acquired | — | | | — | | | (8 | ) | | — | | | (8 | ) | | | | |
| | | |
Proceeds from disposal of operations, net of cash disposed | — | | | — | | | 13 | | | — | | | 13 | | | | | |
| | | |
Proceeds from intercompany investing activities | 51 | | | 48 | | | — | | | (99 | ) | | — | | | | | |
| | | |
Repayments of intercompany investing activities | — | | | (11 | ) | | (26 | ) | | 37 | | | — | | | | | |
| | | |
Net cash provided by (used in) investing activities | 51 | | | 33 | | | (30 | ) | | (62 | ) | | (8 | ) | | | | |
| | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Debt issuance costs | — | | | — | | | (1 | ) | | — | | | (1 | ) | | | | |
| | | |
Repayments of debt | — | | | (4 | ) | | — | | | — | | | (4 | ) | | | | |
| | | |
Repurchase of shares | (15 | ) | | — | | | — | | | — | | | (15 | ) | | | | |
| | | |
Proceeds from issue of shares | 35 | | | — | | | — | | | — | | | 35 | | | | | |
| | | |
Excess tax benefits from share-based payment arrangement | — | | | — | | | 3 | | | — | | | 3 | | | | | |
| | | |
Dividends paid | (54 | ) | | — | | | — | | | — | | | (54 | ) | | | | |
| | | |
Dividends paid to noncontrolling interests | — | | | — | | | (3 | ) | | — | | | (3 | ) | | | | |
| | | |
Proceeds from intercompany financing activities | — | | | 26 | | | 11 | | | (37 | ) | | — | | | | | |
| | | |
Repayments of intercompany financing activities | — | | | (23 | ) | | (76 | ) | | 99 | | | — | | | | | |
| | | |
Net cash used in financing activities | (34 | ) | | (1 | ) | | (66 | ) | | 62 | | | (39 | ) | | | | |
| | | |
DECREASE IN CASH AND CASH EQUIVALENTS | (3 | ) | | (2 | ) | | (106 | ) | | — | | | (111 | ) | | | | |
| | | |
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | (21 | ) | | — | | | (21 | ) | | | | |
| | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 9 | | | 2 | | | 624 | | | — | | | 635 | | | | | |
| | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 6 | | | $ | — | | | $ | 497 | | | $ | — | | | $ | 503 | | | | | |
| | | |
|
|
Unaudited Condensed Consolidating Statement of Cash Flows |
|
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 | | | | |
| Willis | | The Guarantors | | Other | | Consolidating | | Consolidated | | | | |
Group | adjustments | | | | |
Holdings - the Parent Issuer | | | | | |
| (millions) | | | | |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (23 | ) | | $ | 4 | | | $ | 25 | | | $ | (1 | ) | | $ | 5 | | | | | |
| | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
Proceeds on disposal of fixed and intangible assets | — | | | 1 | | | 1 | | | (1 | ) | | 1 | | | | | |
| | | |
Additions to fixed assets | — | | | (4 | ) | | (19 | ) | | 1 | | | (22 | ) | | | | |
| | | |
Additions to intangible assets | — | | | — | | | (1 | ) | | — | | | (1 | ) | | | | |
| | | |
Payments to acquire other investments | — | | | — | | | (4 | ) | | — | | | (4 | ) | | | | |
| | | |
Proceeds from disposal of operations, net of cash disposed | — | | | — | | | 5 | | | — | | | 5 | | | | | |
| | | |
Proceeds from intercompany investing activities | 65 | | | 120 | | | 115 | | | (300 | ) | | — | | | | | |
| | | |
Repayments of intercompany investing activities | — | | | — | | | (16 | ) | | 16 | | | — | | | | | |
| | | |
Net cash provided by (used in) investing activities | 65 | | | 117 | | | 81 | | | (284 | ) | | (21 | ) | | | | |
| | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Debt issuance costs | — | | | — | | | (2 | ) | | — | | | (2 | ) | | | | |
| | | |
Repayments of debt | — | | | (4 | ) | | — | | | — | | | (4 | ) | | | | |
| | | |
Repurchase of shares | (35 | ) | | — | | | — | | | — | | | (35 | ) | | | | |
| | | |
Proceeds from issue of shares | 43 | | | — | | | — | | | — | | | 43 | | | | | |
| | | |
Excess tax benefits from share-based payment arrangement | — | | | — | | | 1 | | | — | | | 1 | | | | | |
| | | |
Dividends paid | (50 | ) | | — | | | (1 | ) | | 1 | | | (50 | ) | | | | |
| | | |
Dividends paid to noncontrolling interests | — | | | — | | | (2 | ) | | — | | | (2 | ) | | | | |
| | | |
Proceeds from intercompany financing activities | — | | | 16 | | | — | | | (16 | ) | | — | | | | | |
| | | |
Repayments of intercompany financing activities | — | | | (133 | ) | | (167 | ) | | 300 | | | — | | | | | |
| | | |
Net cash used in financing activities | (42 | ) | | (121 | ) | | (171 | ) | | 285 | | | (49 | ) | | | | |
| | | |
DECREASE IN CASH AND CASH EQUIVALENTS | — | | | — | | | (65 | ) | | — | | | (65 | ) | | | | |
| | | |
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | 3 | | | — | | | 3 | | | | | |
| | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3 | | | 3 | | | 790 | | | — | | | 796 | | | | | |
| | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 3 | | | $ | 3 | | | $ | 728 | | | $ | — | | | $ | 734 | | | | | |
| | | |
Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2015 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (20 | ) | | $ | (35 | ) | | $ | 1 | | | $ | (10 | ) | | $ | — | | | $ | (64 | ) |
|
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | |
Proceeds on disposal of fixed and intangible assets | — | | | — | | | — | | | 4 | | | — | | | 4 | |
|
Additions to fixed assets | — | | | (4 | ) | | — | | | (12 | ) | | — | | | (16 | ) |
|
Additions to intangible assets | — | | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Acquisitions of operations, net of cash acquired | — | | | — | | | — | | | (8 | ) | | — | | | (8 | ) |
|
Proceeds from disposal of operations, net of cash disposed | — | | | — | | | — | | | 13 | | | — | | | 13 | |
|
Proceeds from intercompany investing activities | 51 | | | 48 | | | — | | | — | | | (99 | ) | | — | |
|
Repayments of intercompany investing activities | — | | | (11 | ) | | — | | | (26 | ) | | 37 | | | — | |
|
Net cash provided by (used in) investing activities | 51 | | | 33 | | | — | | | (30 | ) | | (62 | ) | | (8 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | |
Debt issuance costs | — | | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Repayments of debt | — | | | — | | | (4 | ) | | — | | | — | | | (4 | ) |
|
Repurchase of shares | (15 | ) | | — | | | — | | | — | | | — | | | (15 | ) |
|
Proceeds from issue of shares | 35 | | | — | | | — | | | — | | | — | | | 35 | |
|
Excess tax benefits from share-based payment arrangements | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
Dividends paid | (54 | ) | | — | | | — | | | — | | | — | | | (54 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (3 | ) | | — | | | (3 | ) |
|
Proceeds from intercompany financing activities | — | | | 23 | | | 3 | | | 11 | | | (37 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (23 | ) | | — | | | (76 | ) | | 99 | | | — | |
|
Net cash used in financing activities | (34 | ) | | — | | | (1 | ) | | (66 | ) | | 62 | | | (39 | ) |
|
DECREASE IN CASH AND CASH EQUIVALENTS | (3 | ) | | (2 | ) | | — | | | (106 | ) | | — | | | (111 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (21 | ) | | — | | | (21 | ) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 9 | | | 2 | | | — | | | 624 | | | — | | | 635 | |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 6 | | | $ | — | | | $ | — | | | $ | 497 | | | $ | — | | | $ | 503 | |
|
|
Unaudited Condensed Consolidating Statement of Cash Flows |
|
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended March 31, 2014 |
| Willis | | The Other | | The Issuer | | Other | | Consolidating | | Consolidated |
Group | Guarantors | adjustments |
Holdings | | |
| (millions) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (23 | ) | | $ | 28 | | | $ | (24 | ) | | $ | 25 | | | $ | (1 | ) | | $ | 5 | |
|
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | |
Proceeds on disposal of fixed and intangible assets | — | | | 1 | | | — | | | 1 | | | (1 | ) | | 1 | |
|
Additions to fixed assets | — | | | (4 | ) | | — | | | (19 | ) | | 1 | | | (22 | ) |
|
Additions to intangible assets | — | | | — | | | — | | | (1 | ) | | — | | | (1 | ) |
|
Payments to acquire other investments | — | | | — | | | — | | | (4 | ) | | — | | | (4 | ) |
|
Proceeds from disposal of operations, net of cash disposed | — | | | — | | | — | | | 5 | | | — | | | 5 | |
|
Proceeds from intercompany investing activities | 65 | | | 120 | | | 12 | | | 115 | | | (312 | ) | | — | |
|
Repayments of intercompany investing activities | — | | | — | | | — | | | (16 | ) | | 16 | | | — | |
|
Net cash provided by (used in) investing activities | 65 | | | 117 | | | 12 | | | 81 | | | (296 | ) | | (21 | ) |
|
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | |
Debt issuance costs | — | | | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Repayments of debt | — | | | — | | | (4 | ) | | — | | | — | | | (4 | ) |
|
Repurchase of shares | (35 | ) | | — | | | — | | | — | | | — | | | (35 | ) |
|
Proceeds from issue of shares | 43 | | | — | | | — | | | — | | | — | | | 43 | |
|
Excess tax benefits from share-based payment arrangements | — | | | — | | | — | | | 1 | | | — | | | 1 | |
|
Dividends paid | (50 | ) | | — | | | — | | | (1 | ) | | 1 | | | (50 | ) |
|
Dividends paid to noncontrolling interests | — | | | — | | | — | | | (2 | ) | | — | | | (2 | ) |
|
Proceeds from intercompany financing activities | — | | | — | | | 16 | | | — | | | (16 | ) | | — | |
|
Repayments of intercompany financing activities | — | | | (145 | ) | | — | | | (167 | ) | | 312 | | | — | |
|
Net cash (used in) provided by financing activities | (42 | ) | | (145 | ) | | 12 | | | (171 | ) | | 297 | | | (49 | ) |
|
DECREASE IN CASH AND CASH EQUIVALENTS | — | | | — | | | — | | | (65 | ) | | — | | | (65 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | 3 | | | — | | | 3 | |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3 | | | 3 | | | — | | | 790 | | | — | | | 796 | |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 3 | | | $ | 3 | | | $ | — | | | $ | 728 | | | $ | — | | | $ | 734 | |
|
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